IG Markets review

IG Markets logo

IG Markets, established in 1974, is one of the leading names in the world of online trading. With a history that spans nearly five decades, IG Markets has built a strong reputation for offering comprehensive trading services to both retail and institutional investors. Known for its user-friendly platforms, wide range of financial instruments, and robust regulatory framework, IG Markets has become a popular choice for traders across the globe. This review will delve into the background of IG Markets, explore the different account types it offers, and provide an in-depth look at its trading platforms.

Background Information

IG Markets is part of IG Group, a UK-based financial services company that has been at the forefront of online trading since its inception. The company was founded by Stuart Wheeler, initially as a firm that allowed clients to speculate on the price of gold. Over the years, IG Markets has expanded its offerings to include a broad range of financial instruments such as forex, indices, commodities, stocks, and cryptocurrencies. The broker is headquartered in London and is publicly listed on the London Stock Exchange, which adds an additional layer of credibility and transparency to its operations.

One of the key strengths of IG Markets is its regulatory standing. The broker is regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Commodity Futures Trading Commission (CFTC) in the US, among others. This extensive regulatory oversight ensures that IG Markets adheres to stringent financial standards, providing traders with a secure and reliable trading environment. Additionally, the broker offers negative balance protection, which ensures that clients cannot lose more than their account balance, a crucial feature for those trading in volatile markets.

Account Types

IG Markets offers a range of account types to cater to different types of traders, from beginners to professionals. The most common account type is the standard account, which is available to all retail clients. This account provides access to a wide range of trading instruments, including over 17,000 markets, with competitive spreads and no commission on forex trades. The standard account is suitable for most traders, offering flexibility and a straightforward trading experience.

For those looking for more advanced features, IG Markets offers a professional account. This account is designed for experienced traders who meet certain criteria, such as having a significant trading history or holding a substantial portfolio. The professional account offers lower margin requirements, higher leverage options, and access to a broader range of trading tools. However, it’s important to note that professional clients forfeit some of the regulatory protections offered to retail clients, such as negative balance protection.

In addition to these, IG Markets also provides a demo account, which is ideal for beginners who want to practice trading in a risk-free environment. The demo account comes with virtual funds and allows users to trade in real market conditions, helping them to familiarize themselves with the platform and develop their trading strategies without risking real money.

IG Markets also caters to specific needs through its spread betting account, which is particularly popular in the UK due to its tax-free nature. Spread betting allows traders to speculate on the price movements of various financial instruments without actually owning the underlying asset. This type of account is advantageous for traders looking to leverage their positions and take advantage of short-term market movements.

Trading Platforms

IG Markets is renowned for its powerful and user-friendly trading platforms, which cater to both novice and experienced traders. The broker offers several platform options, ensuring that traders can find the one that best suits their trading style and needs.

The IG Trading Platform is the broker’s proprietary web-based platform, designed to offer a seamless trading experience. The platform is highly intuitive, with a clean and customizable interface that makes it easy to navigate. It offers advanced charting tools, a wide range of technical indicators, and a robust risk management system. One of the standout features of the IG Trading Platform is its seamless integration with other tools and services offered by the broker, such as news feeds, market analysis, and trading signals.

For those who prefer to trade on the go, IG Markets provides a mobile trading app that is available on both iOS and Android devices. The mobile app offers nearly all the functionality of the web-based platform, allowing traders to monitor their positions, execute trades, and access real-time market data from anywhere. The app is highly rated for its user-friendly design and reliability, making it a popular choice for traders who need to stay connected to the markets at all times.

In addition to its proprietary platforms, IG Markets also offers access to the popular MetaTrader 4 (MT4) platform. MT4 is widely regarded as one of the best trading platforms in the industry, known for its extensive range of features, including automated trading through Expert Advisors (EAs), advanced charting capabilities, and a vast library of third-party plugins. MT4 is particularly favored by forex traders and those who prefer to customize their trading environment.

For professional traders, IG Markets provides access to the L2 Dealer platform, which is designed for those who require direct market access (DMA). L2 Dealer offers advanced trading tools, including the ability to view market depth, place orders directly on the market, and trade with greater precision. This platform is ideal for traders who require more control over their trades and are looking for the best possible execution.

IG Markets is a well-established broker known for its wide range of financial instruments, competitive fee structure, strong customer support, and extensive educational resources. Founded in 1974, IG Markets has earned a reputation as a reliable platform for both beginner and advanced traders. Below, we delve into four key areas that define the IG Markets trading experience: the range of assets, fees and commissions, customer support, and educational resources.

