Choosing a reliable broker is a critical decision for any trader. IG Markets is one of the interesting choices for traders. It is a leading broker with a 40-year track record and a global client base. In this review, we’ll explore all you need to know about IG markets review and how it is worth it for traders.
IG Markets: Overview
Established: 1974
Headquarters: United Kingdom
Trading Platforms: Online trading platform, Mobile trading app, Progressive web app, MetaTrader 4, ProRealTime, L2 Dealer
Mobile Trading: Yes
Minimum Deposit: $250
Account Types: Leveraged, Non-leveraged
In 1974, IG Group was founded by Stuart Wheeler. This broker is a part of IG Group Holdings Plc, a public company focused on letting experienced and proactive investors leverage financial market opportunities.
IG Markets is popular in online trading and CFD services, with a wide range of products, reasonable prices, and more than 178,000 clients worldwide. Even though U.S. regulations often keep forex brokers away, IG Markets returned to the U.S. market in 2019, showing its dedication to growing globally.
Regulation and Registration
IG Markets Ltd, IG Index Ltd, and IG Trading and Investments Ltd, operating under the IG trading name, are all registered companies in England and Wales. Each with distinct registration numbers: 04008957 for IG Markets Ltd, 01190902 for IG Index Ltd, and 11628764 for IG Trading and Investments Ltd.
They share a common registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Furthermore, each of these entities is authorised and regulated by the Financial Conduct Authority, with IG Markets Ltd registered under number 195355, IG Index Ltd under number 114059, and IG Trading and Investments Ltd under number 944492.
Account Types of IG Markets
IG offers a diverse range of account types to cater to the varied needs of traders and investors, each designed with specific features and markets in mind.
CFD/Spread Betting Accounts
- Type: Leveraged
- Features: Tax-free* profits in the UK, manage position sizes per point
- Tax: Spread bets free from capital gains tax, CFD profits can offset losses for tax purposes, no stamp duty
- Risk: Higher due to leverage, profits and losses based on full position size
- Markets: Forex, stock indices, shares, ETFs, ETCs, metals, energies, commodities, options, interest rates, bonds, futures
- Suitability: Intra-day, daily, medium-term betting/trading
- Additional Info: Forward contracts only in spread betting accounts
Share Dealing and ISA Share Dealing Accounts
- Type: Non-leveraged
- Features: Buying and selling of shares and ETFs for profit or dividends, no short positions
- Suitability: More suited for medium-to-long-term investing
- ISA Account: Flexible stocks and shares ISA, up to £20,000 contribution for 2022/2023 tax year, tax-free* profits
IG Smart Portfolios
- Type: Non-leveraged
- Features: Managed and diversified portfolios, long-term passive investment
- Exposure: Global markets, equity, fixed income, alternatives like gold and property
- Management: Based on risk appetite and needs, tracks iShares ETFs by BlackRock
- Portfolios: Conservative, Balanced, Growth, Aggressive, varying allocations
- ISA Option: Available as flexible ISA accounts, up to £20,000 contribution for 2022/2023 tax year, tax-free* profits
Tax Note: *Tax laws subject to change and may differ outside the UK
Deposit and Withdrawal
For depositing, the quickest method for an IG account is via credit or debit card, with payments being deposited immediately after successful processing. For withdrawals, the minimum amount is $150 for card transactions, unless the account balance is less than $150, in which case the entire available amount can be withdrawn. Bank transfers can take up to three days to process.
Products in IG Markets
IG Markets offers a wide variety of more than 17,000 markets around the world. They provide many types of trades, from futures to options, so you’ll always find something to trade. In the U.K., IG offers:
- Forex
- Indices
- Shares
- Commodities
- Cryptocurrencies
- Bonds
- ETFs
- Options
- Industry sectors
- Interest rates
In the U.S., IG Markets focuses solely on spot forex trading and offers over 80 different currency pairs. These are grouped into:
- Majors
- Minors
- Australasian
- Scandinavian
- Exotic
- Emerging Markets
In the U.K., IG Markets offers more than just basic trading services. They have extra features for professionals and big businesses. Their smart portfolios allow people to invest for a long time with low-cost ETFs and retirement savings plans.
