IG : Features, Pros and Cons

IG Overviews

IG is a globally recognized online trading broker, established in 1974 and headquartered in London, UK. It offers access to over 17,000 markets, including forex, stocks, commodities, and cryptocurrencies. Regulated by top-tier financial authorities such as the FCA and ASIC, IG provides a secure trading environment with multiple platforms, including MT4, TradingView, and proprietary web and mobile apps. The broker is known for its advanced charting tools, weekend trading options, and extensive educational resources. While it features strong market access and investor protections, IG's fee structure can be complex, and it lacks MetaTrader 5 integration.

Pros and Cons

Is IG Safe? Broker Regulations

IG is a well-regulated broker, adhering to stringent standards set by multiple financial authorities worldwide. IG operates under the supervision of the Financial Conduct Authority (FCA) and Bermuda Monetary Authority (BMA) ensuring compliance with robust financial regulations.

Additionally, IG is regulated by the following bodies:

• Australian Securities and Investments Commission (ASIC) – Australia
• Japanese Financial Services Authority (JFSA) – Japan
• Monetary Authority of Singapore (MAS) – Singapore
• Swiss Financial Market Supervisory Authority (FINMA) – Switzerland
• Financial Markets Authority (FMA) – New Zealand
• Canadian Financial Services Authority (CFSA) – Canada
• Financial Sector Conduct Authority (FSCA) – South Africa
• Federal Financial Supervisory Authority (BaFin) – Germany
• Bermuda Monetary Authority (BMA) – Bermuda

To protect client funds, IG implements several key measures:

• Segregation of Client Funds: Client funds are held in separate bank accounts, distinct from the broker’s operational funds. This ensures client assets are protected and not used for the broker’s expenses or debts.
• Financial Services Compensation Scheme (FSCS): Clients under FCA regulation are protected up to £85,000 in the event of IG’s insolvency.

These regulatory affiliations and protective measures underscore IG’s dedication to providing a secure trading environment, demonstrating commitment to client protection and financial integrity.

What Can I Trade with IG ?

IG offers an extensive array of tradable instruments, providing traders with access to over 17k+ markets across various asset classes.

1. Forex: Trade more than 80 currency pairs, including major, minor, and exotic pairs, with competitive spreads and flexible leverage options.
2. Indices: Access 80+ global indices, enabling you to speculate on the performance of major stock markets worldwide.
3. Shares: Invest in13,000+ shares from global markets, allowing for direct ownership or CFD trading, depending on your region.
4. Knock Outs: Offers capped risk with unlimited profit potential. Whether you’re bullish or bearish, trade global markets confidently with a transparent and straightforward approach to managing your risk.
5. Commodities: Trade 35+ commodities, including both hard commodities like metals and soft commodities such as agricultural products.
6. Cryptocurrencies: Engage in cryptocurrency trading with access to 10+ digital currencies like Bitcoin and Ethereum, as well as a Crypto 10 Index.
7. Bonds: Speculate on government bonds from different countries, allowing for diversification and hedging strategies.
8. ETFs: Trade 6000+ variety of Exchange-Traded Funds, providing exposure to different sectors, commodities, or indices.

Additionally, IG provides unique offerings such as weekend trading with their exclusive 24/7 markets on GBP/USD, EUR/USD, USD/JPY, global indices, full range of cryptocurrencies and their new weekend gold market.

This extensive range of instruments enables traders to diversify their portfolios and implement various trading strategies across multiple markets.

How to Trade with IG ?

Trading Platforms

IG offers a variety of trading platforms to cater to different trading styles and preferences. Here’s a summary of each platform and its key features:

1.  Online Trading Platform

A user-friendly, browser-based platform suitable for all users.

• Accessibility: Accessible via any web browser without the need for downloads.
• Features: Provides in-platform newsfeeds from IG’s expert team and Reuters, economic calendar access, trading signals, watchlists, price alerts, and the ability to trade directly from charts.
• Order Types: Supports limits, stops, guaranteed stops, trailing stops, and market orders.
• Account Management: Manage your account, register cards, make payments, withdraw funds, and more.

2.  Mobile Trading App

Optimized for iOS and Android devices, allowing trading on the go.

• Accessibility: Downloadable app available on iOS and Android platforms.
• Features: Offers the same research and monitoring tools as the web-based platform, including in-platform newsfeeds, economic calendar, signals, watchlists, price alerts, and mobile charts.
• Order Types: Supports limits, stops, guaranteed stops, trailing stops, and market orders.
• Account Management: Register cards, make payments, withdraw funds, and manage settings directly from the app.

