IG Review – 45 Years OLD CFD Broker

By | June 17, 2021

What is IG?

IG Review

IG is a CFD broker operating in the UK since 1947. It is one of the biggest CFD and spread betting brokers in the world. It is regulated by the UK’s FCA and Germany’s Federal Financial Supervisory Authority [BaFin].

Is currently serving 1,78,000 clients all over the world.

 CFDs are highly complex instruments and come with a high risk of losing money. Before investing in CFD, one should try to understand it properly and cross-check whether you can afford to take that high risk or not.

Similar platforms :

Fees :

IG charges no fees for withdrawal. In contrast, it charges low nontrading fees. On the other hand, it charges high fees for CFDs and forex.

IG fees snapshot

Assets Fee Terms
S&P 500 CFDThe fees are built into the spread; 0.4 points are the
average spread cost during peak trading hours.
Europe 50 CFDThe fees are built into the spread; 1.5 points are the
average spread cost during peak trading hours.
EURUSDThe fees are built into the spread; 0.6 pips are the
average spread cost during peak trading hours.
Inactivity fee$12 per month after 2 years of inactivity
  • CFD fees for a $2,000 long position held for one week
  • Forex benchmark fees of a $20,000 30:1 long position held for one week

IG stock trading fees

IG Fees

IG charges no withdrawal fee, but it charges a $12 inactivity fee after 2 years of inactivity. These fees, however, will be different for different legal entities. 

Products offered

IG allows clients to trade in CFDs, forex, and options. The residents of the UK are also permitted to trade in real stock.

However, other assets like mutual funds and bonds are not available here to invest. US clients can only trade in forex with IG.

IG offers a good quantity of currency pairs, stock indices, stocks, ETFs, commodities, bonds, futures, or cryptos. It has over 17000 assets, which clients can trade.

IG gives access to trade in stock in very few countries that are:

UK, Ireland, Malta, Cyprus, Australia, and other countries, like Gibraltar, the British Virgin Islands, etc.

IG smart portfolio:

IG Products

This service is available only for UK customers. It is basically Robo advisory service whose main function is to manage low-cost portfolios.

You can also subscribe to the IPO with IG. IPO is an initial public offering, which means this is the first time when a company offers its stocks to the market. 

Deposit and Withdrawal :

IG doesn’t charge any deposit and withdrawal fees. It allows you to top up your account by various methods such as bank transfer, credit card funding, and eWallet like PayPal. 

You can also withdraw the money in the same way as deposition. IG provides 6 types of base currencies, i.e., USD, GBP, AUD, EUR, SGD, HKD. You have to choose your base currency at the beginning of the account opening. 

How to withdraw money from IG?

  1. Log in to your ‘My IG’ account.
  2. Select the account you wish to withdraw the money from.
  3. Click on the three dots menu on the right side.
  4. Go to ‘Withdraw Funds.
  5. Select the withdrawal method you prefer.
  6. Enter the withdrawal amount. 
  7. Initiate the withdrawal

Account Opening :

IG Account Open

Account opening is seamlessly easy in IG. It is a fully digital process, but it takes up to 3 days to verify account information. 

Minimum Deposit: The required IG minimum deposit is $0 for bank transfers and $300/€300/£250 for credit/debit cards and PayPal.

IG account types

Countries Products
All countries, except belowForex, CFD
Austria, Denmark, France, Germany, Ireland, Italy, Netherlands,
Norway, Portugal, Romania, Sweden
Forex, CFD, Options
UK, Ireland, Malta, Cyprus, Australia, + some smaller countries, like Gibraltar, the British Virgin Islands, etc.Stocks, forex, CFD
USAForex

How to open an IG Account ?

  1. Enter your name, email address, country of residence, and select your account type.
  2. Provide some personal details, like your date of birth and address.
  3. Answer a few questions about your financial and employment status.
  4. Verify your ID and residency. You can upload a national ID, passport, or driver’s license to verify your ID. 
  5. Utility bills and bank statements are accepted for residency verification.

