IG Broker Review

Regulation: IG has 19 offices across the world and is regulated by multiple national authorities, including the Bermuda Monetary Authority (BMA), the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA) and the New Zealand Financial Markets Authority (FMA). IG Markets’ holding company, the IG Group, is also listed on the London Stock Exchange and is a constituent of the FTSE 250 Index, adding a further level of regulatory scrutiny. In Zambia, clients of IG Markets will be trading with IG International Ltd, which has been licenced by the BMA since February 2020.

Safety Features: The Bermuda Monetary Authority (BMA) is not considered a strong regulator, and Zambian traders will not have negative balance protection or access to any kind of compensation or official conflict resolution in the event of any dispute with IG Markets. It is worth pointing out that IG Markets has a long history as a trusted Forex broker and all client money is held in segregated accounts and ring-fenced from creditors, in case of broker bankruptcy. Because of the active internal client protection policies and processes, strong regulation, and acclaim from the industry, we consider IG Markets a safe and trustworthy broker.

The account opening process at IG Markets is slower than at other brokers and requires detailed information regarding the state of your finances and your trading knowledge. 

All Zambian traders are eligible to open an account at IG Markets, and with no minimum deposit required new traders don’t have to worry about funding the account right away.

The account-opening process at IG is relatively easy but identity verification can take up to two days. Until your identity has been verified, you will not be able to use your trading account. IG Markets offers joint and individual accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Create Live Account” button at the top of the page, where they will be directed to register an account with a country of residence, full name and email address. You will also have to create a username and password.
2. Once this step is completed you will be asked to complete a short form that will help IG Markets understand the state of your finances and your trading knowledge.
   • While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
3. Once this form is completed, traders will have to submit the Know Your Customer (KYC) documentation:
   • IG Markets requires proof of identification (such as current passport, ID card, or driver’s licence)
   • Proof of address such as a utility bill or bank statement that is less than six months old.
4. The account will be ready for trading once documentation has been verified, which can take two, or sometimes three days.

We advise you to read IG Markets’ risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, IG Markets’ account opening process is relatively hassle-free and all documents can be uploaded digitally. But identity verification does take longer than other brokers – most other brokers will be able to verify your identity within a matter of hours rather than days.

IG has one of the widest (if not the widest) range of financial instruments to trade in the CFD industry, with over 13,000 share CFDs and instruments that are hard to find at similar brokers, such as ETFs and Options. 

IG also offers weekend trading on GBP/USD, USD/JPY, and EUR/USD. Spreads are higher over the weekend (averaging 6 pips on the EUR/USD) and are fixed. 

IG’s accounts have no minimum deposit requirements, making them accessible to all traders. The CFD trading account is commission-free, with spreads that start at 0.75 pips on the EUR/USD. IG’s DMA Account has a spread of 0.165 on the EUR/USD and a commission that reduces with increasing trading volumes. The trading fees on both of these accounts are significantly lower than other brokers.

We opened and tested IG’s accounts:

CFD Trading Account

No minimum deposit is required to open a CFD trading account. You can choose to trade on either the MT4 platform, in which case spreads will average at 0.75 pips on the EUR/USD, or on the IG platform, where spreads average at 0.86 pips on the EUR/USD. However, there are marked differences between using the MT4 and IG proprietary platforms. 

DMA (Direct Market Access) Account

Spreads average at 0.165 pips on the EUR/USD, and commissions are based on the trading volume (see below for more details). Traders can only use the L2 Dealer platform when choosing the DMA account option.

While the 6 USD round-turn commission is slightly lower than average compared to other brokers, this can be reduced even further with high volume trading.

IG’s mobile trading experience is average – while MT4 and the IG app are available on both Android and iOS, L2 Dealer is only available on desktop.

IG’s Mobile App

We were pleased to find that IG recently created an iOS app, whereas before, the platform was only available as a Progressive Web App (PWA) for iPhone browsers. It also links to ProRealTime, an advanced charting package (click here for more on IG’s trading tools).

We tested the app on an iPhone 11 and found that it does a surprisingly good job of balancing ease of use with its incredible functionality. Impressively, we could trade all 17,000 trading instruments available at IG on the app. It features advanced interactive charts that sync perfectly with the web trader version of the platform, alerts, and market sentiment readings. It also features news and analysis from IG’s in-house team and the Reuter’s live feed.

