Founded in 1974, IG is one of the oldest online brokerage platforms in the industry. The company provides traders with access to the financial markets, allowing them to trade thousands of assets. These financial assets include stocks, forex, cryptocurrencies, CFDs, commodities, and indices. IG has been known to provide top-notch services to their customers over the past few decades, allowing them to access effective trading tools, an economic calendar, market analysis, daily news, an intuitive trading platform, educational resources and other vital resources.
Although it is considered one of the oldest and most reliable online CFD brokerage platforms, we tested its services to ensure that it merits the numerous reviews it has gotten over the years. To do so effectively, we opened a trader’s account and tried out their services as traders. We opened a live trading account, deposited funds into the account, and proceeded to test the most important features available to the clients of this broker. We then put together this review to discuss the features, pros and cons, and the other services offered by IG. This review is, therefore, 100 percent accurate, reliable, and provides traders with every detail they need to know about IG before using their services. Remember, that the market offers a choice of quality brokers, so take the time to check if IG will meet your trading needs and goals.
IG Broker Review – Know the Facts, Trade with Confidence
IG’s vision is to make the financial markets an accessible place to people from all parts of the world. They allow their clients to trade financial markets on leverage, through CFDs. This enables traders to take advantage of the markets in both the bear and bull market conditions. With IG, traders from different parts of the world can trade indices, forex, shares, commodities, and more.
To effectively review their services, we opened an IG trading account and funded it with real cash, thus, enabling us to provide traders with an in-depth review of their services. Here is a detailed summary of IG and the features available on their platform.
What Makes IG Unique?
IG is a unique brokerage platform because of the large number of markets and assets it gives traders access to. IG is one of the few CFD brokerage platforms that grants traders access to over 16,000 markets across the globe. This means that traders have access to thousands of financial instruments from multiple markets around the world. Their services are targeted at traders from all parts of the world, with 15 sales offices around the globe; a real testimony of that fact.
IG has been offering financial markets services for nearly 50 years, making it one of the oldest and most reliable brokerage companies in the industry. During that time, it has handled transactions worth trillions of dollars for clients from all parts of the world. With such vast liquidity, traders can have peace of mind that depositing and withdrawing funds from IG won’t present any problems.
Similarly, IG is regulated by the FCA, thus, they implement strict regulations to ensure that user funds and data are kept safe and confidential at all times. Based on this, you can be confident that your money and your personal data will remain secure when you sign up with IG.
IG Experience Test
Although broker platforms provide traders with numerous features and services, three of these services are crucial to trading success. As one of the oldest and leading global CFD brokerage platforms, we were eager to test those essential services and see if IG is providing users with the best. We put to use the live account we opened after depositing funds into the account, and here is what we found out.
First, we started with their customer service. Regardless of the service you are offering or the product you are selling, customers are always bound to encounter an issue at one point or the other. As a business owner, you must have an active customer support team that will help your clients with their questions and problems. IG has a very dynamic customer support team that attends to customers Mondays through Saturdays. We opened a ticket, filed our questions and submitted it to them. We received a response instantly, and our problem was resolved in less than an hour. Traders can get in touch with the customer support team on IG via phone call, email, or the live chat feature present on the site.
Secondly, we tested their withdrawal service. IG claims that its withdrawal process is swift and smooth, and we tested it to that effect. We became eligible to withdraw our funds after depositing them into our trading account. This happened even before we traded a single asset. We completed the payment withdrawal request form, submitted the required identification documentation and the IG support team approved the request within an hour. We received our funds shortly afterwards. If you are using the bank wire method, keep in mind that it could take a few hours to a few days for the funds to reflect in your bank account. This is not because of IG but your bank’s transfer policy. Some other leading brokers in the industry also offer hassle-free deposit and withdrawal processes so check to make sure that our preferred broker offers the payment option you require.
Finally, we tested the order execution feature. In the financial markets, trading opportunities sometimes last only a few seconds or minutes, and if you don’t take action when you should, you might lose the trading opportunity. Based on this, we were delighted when we placed a buy order on IG, and it was executed almost instantly. We didn’t miss the trading opportunity as the order execution was fast. The same result was obtained when we placed a sell order on our assets. IG supports the popular MetaTrader4 trading platform which comes with a wide range of tools, educational resources, daily market news, market analysis, and more to help traders navigate the financial markets. The user interface is also simple and easy to use, making it perfect for both novice and top-notch traders.
