IG Review

IG Markets Review - The Platform
IG Markets LTD IG International LTD IG Group

IG Review

Best brokers review 2020

(4.4)

IG is the best broker we have tested in 2020. They provide the best in-house trading platform, a good mobile trading app, easy and smooth deposit & withdrawal options, the best education offers and some of the most detailed research data. The tradeable markets/product portfolio is very rich. The drawbacks are average commissions and fees and customer service ranked mid-range.

General Overview

The investment and brokerage firm IG Markets is the oldest spread betting broker in the world and is one of the worlds leading brokerage firms. With over 136.000 customer accounts and access to over 10.000 financial instruments, there is hardly any other firm, that could compete with IG Markets in terms of experience and sheer size. The company was founded in 1974 by Stuart Wheeler under the name IG Index, as a spread betting business that allowed traders to trade gold prices as an index, instead of buying or selling the actual commodity. The company started to grow and is today one of the big London trading firms. In 2015 IG Markets reached a revenue of £427 million. This broker is under UK Financial regulatory law and is publicly traded at the London's Stock Exchange. The register number with the Financial Conduct Authority in London (FCA) is 195355. In 2014 the stock broking platform was extended and improved and now gives access to 4.500 stocks. Today they are the leader in CFDs, Spread betting, Shares, Stocks, Indexes, Bonds, Options, Binary Options, ETFs, Commodities and Forex. There are offices and trading bureaus in 17 countries, including Singapore, Japan, Australia and China.

IG Broker Review & Rating 2020

Name: IG Group (IG International Ltd, IG Markets Ltd, IG Europe GmbH)

  • Safety
    (4.9)
  • Comissions & Fees
    (3.9)
  • Investment Products
    (4.5)
  • Trading Platform(s)
    (5)
  • Mobile Trading
    (4.45)
  • Customer Service
    (4.43)
  • Account Opening
    (4)
  • Deposit & Withdrawals
    (5)
  • Research
    (4.67)
  • Education
    (5)
  • User Reviews
    (2.93)

Summary

IG is the best broker we have tested in 2020. They provide the best in-house trading platform, a good mobile trading app, easy and smooth deposit & withdrawal options, the best education offers and some of the most detailed research data. The tradeable markets/product portfolio is very rich. The drawbacks are average commissions and fees and customer service ranked mid-range.

Overall
4.4

Pros

Regulated by 6 Entities The best trading Platform Integrated AutoChartist and PIA First

Cons

Fees are not the lowest Customer Service needs improvement Negativ User reviews

Quick Overview

Regulation: ASIC (Australia), JFSA (Japan), MAS (Singapore), FINMA (Switzerland), FCA (UK), and the CFTC (USA), BaFin (Europe)

Average EUR/USD spread:

Leverage: up to

Minimum deposit: 0

Products:

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Safety

(4.9)

IG Group with its companies is regulated by 7 (seven) top-tier regulators, which is one of the highest amount we have found: ASIC (Australia), JFSA (Japan), MAS (Singapore), FINMA (Switzerland), BaFin (Europe), FCA (UK), and the CFTC (USA).
The Investor protection differ from entity to entity. IG provides a negative balance protection (for forex and CFD trading) only for retail clients from the European Union, UK and Switzerland.

IG Group is listed on the London Stock Exchange.

Comissions & fees

(3.9)

There is an initial margin requirement and a maintenance margin requirement at IG. The margin requirements for stocks & shares are 5%. For Forex and CFDs the requirement is 0,5% (this can vary, depending on the Forex pair). For Spread betting (Index) the requirement is also 0,5% and for most Commodities the requirement is around 1%.

The spread will also have some elasticity – as is normal with professional brokerage firms – and will depend on market hours, volatility, liquidity and the underlying trading instrument. IG has a wide range of spread costs and the cost structure is quite extensive. For a complete overview and actual up-to-date spreads, please refer to their web site.