Trading Platform of IG Markets
IG offers a variety of trading platforms, each tailored to meet different trading needs and goals. These platforms include:
- Online Trading Platform
- Mobile Trading App
- Progressive Web App
- ProRealTime
- MetaTrader 4
- L2 Dealer
Fees of IG Markets
In the U.S., IG Markets offers competitive fees and spreads. They make income when a customer trades across the bid/ask spread and charges a commission on share-CFD trades. Special fees, like for guaranteed stop-loss orders, are clearly listed on their site.
The minimum spread starts at 0.8 pips, and average spreads vary between 0.9 to 5.4 depending on the currency pair. There are swap fees for overnight FX positions and a $12/month inactivity fee if you don’t trade for 24 months. Wire withdrawals cost $15.
The minimum deposit for U.S. accounts is $250, and the highest leverage available is 50:1. Frequent traders can earn rebates ranging from 5% to 15% based on monthly trading volume.
IG Markets Promotions
IG’s current promotion is a refer-a-friend program, offering significant rewards for successful referrals. Running from 15 August 2023 to 15 December 2023, the program allows you to earn up to $51,000. You’ll receive a $150 cash reward for each friend who makes five qualifying trades within three months of opening a live account.
Customer Support
- Email: [email protected]
- Phone: +44 (20) 7633 5430
Pros & Cons
Pros
- Wide range of trading options
- Open to U.S. customers
- Regulated by both FCA in the U.K. and CFTC in the U.S.
- Strong focus on education and research
- Account protections for U.K./E.U. clients
Cons
- No account protection for U.S. customers
- U.S. traders don’t get guaranteed stop-loss features
- No options backtesting and copy trading
- High fees for trading share CFDs
Pros Explained
- IG Markets offers a diverse range of trading options worldwide. Clients can invest in assets such as forex, stocks, commodities, cryptocurrencies, bonds, ETFs, and even interest rates.
- IG Markets allows U.S. customers to engage solely in forex trading, further broadening its already extensive international reach.
- IG US LLC is officially registered with the CFTC and NFA, while its UK branches are overseen by the FCA. These are credible and safe platforms where client money is kept separate in top-tier UK and EU banks.
- The research indicates that IG offers superior educational content and current research, outperforming all other online trading platforms in these areas.
- In the UK and EU, the broker offers negative balance protection and optional guaranteed stop-loss orders for extra safety. This became popular after a major financial event in 2015 involving the Swiss National Bank. Additionally, IG Markets in the UK allow traders to pay extra for guaranteed stop-loss orders, protecting them from rapid market changes.
Cons Explained
- In the U.S., IG Markets doesn’t offer negative balance protection. So, customers could end up owing money if they lose more than what’s in their account.
- In the U.S., IG Markets doesn’t provide the option for guaranteed stop-loss orders. (GSLO)
- The broker doesn’t support copy trading on its website. Also, you can only use backtesting and auto-trading features through outside software.
- IG charges more than the typical rate for trading share CFDs.
Is IG Markets Worth Considering?
IG Markets is great for both new and expert traders, offering lots of trade options and a modern education and news centre. Users can choose from different platforms and easily switch as they invest more money.
The company is regulated by trusted organizations like the NFA, CFTC, and FCA. However, U.S. traders don’t get some important safety features like negative balance protection.
For Americans, it’s good news that IG Markets is now also a U.S. forex broker, considering the company’s strong history of reliability.
FAQs
IG Markets is an online trading and CFD service, with various products, such as forex, indices, stocks, shares, ETFs, etc.
Yes, IG is generally considered a reliable broker. It’s regulated by several financial authorities and has been in the industry for over 40 years.
IG offers various account types for UK residents, including CFD trading accounts, share dealing accounts, and ISA accounts.
IG provides multiple trading platforms, online trading platforms, mobile trading apps, progressive web apps, ProRealTime, MetaTrader 4, and l2 dealers.
Yes, IG does offer mobile trading. They have dedicated mobile apps available for both iOS and Android platforms.
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