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IG Review & Rating 2017 – Forex Broker Review

#5 of 11 Forex Broker Comparison - Best UK Forex Brokers

Founded in 1974, IG is the world’s first financial spread betting company. Priding itself as UK’s number 1 provider of CFDs, the broker is an undisputed big boy in the in the industry and a global leader in forex. The company is one of the largest FX brokers in the world and is listed on FTSE. Headquartered in the UK, they have several offices in different continents around the world and are regulated across several jurisdictions including the Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC).

DEMO
Free unlimited demo account

HIGHLIGHTS

  • FCA regulated broker
  • IG is listed on London stock exchange, member of FTSE 250
  • Award winning web-based trading platform with extensive features
  • Tight spreads vary by asset choice and market model
  • Access to 10,000 asset classes covering various markets
  • Direct Market Access (DMA) offering

User ratings

01Trading Offer & Conditions 9.5
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 8.0
04Mobile Trading 8.5
05Payments9.0
06Security / Regulation 9.0
07Customer Service 8.0
08Account Opening 9.0

ALL ROUND FOREX BROKER

IG is a top UK broker, giving clients access to over 10,000 markets including FX, shares, commodities, indices and binaries. Regulated across several jurisdictions including FCA in the UK, IG is able to guarantee the security of traders’ funds. Having stayed long in the industry due to its reliability, they are an advocate of transparent financial practices; IG operates with full financial transparency.

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Trading Offer & Conditions

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01 Trading Offer & Conditions

IG has different platforms with different market models; therefore their trading cost depends on the platform used and also on the products traded. Our IG review on their spreads and commission will provide a rough indication on the cost incurred during trades.

Forex spread betting on IG can cost as low as 0.8 pips while the charge on forex CFD trading can be as low as 1.2 pips. The online broker also offers direct market access that allows traders to access the market directly without any dealing desk intervention. The average spread is 0.18 pips plus a commission charge of $10.

Traders can also enjoy a leverage of up to 1:200. Traders can pay a spread on every spread bet or non CFD share. Traders have to pay commission on every share CFD and share dealing trade. A broker without any commissions, ist Plus500. The broker also charges an inactivity of £12 on the first day of every month, if no trading activity has occurred on that account for two years or more. IG also charges £30 a month for advanced real time charts; this feature is free if four or more deals are done in the same period. The broker’s index contracts are subject to real-time market and indices pricing.

Financing fee is charged IG so as to enable traders open positions overnight. The daily financing fee is applied to a trader’s account each day a position is held (including weekend days). The financing rates are set at benchmark regional interest rate of +/- 2.5%. Daily funded bets and CFDs charges are 2.5% above the interbank rate and short positions are 2.5% on top of the interbank rate. It is important to note that the interest adjustment on short positions can be made to a credit or debit card and a credit or debit is made to a trader’s account when interbank rate exceeds or drops below 2.5%. It is important to look at the platform offering of this broker as part of our IG trading review. IG offers traders the opportunity to trade from a wide range of markets ranging from spot forex, options, commodities, CFDs, shares and smart portfolios based on the BlacRock’s asset allocation models. The broker also offers traders the opportunity of trading the Bitcoin without the need for a wallet. Forward spread betting is also offered on fixed-expiry shares and forex currency trading. It is important to note that share dealing and smart portfolios are available to UK and Ireland residents only. IG clients have the opportunity of trading over 10,000 instruments. They also offer an execution-only stock broking account for traders who want to trade in the equity market only.
  • Fixed or variable spreads
  • Forex trading with variable spreads starting at 0.8 pips
  • No commissions

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

Our IG trading review also looks into their trading platform offering. The broker offers traders the opportunity of selecting from a range of trading platform. As for the trading platforms, the broker provides clients with the reliable MetaTrader based trading platform or the in-house web trading platform. Traders can choose between MT4 and MT5. Those that are constantly on the go have the option if using their mobile devices to watch their trades with the MetaTrader platform for iPhone, iPads, and windows mobile enabled devices. The broker doesn’t have as many types of trading platform as some other online forex brokers.

IG’s proprietary trading platform is free and easy to use. Traders can customize their own watch list on one window with their open positions in another. The simplicity offered by this platform is one major reason many traders stick to it. It has a fast and flexible HTML5 technology. Traders can view multiple timeframes in a single chart, allowing them to compare the same market across different timeframes with their chart-splitting feature. Traders also enjoy the trading flexibilities because they’re able to use customize indicators and annotations.

DEMO ACCOUNT 21 DAYS FREE TRIAL

Demo trading is a popular feature among forex traders. It is a very important part of trading, not only for beginners who want to have a feel of the market and gain confidence, but also for experienced traders who want to test their strategies properly before using it in their live trading. IG gives traders free access to their demo platform so they can trade the markets without risk.

  • Real time live prices
  • Unlimited access to their demo platform
Important: Traders can access their DMA service using the Forex Direct and L2 Dealer, which grant traders access to their DMA service so that traders can trade directly unto IG’s direct order book against banks and other liquidity providers of the market.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

IG BONUS – TRADING REBATES AND REFERRAL BONUSES

Many brokers have bonuses and special offers that could be very attractive to prospective clients. These promotional offers could come in form of no-deposit bonuses, deposit bonuses, welcome bonuses, and referral bonuses. Unlike many brokers, IG does not currently have this regular bonus offers, instead, the broker offers a 0.75£/ lot trading rebate to clients. If you want to get a bonus for your deposits, we recommend you to read our AvaTrade forex experiences.