3.  Progressive Web App (PWA)

A seamless trading platform accessible on any device without visiting a third-party app store.

• Accessibility: Browser-based with a mobile shortcut, providing a seamless experience across devices.
• Features: Offers watchlists and order management.
• Order Types: Supports limits, stops, guaranteed stops, trailing stops, and market orders.
• Account Management: Manage payments and settings through My IG.

4.  ProRealTime

An advanced charting package suitable for technical chart users.

• Accessibility: Downloadable platform for desktop use.
• Features: Provides advanced charts, ProScreener, alerts, top movers, lists, ProRealTrend, and automated trading capabilities.
• Order Types: Supports market orders, limits, stops, trailing stops, and market-if-touched orders.
• Automated Trading: Enables the creation and execution of automated trading strategies.

5.  MetaTrader 4 (MT4)

A popular third-party platform for forex specialists.

• Accessibility: Downloadable platform with a mobile app available.
• Features: Offers advanced MT4 charts, expert advisors for automated trading, and a range of free add-ons from IG.
• Order Types: Includes instant executions, limit orders, stop orders, stop losses, take profits, and trailing stops.
• Automated Trading: Supports automated trading strategies through expert advisors.

6.  L2 Dealer

A direct market access (DMA) platform for advanced share traders.

• Accessibility: Downloadable platform for desktop use.
• Features: Provides watchlists, price alerts, algorithmic orders, and ProRealTime access for advanced charting.
• Order Types: Supports algo trades, limits, market orders, tranche orders, fill or kill, execute and eliminate, and various time-in-force options.
• Direct Market Access: Offers DMA for share dealing and share CFDs; DMA on forex is available to professional clients only.

Each of these platforms is designed to cater to different trading needs, from beginners to advanced traders, providing a range of tools and features to enhance the trading experience.

Third Party Integrations

Trading Platforms Comparison

Specialist Platforms Comparison

How to Execute Trades on Trading Platforms?

The comprehensive suite of trading platforms explained above are designed to accommodate traders of all experience levels. Here’s a step-by-step guide to navigating the trading process with IG:

1.     Platform Access:

• Web-Based Platform: Access IG’s online trading platform directly through your browser without the need for downloads. This platform offers a user-friendly interface with integrated news feeds and customizable feature
• Mobile Trading App: For trading on the go, IG offers award-winning mobile apps compatible with Android and iOS devices, providing full dealing functionality and real-time market data.
• Third-Party Platforms: IG supports platforms like MetaTrader 4 (MT4), ProRealTime, and TradingView, catering to traders seeking advanced charting tools and automated trading capabilities.

2.     Logging In:

• Account Credentials: Use your registered email and password to log into your IG account via the chosen platform.
• Two-Factor Authentication (2FA): For enhanced security, enable 2FA through SMS or authenticator apps.

3.     Navigating the Platform:

• Dashboard Overview: Upon logging in, access your account summary, including available balance, open positions, and margin details.
• Market Selection: Browse through various asset classes such as forex, indices, commodities, and shares. Use the search function to locate specific instruments.

4.     Placing a Trade:

• Dealing Ticket: Select your desired market to open the dealing ticket. Here, you can specify trade size, direction (buy/sell), and order type (market or pending).

●      Order Types:

• Market Order: Executes immediately at the current market price.
• Limit Order: Executes at a predetermined price more favorable than the current market level.
• Stop Order: Triggers a trade when the market reaches a specified price, often used to enter positions in momentum markets.

●      Risk Management Tools:

• Stop-Loss Orders: Automatically close a position at a predetermined loss level to mitigate risk.
• Guaranteed Stop: Ensures closure at the exact price specified, regardless of market volatility, for a small premium.
• Trailing Stop: Adjusts the stop level as the market moves in your favor, locking in profits.

5.     Monitoring and Managing Trades:

• Open Positions Tab: View and manage all active trades, including the ability to modify stops, limits, or close positions.
• Charts and Analysis: Utilize integrated charting tools with technical indicators to analyze market trends and inform trading decisions.

6.     Utilizing Additional Tools:

• Alerts and Signals: Set up price alerts and access trading signals to stay informed about market movements and potential opportunities.
• Educational Resources: IG offers webinars and seminars through archive access, beginners courses, risk management content, live content, tutorials, and articles to enhance your trading knowledge and skills.

By leveraging IG’s robust platforms and tools, traders can execute informed trades efficiently, manage risk effectively, and stay updated on market developments.

How Can I Open IG Account? A Simple Tutorial

Opening an account with IG is a straightforward process designed to accommodate both novice and experienced traders. The procedure is fully digital, allowing you to complete it from the comfort of your home. Here’s a step-by-step guide to help you through the process:

1.     Visit the IG Website:

• Navigate to the IG account creation page to initiate the account opening process.