Range of Assets

IG Markets offers an impressive array of assets, making it a versatile platform for traders interested in diverse markets. One of the broker’s main attractions is its access to over 17,000 markets, which includes a wide variety of financial instruments. Traders can engage in forex trading, with over 80 currency pairs available, covering majors, minors, and exotics. For those interested in equity markets, IG Markets provides access to more than 12,000 shares across global stock exchanges, allowing traders to invest in individual stocks from various regions, including the U.S., UK, Europe, and Asia.

Additionally, IG Markets excels in offering access to indices, with over 30 major indices available for trading. This includes popular indices like the S&P 500, FTSE 100, and DAX 30, making it an attractive option for those looking to trade on macroeconomic trends. For commodity traders, the broker offers a broad selection of commodities, including precious metals like gold and silver, energy products like oil and natural gas, and agricultural commodities like wheat and coffee. IG Markets also provides opportunities for trading bonds, ETFs, and cryptocurrencies, ensuring that there is something for every type of trader. The inclusion of cryptocurrency CFDs, in particular, reflects IG Markets’ commitment to staying relevant in modern trading trends, though it’s important to note that this offering may vary based on regional regulations.

Fees and Commissions

IG Markets is known for its transparent fee structure, which is competitive in the industry. The broker generally operates on a spread-based pricing model, which means that traders pay the difference between the bid and ask price when entering a trade. Spreads on major forex pairs, such as EUR/USD, start as low as 0.6 pips, which is quite competitive compared to other brokers. However, spreads can vary depending on market conditions and the type of account held by the trader.

For stock trading, IG Markets charges a commission on share trades, with the rates varying by region. For example, U.S. shares attract a commission of $0.02 per share, with a minimum charge of $15, while UK shares are subject to a commission of 0.1% with a minimum charge of £10. This commission structure is reasonable, particularly for traders dealing in larger volumes. Additionally, IG Markets offers commission-free trading on certain ETFs and indices, which can be a cost-effective option for traders looking to diversify their portfolios without incurring high fees.

Non-trading fees are also worth noting. IG Markets charges an inactivity fee of $12 per month if there is no trading activity on the account for more than two years. While this fee is not uncommon in the industry, it’s something long-term investors should be aware of. Other potential costs include overnight funding fees for positions held open overnight, which are typically based on the underlying market’s interest rates plus a small premium.

Customer Support

Customer support is a crucial aspect of any trading experience, and IG Markets excels in this area. The broker provides 24/5 customer support, ensuring that traders have access to assistance during the critical trading hours of the week. Support is available through multiple channels, including live chat, phone, and email. The live chat feature is particularly praised for its responsiveness, offering quick solutions to queries without the need for prolonged wait times.

In addition to the standard support options, IG Markets also has a robust FAQ section and help center on its website. This self-service area is packed with information covering a wide range of topics, from account setup and platform navigation to trading strategies and market analysis. The availability of a detailed and well-organized help center means that traders can often find answers to their questions without needing to contact support, enhancing the overall user experience.

Another notable feature is the broker’s active presence on social media platforms, where it provides updates and engages with users. This modern approach to customer engagement demonstrates IG Markets’ commitment to maintaining an open line of communication with its clients, making it easier for traders to stay informed about market changes and broker updates.

Educational Resources

IG Markets is particularly strong in the area of educational resources, making it an excellent choice for both novice traders and those looking to deepen their market knowledge. The broker offers a comprehensive range of educational materials, including webinars, video tutorials, articles, and eBooks. These resources cover a wide array of topics, from basic trading concepts to advanced technical analysis techniques.

One of the standout features of IG Markets’ educational offering is the IG Academy, a dedicated learning portal that provides structured courses on various aspects of trading. The Academy caters to different skill levels, with courses divided into beginner, intermediate, and advanced categories. This allows traders to progress at their own pace, building their knowledge as they gain experience in the markets. The interactive nature of the courses, combined with quizzes and practical examples, ensures that traders not only learn but also retain the information they need to succeed.

In addition to the IG Academy, the broker regularly hosts live webinars that cover current market trends, trading strategies, and platform tutorials. These webinars are conducted by market experts and provide traders with the opportunity to ask questions and interact with professionals in real-time. For those who prefer on-demand learning, IG Markets’ library of recorded webinars is readily accessible, allowing traders to learn at their convenience.

Overall, IG Markets is a comprehensive trading platform that offers a wide range of assets, competitive fees, strong customer support, and top-notch educational resources. Whether you’re a beginner looking to learn the ropes or an experienced trader seeking advanced tools and strategies, IG Markets provides the resources and support needed to navigate the complex world of trading.

Security and Safety

When it comes to security and safety, IG Markets stands out as one of the most trusted brokers in the industry. The company is heavily regulated by top-tier financial authorities, which is a significant indicator of its commitment to providing a safe trading environment. IG Markets is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and several other reputable regulatory bodies around the world. This multi-jurisdictional regulation ensures that the broker adheres to stringent rules and standards, protecting traders’ funds and personal information.