These three services are essential to success in the financial market, and IG provides them effectively. We can recommend their services to you as we are confident of their ability to grant you seamless access to thousands of financial markets and streamlined services.
Is IG a Scam or Legit?
The legitimacy status of every broker in the forex and CFD sectors is questioned due to the many rotten eggs in the industry. As traders, you must know the status of a brokerage company before you do business with them, to avoid losing your money in the process. In this aspect, we can confidently say that IG is a legit forex brokerage company, with roughly 50 years of experience. Remember that there are other top-notch brokers in the industry.
Over the past 45 years, IG has been granting traders access to the financial markets, allowing them to trade assets under the stock, crypto, forex, indices, commodities, CFDs, and options markets. Such long-term reliability has made IG a very trusted platform by millions of clients around the world.
IG is a registered company and is regulated by the Financial Conduct Authority (FCA). This means that they are compelled to comply with the domestic and international regulations set for financial market service providers. They abide by the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies put in place to help curb vices in the financial markets and to help boost transparency. With such regulations, IG ensures that user funds and data are kept confidential and safe at all times.
The KYC and AML policies go a long way to solve some of the issues encountered in the financial markets. Traders are required to verify their identity and residential address to help secure their data and money. Failure to verify an account, will see the trader lose the right to carry out certain transactions, such as the withdrawal of funds. Thus, it is advisable to have the relevant documents ready to verify your account after opening your IG account.
The terms and conditions page contains a lot of documents that discuss every aspect of IG’s business. Details concerning how to trade on IG, the assets available, the accepted countries, the margins and fees, and more are all discussed in those documents. As a result of this, customers have the opportunity to learn more about IG and its services before trading with them.
IG is comprised of a team of highly skilled and professional individuals, committed to providing traders access to the financial markets safely and securely. Thus, they are big on security and work round the clock to ensure safety of user funds and data. The robust security measures encompass vital areas such as payment, the upload of information, and more. Thus, you can be confident of depositing and withdrawing money seamlessly.
IG Regulation and Safety of Funds
IG is a registered company in the United Kingdom. The company, which has been around for 45 years now, is regulated by the FCA authorities, and it abides by both the domestic and international policies guiding the financial markets. IG strictly follows regulations, such as the AML and KYC policies, as it seeks to continuously protect traders’ funds and personal information. Thus, traders are required to verify their accounts in order to enable IG to provide them with maximum security at all times. Please note that the account verification process is standard in the financial industry and is a common requirement with most reputable brokers.
In terms of security and safety of funds, IG has put together excellent measures to protect traders. Customer funds are held in segregated client bank (independent trust) accounts at regulated banks. Their assets are also held by a custodian in segregated client asset accounts, while the user funds are also secluded from creditors. IG doesn’t use clients’ money or assets for business activities, including for hedging trades with other counterparties. The payment system on IG is streamlined to ensure that users are safe while depositing or withdrawing funds on the platform. The security protocols also apply to user information. IG is committed to ensuring that users’ personal data are kept private and confidential at all times. At the moment, IG meets the international security standard for financial markets service providers.
IG – Account Types
IG offers only one account type. All traders use the same individual account on this platform. IG traders get to, however, choose the trading platform they wish to use. Those who want to deposit a more substantial amount can do so and in return, they will get to enjoy more competitive rates on their trades. The broker also offers a demo account which is an excellent way to test the services of IG without having to put any money on the line. Many other leading brokers offer a choice of tailored accounts to ensure they meet the individual trading needs of their clients so if you are looking for specific services, take the time to check the offerings of other brokers.
IG Trading Conditions
The market conditions available on IG are:
- Fast order execution on 16,000 financial markets
- The platform is open 24 hours a day for cryptocurrencies and some indices
- Customer support is available from 8 am Saturday to 10 pm Friday (GMT).
- IG charges specific dormant account fees
- Guaranteed stop loss orders are available to help protect accounts from runaway losses
- They accept numerous payment methods
- The highest leverage here is 1:200
Fees and Spreads
IG offers competitive spreads on most of the assets available on its trading platforms. You can get spreads as low as 0.6 pips on currencies, depending on the FX pair. IG offers even more competitive spreads for large-volume traders. Thus, traders can enjoy tight spreads on a wide range of the assets on this platform.
