IG Markets Review [2020 Updated]
IG Markets offers over 17,000 assets that you can trade in any of their four platforms. This broker can cater to retail, professional, and institutional clients. How good is this brokerage? Is it legit? Is it the right option for you? We’ll answer all these questions on this IG Markets Review, keep reading!
Since its founding in 1974, IG broker has operated from the U.K. The broker has served over 178,000 clients across the world and based on their 2019 figures, IG Markets is the globe’s premier spread betting and CFD broker.
To help you answer these questions, below is the 2020 review of IG Markets.
Account Types: 7.3
There are two types of accounts. These are the CFD accounts and the Spread Betting accounts. The availability of account types depends on your geographical location. For example, U.K-based customers have the option of a tax-free spread betting account. However, most traders manage their portfolios from their CFD accounts.
The minimum deposit for either type of account is £250 or an equivalent in another currency. IG Broker also offers traditional non-leverage products like IG Smart portfolios, share dealing, SIPPs, and ISAs.
Assets to Trade: 9.1
There are over 17,000 assets on offer across 11 categories. Forex traders have access to over 27 commodities and 80 currency pairs. There are also eight cryptocurrency pairs and the Crypto 10 index. All these assets offer you sufficient diversification options. There are over 12,000 Index and Equity CFDs across 26 markets. As icing on a cake, IG Markets also offers Bonds, ETFs, and Options. There is little to complain about IG Broker’s asset offerings.
Trading Costs: 6.8
The broker earns a lot of its money from spreads and commissions. The EUR/USD is on an average spread of 0.75 pips. The commissions for equity CFDs in the European Union and the U.K are about 0.10% per side with a £10/€10 minimum. On the other hand, U.S charges are about $0.02 per share of no less than $15. Settling trades over the phone can attract fees of at least £15/€25/$25.
IG Broker charges an additional 0.30% fee on guaranteed stop premiums for equity CFDs. IG Markets is fully transparent with its charges. You can obtain overnight financing costs from their trading platforms.
Trading Platforms: 8.3
IG Markets sets its focus on its proprietary web trader. There is also a mobile version of this trader. This platform is fully customizable. It also comes with extensive charting packages. You can access the broker’s market streaming services through IG live. The service also comes with trading signals, analytics, and alerts. IG platforms handled over 86 million trades in 2019 at an average speed 0f 0.014 seconds.
With the ProRealTime integration, professional investors can automate their trading strategies. The platform also facilitates market analysis with over 100 indicators available to you.
Apart from the web trader, IG broker also supports MT4 trading. With add-ons that IG broker provides, you can unlock the trade automation functionality. There is nothing to miss out on when you trade on their MT4 platform.
Deposits and Withdrawals: 6.9
Not too many options here. Funding and withdrawing from your account is limited to channels like PayPal, bank wire, credit, and debit cards. The minimum deposit amount is £250 of an equivalent in another currency. While IG Markets does not charge any fees for deposits and withdrawal, third-party costs apply.
If you’re looking for more options for deposits and withdrawals you should take look at IQ Option.
There is a £20,000 limit per 24 hours in place for card transactions. For security purposes, IG Markets may ask you to verify your account and source of income. The name on your account must match the name of your payment processor.
Research and Education: 8.6
Research and educational resources are helpful materials. IG Markets does not fall short in this sector. You can find research resources under its “News and Trading Ideas” section. The administrators publish several articles on each trading day. The material covers topics that are relevant to trading.
From their trading platforms, you can get IG signals to advise your trades. You can request to receive trading alerts via email, push notification, or SMS. You can also sign up for special subscriptions and download trading reports.
While algorithmic and automated trading solutions may sound like an excellent idea, IG broker offers excellent service to manual traders.
As for educational resources, they are available on the IG Academy. This service features live webinars and ten courses. IG webinars run for between 30 to 60 minutes. New traders have access to a great approach to investor education before developing and managing their accounts. Another broker that has amazing educational resources is OasisTrade, take a look!
Customer Support: 8.5
Customer support is available to traders round the clock over the weekdays. You can register your queries via phone calls, emails, or fill a web form. IG Markets has a comprehensive FAQ section that addresses the most basic questions. An online forum is also available to IG Broker’s traders.
IG Markets has been around since 1974. The broker’s experience and age are evident in the products and services that they provide. Their asset selection is excellent, and their trading platforms are intuitive. IG Markets’ pricing is average in comparison to the competition. This is an area that they can improve.
New traders can learn the ropes from the IG Academy while the experienced lot can use research resources to advise their trades. IG Markets has everything for every type of trader. This broker deserves prime consideration.