IG Review in 2024: What You Need to Know Before Trading

IG
Founded in	1974
Registered Country	United Kingdom
Regulatory Oversight	Regulated by ASIC (Australia), FCA (UK), FSA (Japan), AMF (France), FMA (New Zealand), MAS (Singapore), DFSA (UAE)
Security Measure	Fund segregation
Market Instruments	CFDs on shares, indices, forex, commodities, cryptos, options, interest rates, bonds and ETFs
Demo Account	✅
Account Minimum	$0
Margin Rates	0.25% for forex, 5% for shares
Fees	Commission: 0.08-0.35% for share CFDs
	Direct Market Access (DMA) Costs: USD 10-60 per million
App/Platforms	IG App, ProRealTime, MetaTrader4, L2 Dealer, TradingView
Promotions	✅

IG Overview

IG is a UK-based financial company whose parent company founded in 1974 and extented global presence over the years. The company is currently regulated by 7 supervisory authorities by ASIC, FCA, FSA, AMF, FMA, MAS and DFSA in several countries.

IG's business scope mainly focuses on trading in CFDs on shares, indices, forex, commodities, cryptos, options, interest rates, bonds and ETFs.

They allow you to execute trades through the advanced MT4, TradingView, IG App, as well as ProRealTime and L2 Dealer, which are for more mature investors.

Traders can also gain necessary knowledge and skills for successful trading from the broker's abundant educational resources such as seminars and webinars.

However, the broker charges service fees that may disappoint those who want to seek free transactions and services. What's more, there's still room for improvement on the broker's operation efficiency due to some negative exposure to withdrawal issues recorded on WikiFX.

IG Pros & Cons

IG Regulation & Security

Is IG safe? When reviewing IG, one of the primary concerns for beginners is the platform's safety and security. This is a question that almost all newcomers to investing prioritize. To address this concern, we will explore it from two crucial aspects: regulations and protection measures.

IG Regulations

IG is currently regulated in different countries by 7 major financial authorities:

1. Australia Securities & Investment Commission (ASIC) in Australia
2. Financial Conduct Authority (FCA) in the United Kingdom
3. Financial Services Agency (FSA) in Japan
4. The Autorité des Marchés Financiers (AMF) in France
5. Financial Markets Authority (FMA) in New Zealand
6. Dubai Financial Services Authority (DFSA) in the United Arab Emirates
7. Monetary Authority of Singapore (MAS) in Singapore

These regulatory bodies are authoritative in the industry, to some extent guarantees IG's stringent compliance to industry standards. When there are disputes, there will be intermediary reconciliation from these institutions.

However, it's worth noting that the broker has two revoked licenses from ASIC and FCA, indicating expired supervision from these institutions in certain areas.

Additionally, it holds three exceeded licenses from FSCA (Financial Sector Conduct Authority), BaFin (Federal Financial Supervisory Authority) and FCA (Financial Conduct Authority), suggesting possible involvement in financial activities beyond the permitted scope of these authorities.

What's more, there's even a suspicious clone license from NFA (National Futures Association), with the supervised company named at “TASTYFX LLC”, which indeed has no affiliation with IG broker after investigation. We believe that IG does not necessarily to disguise as another company but we can almost confirm that the broker is not regulated by NFA in the United States so far, which impacts the US market.

Regulated Country	Regulator	Regulated Entity	Status	License Type	License No.
	ASIC	IG AUSTRALIA PTY LTD	Regulated	Market Making (MM)	515106
	FCA	IG MARKETS LIMITED	Regulated	Market Making (MM)	195355
	FSA	ＩＧ証券株式会社	Regulated	Retail Forex License	関東財務局長（金商）第255号
	AMF	IG Europe GmbH	Regulated	Retail Forex License	79238
	FMA	IG AUSTRALIA PTY LTD	Regulated	Straight Through Processing (STP)	684191
	MAS	IG ASIA PTE LTD	Regulated	Retail Forex License	Unreleased
	DFSA	IG Limited	Regulated	Retail Forex License	F001780
	ASIC	IG MARKETS LIMITED	Revoked	Market Making (MM)	220440
	FMA	IG MARKETS LIMITED	Revoked	Market Making (MM)	18923
	FSCA	IG MARKETS SOUTH AFRICA LIMITED	Exceeded	Financial Service Corporate	41393
	FCA	IG Index Limited	Exceeded	Investment Advisory License	114059
	BaFin	IG Europe GmbH	Exceeded	Common Financial Service License	148759
	NFA	TASTYFX LLC	Suspicious clone	Market Making (MM)	509630

You can always verify IG's regulatory status and explore its more details on WikiFX. WikiFX has the world's largest database of forex brokers, covering essential aspects such as company qualifications, regulatory status, historical performance, user reviews, and risk ratings, all rigorously verified. With over 60 regulatory agencies included, WikiFX provides a comprehensive resource for assessing the credibility of brokers like IG.

