Skip to content
Luis Clark
- Home
- /
- Crypto CFDs Brokers
- /
- IG Review 2024: What...
IG Review 2024: What We Do and Don’t Like
Luis Clark
- URL: https://www.ig.com
- Minimum Initial Deposit: $50 for credit card or debit card deposit and no minimum initial deposit for bank transfer
- Maximum Leverage: 200:1
- Platform App: Desktop/Mobile/Web
- No. of Cryptos: 11
- Fiats Available: USD, EUR, GBP, AUD, CAD, and 85+ more.
- Withdraw Method: Credit card, debit card, bank transfer, HK FPS
- Payment Method: Credit card, debit card, bank transfer, HK FPS
- Trading Fees: Spreads (0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities), Overnight funding, Inactivity fee, ProRealTime Charts fee, Account documentation fee, currency conversion charge, Direct Market Access Charge
- Headquarter: London, the United Kingdom
- Year Founded: 1974
- Promotion: Welcome bonus
IG Review: Our Opinion
IG stands out as a reputable and credible Forex broker and CFD trading platform. It is arguably one of the oldest trading services regulated by several bodies across the globe including the NFA of the United States.
However, where the IG CFD broker falls short is in its high trading fees which when compared to other top Forex and CFD providers are above the industry average.
United States customers also don’t get a full-feature trading service (no guaranteed stop losses or account protection for clients in the United States).
In addition, IG Markets charges high fees (above the industry average) for trading Forex and share CFDs.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
An Overview of IG
IG Markets was founded in 1974 by Stuart Wheeler and is headquartered in London, United Kingdom.
The trading platform offers access to cryptocurrency CFD trading and spread betting, which allows clients to bet on the price movements of currencies, commodities, bonds, and equities.
IG Markets has a market value of over £2.9 billion and supports Forex and CFDs trading and much more in over 17,000 investment markets.
Currently, IG Markets services clients in over 100 nations and has sales offices in 17 countries based in 5 continents.
The forex broker is regulated by the Financial Conduct Authority of the United Kingdom and is listed on the London Stock Exchange.
It is also a constituent of the FTSE 250 Index.
In recent years (2017), IG Markets launched the IG Smart Portfolios in partnership with Blackrock, which marked the brand’s introduction to wealth management, and in 2018, IG Markets appointed June Felix as CEO.
Pros
- It offers crypto education via IG Academy
- Welcome bonus available
- No minimum deposit for a bank transfer
Cons
- Restricted service offering for US customers
- No copy trading
- High fees
Key Features of IG
IG Charts
IG charts give users access to intuitive currency trading charts.
The charts feature customizable indicators and annotations as well as multiple timeframes in a single trading chart.
IG charts allow users to compare the same market across multiple timeframes. And has a chart-splitting feature that enables it to be split up to four times, allowing users to apply the layout that best fits their needs.
IG trading charts are built using HTML5 technology.
They offer several indicators and drawing tools.
Below are the indicators and tools available:
Indicators
- Aroon
- Average True Range
- Awesome Oscillator
- Bollinger Bands
- Chaikin Volatility
- Commodity Channel Index
- Detrended Price Oscillator
- Directional Movement
- Donchian Channel
- Exponential Moving Average
- Ichimoku
- KDJ
- MACD
- Momentum
- Money Flow Index
- Moving Average
- Parabolic SAR
- Pivot Point
- Rate of Change
- RSI
- Standard Deviation
- Stochastic
- Volume
- Weighted Moving Average
- Williams %R
Drawing Tools
- Measure Tool
- Arrow
- Channel
- Elliott Wave (12345)
- Fibonacci Retracement
- Fibonacci Extension
- Gann Fan
- Gann Line
- Horizontal
- Oval
- Pitchfork
- Point to point
- Rectangle
- Text
- Trend
- Triangle
- Vertical
Note: Some drawing tools and indicators are only available on the IG Trading platform. They are not available on the Classic platform.
IG charts can function on any browser but it is best to use Google Chrome.