Trading Platform

It provides user-friendly trading platforms. IG has two types of trading platforms: Web-trading or Mobile trading. It does not offer a desktop trading platform. If someone wants to do desktop trading, they have to use MetaTrader4, a third-party platform. 

Another alternative is ProRealTime. You have to make 4 transactions in a month to continue using it for free. If not, then you are required to pay $30 as a monthly fee.

IG’s mobile application is also easy to use and has great functionality and customizability.

IG offers a good quantity of currency pairs, stock indices, stocks, ETFs, commodities, bonds, futures, or cryptos. It has over 17000 assets, which clients can trade.

Research and Education

IG education

IG has good research tools. Its news feed and charting tools are amazing. They used to publish articles and blogs continuously.

Brokers are available to help traders every time. They have good educational tools as well.

The live webinars, video lectures, and podcasts allow new learners to learn the market’s fundamentals. The video tutorials provide in-depth and detailed knowledge of every topic related to the market. 

Is IG regulated?

Yes! It is regulated by top tier institutes and here is the list of regulators:

  • UK – Financial Conduct Authority (FCA)
  • Germany – Federal Financial Supervisory Authority (BaFin)
  • Switzerland – Swiss Financial Market Supervisory Authority (FINMA)
  • US – Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA)
  • Australia – Australian Securities and Investment Commission (ASIC)
  • New Zealand – Financial Markets Authority (FMA)
  • Singapore – Monetary Authority of Singapore (MAS)
  • Japan – Japanese Financial Services Authority (FSA)
  • South Africa – Financial Sector Conduct Authority (FSCA)
  • UAE – Dubai Financial Services Authority (DFSA)
  • International – Bermuda Monetary Authority (BMA)

 Is IG safe?

Here is the list of investor protection amounts and the regulators. Your protection depends on the entity you belong to.

IG legal entities

ClientProtection amountRegulatorLegal entity
UK£85,000Financial Conduct Authority (FCA)IG Markets Ltd
IG Index Ltd
Europe, excluding UK and Switzerland€20,000Federal Financial Supervisory Authority (BaFin)IG Europe GmbH
AustraliaNo protectionAustralian Securities and Investment Commission (ASIC)IG Markets Ltd, Australia
SingaporeNo protectionMonetary Authority of Singapore (MAS)IG Asia Pte Ltd
South AfricaNo protectionFinancial Sector Conduct Authority (FSCA)IG Markets South Africa Limited
SwitzerlandCHF 100,000Swiss Financial Markets Supervisory Authority (FINMA)IG Bank S.A.
JapanNo protectionJapanese Financial Services Authority (FSA)IG Securities Ltd
USANo protectionCommodity Futures Trading Commission (CFTC)
National Futures Association (NFA)
IG US LLC
New ZealandNo protectionFinancial Markets Authority (FMA)IG Markets Ltd, Australia

Customer Service : 

Customers have access to support 24/5 vai mail, phone call or live chat.

IG Customer Service

Pros/Cons

ProsCons
First-class web trading platformHigh forex and stock CFD fees
Superb educational toolsLimited product portfolio
No min deposit for bank transferSlow account opening 
Two-step loginNo 24/7 support 
 Listed on stock exchangeDoes not hold a banking license

Bottom Line : 

IG has a good name for forex trading. Top financial institutions regulate it. It has a good transaction history. The benefit it has is that it provides quality educational and research tools. 

The drawback lies in limited product availability and customer support.

But overall, it is a good experience to work on IG; as the inactivity fee hit after two years, one can definitely try this. 


FAQs

When can I forex crypto?

You can trade crypto anytime 7 days a week. But it will be unavailable from 5:30 pm–6:30 pm ET for regular maintenance & settlement.

How long does stock transfer take?

It takes almost 5-7 days to complete the transfer. It may take more days if it is taking place from IG to any other account.

How do I trade on the IG desktop platform?

To trade through IG, you must open an account, and after your account gets verified, you can put money & can start selling. You can also download the mobile app to carry out trade from any place.

IG Review

8.6

Fees

8.0/10

Products

8.5/10

Account Types

9.5/10

Tools

8.5/10
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