2.     Complete the Online Application Form:

• Personal Information: Enter your full name, email address, date of birth, and country of residence.
• Contact Details: Provide your residential address and phone number.
• Account Preferences: Select the type of account you wish to open (e.g., CFD trading) and choose your preferred base currency.

3.     Financial and Employment Details:

• Employment Status: Specify your current employment status and occupation.
• Financial Information: Disclose your annual income, savings, and investment experience.

4.     Trading Experience Assessment:

• Knowledge Evaluation: Answer questions regarding your trading experience and understanding of financial products to assess the appropriateness of IG’s services for you.

5.     Identity Verification:

• Proof of Identity: Upload a clear copy of a government-issued ID, such as a passport or driver’s license.
• Proof of Address: Provide a recent utility bill or bank statement (dated within the last six months) displaying your name and residential address.

You can upload these documents directly through the IG platform or email them to the relevant IG department.

6.     Review and Submit:

• Terms and Conditions: Carefully read and agree to IG’s terms and conditions, risk disclosure, and privacy policy.
• Submit Application: After ensuring all information is accurate, submit your application for review.

7.     Application Review and Account Activation:

• Processing Time: IG typically reviews applications within 1-3 business days.
• Notification: You will receive an email confirming the status of your application. If additional information or documentation is required, IG will contact you.

8.     Fund Your Account:

• Deposit Methods: Once approved, log into your account and navigate to the ‘Deposit’ section to fund your account using methods such as bank transfer, credit/debit card.
• Minimum Deposit: IG does not require a minimum deposit for bank transfers; however, a minimum deposit of $50 for other methods.

9. Start Trading:
   • Platform Access: With funds in your account, access IG’s trading platforms to begin trading across various markets.

Additional Considerations:

• Demo Account: IG offers a demo account funded with virtual money, allowing you to practice trading strategies without risking real funds.
• Customer Support: For assistance during the account opening process, contact IG’s customer support via phone or email.

By following these steps, you can efficiently set up your IG trading account and embark on your trading journey.

IG Charts and Analysis

IG offers a comprehensive suite of charting tools and analytical resources across its trading platforms, catering to traders with varying levels of expertise.

1.     IG’s Proprietary Platform:

• Advanced Charting: Traders have access to over 32 technical indicators and 19 drawing tools, including Bollinger Bands, MACD, pivot points, and Fibonacci retracements, facilitating in-depth market analysis.
• Customizable Charts: The platform supports multiple chart types—such as candlestick, bar, and line charts—and allows for chart splitting up to four times, enabling traders to view different timeframes (4 on one chart) simultaneously.
• Integrated News and Analysis: Real-time news feeds and fundamental analysis are embedded within the platform, providing traders with timely information to inform their trading decisions.

2.     TradingView Integration:

• Seamless Connectivity: IG will integrate with TradingView, a web-based charting and social networking platform, allowing clients to execute trades directly from TradingView’s advanced charts.
• Advanced Analytical Tools: TradingView is expected to offer customizable charts, over popular indicators, and smart drawing tools, enabling traders to perform sophisticated technical analysis.
• Community Engagement: Traders will be able to interact with a vast community, sharing ideas and strategies, which enhances collaborative learning and market insight.

3.     MetaTrader 4 (MT4):

• Comprehensive Features: IG supports MT4, providing traders with advanced charting tools, automated trading capabilities through Expert Advisors (EAs), and a wide range of technical indicators.
• Customization: Traders can develop and implement custom indicators and automated strategies, tailoring the platform to their specific trading needs.

These platforms collectively offer a robust set of tools for technical and fundamental analysis, catering to both novice and experienced traders. The integration with TradingView and support for MT4 further enhance IG’s analytical capabilities, providing flexibility and depth in market analysis.

IG Account Types

CFD Trading Account

IG primarily offers a CFD trading account designed for traders with different experience levels and trading needs. With access to over 17,000 global markets, traders can speculate on price movements without owning the underlying assets. Key features include:

• Flexible Trading: Trade indices, forex, shares, commodities, and more.
• Portfolio Hedging: Offset potential losses by hedging existing stock portfolios.
• Third-Party Integrations: Compatible with platforms like MetaTrader 4.
• Advanced Tools: Tight spreads, low commissions, and access to advanced charting and risk management tools.