Google Chrome doesn’t just provide the best experience, it also eliminates the need for Java and Adobe Flash Player.
IG allows users to trade directly from live charts, this allows traders to react faster to new opportunities in the market. Traders can open, edit and close positions with just a few clicks. They can also choose one-click trading to react faster to market opportunities.
IG resets the figures on the charts at midnight local market time. This means the reset time is dependent on the market time of a location.
The figures for the Forex are reset at midnight UK time.
You can customize the chart colors and styles to suit your preference.
IG offers the following chart views: Open-high-low-close, Candlestick, Line, and Mountain.
To customize the chart colors and styles, simply right-click on an open chart and click “customize appearance”. Once you do this, you will be able to choose any of the chart views and customize the line thickness and colors.
You can also edit what information to be displayed on the chart.
To do this right-click on an open chart and select “Show”.
This will allow you to edit the following settings: Price Changes, Drawings, HLOC data, Open positions, Working orders, Indicators, Timeline, and Price line.
As already stated, IG also allows you to customize drawings and Indicators.
You can edit an indicator by right-clicking on the indicator once you have applied it to a chart. Drawings like Fibonacci can be edited in the same way. You can also delete or duplicate drawings by right-clicking on them.
All drawings and indicators edits are automatically saved to the resolution you are editing.
IG even allows you to create multiple chart layouts, which allows you to easily switch between different chart settings and styles.
IG charts do not only show market movements, they also show news and economic information.
To show news and economic information in a chart, right-click on the chart and select “events”.
A drop-down menu featuring all the available countries with event data will be displayed. Choose a region and event type.
Next, view the event data using the Calendar icon.
IG Demo Account
The IG demo account allows you to practice trading and test out your trading ideas before executing them in the actual market.
IG’s demo account is funded with $20,000 virtual money, you also have access to IG Academy where you can access exclusive educational content.
IG offers every user who has a live account, access to the demo account.
To activate the demo account, you must submit a valid email address or phone number.
The demo account can be accessed in the dashboard or demo accounts tab in your IG account.
The demo mode is available on the desktop platform and the IG mobile apps. This means you can practice trading CFDs on the go.
The demo account simulates the live account and has several features of the live account. This creates a realistic trading environment for traders.
That said, there are some key differences between the demo mode and the live account.
Trades made in the demo mode are not subject to out-of-hours price movements, slippage, dividend adjustments, and interest.
Demo users are also not charged for chart packages on demo accounts.
Unlike the live accounts, trades in the demo mode will not be closed if you have insufficient funds to cover the margin and running losses. While trades may be rejected due to insufficient funds to open them, unlike on a live account, they will not be rejected on the grounds of price or size.
ProRealTime
This is an online charting software for technical analysis and trading that is integrated with the IG trading platform. It is suitable for experienced traders who use advanced technical analysis and want to automate their activities.
It grants traders access to over 17,000 financial markets offering Forex, indices, commodities, shares, etc.
ProRealTime offers advanced traders a fully customizable interface and trading experience with over 100 indicators which can be used to analyze several aspects of trading CFDs including price and volatility.
Available indicators on ProRealTime include Moving Average, Order Book volume, CCI, Chaikin Oscillator, and Adaptive Moving Average.
With ProRealTime you can automate your CFD strategies, lock in profits and protect against losses with trailing stops, import strategies from outside ProRealTime and backtest your strategies using 30 years of historical data.
You can execute trades round the clock and build your algorithms from scratch or with in-platform help.
You can also set price alerts on ProRealTime. To do this, simply click the bell icon on the top left corner of the page.
ProRealTime displays unlimited timeframes on a wide selection of charts and allows traders to place orders not just on price movements but also by trend lines.
ProRealTime is available to traders who have an IG account.
To start using the platform, all you need to do is to log in to your IG account and launch ProRealTime.
IG offers users free access to ProRealTime charts for the first month. After that, you will have to pay a $40 fee on the last day of every month if your trading activity is of extremely low value. You won’t pay for ProRealTime if you trade at least 4 times in a month.
