IG Online Trading Platform Review

IG is an online trading platform that has been in business for over 45 years. Founded in 1974, it is one of the oldest online trading providers in the world.

Over the years, IG has built a reputation for providing reliable and user-friendly platforms for trading in a variety of financial markets, including forex, stocks, indices, and commodities. Today, they offer access to over 17,000 markets worldwide and have a presence in over 16 countries.

In this review, we will explore the features and services provided by IG, and help you decide if it is the right trading platform for you.

IG Online Trading Platform Review Features

1. Wide Range of Markets: IG offers access to over 17,000 markets, including forex, shares, indices, and commodities. The platform also allows users to trade cryptocurrencies, which is a unique offering compared to many other online trading providers.
2. User-Friendly Platform: The IG trading platform is easy to use, even for beginners. It has a clean design and intuitive interface, with a range of customization options to adapt to each trader’s needs. It is available in both web and mobile formats, allowing traders to access the platform from anywhere.
3. Advanced Charting: IG’s platform offers advanced charting features, with over 30 technical indicators and drawing tools. This allows traders to analyze market trends and make informed decisions.
4. Education and Research: IG provides a range of educational resources and trading tools to help traders develop their skills and make more informed decisions. This includes webinars, trading guides, market analysis, and market data.
5. Customer Support: IG offers customer support 24/7, with phone, email, and live chat options available. The company has won several awards for its customer service, which is a testament to its commitment to providing the best possible experience for their users.

Account Types

IG offers different account types to cater to the needs of different traders. Here’s an overview of the account types available:

CFD Trading Account

This is IG’s standard account type, and it allows traders to trade on margin across a wide range of markets. With this account, traders can access over 17,000 markets, including forex, shares, indices, and commodities. The account requires no minimum deposit and no account fees.

Spread Betting Account

This account type allows traders to bet on whether the price of a market will rise or fall, without owning the underlying asset. Spread betting is only available for traders in the UK and Ireland. The account requires no minimum deposit and no account fees.

Share Dealing Account

This account type allows traders to buy and sell shares in the UK, US, and European markets. Traders can choose between a share dealing ISA (tax-free) or a share dealing account (non-tax-free). Buying shares incurs a trading commission of £8 per trade for UK and European shares and $0 commission for US shares. There is no annual fee, but a quarterly custody fee of £24 may apply.

Professional Account

This account type is for experienced traders who meet certain criteria, such as trading size and frequency. It offers higher leverage and access to professional-grade tools and resources. This account requires a minimum net worth of €500,000 or income of €300,000 per year and a formal application process.

Each account type comes with its own set of benefits and fees. Traders should carefully consider their trading goals and needs before choosing an account type.

Trading Tools and Resources

IG offers a range of tools and resources to help traders make informed decisions and execute successful trades. Here’s an overview of the resources available:

Trading Signals

IG provides free trading signals to help traders identify potential trading opportunities. These signals are based on technical analysis and market trends, and can be accessed through the IG trading platform.

Autochartist

Autochartist is a tool that uses advanced algorithms to analyze market data and identify potential trade opportunities. Traders can set custom alerts to receive notifications when certain market conditions are met.

Trading Central

IG partners with Trading Central to provide in-depth market analysis and trading ideas for traders. This includes daily newsletters, alerts, and analysis of key markets.

Economic Calendar

The IG trading platform includes an economic calendar that displays upcoming economic events and announcements. Traders can use this information to make informed decisions about their trades.

ProRealTime

ProRealTime is an advanced charting platform that provides real-time market data and advanced charting tools. It is available for free for IG traders who execute at least four trades in a month.

Trading Apps

IG offers a range of mobile apps for iOS and Android devices, which allow traders to access their accounts and execute trades on the go.

Overall, IG provides a range of trading tools and resources to help traders make informed decisions and execute successful trades. Traders should take advantage of these resources to develop their skills and improve their trading strategies.

Fees and Charges

IG charges various fees for using its trading platform and services. Here’s an overview of the fees:

Spreads

Spreads are the difference between the buy and sell price for a given market, and they are the primary way that IG makes money. Spreads vary depending on the market, with forex spreads starting as low as 0.6 pips.

Commissions

Commissions are charged for share dealing accounts, with a commission of £8 per trade for UK and European shares, and $0 commission for US shares.

Overnight Funding

Overnight funding is charged for positions that are held overnight, and the amount depends on the market and the size of the position.

Inactivity Fee

An inactivity fee of £12 per month is charged for accounts that have been inactive for over two years.

Deposit and Withdrawal Fees

IG does not charge fees for deposits or withdrawals, but some payment providers may charge transaction fees.

Conversion Fees

IG charges a conversion fee of 0.5% for transactions in currencies other than the account currency.

It’s important to keep in mind that fees can affect the profitability of trades. Traders should carefully consider the fees associated with using IG before opening an account. Nonetheless, IG’s fees are competitive compared to other online trading providers in the industry.

Security and Regulation

IG takes security and regulatory compliance seriously and offers a range of measures to ensure the safety and security of its users. Here’s an overview of the security and regulation features:

Regulation

IG is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). This means that the platform must adhere to strict rules and guidelines to ensure the protection of user funds and data.

Segregated Accounts

User funds are kept in segregated accounts that are separate from IG’s funds. This adds an extra layer of security in case of insolvency or other financial difficulties.

Two-Factor Authentication

IG offers two-factor authentication for added security when logging into accounts. This requires a unique code sent to the user’s mobile device in addition to a password.

SSL Encryption

IG uses SSL encryption to protect user data and transactions from unauthorized access.

Negative Balance Protection

IG offers negative balance protection to prevent traders from losing more than their account balance in the event of market volatility or unexpected price movements.

Overall, IG takes security and regulatory compliance seriously and offers a range of measures to ensure the safety and security of its users. These features add an extra layer of protection and peace of mind for traders using the platform.