Below is a table summarizing the key features:

Standard vs Premium Accounts

Based on the quality of service, IG offers two types of accounts: Standard and Premium. While both provide access to a wide range of markets and trading platforms, Premium accounts offer additional benefits, including:

• Personal Account Manager: Dedicated support for your trading needs.
• Exclusive Rebates: Potential access to higher volume-based rebates.
• Event Invitations: Invitations to exclusive IG events.
• Advanced Seminars: Access to advanced educational seminars and workshops.
• Priority Access: Early access to new IG products and platform launches.
• Promotional Offers: Exclusive promotional offers.

To qualify for a Premium account, clients typically need to meet certain trading volume thresholds, such as $20 million in notional value per month for indices and commodities, $50

million for forex, or $5 million for shares. There are no additional fees for holding a Premium account; however, regular trading at the specified volumes is required.

Demo Account

The demo account provides $20,000 in virtual funds, enabling traders to practice and refine their strategies risk-free. This is ideal for beginners or those wanting to test new approaches before trading live.

Corporate Account

IG also offers corporate accounts tailored to businesses and institutional clients. These accounts provide:

• Access to multiple markets with powerful trading technology.
• Dedicated support and personalized services.
• Solutions that meet specific business trading requirements.

Do I Have Negative Balance Protection with This Broker?

Negative balance protection ensures that traders do not incur losses exceeding their account balance, even during volatile market conditions. At IG, this safeguard is applied differently based on client classification and regional regulations.

Retail Clients:

• ASEAN Clients: In line with local regulatory frameworks, IG provides negative balance protection to retail clients within ASEAN countries. This policy ensures that if a retail client’s account balance falls below zero due to market movements, IG will reset the balance to zero at no additional cost.
• LATAM Clients: Retail clients in Latin America also receive negative balance protection. This guarantees that their account balances will not drop below zero, safeguarding them during unexpected market swings.

Clients in Other Regions:

• Clients outside ASEAN and LATAM: The availability of negative balance protection for clients outside these regions varies based on local regulations and IG’s policies. Clients are advised to consult IG’s specific terms or contact customer support for precise information.

Implications for Traders:

For retail clients covered by negative balance protection in ASEAN and LATAM, the maximum potential loss is limited to the funds available in their account, providing an added layer of security during unexpected market volatility. However, professional clients and those in regions where this protection is not mandated should implement robust risk management strategies, such as setting stop-loss orders and monitoring margin levels, to mitigate the risk of incurring losses beyond their account balance.

Understanding the scope of negative balance protection applicable to your account type and region is crucial for effective risk management when trading with IG.

IG Deposits and Withdrawals

IG offers a variety of deposit and withdrawal methods to accommodate its global clientele, ensuring transactions are secure and efficient.

Deposits:

You can fund your account using a credit card, debit card, HK FPS, or bank transfer. For the fastest deposits, choose credit or debit cards, as funds are credited instantly upon successful payment. HK FPS allows you to deposit Hong Kong dollars at no charge, with payments typically clearing within one business day. Bank transfers may take up to three business days, depending on your bank.

Withdrawals:

You can withdraw funds either via bank transfer or as a refund to your card account. Card refunds typically take 2–5 business days to process, while bank transfers usually clear within 1–3 business days.

Additional Considerations:

• Verification: IG may require verification of your deposit method and receiving bank account before processing withdrawals. This process involves submitting relevant documents, such as bank statements, to confirm the source and destination of funds.
• Processing Times: While IG processes withdrawals promptly, actual receipt times depend on the payment provider and banking institutions involved.
• Currency Conversion: If your trading account currency differs from your withdrawal currency, a currency conversion fee may apply.

By offering multiple transaction methods with transparent fees and processing times, IG facilitates a seamless experience for depositing and withdrawing funds, catering to the diverse needs of its clients.

Support Service for Customer

IG offers comprehensive customer support to assist clients with their trading needs and inquiries. Here’s an overview of the available support services:

1.     Contact Channels:

• Live Chat: Accessible through IG’s website and trading platforms, live chat connects clients with support representatives for real-time assistance.
• Phone Support: Clients can reach IG’s support team via regional phone numbers, ensuring prompt responses to urgent queries.
• Email Support: For non-urgent matters, clients can contact support through designated email address: en@ig.com, with responses typically within 24 hours.
• Apart from these they also provide support services through WhatsApp.

2.     Availability:

• Operating Hours: IG’s customer support operates 24 hours a day from Monday to Friday, aligning with global market hours.
• Languages Supported: Support is available in multiple languages, including English, French, German, Spanish, and more, catering to IG’s diverse client base.

3.     Additional Resources:

• Help Center: An extensive online repository of FAQs, guides, and tutorials covering various topics, from account setup to advanced trading strategies.
• Community Forum: A platform where clients can interact, share insights, and seek advice from fellow traders and IG moderators.
• Educational Materials: IG provides webinars, articles, and video tutorials to enhance clients’ trading knowledge and skills.