ProRealTime on IG can be used on PC, Linux, and Mac.
IG Review: Cryptocurrencies Available and Other Assets on IG
IG offers 11 major cryptocurrencies, 2 crypto crosses, and 1 crypto index. Supported cryptocurrencies include Bitcoin, Ether USD, Bitcoin Cash, Cardano, Litecoin, Dogecoin, EOS, Polkadot, Uniswap, Chainlink and Stellar. The available crypto crosses are Bitcoin/Ether USD and Bitcoin Cash/Bitcoin.
IG also offers users access to different assets in over 17,000 markets. This includes Forex, Bonds, ETFs, Commodities, Indices, Shares, and Industry sectors.
IG Review: Fees and Spreads
IG charges spread from 0.6 points on major Forex pairs, 0.1 points on commodities, and 0.8 points on indices.
Listed below are the spreads charged for instruments in Forex and indices.
Cash CFD Trading – Indices
- FTSE 100: 1
- Wall Street: 1.2
- Germany 40: 1.2
- Hong Kong HS50: 5
- Cash CFDs FX Trading
- EUR/USD: 0.6, 1.04, or 0.85
- USD/JPY: 0.7, 1.26. 0.97
- AUD/USD: 0.6, 1.33, 1.07
- GBP/USD: 0.9, 1.83, 1.40
Commodities
- Spot Gold: 0.3
- Spot Silver (5000oz): 2
- Oil – Brent Crude: 2.8
- Oil – US Crude: 2.8
Shares
With share CFDs, IG Markets offers the real market price and won’t attach their spread. Rather, they take a commission when you open a position and later close it.
- Hong Kong: 0.25%, HKD50, HKD50
- Singapore: 0.10%, $10, $15
- US: 2 cents on each share, $15, $15
- UK: 0.10% , £10, £15
- Euro: 0.10%, €10, €25
- Australia: 0.08%, AUD7, AUD7
It’s important to note that commissions on share CFDs are charged per trade executed daily by IG Markets.
This means that offers like good-till-canceled (GTC), which can be filled across various trading sessions can result in numerous lots of commission being charged by the trading platform.
In addition, over 8 Singapore shares are denominated in the US dollar with a minimum charge of US$15.
These include:
- Genting Hong Kong
- Hutchison Port Trust
- Jardine Matheson Holdings Ltd
- Mandarin Oriental International Ltd
- Chemoil Energy Ltd
- Pacific Shipping Trust
- Dairyfarm International
- Jardine Strategic Holdings Ltd
Cryptocurrency CFDs Trading
- Bitcoin: Minimum spread of 38
- Bitcoin Cash: Minimum spread of 2
- Ethereum: Minimum spread on 1.2
- Litecoin: Minimum spread of 0.4
- EOS: Minimum spread of 4
- Stellar: Minimum spread of 0.15
- NEO: Minimum spread of 0.2
- Crypto 10 Index: 38
- Cardano: 1.4
- Polkadot: 29.3
- Dogecoin: 0.17
- Chainlink: 20
- Uniswap: 16
IG Markets state that in times of high volatility, their minimum cryptocurrency CFD trading spreads can increase significantly.
In addition, the crypto CFD trading platform also charges a guaranteed stop premium if your guaranteed stop is triggered.
This premium is shown in your deal ticket and may form part of your trade margin when you add the stop.
These premiums are also subject to change, especially during weekends and volatile market conditions.
IG also charges users trading cryptocurrency CFDs overnight funding charges.
For example, if you are long on Bitcoin, you would pay a daily overnight funding charge of 0.0694%, which accumulates to 25% annually on positions held at 10 pm UK time.
For Bitcoin Cash/Bitcoin, Ether/Bitcoin, and Crypto to 10, you would pay 0.0625% (22.5% annually). For other crypto CFD trading positions, you would pay 0.0664% (27.5% annually).