Security Measures

IG implements fund segregation to enhance customer protection.

The company holds client money in segregated accounts at credit-worthy banks such as HSBC and never merges them with IG's operational funds. Clients' funds are safely ring-fenced by creditors even if IG goes bankruptcy.

From all the info above, we can conclude that while IG has significant regulatory backing, the revoked and exceeded license will still impair its operational integrity and damage its prestige among investors.

Moreover, though the broker does not mention any account insurance program like many other reputable brokers, fund segregation remains a valid and efficient method to protect customer funds. However, risk-sensitive traders may view this broker as potentially risky.

How Does IG Make Money?

IG primarily makes money through the spreads charged on trades, which are factored into the offer (buy) and bid (sell) prices of financial instruments. When clients trade, they buy at a slightly higher price than market price and sell at a slightly lower price, with the difference constituting IG's revenue.

While the majority of income comes from these spreads, IG also generate revenues from proportionate transaction fees, such as commissions on share CFDs, FX conversion fees, and overnight funding charges.

Importantly, IG says it does not profit from client losses. Instead, they manage risk by offsetting client positions and hedging when necessary, in a purpose to foster long-term relationships with clients which is built on trust and transparency.

Market Instruments

IG offers traders with access to over 17,000 global markets in CFD trading across various asset classes including forex, shares, indices, commodities, cryptocurrencies, ETFs, options, and bonds to both individual and corporate clients.

Furthermore, its knock-outs trading feature allows for limited-risk positions with customizable margins so that it will be easier for investors to manage risk across forex, shares, and indices.

Additionally, traders can take positions on global interest rates, tapping into the relationship between short-term rates and market movements.

IG Account Review

Account Types

IG provides a demo account that simulates real market conditions for users to practice and accumulate trading experience without losing real money.

Once comfortable, traders can move forward and get a live account. Retail clients can trade through a corporate structure in the Retail corporate account, even if they are not institutional clients. Institutional clients, on the other hand, are entitled to tailored solutions that meet their specific needs in the Institutional corporate accounts.

Account Features

Theres no minimum deposit required to open a live account; you can simply submit the necessary documents and then start trading with as little as $1 per trade during the first two weeks. IG does not charge account maintenance or closure fees, and clients have access to 24/7 customer support, along with a wealth of free educational resources, technical analysis tools, market data, economic calendar, news or articles from IG experts to catch up with market trends and seize market opportunities.

Premium Service

If you upgrade to IG's premium services, you will gain a bunch of exclusive privileges with valuable resources and deeper connection with the IG community. These privileges include personal account managers, higher volume-based rebates and invitations to join IG events. Moreover, you'll also gain access to advanced educational seminars and workshops, as well as priority access to new IG product and platform launches, etc.

Reduced Minimum

Another good news for investors is that during the first six weeks of trading with a live CFD account with the broker, they can enjoy reduced minimum trade sizes—50% of the standard size for FX, commodities, and indices CFDs, and lower commission rates for Hong Kong and US shares. The broker believes this offers a buffer time for traders to build confidence in live trading by keeping their costs down.

IG Trading Platforms

IG offers several platforms for trading and market analysis, each with its own features for trading flexibility and accessibility.

IG Trading App

IG has a self-developed trading platforms named “IG: Trade Stocks, Forex & More”, which can be reached freely on web, or through apps downloadable fromiOS or Android phones.

Users can easily open and close positions across more than 17,000 markets, access real-time news and analysis, and set price alerts to capitalize on market volatility. The app allows traders to personalize their workspace to fit their trading preferences with a user-friendly interface. The app uses 256-bit SSL encryption as security measure for safe transactions.