The company doesn’t charge fees for the deposit and withdrawal of funds. Keep in mind that your financial institution might charge you for the transactions so take the time to call your bank to get more details. However, it is important to note that IG charges commissions on trades for most of its assets. It costs different fees for stocks in Australia, the US, the UK, and other European shares. For long positions, IG charge 2.5% above the relevant interbank rate. They also charge additional service fees, such as live price data feed, ProRealTime Charts, Inactivity fees, and account documentation fees. All details can be found on their site.
Account Opening Experience
Opening an account with IG is a simple process. To create a live trading account and to access the thousands of financial assets available on IG, simply visit their official website. Click on the ‘CREATE LIVE ACCOUNT’ button at the top right corner of IG’s site. It takes only a few minutes for your trading account to be set up. You will need to provide them with the required details, such as country of residence, name and surname, username, and a password.
In the second stage, you will provide IG with your personal details, including date of birth, phone number, country of nationality, passport number, and others. The third stage is where you will provide your address details. IG will ask you to provide the following; first line of address, second line of address, town, city, and country, and postal code.
The fourth stage is where your financial details come in. Fill in the required information in the required sections, such as annual income, savings and investment, source of funding, and employment details. Finally, the fifth and last stage is where you will provide your trading history. It is recommended to provide all the required information before you start trading. Agree to IG’s terms and conditions, and your trading account will be activated accordingly.
Deposit and Withdrawals
IG has enabled customers withdraw funds seamlessly from the platform for decades. The payment system on IG is designed to make it easy for traders to deposit and withdraw funds. To fund your IG trading account, kindly follow these steps:
- Visit the IG official website and login to your account
- Navigate to ‘DEPOSIT FUND’ and click on it
- Select your preferred payment method and insert your account or card details
- Insert the amount you wish to deposit and click ‘SUBMIT.’
- Wait for the funds to be deposited in your IG trading account and start trading.
IG accepts payments from two major gateways. They are:
Credit and debit cards are used by most traders to fund their accounts. IG accepts several debit and credit cards but prefers Visa and MasterCard due to their universal functionality. Funds are deposited instantly into your account, and IG doesn’t charge you any transaction fee. Your financial institution might, however, charge you for the transfer so check this directly with your banking institution.
The second payment option available on IG is the bank wire method. International and local customers can fund their IG trading accounts directly from their bank accounts. The bank transfer method usually takes three business days to complete, and IG doesn’t charge users any transaction fees. The accepted currencies here are USD, HKD, AUD, EUR, and GBP, with each of them having a separate account number to deposit the funds to. All details can be obtained directly from IG.
As mentioned earlier, you cannot withdraw your earnings on IG without verifying your account. Thus, you must submit your verification documents and wait for approval before you attempt to withdraw your IG funds. Note; the verification of your IG account is done only once.
To withdraw your earnings from IG trading accounts, follow these procedures:
- Log in to your IG trading account and navigate to your dashboard
- Go to the ‘WITHDRAW’ section and click on the button
- Choose your payment method and the amount you wish to withdraw
- Submit your application and wait for approval
- The funds will be sent to your bank account as soon as the application is approved. It could take two working days or more for the funds to reflect in your account if you are using the bank wire method.
IG is a United Kingdom-regulated company, and because of that, it strictly adheres to AML, KYC procedures, and other financial markets regulations. Thus, traders are required to verify their accounts by providing documents to prove their identity and residence before they can carry out certain activities on IG.
Proof of Residence
According to the KYC policies, customers are required to provide documents that prove their residency address. The documents need to be clear and must display the necessary fields before IG can accept them. The required documents include:
- Utility bills (gas, electricity, water)
- Local authority tax bill
- Bank-issued statement of account
Your name, address, and signature must be visible on the copies of the documents before they are accepted.