Alternatively, if you have a short position for Bitcoin you would receive a daily overnight funding charge of 0.0139%, which is 5% per annum) for positions held at 10 pm UK time. For Bitcoin Cash/Bitcoin and Ether/Bitcoin, you will pay 0.0208% (7.5% per annum). On the Crypto 10 position, you will get 0.0208% (7.5% annually) and you’ll receive 0.0347% (12.5% annually).
IG Review: Payment Methods
IG Markets supports 3 payment methods as listed below: Credit Card, FPS Hong Kong Dollars (HKD), and Bank transfer.
Credit Card or Debit Card
This payment method offers the fastest way to fund your account as successful deposits are funded instantly.
However, before you can fund your trading account you’ll need to register your card. And you can have up to 5 cards listed in your account per time but each one should be in your name as well as registered to the address you listed on IG Markets.
FPS Hong Kong (HKD)
You can deposit via FPS Hong Kong using HKD at zero costs. FPS deposits usually take 1 working day to clear. This payment method is also only available to Hong Kong bank accounts.
For clients using this payment method, you must quote your trading account ID as a transfer reference. This would allow IG to allocate your funds otherwise there may be delays in allocation.
Bank Transfer
This is the slowest deposit timeframe as it can take up to 3 days but this largely depends on your banking institution. However, IG allows you to upload proof of payment to start trading right away.
IG Review: Security
IG is a licensed forex broker and is regulated by several regulatory bodies around the world. It is also a member of the National Futures Association.
IG holds client funds in segregated client bank (independent trust) accounts at several regulated banks including Barclays and Lloyds.
Clients’ assets and funds are never merged with IG’s funds and they are ring-fenced from creditors if IG goes into liquidation. It also offers Negative Balance Protection .
IG is authorized and regulated by the Bermuda Monetary Authority.
It requires that firms it supervises hold clients’ funds in segregated accounts and not use client’s money for business activities including hedging trades with other counterparties.
IG has clients whose funds are not stored in segregated accounts. These clients are classified as sophisticated persons who have signed a legal document stating how their money and assets are held differently.
IG also holds clients’ funds in notice or term deposit accounts with a term or notice period of up to 95 days.
The deposit of funds in term deposit accounts does not affect clients’ ability to deal with or withdraw funds from their accounts. It, however, means that in the event of the insolvency of IG, the funds in the term deposit accounts will not be immediately available upon request.
That said, IG accounts are protected with several security features including password protection, touch ID authentication, and two-factor authentication.
IG Review: Supported Countries
IG operates in 20 countries across 5 continents. Supported countries include the Netherlands, Bermuda, the United Kingdom, Japan, New Zealand, Germany, South Africa, Australia, etc.
Licenses Held by IG
IG International Limited is licensed by the Bermuda Monetary Authority to conduct investment and digital asset business. It is also licensed in Dubai by the Dubai Financial Services Authority
IG Markets is registered as an authorized financial service provider in South Africa. It is also regulated in Australia by the Australian Securities and Investments Commission (ASIC) and in New Zealand by the Financial Markets Authority.
IG Securities Ltd is regulated by the Japanese Financial Service Agency for Securities and Currencies, the Ministry of Agriculture, Forestry and Fisheries for Soft Commodities, and the Ministry of Economy, Trade and Industry for Hard Commodities.
Both IG Markets Limited and IG Index Limited are separately licensed by the Financial Conduct Authority.
IG Europe is incorporated in Germany and licensed by the German Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank.
IG US LLC is registered and licensed by the Commodity Futures Trading Commission (CFTC).
IG Review: Opening an IG Account
To open an IG account go to https://www.ig.com and click the green Create Live Account button located at the center of the screen or upper right depending on the device you’re using.
Next, Choose your Country of Residence then type in your details like Title, First and last name.
Enter your email address, create a username, and set a password.
Next, enter your mobile number and national identification number.
Input your home address as it appears on your Proof of Address document.
After this, you’ll need to answer a series of personal questions about your employment status, source of income, and your trading experience.
The purpose of these questions is to know your trading experience and tailor the website to your specific needs.
That’s it! You’ve created your IG account.
