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In January 2021, IG blocked traders from buying GME and AMC shares, forcing the price down by only allowing their customers to sell. After that decision, many people started looking for an alternative to IG.
Compare the best alternatives to IG
If you want to dive in and switch brokers straight away, here’s a list of the best IG alternatives that you can use to buy shares now. Or you can keep reading for more information to help you decide which broker to choose.
IG vs other top brokers
Many of the top brokers in the UK and USA offer similar services but you should decide based on what’s most important to you, whether that’s low fees, usability, or range of trading options.
With that in mind, what are the best IG alternatives?
IG vs eToro
eToro is an Israeli-based social trading platform. Its low fees and simple interface have made it one of the most popular brokers around.
Most assets are available to trade on eToro. You can buy and sell stocks, forex, and some cryptocurrencies. eToro lets you trade CFDs and also offers leveraged trading on many assets.
If you’re looking for an alternative to IG because it restricted trading on GME shares, you should note that eToro also placed some restrictions on popular stocks too. Those initial restrictions were quickly lifted, but you can follow the latest news to keep track.
IG vs Saxobank
Saxo is an intuitive trading platform based in Denmark. With Saxo you can trade stocks, ETFs, forex, CFDs, bonds, mutual funds, and other financial products quickly and easily.
Saxo is another good IG alternative because of its focus on short term trading. Along with its wide range of options, its usability and openness makes it an ideal platform for beginners. Just be aware that its trading fees are a bit more expensive than some of its competitors.
Unlike IG, Saxo did not restrict trading on GME or any other volatile stock when they were in the crosshairs of Reddit and retail investors.
IG vs 101Investing
101Investing is another of the alternatives to IG that is ideal for new traders. It has a range of different accounts depending on your level of experience and provides stock, forex, and cryptocurrency trading to everyone.
As well as trading methods that are suited towards established traders, like using leverage and trading CFDs, 101Investing has a huge amount of educational material to help new starters learn the ropes.
101Investing is another broker that didn’t restrict trading during the GME surge, so you can be assured that it’ll let you trade as freely as you like.
How to find good alternatives to IG
To find an IG alternative, it’s a good idea to set out your trading goals before you start. That way, you can choose a broker whose features best match your specific needs. You might want low fees for high-frequency trading, or lots of beginner material if you’re just getting started.
Below you can find some other things to look out for when you’re going through the alternatives to IG.
What to look for in an alternative stock broker
- Ease of use. You want to find a broker that’s intuitive and has an interface you can get to grips with quickly. Ideally, it has a mobile app for trading on the go, especially if you’re interested in making lots of trades throughout the day.
- Low fees. Fees are very important if you want to trade a lot. Remember, if a broker has high fees, you have to pay that every time you make a trade. For investors who hold for the long term, this is less important but still worth considering.
- A variety of trading options. If you want to trade stocks and cryptocurrency, you need to find a broker that lets you do both. Some brokers allow you to trade on the margin or bet on the spread.
- Account limits. You don’t want to be stuck in the same situation as traders who were blocked from buying GME when they wanted to. Make sure you pick a broker that lets you trade freely whenever you want.
Why would I want to find an alternative to IG?
When WallStreetBets inspired retail investors to buy lots of GameStop shares, some brokers stepped in to restrict trading. IG was one of them, preventing its users from opening new positions with GME or AMC, another Reddit favourite.
Along with artificially forcing the price down by only allowing its users to sell, IG’s decision to make its customers’ decisions for them pushed many people towards finding an alternative broker.
How to move your funds to an alternative broker
- Log in to your IG account
- Sell your existing shares and wait for the positions to close
- Go to the ‘live accounts’ tab, and select ‘withdraw funds’
- Withdraw your money, which may take a few days to clear
- Sign up with your new broker
- Deposit the funds
- Open new trading positions
Fact-checking & references
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