One of the critical safety measures IG Markets employs is the segregation of client funds. This means that all client deposits are kept separate from the company’s operating funds, reducing the risk of losing money in the unlikely event that the broker faces financial difficulties. Additionally, IG Markets offers negative balance protection, ensuring that clients cannot lose more money than they have deposited. This feature is particularly important for retail traders who are concerned about the risks associated with high-leverage trading.

IG Markets also employs advanced encryption protocols to protect its clients’ personal and financial data. The broker uses SSL encryption to secure all transactions and communications between clients and the platform. This level of security is essential in an era where cyber threats are increasingly prevalent. Furthermore, IG Markets provides two-factor authentication (2FA) for an added layer of security, ensuring that only authorized users can access accounts.

In terms of insurance, IG Markets is part of the Financial Services Compensation Scheme (FSCS) in the UK, which covers eligible clients up to £85,000 in the event of the broker’s insolvency. Similar compensation schemes are available in other jurisdictions where IG Markets operates, providing additional peace of mind to traders.

User Reviews and Testimonials

User reviews and testimonials are generally positive for IG Markets, highlighting its reliability, comprehensive trading tools, and excellent customer service. On platforms like Trustpilot, IG Markets has garnered a favorable rating, with many users praising its wide range of assets, including forex, indices, commodities, and shares. The broker’s intuitive and powerful trading platform, available on both web and mobile, is frequently mentioned as a significant advantage, particularly for those who trade on the go.

One of the standout features in user reviews is IG Markets’ educational resources. Many traders, especially beginners, appreciate the wealth of educational materials available, including webinars, tutorials, and articles. These resources help traders understand market dynamics and develop effective trading strategies, which is a significant draw for those new to trading.

However, no broker is without its criticisms. Some users have reported issues with customer service, particularly during high-traffic periods. While IG Markets generally offers responsive and knowledgeable support, there have been occasional complaints about delays in response times, especially when markets are highly volatile. Additionally, some traders have mentioned that the platform’s fees, while competitive, can be slightly higher than those of other brokers, particularly for certain products like CFDs.

Overall, the user feedback for IG Markets leans heavily towards the positive, with the majority of traders expressing satisfaction with the platform’s features, security, and reliability.

Pros and Cons

Pros:

  1. Regulation and Security: IG Markets is one of the most regulated brokers globally, with oversight from multiple top-tier authorities. This multi-jurisdictional regulation, combined with client fund segregation and negative balance protection, provides a high level of security for traders.
  2. Comprehensive Trading Platform: The broker’s trading platform is versatile and user-friendly, catering to both beginner and advanced traders. The platform offers a wide range of tools, including advanced charting, technical analysis, and risk management features.
  3. Wide Range of Assets: IG Markets offers an extensive selection of trading instruments, including forex, indices, commodities, shares, and cryptocurrencies. This variety allows traders to diversify their portfolios easily.
  4. Educational Resources: The broker provides an excellent array of educational materials, including webinars, articles, and tutorials, which are particularly beneficial for novice traders looking to build their knowledge and skills.
  5. Reliable Customer Support: While there are occasional complaints about response times, IG Markets generally offers solid customer support through multiple channels, including phone, email, and live chat.

Cons:

  1. High Fees for Certain Products: While IG Markets offers competitive spreads on many products, some traders have noted that the fees for certain products, particularly CFDs, can be higher than those of other brokers. This could be a deterrent for cost-conscious traders.
  2. Customer Service Delays: During periods of high market activity, some users have reported delays in customer service responses. Although the support team is knowledgeable, these delays can be frustrating for traders needing quick assistance during volatile market conditions.
  3. Limited Cryptocurrency Offering: While IG Markets does offer cryptocurrency trading, the range of available crypto assets is more limited compared to dedicated crypto exchanges. This may be a drawback for traders specifically interested in a wide variety of digital currencies.
  4. Complexity for Beginners: Although IG Markets provides substantial educational resources, the platform itself can be overwhelming for complete beginners due to its extensive range of features and tools. Novice traders may need time to adjust and fully utilize the platform’s capabilities.

Conclusion

IG Markets is a highly reputable broker with a strong focus on security and a comprehensive range of trading tools. Its regulatory status across multiple jurisdictions provides a safe and reliable trading environment, making it an excellent choice for both novice and experienced traders. While there are some areas for improvement, such as reducing fees for certain products and enhancing customer service during peak times, the overall offering from IG Markets is robust. For traders seeking a well-established broker with a wide range of assets and strong educational resources, IG Markets stands out as a top contender.

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