The only difficulty we had was finding how to add instruments to our watchlist. Additionally, it doesn’t have predefined watchlists, which makes it almost impossible to sift through IG’s massive list of instruments.

MT4 Mobile App

IG offers MT4 on a mobile trading platform, available for both Android and iOS. Although there is slightly limited functionality compared to the desktop version of the platform, with reduced timeframes and fewer charting options, traders will still have access to analytics with technical indicators, graphical objects, and a full set of trading orders.

L2 Dealer is not available on mobile devices due to the complexity of the platform. 

IG’s platform lineup won it the award for Best Multi-Platform Provider at the ADVFN International Financial Awards for four years in a row.

Web Trading Platform

Many similar brokers to IG offer their own trading platforms, but IG’s web-based platform is unusually customisable and functional when compared to other brokers’ own platforms. 

We were impressed by the fast execution speeds, that you can compare up to four timeframes on a single chart, that charts open from nearly any view, and that they display live market prices. We also enjoyed the excellent technical analysis tools, including Autochartist and PIAfirst, and that it features integrated risk-management modules.

One minor issue we had was that the platform setup is complex, though you can save custom layouts. Other downsides to IG’ trading platform are the lack of automation and that traders will not be able to take the platform with them if they decide to switch brokers. 

MetaTrader 4

We found that IG offers the standard version of MT4 plus twelve add-ons and six indicators, transforming MT4 into a state-of-the-art trading platform. Most brokers only provide the out-of-the-box version, which does not provide all the necessary functionality.

Other unique advantages of IG’s MT4 platform include the automated trading functionality achieved through the use of EAs, the 18 custom apps created by IG, and the free Autochartist plugin. Note that MT4 users do not have access to Reuters News, Bloomberg, or FIX API.

L2 Dealer

L2 Dealer, a specialist platform designed by IG, offers direct market access (DMA) free of charge as long as clients maintain a balance of 2000 USD. This platform is not recommended for beginner traders as the complexity of trading the DMA market is only suitable for traders who understand the terminology and risks involved.

The primary advantage of the L2 Dealer software is trading Forex at market prices, with liquidity from major providers. The L2 Dealer platform also functions as a specialist share trading platform and provides market depth from a range of exchanges (including full market depth from the LSE) and an ‘Iceberg’ facility, which break large shares orders into smaller tranches. Like IG’ web-trading platform, the L2 Dealer platform also has integrated access to ProRealTime, a web-based charting package for advanced traders.

In line with Anti-Money Laundering policies, IG Markets returns all non-profit funds to the original deposit source.

No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name. However, IG Markets can consider special cases where this is not an option.

Traders can deposit funds via debit/credit card (Visa and Mastercard), bank wire transfers, and PayPal.

IG Markets does not charge a fee for withdrawals but the minimum withdrawal amount is 200 USD. Withdrawals are processed on the same day but may take two to five days to reflect. 

While IG does allow traders to select different base currencies other than USD, new accounts are always denominated in USD by default. This can only be changed by emailing IG support team with your name, date of birth and address, and the account number you would like to change.

This obviously takes some time and is a serious hassle for traders who trade exclusively in AUD CFDs and want to avoid the 0.5% conversion fee. In addition, IG Markets does not publish the list of base currencies it supports – so traders will have to email customer support to find out whether their chosen base currency is available.

Overall, this is strange behaviour from one of the most respected CFD brokers in the world. Most CFD brokers have no problem with letting new customers open their trading account in a range of currencies, and switching base currencies is usually an easy process. Why this is quite so difficult for IG Markets is an open question – but it does make fee-free trading in EUR or AUD denominated CFDs a hassle.

IG’s selection of trading tools is extensive and caters to traders of all levels.

ProRealTime (IG Platform and L2 Dealer only)

Only available on L2 Dealer and IG Market’s own platform, ProRealTime is a downloadable advanced charting package with advanced analytical features and monitoring tools. Intended for technical chart traders, ProRealTime allows clients to automate their trading and features a fully customisable interface. ProRealTime is free of charge for clients that trade at least four times per calendar month; otherwise, a fee of 40 AUD per month will be charged to use the tool.

Autochartist (MT4 only)

Free for all IG clients, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and scans all available CFD markets for trading opportunities.

Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:

• Chart pattern recognition
• Fibonacci pattern recognition
• Key level analysis
• Pattern quality indication

The market scanner provides statistically significant market movements and identifies important price levels that are catalysts for market movements.

