IG Review - What to Expect From The Broker

IG is a well-established online broker known for its wide range of trading instruments. In total, this broker provides its traders with access to over 17,000 different market products. Today, IG Group has become one of the largest CFD and forex providers globally. It caters to both retail and professional traders alike.

IG’s prominence in the industry is backed by its comprehensive trading platforms and regulations in a variety of jurisdictions. In this IG review, we will highlight the key features of the broker focusing on the trading platforms, market offerings, regulations, fees, and other important aspects. 

Basic Information About IG

• Website Address: IG.com
• Instruments: CFDs on forex, shares, indices, commodities, thematic and basket, options, futures, ETFs, bonds, internet rates, and cryptocurrencies. 
• Minimum Deposit: No minimum deposit.
• Demo Account: Yes, with $20,000 in virtual money.
• Trading Platforms: MetaTrader 4, IG’s Trading Platform, L2 Dealer, ProRealTime, TradingView, Progressive Web App.

Trading Platforms on IG

IG provides its clients with a variety of trading platforms to fit different trading styles and preferences. On this broker site, there are six different trading platforms that investors can use. These include IG’s Trading Platform, MetaTrader 4, L2 Dealer, ProRealTime, TradingView, and Progressive Web App. These platforms are some of the most advanced software available to investors. 

For starters, IG's web-based platform is known for its intuitive design, powerful charting tools, and user-friendly interface. It is ideal for traders looking for a smooth and efficient trading experience with features like technical indicators, drawing tools, and risk management options. IG also provides a mobile app version of its trading platform for trading on the go.

Additionally, IG offers its traders access to the popular MetaTrader 4. It provides access to advanced charting tools, over 50 technical indicators, and customisable Expert Advisors (EAs) for automated trading. IG’s MT4 is available on desktop, web, and mobile devices, offering flexibility and convenience.

Further, IG offers ProRealTime. This is IG’s advanced charting platform, featuring customisable charting tools, real-time price data, and advanced technical analysis tools. It is most suitable for experienced traders who require in-depth market analysis.

Lastly, IG provides its Depth-of-Market platform, L2 Dealer. As a Direct Market Access (DMA) platform, traders can view real-time market depth data from various exchanges. This includes all buy and sell orders as they enter the market. Traders can also benefit from other industry-standard features, including advanced charting, customisable alerts, and a wide range of order types.

TradingView on IG

TradingView's integration with IG offers a powerful combination for traders. Through this integration, IG clients can execute trades directly from TradingView’s interface. TradingView offers traders advanced charting tools, custom indicators, and an active community to go along with IG’s competitive spreads and reliable execution. Furthermore, it offers real-time data feeds which helps IG clients stay ahead of the market.

Trading Instruments Available on IG

As mentioned, IG offers a broad range of over 17,000 different financial instruments (CFDs). This makes IG a versatile broker for traders looking to diversify their portfolios. The key asset classes available include CFDs on:

• Forex - IG allows its clients to trade a variety of currency pairs all as CFDs. These include majors, minors, and exotic pairs, providing ample opportunities for forex traders.
• Indices - IG allows trading on major global indices like the S&P 500, FTSE 100, DAX 30, and Nikkei 225, enabling traders to gain exposure to stock markets.
• Commodities - On this broker site, traders can also access a wide range of commodities, including metals like iron, copper, lead, zinc, nickel or cobalt, as well as agricultural products and energies like crude oil and natural gas.
• Shares - Another asset class available on this broker site is shares CFDs. Here, IG offers access to thousands of shares from global stock exchanges, allowing traders to invest in individual companies across different sectors.
• Thematic and Basket - Under this asset class, traders on IG can explore a variety of themes like AI, space, inflation, and Electric vehicles, among others. This means they can take positions on a group of stocks simultaneously.
• Options - Traders can also trade options on various markets, offering opportunities for speculation and diversification.
• ETFs - ETFs CFD trading on IG enables traders to buy and sell a wide variety of exchange-traded funds that track indices, sectors, commodities, or bonds. 
• Bonds - Further, IG offers a variety of bond CFDs, allowing traders to speculate on the price movements of government and corporate bonds.
• Cryptocurrencies - IG allows its clients to take positions on popular cryptocurrency markets with CFDs. IG offers trading on major cryptocurrencies like Bitcoin, Cardano, Stellar, and Litecoin, among others.

Fees and Spreads on IG

IG offers some of the most competitive spreads across its range of assets. For major forex pairs like EURUSD, spreads start as low as 0.6 pips. However, spreads can vary depending on market conditions and instrument volatility. For other asset classes, the spreads are similarly low. Indices have spreads as low as 0.2 points while commodities feature spreads from 0.1 points. When trading shares, traders deal with the real market price and IG does not attach their own spreads. Instead, the broker charges a small commission when opening and closing a position. The commission charged depends on the market and there is a minimum commission that applies for the various markets.

Another fee that applies when trading on the IG broker site is an overnight charge. The specific fee charged depends on the asset traded and the size of the position. Unfortunately, IG no longer offers Islamic accounts on its trading site.