 

Market Min Spread Avg Spread
EUR/USD
GBP/USD
GBP/EUR
USD/JPY
AUD/USD

Trading Platform(s)

(5)

A broker with this size and reach has also invested in their own proprietary trading software. IG has a lot to offer in terms of trading platforms. There are 5 available options. The first is the Web-based platform. The platform will launch from within the browser and there is no need to download any software. Some of the unique features are: a customisable layout, one-click dealing, trade from the charts option, several monitoring tools and some very advanced charting packages. There is the possibility to purchase the professional ProRealTime charting package, which is well known among institutional traders.

The next level is a suite of very advanced trading platforms. One is the in-house platform from IG, called L2 dealer. Here traders can work on advanced strategies, even drag and drop trades into order books and link charts, to see correlations between trading instruments.

The third option is the famous Metatrader 4 trading platform. This is a well known software suite, that has been around for many years and has a huge fan base. With Metatrader 4 you can have Expert Advisers (Trading Robots or Automated Software) installed on the platform and execute trades automatically, based on certain rules or a definite strategy. Many forums, boards and websites exist, that are exclusively dedicated to support Metatrader 4. Traders can also install many customized charting tools and graphical analysis tools.

The fourth option is really very technical and only interesting for advanced institutional traders or even investment firms. Nonetheless, for sake of completeness, we will also mention the possibility to access the financial markets through Terminals and APIs. A company or investment firm could develop their own front-end software and access many of the features and the prices of IG, through an API. This would require professional help from programmers.

Source: IG UK YouTube channel

User-friendly platform

Transparent fee report

Two-Factor authentification (2FA)

Nothing

Mobile trading

(4.45)

The last option are Trading Apps for the iPhone, Android Mobile, iPad, Android Tablet, Windows Tablet.

The development that went into the mobile version of the trading platform is fantastic and shows IG commitment to their clients. It is one of the best in the industry, supporting iPhones, iPads and Android devices. IG's mobile trading app comes with many functions, search options and order types.
Unfortunately, at the time of our test, it supported only english.

The mobile trading platform won multiple award sin 2019/2020

IG Mobile Trading App awards

Source: IG UK website

Source: IG UK YouTube channel

User-friendly Platform

Many features & order types

No secure login (2FA, TouchID, FaceID)

Customer service

(4.43)

Connection time

Calls <2-3 Minute

Email responses

< few hours

Service availability

Almost 24h (8am Saturday - to 10pm Friday)

Live Chat

< 3 Minutes

IG's customer support is definitely one of the better ones we have tested. But phone support would need improvement, especially in reaction time - compared to the other channels. Email support was great and reacted very quick, Live chat is good, but difficult to find.

Account opening

(4)

IG's account opening contains 4 easy steps to sign up, which can be finished within a few minutes. There are no Account options, they offer one type for all. The only difference is the Platform to choose - We recommend the TraderPro Platform, due to the lower spreads they offer when using the in-house platform.

After your initial data follows questions about your financial background and at the end of the Sign-Up, there is a very simple questionnaire to evaluate your trading knowledge.

After the initial registration, you will need to verify your ID and residency. You must upload a national ID, passport, or driver's license in order to verify your ID. For residency verification utility bills or bank statements are accepted.

You will most likely receive a call within a few minutes after your registration, to make sure you know how to finish your setup.

Your account will be ready within a day.

ETX Capital registration process

Deposit & withdrawals

(5.0)

As with the platforms, the width of trading possibilities and all the other features that are available at IG , the deposit and withdrawal options are among the most complete that we have seen. Customers can deposit (and also withdraw) money by DBS / POSB (Bill payment) through iBanking (only UK residents), Standard Chartered Bill payment, Internet Bank transfer, Telegraphic Transfer (T.T.), Credit/Debit Card, Cheque or NETS. Some of these payment options are not available in certain countries and some will also cost certain fees. IG Markets charges 2,3% of the transaction amount for credit/debit card transactions. This is due to the levy, that will be charged by the credit card company. Withdrawals with certain methods are also subject to costs and fees. Clients should definitely watch this closely and inform themselves about the cost structure for transactions.

The minimum deposit amount is 200,00 Pounds/Euros/Dollars. Since IG is closely watched by financial regulatory bodies, they take money laundering laws very seriously and sometimes the deposit or withdrawal process can be quite frustrating and slow. This is due to the severe laws and IG is obliged to follow all the rules.