MetaTrader 4 (MT4)

MT4 is renowned as the worlds leading trading platform, particularly for algorithmic trading and 24/5 support from platform specialists. MT4's standout features include a high server uptime of over 99%, competitive spreads, and the ability to trade using Expert Advisors for automated trading. The platform supports extensive customization with thousands of indicators available, suitable for both manual and automated trading strategies.

No matter you are new to the investment world, or a veteran, you can find the platform friendly for trading. It is accessible through the web or you can download apps on Windows, Mac, iOS or Android devices.

L2 Dealer

L2 Dealer is IG's direct market access (DMA) platform, which is for experienced and professional traders seeking to interact directly with order books of major exchanges. Beginners are usually recommended not to use this platform.

It provides Level 1 and Level 2 market data, allowing traders to gauge market sentiment and liquidity effectively. While it may not offer the best execution for all trades, L2 Dealer allows for sophisticated order types and anonymous trading, which can be beneficial for large orders.

ProRealTime

Integrated with IG's trading platform, ProRealTime is web-based and tailored for experience traders who want to access more advanced charting and analysis functions.

It offers over 100 technical indicators and the capability to automate trading through custom algorithms. Its improved interface and unlimited timeframes allow for in-depth analysis of market trends. Traders can also backtest strategies using 30 years of historical data to make better trading decisions.

One thing should raise your attention is that ProRealTime is only free for IG clients for the first month and those who trade at least four times within a month after that. Otherwise, a monthly fee of $40 will be charged. Such restrictions may bother those who trade with low frequency but benefit active traders a lot.

TradingView

TradingView is a robust platform that combines advanced charting with social trading features. Users can customize charts, access over 100 indicators, and engage with a community of traders to share insights and strategies. Its integrated tools allow for comprehensive market analysis and the ability to trade directly through IG to simplify the trading process. TradingView also hosts trading tournaments, adding a competitive edge to the trading experience. You can use the platform through web, or download apps from Windows or Mac.

For this platform, casual users can choose the free TradingView plan with basic features and tools. While serious and active traders can go further and opt from 6 tiered paid subscriptions, with prices range from $12.95 to $499.95 per month.

Overall, IGs trading platforms cover a wide spectrum of trading styles and preferences. Whether you prefer the proprietary IG Trading platform on web or apps, the automation capabilities of MT4, the advanced analytics of ProRealTime, the direct access to the market of L2 Dealer, or the community-focused approach of TradingView, you always have a choice for easy trading basing on your experience level or appetite. These platforms make IG a strong contender in the competitive trading landscape.

IG Fees Review

Spreads & Commissions

Forex Spreads: https://www.ig.com/en/help-and-support/cfds/fees-and-charges/what-are-igs-forex-cfd-product-details

Indices Spreads: https://www.ig.com/en/help-and-support/cfds/fees-and-charges/what-are-igs-indices-cfd-product-details

Commodity Spreads: https://www.ig.com/en/help-and-support/cfds/fees-and-charges/what-are-igs-commodities-cfd-product-details

Shares (CFDs): https://www.ig.com/en/help-and-support/cfds/fees-and-charges/what-are-igs-shares-cfd-product-details

Crypto CFDs: https://www.ig.com/en/help-and-support/cfds/fees-and-charges/what-are-igs-cryptocurrencies-cfd-product-details

Margin Rates

Direct Market Access (DMA) Costs

• Commission: Unlike traditional over-the-counter (OTC) trading, there is no IG spread to pay when using DMA. Instead, a variable commission is charged based on the volume traded in the preceding month.

Overnight Funding Charges

Overnight Funding for Different Markets: https://www.ig.com/en/help-and-support/cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated-

Extra Services and Charges

Third-Party Charges

These charges are from third parties instead of IG. You need to check with merchant bank or card issuer to see if any further charges levied.

Theoretically, the relatively transparent fee structures of the broker can make it easier for traders to calculate costs before executing trades. The spreads IG offers is quite competitive, especially on major FX pairs. But you should be mindful of other fees like overnight funding charges and commissions when trading CFDs to ensure you are aware of all the related costs of your trading, which usually eat up a certain proportion of your profits.

For those changing fees not articulated with details such as monthly fees for DMA, lie price data feeds, etc., always seek clarifications from the broker for the most updated info and consider how these fees can impact your trading strategy and profitability, especially for longer-term positions.

