IG Review
IG Review
Founded in 1974, IG was one of the first brokers to offer CFDs and spread betting. Since then, they have become one of the most prolific online forex brokers in the world.
IG offers its clients the ability to trade a variety of asset classes, such as forex, indices, commodities, cryptocurrencies, bonds, and more, with the help of its powerful trading platforms and resources.
As it is regulated in both major and emerging markets, including being one of only three major brokers regulated in the US, IG is trusted by its clients to provide them with exceptional services while offering trust and transparency. Additionally, IG now partners with Forest Park FX as its first IB in the United States.
Regulation
IG provides its services to over 190,000 clients across the globe through its 14 international offices. IG is licensed and registered in every country in which these offices reside.
IG’s North American Derivatives Exchange provides derivatives to US clients and IG US LLC is a registered Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC). Moreover, IG is a member of the National Futures Association (NFA). This should be especially notable as IG is one of few major brokers to be regulated in the United States.
Other major jurisdictions in which IG is regulated include the United Kingdom (FCA) and Australia (ASIC). IG has proven its commitment to transparency and establishing trust with its customers.
Regions Available
IG is an available broker in the Forest Park FX cash back rebate program to traders in the United States and Europe regions, subject to certain country-specific restrictions. At this time it not not currently available to Canada, Latin America, Middle East, or APAC regions.
Minimum/Maximum Deposit
There is no minimum deposit to open an account. Traders can create a standard account without feeling obligated to fund it immediately. However, according to IG, when you are ready to start trading, the minimum deposit is $250, or the equivalent in your currency, making the platform very accessible to novice, low-volume traders.
The maximum deposit if using a debit card is $20,000. However, high-volume traders who wish to deposit more than this can do so by funding via bank transfer.
Types of Accounts
IG’s account offerings are minimal. Rather than offering separate accounts for active, high-volume traders, IG incorporates active trader benefits into its standard account — simplifying the account system and allowing novice traders room to grow.
Standard Account
Standard accounts provide full access to all of the features and tools offered by IG, including its own web-based trading platform, MetaTrader 4, educational resources, and more.
Opening a standard account takes as little as five minutes and there is no immediate obligation to fund the account. Simply fill out the form to open an account, and IG is typically able to verify your ID immediately, so you can get started right away.
As mentioned above, active trader benefits are available to all standard account holders. This includes cash rebates for traders who reach certain thresholds every month. Rebates range from 5% to 15%. Pricing is very simple as there are no commissions, just spreads which start as low as 0.8 pips on EUR/USD.
IG standard accounts are very accessible and suitable for both novice and experienced traders.
Demo Account
As is standard practice, IG also offers demo accounts.
Demo accounts at IG allow traders to practice trading on IG’s web-based trading platform or MetaTrader 4 with $10,000 in virtual funds. This creates a great environment for traders to test and develop new strategies without any risk.
There are a few key differences between standard and demo accounts to note:
- Users are not charged for chart packages;
- Traders are not subject to slippage and interest adjustments;
- Unlike a live trading account, trades made on demo accounts are not closed if users have insufficient funds to cover margin and running losses;
- And trades are not rejected based on price or size, but may be rejected if users do not have sufficient funds to open them.
Execution
IG promises that its systems are equipped to handle large volumes of traffic and execute a large number of trades without delay.
The order management system uses a symmetrical tolerance level to help ensure that your order is placed at or around the expected price. If the market stays within this range by the time your order is received, then it will be executed. If the price moves out of this range in a direction that is more favorable to you, IG uses price improvement technology to ensure that your order is executed at this more favorable price. However, if the price moves in the other direction, then your order will be rejected.
As it only takes milliseconds for prices to change drastically, IG uses this system to ensure that orders are only fulfilled when they are consistent with the price that you expect.
Commissions & Fees
One of the main draws of IG is its incredibly competitive pricing on its 80+ currency pairs. Traders with an account at IG are not responsible for paying any commission. The only charge on trades is the bid-offer spread. For EUR/USD, the minimum spread is 0.8 pips with the average being 0.9 pips.
Did you know that you can actually get money back from the spreads you pay to IG? Forest Park FX offers traders and investors a rebate program on commissions paid. This means that the IG spreads get even better when used with Forest Park FX.
The table below lays out the requirements necessary to take advantage of these rebates. With a 5% cash back on spreads, frequent traders that may spend thousands of dollars on spreads can get paid back, effectively lowering the spread paid.
Trading Platforms & Tools
IG offers its customers several innovative platforms and powerful tools that can be accessed across multiple platforms and web browsers.
Browser-Based Trading
The main trading platform available through IG is its own browser-based platform that supports popular browsers, such as Google Chrome, Mozilla Firefox, Microsoft Edge, Internet Explorer 11, and Safari. For an optimized experience, IG recommends that customers use Chrome when trading on this platform.
