IG Markets Broker Review – The Pros and Cons Of This Forex Broker

About IG Markets

IG Markets was established in 1974 and stands as one of the original members within the entire sector. Through the intervening years, they have grown to become one of the world’s most recognizable brokers. They now have office locations in 13 countries, are regulated in a host of top-tier and emerging nations, and can count almost 200,000 active members worldwide. They also possess one of the world’s most extensive CFD catalogues, covering in excess of 15,000 CFDs. 

IG Markets Account Opening

IG Markets keeps things simple in terms of account offerings. Besides a demo account, traders can choose between an individual, joint, or corporate account in most regions. This effectively streamlines the account opening process which ultimately allows the trader to focus on trading and not be bothered by excessive options and alternatives.

The broker also offers the option of opening a forex direct account. This is a commission based offering which offers trading direct access to liquidity providers and the most competitive spreads available, and traded through the L2 Dealer DMA platform.

Minimum Deposit

IG has a minimum deposit requirement of 250 GBP or the equivalent in other currencies. This is applicable to card deposits only.

Availability and Ease of Opening

Accounts with IG Markets are offered to residents in most countries, although many are limited to trading in CFDs only, or spread betting, with the exception of a few. Notable exceptions when it comes to account opening are the United States, and Canada, although a company representative confirmed the brokers plan to launch some form of service catering to US traders soon.

Opening an IG Markets demo account is very easy. This process can be completed in just a few minutes with the most basic of personal information. This will then fund your demo account with $20,000 to undertake some virtual trading.

Opening a live account requires a few more personal details and verification of ID and residency documents, but can also be completed in a short amount of time. This can be as little as 5-minutes according to the broker, thanks in part to the online processing of verification documents.

Product Offerings

This is an area where IG Markets shows the breadth of experience they possess in the industry. They are known to have one of the widest ranges of markets among any broker in the forex sector. This means they offer a total of over 15,000 CFDs across a range of markets.

IG Markets offering includes more than 90 forex currency pairs of all types, major, minor, and exotic. Beyond this, the broker’s main offering by far is with the stock CFDs area. Here they offer access to over 10,000 stock CFDs. They also offer extensive trading markets in indices, ETFs, bonds, commodities, and 11 different cryptocurrency markets. There truly is something for every type of trader at IG Markets.

IG Markets Commissions and Fees

IG Markets operates for the majority of its regular traders on a commission free basis, with these fees already built in to the spread the broker offers its traders. These spreads are relatively competitive on forex pairs, averaging between 0.75 – 2 pips. Stock and other CFD fees however, could be considered relatively high by industry comparison, with a minimum charge of $15 levied on US-based stock CFDs.

With the Forex Direct account offered by the broker, spreads are considerably lower, although commission is charged. This commission stands at between $10- $60 per million in currency value, depending upon volume traded.

Non-trading Fees

In terms of non-trading fees, IG Markets features a few. Whilst there are no fees on deposits, there is a currency conversion charge of 0.3%. There are also no withdrawal fees from the side of IG Markets, although the broker does impose quite a hefty inactivity fee after 24-months of no trading activity. This fee stands at a rolling $18 per month.

IG Markets Platforms and Tools

IG Markets offers several platforms depending upon which assets you are trading and your account type. MT4 has been offered to traders since 2013, and the L2 Dealer desktop platform caters for share trading of those using Forex Direct or DMA. The most used platform for general trading though, is IG Markets own web-based trading platform.

Web Trading Platform

The IG Markets web-based trader is its most used platform and appears as a very clean and intuitive platform from the outset. Fast to open, it is populated with a large central window for charting display, and a left side toolbar with all the available options to select new markets, view news, or trading signals. This features an easy to use search bar where users can quickly find and display any of the 15,000 markets offered by the broker.

The ordering process is equally as agreeable to users. Here you can choose between a range of stop loss or market orders with a level of simplicity not often found through other trading platforms.

Signals and news are also conveniently displayed through interaction with the left sided tool bar. News headlines are provided by way of Reuters, and signal service from Autochartist. The platform provides a wide range of technical indicator and drawing tools with almost every element of the visually attractive platform being customizable.

Mobile Trading Platform

The IG Markets mobile trading application incorporates the same excellent usability as the web-based version. Here you have instant and conveniently laid out access to all the markets available, and a charting display which is more detailed than that of many industry counterparts.

IG Markets also make their signal service available through the mobile trading application, although there is no access to a live news feed. Overall the mobile trading experience is very user-friendly and just as comprehensive as any offered through other brokers of third-party platforms.

Differentiators

A few key factors which emerge to differentiate IG Markets from other platforms is firstly the notable length of time they have been in the industry. This lends them credibility and trust in all areas from traders. The wide range of trading options which they offer, through sheer volume, also present traders with quite enough options to suit any trading style.

Regulation is something which many traders value above all else, and the fact that IG Markets is regulated throughout the world and with offices in more than a dozen different countries, speaks very positively to those who want to feel the comfort and protection of regulation when trading.

Finally, the extensive online educational resources are an aspect of great value for new and experienced traders alike as they continue to advance their forex trading knowledge and skill.

IG Markets Customer Service

IG Markets offers extensive options for both new and existing clients in terms of customer support. This is available through phone, email, or web-based live chat. The broker is available for contact 24-hours a day between 7am Saturday – 9pm Friday (GMT). This service availability is excellent and the phone-based support was answered quickly with informative information.

Email and live chat were also very responsive, although the live chat agent did take an abnormally long period of time and respond with information which was not exactly relevant or helpful to a simple enquiry. Some reviews also noted that the sales staff on the new trader lines can be rather pushy when it comes to account opening, although this is much to be expected.

Trustworthiness

This is an area where IG Markets is a clear leader. There can be little question of integrity of trust with a broker who served as a pioneering force in the industry. They are globally regulated by perhaps more than any other top forex broker, and have also adapted and progressed this throughout the years to stay at the head of the industry.

Ultimately, the operations of IG Markets appear to be as transparent and trustworthy as one will find throughout the sector.

Conclusions For IG Markets

Having been an integral part of the forex industry since 1974, IG Markets has managed to maintain its position as a major forex broker and one of the most respected in the industry thanks to not only its extensive range of trading options, but also catering for the diversity among its traders, and harnessing the most progressive elements of technology moving forward.

With close to 200,000 active traders worldwide, a stellar reputation in terms of trust and compliance with global regulatory bodies, and a trade offering and platform to suit all levels and styles of trader, it is clear to see why IG is still considered one of the top brokers in the world, and it represents an ideal environment for either experienced traders, or novice traders to thrive.