Proof of identity
IG also requires its traders to verify their identity. This is to help prevent identity theft and other related crimes. The documents to be uploaded must contain your name, picture, date of birth, and other relevant details. The ID documents accepted by IG include:
- Driver’s license
- National ID card
- International passport
IG Trading Platform
IG supports three major trading platforms; the MetaTrader 4, WebTrader, and the Advanced Platforms. MetaTrader 4 is the most widely used trading platform due to the features it offers to traders and it is offered by many quality brokers in the industry. It allows traders have access to a range of tools and features to help them carry out analysis and to customize their trading experience. These tools can also help traders use and build trading algorithms that can automate their trading activities. Traders get to enjoy features such as a demo account, daily market analysis, market news, an economic calendar, and more.
The WebTrader platform is perhaps the most straightforward trading platform to use as it requires no download or installation to use. It comes with great features such as charts, signals, trading alerts, automated trading, fast execution, and great pricing, and is compatible with most browsers.
The advanced platforms, such as L2 dealer, are comprised of other trading platforms available on IG. These platforms give users an extra edge in terms of trading. Traders get to enjoy features such as daily market analysis, trading in real-time, Drag and drop trades into order books and link charts to the main window, and many more.
IG has a mobile app compatible with both Android and iOS mobile devices. As a result, you can download the app to access your trades even while on the move.
Education and Resources
IG has an entire section dedicated to articles, eBooks, and trading videos. They recognize that traders can only get better at their craft with the right knowledge. The educational materials here can be accessed by members at all times. They include; news and trade ideas, glossary of trading terms, strategy and planning articles, latest financial and upcoming events, and more. The educational contents help traders get a better understanding of the financial markets, enabling them to make more informed trading decisions.
IG also has numerous trading tools and resources to make the trading process easier for its customers. With the MT4 trading platform, customers have access to various devices such as market analysis, daily market news, risk management tools, live currency prices, and more. The tools and resources would enable you get a better look at the markets and to help you make more informed decisions on your trades. You can leverage the resources and educational materials to improve your trading conditions.
The customer service at IG is one of the best in the industry. Their customer support team is available 24 hours a day for 6 days a week. Asides Sundays, you can quickly contact the customer care agents via an email, phone call, or live chat. The agents are highly professional and friendly, with a vast knowledge of the financial markets. They can resolve customer complaints as quickly as possible, enabling traders to resume their trades almost instantly.
Frequently Asked Questions (FAQs)
Is IG Regulated?
Yes, IG is a regulated brokerage platform. IG is one of the United Kingdom’s leading online CFD brokers. It is registered in the country and regulated by FCA. IG also abides by the domestic and international rules guiding the financial markets to ensure security of user data and funds.
What is IG?
IG is a leading UK CFD brokerage platform that grants traders all over the world access to more than 16,000 financial markets. Traders can access stocks, cryptocurrencies, currencies, indices, commodities, CFDs, metals, and more on IG. The company charges traders commissions for accessing these assets on their platforms.
Who Has Experience with IG?
All classes of traders can use IG. The trading platform is designed to support both novice and experienced traders, while it also serves customers from all parts of the world. The excellent user interface makes it easy for anyone to navigate the financial markets.
How Does IG Work?
IG provides traders access to the financial markets, allowing them to trade thousands of assets in the forex, crypto, stock, commodities, indices, and CFD markets. Traders can buy, sell, and trade the thousands of financial instruments offered by IG, with the platform charging them a commission on those trades.
How Reputable is IG?
IG is a very reputable online brokerage platform. The company has been around for 45 years, providing customers access to the markets. It is a UK-registered company that is regulated by the authorities in the country. Over the past decades, IG has handled transactions worth trillions of dollars to millions of its customers during that period. Their security systems are reliable and they abide by the regulations guiding the markets. After testing their service, we can confidently say they are a reputable brokerage platform and can be trusted to serve your trading needs.
How do I Register with IG?
To open an account with the IG brokerage platform, follow these steps:
- Visit their official website and click on ‘CREATE LIVE ACCOUNT’
- Provide your personal details in the first and second sections
- In the third section, provide with your residence address
- Your financial history will be required in the fourth stage, while the fifth stage will be about your trading history
- Submit your application afterward, and your IG trading account will be opened instantly.
Where are IG Based?
IG is a UK-based company. You can reach them at their physical office and their London office is located at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA
While IG will meet the needs of many global traders, take the time to view other top quality brokers in the industry before you step into the trading arena.