This platform is extremely accessible as it doesn’t require any downloads and is easily customizable. Using HTML5 charts, the web-based platform doesn’t require Adobe or JavaScript to function properly. Traders can trade directly from the charts and take advantage of features like chart-splitting, which allows users to split charts and view pricing across multiple timeframes.
IG’s browser-based platform gives users access to several research tools, including Reuters News updates and an economic calendar. Traders also have access to useful monitoring tools, including price alerts and watchlists.
Also, all IG customers have free access to Autochartist, a powerful tool that monitors the market, recognizes potential trading opportunities, pinpoints patterns, and more.
Thanks to its accessibility, customization options, extensive resources, and fast execution, IG’s browser-based trading platform is suitable for traders of any experience level.
MetaTrader 4
As MetaTrader 4 (MT4) is one of the most commonly-used forex trading platforms, it is often the platform of choice for more experienced traders. Fortunately for them, IG offers access to MT4 to all of its clients.
MetaTrader 4 is often the preferred platform for forex experts as it offers incredibly advanced charting capabilities and automated trading features. Clients who use MT4 through IG are granted access to 18 customizable apps, including:
- Mini Terminal
- Trade Terminal
- Connect
- Stealth Orders
- Alarm Manager
- Correlation Matrix
- Market Manager
- Order History Indicator
- Pivot Points Indicator
These apps, along with the other nine free apps, allow users to expand upon the already impressive features offered by MetaTrader 4.
Moreover, MT4 supports the use of virtual private servers and Expert Advisors, meaning your automated trading strategies will continue to run even if your PC is turned off.
Overall, MT4 is a very powerful platform that offers a plethora of resources and tools for the experienced trader to take advantage of.
Mobile Apps
IG offers its trading platform across all mobile devices through apps optimized for iOS and Android phones as well as tablets. These mobile apps retain all of the trading functionality offered by the web platform, including the ability to trade directly from charts, set up trading alerts, and analyze market trends.
Charting on the mobile app is very advanced. The app is preloaded with a multitude of technical indicators and drawing tools. When you add indicators to your charts, they are automatically saved for your next session. Autochartist is also integrated into the mobile platform.
Additionally, IG guarantees safety and security as its mobile apps utilize 256-bit SSL encryption.
Like the browser-based platform, the mobile app allows traders to make deposits and withdrawals, manage positions, access Reuters News, and more — making the mobile app the perfect option for clients who are often away from their computer.
Unique Features
IG also provides clients with access to several other unique features, including the IG Academy and unique execution options.
IG Academy
The IG Academy offers premier educational resources that are sure to be useful to both new and advanced traders.
Online courses are offered to help traders expand their knowledge and develop effective strategies. These courses, which are marked as beginner, intermediate, or advanced, include topics like “Introducing the Financial Markets,” “Trading Psychology,” and “Fundamental Analysis.”
Users can also attend in-person seminars or online webinars held by experts who offer exceptional insight and advice and answer any questions that you might have.
Partial Fills
Partial fills are a unique execution method which can help increase the chances of execution for traders who deal in large volumes.
When you choose this feature, instead of an outright rejection, IG will partially fill your order in the maximum amount possible. Note that IG will never opt to partially fill your order if fully fulfilling it is an option.
Pips Through Current
Pips through current gives clients even more control over the execution of their orders.
By selecting this option, users can trade through current IG prices — reducing the chances that your order is rejected in a volatile market. The pips through current option is a great way to increase the likelihood of a successful execution for users who are worried about price rejections.
Customer Service
IG provides exceptional customer service. Clients can contact customer support experts 24 hours per day, beginning on Saturday at 3 am EST to Friday at 5 pm EST.
Customers can contact IG by phone, e-mail, live chat, and social media. IG can also be contacted at their US office based in Chicago, IL. As a result of its dedication to exceptional customer service, IG has been inducted into the Institute of Customer Service.
Additionally, IG abides by the FX Global Code of Conduct, which is a set of guidelines meant to promote a fair, transparent, and open FX market across the globe. This code of conduct covers areas such as ethics, information sharing, governance, and more.
Final Thoughts
As has been the case since its inception in 1974, IG remains one of the most competitive brokers in the world.
IG’s pricing model is extremely favorable as it offers incredibly low average spreads and does not charge any commission fees. Additionally, the ability to earn cash rebates depending on volume is a great feature for high-volume traders to take advantage of.
By offering MetaTrader 4 alongside its own web-based and mobile platforms, IG ensures that traders have all of the tools that they need to be successful at their disposal.
Lastly, through exceptional customer service, transparency, and regulation, IG is one of the most reliable and trustworthy options for traders looking for a high-quality forex broker.