BONUS
Free unlimited demo account
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    Yes

    Rebates
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    Yes

    Free unlimited demo account
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    Yes

    Trainings and webinars
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    Unlimited

    Duration of bonus offers
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    £100

    Minimum deposit
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    No

    Tournaments and competitions
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    No

    Personal contact person
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    No

    No deposit bonus
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    Without deposit

    Account opening

Like many other brokers, IG also offers traders referral bonuses. With the IG referral program, traders can earn up to £400 when they invite others to open an account with them. By inviting friends, traders can earn credits when their downline opens an account and successfully places five trades within six months from the date of account opening. These credits can be used for trading and can also be withdrawn directly into the trader’s account. An other referral bonus program, you will find at eToro.

  1. 01 | Free unlimited demo account
  2. 02 | Trading rebate
Open your free unlimited demo account now!

Mobile Trading

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04 Mobile Trading

Our IG trading reviews also looked into their mobile trading platforms. The broker’s mobile apps are available for Android, iOS devices and Windows mobile devices. This makes online trading as flexible as it can be because traders have the ease of trading anytime and anywhere during market open sessions.

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Apple

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Android

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Windows

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Web App

01 | rating

The excellent reviews on the app stores give a testimony to the functionality and flexibility of their trading apps. They are simple and intuitive, and have numerous features, making trading easy as you monitor your trades from anywhere. All important functions and charting tools are also available on the apps. Whether you want to monitor your open positions, check your account balance, read news, or watch specific exchange pairs – you’re good to go.

02 | recommendation

In order for you to be able to trade the markets at any time, we always recommend using a mobile trading app. However, that should be after you’ve done a comprehensive chart analysis on your PC.
  • Instant access to the mobile trading platform
  • Monitor and manage your open positions anywhere and anytime

Payments

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05 Payments

IG DEPOSITS: £100 MINIMUM DEPOSIT

IG accepts payments via credit cards, debit cards, bank transfers, PayPal and other e-wallets. No fee is charged on deposits. The minimum deposit for IG account opening is £100.

This minimum amount applies not only to the opening of the account, but also to subsequent payments.

Important: With IG, account funding is quick and easy, aside the bank wire payment option, funds are immediately available for trading.

IG WITHDRAWAL OPTIONS

Withdrawals can only be done through the same channel as the previous deposit and no fees are charged on withdrawals but the £100 minimum limit applies to withdrawals.

 

 

 

  1. 01 | £100 minimum deposit
  2. 02 | No withdrawal charges

Security / Regulation

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06 Security / Regulation

At Yourate.com, we consider your financial security to be number one, so for your IG forex review, we did an in-depth review on the broker’s regulatory environment and we also looked at the measures that the broker takes to ensure clients fund security.

LICENSE
license
FCA license 195355
CNMV register number 685

BaFin register number 121333
Consob register number 1114
AMF register number 18343

IG’s reliability has made them stay long enough in the market. Their level of transparency entices traders to open an account with them. The broker is regulated by the FCA, UK’s financial regulatory authority. Being in UK’s strict financial regulatory environment ensures that clients’ funds are secured in segregated accounts that are different from the broker’s asset account. This insulates clients’ funds because their money cannot be used to settle broker’s debt in the unlikely event of bankruptcy. Traders can also make direct complaints by email to FCA if the broker violates the trust of the client.

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    Secure payments
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    50,000 GBP Deposit protection
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    Compliance with all MiFID regulations
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    Regulated by FCA
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    Listed on the NYSE

IG adds a layer of security using the latest encryption technology to protect clients’ confidential information.

Customer Service

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07 Customer Service

Part of our IG review includes an in-depth look into their customer service and online presence. Being in the industry for a very long time, the broker understands the necessity of a responsive customer service department which is why their customer helpline is always available 24/7. The broker has satellite offices in major cities across the globe. They have a very prompt response time and are available via live chat, email, or telephone.

EMAIL

LIVE CHAT

TELEPHONE

Address
IG MARKETS LTD.

Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA

Email
[email protected]
Phone
+442078926181

They also assign dedicated account managers to clients immediately after account opening. Their customer service is available in many local languages, but only English customer service might be available for some emerging countries like Romania. Clients can follow a query function on the help and support page which is available on the trading platform.

Account Opening

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08 Account Opening

It is also very important to consider their account types as part of our IG reviews. The company does take note of the type of clients that they have. This is evident by the four different types of trading account they provide for traders.

These account types vary with flexibility. Traders can choose between any of these:

Cent trading account with no minimum deposit for new traders who are absolutely new to the forex market and just wish to get a feel for the trading environment.

The Mini trading account has no minimum deposits. This account enables clients to trade with improved trading conditions.

The Classic trading account with minimum deposit of £2000 for professional traders with full range of tools and trading

ECN trading account with a minimum deposit £3000 for professional traders who want a trading condition where there is no conflict of interest between them and their broker.

  1. 01 | Open an account with IG
  2. 02 | Deposit money by credit card
  3. 03 | Start trading the markets immediately
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