IG’s Trading Signals (IG platform only)

IG has partnered with Autochartist and PIAfirst to provide users of IG’ own web-based platform with free trading signals. Autochartist is an automated technical analysis tool that scans the markets and analyses data across multiple timeframes to provide users with trading opportunities. PIAfirst is a trading strategy service provided by market professionals that delivers award-winning analysis and easy-to-implement trading strategies to users.

Trading signals from both Autochartist and PIAfirst are easy to access from the drop-down Signals menu in IG Market’s trading platform. Each signal also provides the accompanying analysis, allowing beginner traders to learn how both technical and fundamental analysis can be used to spot trading opportunities.

MT4 Indicators (MT4 only)

Like most brokers who offer MT4, IG offers a package of indicators to all users of the platform. When you download MT4 from IG, you get six of the most popular indicators on the MT4 platform for free. You’ll also receive more than 12 add-ons when you download MT4 from IG. These enable you to customise the platform to your own preferences and trading needs. Add-ons include:

• Mini terminal: Allows traders to adapt MT4’s deal tickets and charts to their preferences with a host of highly configurable new features.
• Trade terminal: Control all trades from a single, powerful window.
• Stealth orders: This allows traders to keep their trades anonymous.
• Correlation matrix: Enables traders to see how correlated their watched markets are and limit risk accordingly.
• Sentiment trader: This allows traders analyse market sentiment or view a historic price vs. sentiment chart.

Partial Fills and Points Through Current (IG platform only)

For high-volume traders, IG offers two trading tools to reduce the change of trade rejection.

Partial Fills

IG now offers clients partial fills on their online trades. If you are a high-volume trader, you will be able to accept a partial fill to increase your chance of successful execution.

If you choose to use this feature, IG will only ever partially fill your order as an alternative to outright rejection. IG will never partially fill your order as an alternative to filling it in its entirety. So if you trade in a size so large that we cannot fill your entire order rather than reject your entire order IG will be able to fill you in the maximum size possible.

Point Through Current

Points through current will give traders even more control of their execution by allowing them to trade through the current IG price. This feature will reduce your chance of a price rejection in volatile market conditions and increase the likelihood of successful execution when trading in large sizes.

While IG will still fill an order at the best possible price, the chance of a successful execution is increased when using points through current.

API (Custom-built trading platforms only)

API stands for Application Programming Interface. It is a program that connects two applications – for example, your IG trading account and your custom-built platform. Trading with APIs enables you to gain direct access to IG’s ecosystem, providing you with faster order execution and more control, enhancing your trading experience.

News and trade ideas, trading strategy education, and analysis of upcoming financial events are frequently published at IG. The analysis is written by the IG Global team of analysts who have professional backgrounds in trading at some of the major investment banks.

IG sends free Morning Call and The Week Ahead reports daily and weekly, respectively. Each promises to deliver an analysis of major economic events and corporate news before the opening of the markets.

IG has plenty of current and accessible educational material for beginner traders. Reports and daily analysis are emailed to anyone who signs up, and 24-hour support is available.

IG has a wide variety of educational materials to get traders started. These include the IG Academy, a section on Managing Your Risk, a Trading Strategy section, Webinars and Seminars, and a glossary of terms. See below for details:

• IG Academy: Online trading courses covering topics for beginner, intermediate and advanced traders. Live, structured classroom-style lessons are run daily and offer traders the opportunity to get personal feedback and interact with market analysts.
• Managing your risk: IG provides several materials outlining how traders can reduce their risk. It also includes information on the various risk management tools offered at IG.
• Trading Strategy: This section teaches traders how to look at the markets, use trading tools, and understand technical trading language.
• Webinars and seminars: IG Market’s webinars and seminars help build traders’ confidence and cover topics ranging from platform walk-throughs to upcoming trading opportunities.
• Glossary: The glossary provides comprehensive definitions and explanations of various financial terms.

Clients support is available by phone, email, Twitter, and live chat, 24hrs a day from 8 am Saturday to 10 pm Friday (GMT). In addition, the peer support platform offers assistance from other traders and IG staff in a forum discussion, which is an ideal additional resource for beginner traders who have questions about the platforms, analysis, and trading ideas.

For the purposes of the review, we tested the live chat service and email. Our email was answered within a couple of hours, and the answer was relevant and to the point. We found the live chat agents were polite and responsive, and they were able to answer all our questions. After logging into the live chat, we were connected to an agent who replied to our message within 30 seconds.