IG Review: Different Types of Accounts
IG offers 2 types of live accounts: Leveraged and non-leveraged.
The leveraged accounts include a spread betting account and a CFD trading account. With the Spread betting account, clients can speculate on a broad variety of rising and falling markets such as indices, commodities, bonds, shares, forex, and other asset classics with zero capital gain tax on profits.
The CFD account is similar to the spread betting account, however, it offers a more traditional trading approach. Also, profits can be balanced with losses as tax deductions.
The non-leveraged account or investment account offers 4 sub-account types including a share dealing account, stocks and shares dealing ISA account, IG Smart Portfolio account, and the IG Smart ISA Portfolio account.
The Share Dealing Account allows IG Markets to invest in shares, investment trusts, and exchange-traded funds (ETFs). With the Stocks and Shares ISA Account clients can invest up to a particular amount per tax period in ETFs, shares, and ETCs without paying tax on income or profits.
The IG Smart ISA Portfolio Account allows users to invest up to a specific amount per tax period into an IG Smart Portfolio that’s tax efficient. In addition, the IG Smart Portal Account allows you to invest in a diversified fully managed investment portfolio that’s created to suit the user’s risk appetite.
IG Review: Trading Experience
IG Markets offers a complex trading experience on retail investor accounts. Newbie traders not familiar with forex trading or trading crypto CFD will find the platform difficult to navigate and use.
That said, for experienced traders, IG Markets offers advanced features like a team of experts on call 24/5 and an integrated solution called ProRealTime, which supports automated CFD trading, building algorithms with in-platform help, or coding them from scratch.
IG Review: Different Platforms Used to Trade
IG Markets offers 4 trading platforms including its proprietary solution:
- IG Online Platform
- IG mobile Trading app
- MetaTrader 4
- ProRealTime
IG Review: How to Trade Cryptocurrencies on IG Markets
IG Markets supports crypto CFDs and not actual cryptocurrency. This means that you can only trade crypto assets by speculating on price movements, not by buying, owning, and then selling or holding cryptocurrencies.
To initiate a crypto CFD transaction on IG, you should commence by accessing your favored trading platform and subsequently accessing the cryptocurrency section. Afterward, make your selection between your preferred crypto pair and decide whether to make a purchase or initiate a sale.
IG Review: Customer Service
IG offers customer service via phone. Email and Live chat. IG customer service also has a dedicated team that offers one-on-one guidance to customers who are just getting started with the platform.
IG has a well-equipped Help Center with answers to frequently asked questions and other important information about different aspects of the platform. It also offers education via IG Academy.
IG Review: Customer Satisfaction
IG customer reviews on third-party review platforms show that the IG support team offers excellent customer support. The platform offers real-human customer service that is not only swift but also helpful.
That said, some beginners have found the platform too complex to use which often results in them losing money rapidly especially when trading spread bets and CFDs.
IG Review: Does IG Offer Education?
Yes, IG offers education via the IG Academy, which is a free resource that features infographics, end-of-course quizzes, and video explainers.
You can use your IG Academy login to access the broker’s demo account and trade on live markets with more than $20,000 of virtual money.
IG Review: Is IG Right for You?
IG is right for forex traders in the United States and CFD traders in other nations looking for a reliable and credible broker with years of experience in the industry.
IG Review: Conclusion
IG stands out from the competition for its over 30 years in the forex trading industry. This gives it a credibility and reliable edge. However, its trading services and products are more geared toward advanced traders than beginners.
The broker also charges a ton of service fees and high spreads when compared to other forex brokers.
With that said, in the dynamic world of crypto trading, it’s essential to stay updated with multiple platforms. For a holistic understanding and to see how IG measures up against its peers, our Oanda Review is a must-read.
FAQ
Most frequent questions and answers
Yes, IG is a forex and CFD trading platform with over 30 years of presence in the industry.
Yes, IG is regulated in the United States and is registered with the NFA and CFTC. However, its regulation is only for offering forex trading services, not CFDs.
The minimum deposit for IG is $0 for bank transfers. For card payments, the minimum is $50.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