Research

(4.67)

ETX Capital analysis page

Education

(5)

 

 

ETX Capital education page

User reviews

(2.93)

Finding unbiased user reviews is difficult in the forex or generally brokers market. While our research on Platforms like ForexPeaceArmy or TrustPilot we found a huge range of reviews from terrible to great. While reviews on FPA tend to be very negative and most likely biased as well, other Platforms like TrustPilot show a different picture. When looking into bad reviews, we often found similar phrases "lost all my money" as a reason. This is not the brokers fault, but usually shows the lack of knowledge of such traders. More serious are reviews about withdrawal issues, platform problems, hidden fees, etc. Those reviews we are looking more closely into.
ETX Capital is performing in the middle range of the reviewed brokers, neither very good nor very bad.

Trustpilot

Special Features of IG Markets

IG has a lot to offer. They are in a very competitive market and brokers have to develop an edge, to win institutional traders as well as retail traders over. Some of the most noteworthy features of IG are the additional tools, that are available to support traders. One of these tools is autochartist. This is an advanced and usually very costly pattern recognition tool, that automatically monitors the markets on behalf of the trader. The autochartist software will scan hundreds of markets – including Forex, indices, shares, commodities for certain patterns and alert the trader about upcoming trading opportunities. Traders will get this tool for free under certain conditions. This will remove the complex and time-consuming task of analysing charts and has the potential to give traders some good strategies. This alone makes it worth, to open an account with IG.

There is access to independent analysts and traders have the chance to get briefings from all over the world, before the markets open. The wealth of information from Trading Central is difficult to oversee and is truly remarkable. Experts, Analysts and Trade advisers summarize actual trading ideas and monitor the markets in relation to news and world events. This is something that will save lots of time and valuable resources.

Final Observations and Comments about IG

IG is definitely “up there”. If a trader – experienced or not – is looking for a firm with experience, a solid financial basis, international support and the backup of big investors, then IG is definitely among the list of brokers, that should be considered. For some traders, that like to keep things simple or are not up for the “big game”, the platform, the amount of information and the possibilities could become overwhelming and there are other brokers on our list, that will help new traders gain experience and get up-to-speed. IG is definitely solid and the Customer Support is top-notch. It also helps to know, that the firm is publicly traded and under the rigorous supervision of seven Top-Tier Regulatory Bodies. Definitely recommended.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

IG Broker Review & Rating 2020

Name: IG Group (IG International Ltd, IG Markets Ltd, IG Europe GmbH)

  • Safety
    (4.9)
  • Comissions & Fees
    (3.9)
  • Investment Products
    (4.5)
  • Trading Platform(s)
    (5)
  • Mobile Trading
    (4.45)
  • Customer Service
    (4.43)
  • Account Opening
    (4)
  • Deposit & Withdrawals
    (5)
  • Research
    (4.67)
  • Education
    (5)
  • User Reviews
    (2.93)

Summary

IG is the best broker we have tested in 2020. They provide the best in-house trading platform, a good mobile trading app, easy and smooth deposit & withdrawal options, the best education offers and some of the most detailed research data. The tradeable markets/product portfolio is very rich. The drawbacks are average commissions and fees and customer service ranked mid-range.

Overall
4.4

Pros

Regulated by 6 Entities The best trading Platform Integrated AutoChartist and PIA First

Cons

Fees are not the lowest Customer Service needs improvement Negativ User reviews

Disclaimer: In order to get the most comprehensive, objective and unbiased  reviews, some of the above ratings have been accumulated with the data from third-party platforms. Ratings and user reviews have been consolidated only from relaible and trusted sources such as ForexBroker.com, Investopedia.com, Brokerchooser.com, TrustPilot.com and ForexPeaceArmy.com

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Risk warning: Foreign Exchange and CFDs are complex and leveraged instruments and come with a high risk of losing money rapidly due to leverage. 60-80% of retail investor accounts lose money when trading Forex and CFDs. You should consider whether you understand how Forex and CFDs work and whether you can afford to take the high risk of losing your money.

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