IG Demo Account and Education Section

IG provides access to two crucial resources that traders of all levels can use. For starters, the broker provides a demo account that comes with $20,000 in virtual funds. This free demo account allows traders to practice their strategies and familiarise themselves with the trading platforms. 

The demo account allows traders to learn and experiment without financial risk. New traders can practice and gain some experience in a risk-free environment before dipping their toes into the real market. Experienced traders can also use the demo account to test out new strategies before deploying them in the real market. Further, Traders can access all the features of IG's trading platform, including charting tools, order types, and advanced analysis tools. This means that potential clients can test out the broker’s services before committing. 

Further, IG excels in providing educational content to its clients. The education section on IG is comprehensive, offering a range of resources. These include webinars, articles, video tutorials, and trading courses. It covers various topics from beginner basics to advanced trading strategies. The IG Academy section is especially valuable as it is a complete learning platform with courses, webinars, and tutorials. 

Weekend Trading on IG

This is one of the most unique features of IG. While there are many brokers that feature weekend trading, no one does it quite like IG. With IG, traders can access a select few currency pairs for weekend trading. The three main forex pairs available during the weekend are GBPUSD, USDJPY, and EURUSD. Weekend trading for these pairs starts on Saturdays at 3:00 PM and closes on Mondays at 3:40 AM (UK Time). To differentiate these weekend pairs from their weekday counterparts, their tickers are labelled with "Weekend" before the currency pair name.

Additionally, IG offers weekend trading on indices. Traders can access weekend versions from Saturdays at 4:00 AM to Sundays at 10:40 PM (UK Time). Like with forex, weekend indices are labelled with "Weekend" preceding the ticker. Finally, investors can also invest in cryptocurrencies, which are available 24/7. Specifically, traders have access to CFDs on 11 major cryptocurrencies, two crypto crosses and a crypto index.

IG’s Customer Support

IG is known for its commitment to providing excellent customer support. Their support team is available to assist traders with various queries, from account setup to technical issues. The broker provides multiple channels for communication, ensuring that clients can get timely assistance whenever needed. For starters, traders can call IG's dedicated phone line (+44 (20) 7633 5430) for immediate assistance. This line is open to call for 24 hours, Mondays through Fridays. Customer support is also available to chat with on WhatsApp. All a trader has to do is scan a QR code to start chatting with an official.

Additionally, a live chat feature is available on IG's website. This real-time communication option allows traders to speak with an agent for instant assistance. It is one of the fastest ways to resolve queries or issues. For non-urgent queries, traders can contact IG via email ([email protected]). This is ideal for detailed questions or issues that may require documentation or a longer response.

In addition to traditional support channels, IG maintains active social media accounts. This includes accounts on platforms like X (Twitter), Facebook, YouTube, LinkedIn, and Telegram. This provides another layer of accessibility for customers seeking assistance.

Given IG’s global presence, the broker offers multilingual customer support to cater to its diverse client base. This feature allows non-English-speaking traders to communicate in their preferred language, making it easier to understand and resolve issues. IG provides support in languages like French, German, Spanish, Italian, and more, depending on the region.

IG’s Credibility

Above everything, it is crucial to assess a broker’s credibility and reputation. When assessing the credibility of a broker, we usually look at two main things, the regulation of the broker and the online reviews by customers. Regarding regulations, IG Group is one of the most heavily regulated brokers in the world. Below is a review of the regulatory licenses that IG Group holds in various jurisdictions.

• IG Markets Limited (IGM) and IG Index Limited (IGI) are separately licensed as investment firms by the FCA in the UK.
• IGM also has regulations in Australia by the ASIC.
• IG US LLC is registered with the CFTC and is a member of the NFA in the USA.
• IG Europe GmbH (IGE) has a regulatory licence from the BaFin and the Deutsche Bundesbank in Germany. Spectrum MTF Operator GmbH also holds a regulatory license by the BaFin in Germany.
• BrightPool Limited has authorisation and regulation by the CySEC in Cyprus. 
• IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority.

These are just some highlights of the licenses that IG Group holds around the world. But the broker also has regulations in Japan, South Africa, New Zealand, Switzerland, Singapore, and Bermuda.

On another note, IG.com has a solid reputation on Trustpilot. As of now, the broker has an overall rating of 3.7 out of 5 stars, based on over 7,000 reviews. Many reviewers highlight the user-friendly platform, comprehensive market access, and educational resources. While the majority of reviews are positive, there are some negative experiences mentioned. Fortunately, the broker makes an effort to respond to reviews, both positive and negative to better enhance the trading experience. 

Final Verdict

IG stands out as a reliable broker for traders of all levels. It offers a user-friendly platform, a wide range of tradable instruments, and competitive fees. On top of that, it features a strong regulatory framework with licenses from a variety of organisations. 

Its educational resources and market analysis make it an excellent choice for traders looking to improve their skills. Further, traders can access weekend trading on select forex pairs and indices, as well as 24/7 cryptocurrency markets. This is a unique feature that allows investors to still trade while markets are closed. Nonetheless, while all these features are impressive, investors should do their own research to make sure the company best suits their trading needs.

71% of retail investor accounts lose money when trading CFDs with this provider.