Volume-based Rebate Program

IG initiates a volume-based rebate program that rewards traders with cash incentives to enhance trader loyalty. The rebates are calculated as a percentage of the spread or commission paid on forex, indices, shares, and commodities within a month and are issued in the trader's base currency.

To be qualified for the program, traders need to meet the minimum notional trading volume in at least one asset class. Once achieved the highest threshold, traders can get rebates for all asset classes.

FX Rebate Thresholds

Indices Rebate Thresholds

Shares Rebate Thresholds

Commodities Rebate Thresholds

Such a volume-based rebate program encourages increased trading engagement and can be attractive for active and large-volume traders who are able to earn tangible rewards from their trading volume. However, beginners or small-scale traders may find this program to have nothing to do with them.

Educational Resources

IG offers a comprehensive section of educational resources designed to support traders at all levels. Their key offerings include:

1. Master Your Trading Mind: Focuses on the psychological aspects of trading, helping traders develop a resilient mindset.
2. IG Academy: A structured program that covers the essentials of trading from beginner to advanced topics through expert articles.
3. News and Trade Ideas: Regular updates on market news and potential trade opportunities to keep traders informed and engaged.
4. Strategy and Planning: Guidance on developing effective trading strategies and long-term planning to align with individual trading goals.
5. Seminars and Webinars: Live and recorded sessions led by experts, covering various trading topics and offering interactive learning experiences.
6. Trading Psychology Podcast Series: A series of podcasts focusing on the mental and emotional aspects of trading, providing insights and coping strategies.
7. Economic and Trading Calendar: A calendar that highlights important economic releases and trading events to help traders plan their activities.
8. Glossary of Trading Terms: A comprehensive glossary that helps traders understand key terminology and concepts in the trading world.

IG's educational resources, from foundational courses to advanced strategies and psychological insights, are extensive and well-structured. These are valuable support for traders looking to enhance their skills and knowledge. Beginners can start from the basic glossary of trading terms, while more experienced traders can participate in seminars and webinars, or use economic calendars to catch up with market trends to improve their trading strategies.

User Feedback on WiKiFX

WikiFX exposure section is a prism to reflect a broker's performance where traders can release their opinions and feelings trading with brokers. So far, 66 traders have left their footprint and shared their trading experience with this broker, with 14 expressed their satisfaction with the broker's responsiveness, profitability and service efficiency.

However, there's no such thing like perfection in the world, it's same case with IG. 42 negative reviews are recorded on WikiFX at the same time, with most complaints are about withdrawal difficulties. Actually if these issues are not tackled timey and appropriately, they can considerably harm customer experience. Therefore, the broker obviously still needs to do better to enhance its withdrawal process and overall efficiency.

Traders are encouraged to interact with each other and share their trading experience within WikiFX community through the exposure section. Our professional team is here to give hands anytime if you encounter problems and report awkward issues in this area.

Compare to Similar Brokerages

Logo
Broker	IG	Webull	Robinhood	Fidelity
Regulators	ASIC, FCA, FSA, AMF, FMA, MAS, DFSA	FINRA, AISC, FSA, SFC, MAS	FINRA	FSA
Product Offerings	CFDs on shares, indices, forex, commodities, cryptos, options, interest rates, bonds and ETFs	Stocks, Options, Index Options, Futures, ETFs, OTC, Margin, Fractional Shares, Cryptos	Crypto, Options, Retirement, ETFs	Mutual Funds, Cryptos, Direct Indexing, Fixed Income, Bonds & CDs, ETFs, Options
Account Minimum	$0	$0	$1	$10
Commission	0.08-0.35% for share CFDs	$0 per trade	$0 per trade	$0 per trade
Promotions	✅	✅	✅	❌

The Bottom Line

In summary, IG is one of the world's largest brokers who is well regulated by authority bodies in different countries by ASIC, FCA, FSA, AMF, FMA, MAS and DFSA, meaning that the company's financial activities are under supervision and rectification from these institutions. Though some abnormal licenses exist and negative reviews are recorded on WikiFX, you can still go ahead to explore further possibilities with IG by implementing proper risk management and strategies.

Both novice and experienced traders can find a way to develop a pleasant trading journey with IG. But considering a series of premium benifits and rebate programs provided, high-net-worth investors with in-depth understanding and experience in the financial world may feel more comfortable trading with the broker.