By offering multiple support channels and a wealth of educational resources, IG ensures that clients receive timely and effective assistance tailored to their individual needs.

Prohibited Countries: Where Can I Not Trade with this Broker?

IG’s services are subject to regulatory constraints that restrict operations in certain countries. These restrictions are primarily due to local financial regulations and international sanctions.

Countries with Restricted Access to IG’s Services:

• United States: IG operates in the U.S. but does not offer accounts to residents of Arizona or Ohio.
• Sanctioned Countries: IG adheres to international sanctions, which may prohibit offering services in countries such as North Korea, Iran, and Syria.
• Other Restricted Regions: Due to local regulations, IG’s services may not be available in certain countries. Clients are advised to consult IG’s official website or contact customer support for the most current information.

Implications for Traders:

Traders residing in restricted countries cannot open accounts or trade with IG. Those planning to travel should be aware of these restrictions, as accessing IG’s platform from a restricted region may result in service limitations.

Recommendations:

• Verify Availability: Before attempting to open an account, confirm that IG’s services are available in your country by visiting IG’s official website or contacting their customer support.
• Stay Informed: Regulatory environments can change; regularly check for updates regarding service availability in different regions.

By understanding these geographic restrictions, traders can make informed decisions and ensure compliance with local laws and regulations.

Special Offers for Customers

IG offers various promotions and incentives to enhance the trading experience for both new and existing clients. These offers are designed to reward client loyalty and encourage active trading.

●      Refer a Friend Program:

Earn rewards by inviting friends to trade with IG. You’ll receive $100 when your friend completes five qualifying trades within three months of opening a live account.

Additionally, if your referral incurs trading costs of $4,000 or more, you can earn up to

$2,000, and your friend will receive a rebate of up to 30% on their trading costs.

●      Welcome Rebate Offer:

New clients can receive a cashback of up to $150 on trading costs during the first two calendar months of account activity. This rebate applies to spreads or commissions incurred while trading CFDs on forex, indices, shares, and commodities.

Please not, all promotions are subject to specific terms and conditions, including eligibility requirements and expiration dates. Clients should thoroughly review these terms to understand the benefits and any obligations associated with the offers.

By providing these special offers and promotions, IG aims to enhance the trading experience, reward client loyalty, and support traders in achieving their financial goals.

IG Review Conclusion

IG has established itself as a reputable broker, with over four decades of industry experience. Here’s a comprehensive evaluation of its offerings:

Strengths:

• Market Leadership: Publicly traded and regulated in eight Tier-1 jurisdictions, demonstrating exceptional stability and transparency
• Trading Ecosystem: Access to 17,000+ markets across forex, stocks, commodities, and cryptocurrencies
• Platform Innovation: Multiple trading platforms including proprietary solutions and third-party integrations like MT4
• Security Framework: Robust safeguards including negative balance protection for retail clients and segregated client funds
• Educational Excellence: Comprehensive learning resources including webinars, live content, and risk management tutorials

Areas for Improvement:

• Cost Structure: Higher fees for stock CFDs and certain products compared to competitors
• Geographic Limitations: Restricted access in certain countries and specific U.S. states
• Platform Fragmentation: Advanced features split across different platforms rather than unified
• Support Coverage: Customer service limited to Monday-Friday despite offering weekend trading
• Missing Features: No MetaTrader 5 integration and limited banking services due to lack of banking license

Summary and Key Takeaways

A concise overview of crucial points for potential traders considering IG:

• Platform Versatility: Six distinct trading platforms catering to different trading styles and expertise levels
• Market Depth: Comprehensive access across multiple asset classes with weekend trading options
• Regulatory Framework: Oversight by FCA, ASIC, BMA and other top-tier authorities ensuring client fund security
• Account Options: Flexible account types including retail and professional classifications with varying benefits
• Trading Tools: Advanced charting capabilities with split-screen viewing and multiple timeframe analysis

FAQs

About Author

Beatrice Quinn

Beatrice Quinn Kingsley, a finance graduate from the London School of Economics, dove into finance clubs during her studies, honing her skills in portfolio management and risk analysis. With a career spanning prestigious firms like Barclays and HSBC, she's become an authority in asset allocation and investment strategy, known for her insightful reports. Beyond her corporate success, Beatrice is an advocate for financial literacy, actively engaging in workshops, seminars, and writing on topics like personal finance and investing. Recognized in the field, she's a featured voice in publications and a sought-after consultant, combining her financial know-how and communication prowess to empower ...

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