IG was established in the UK in 1974 and is one of the biggest CFD providers in the world. It is regulated by several regulators globally, including top-tier authorities, like the FCA. IG is considered safe, because it is listed on a stock exchange, discloses its financials, and regulated by top-tier regulators. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG’s trading fees are a bit high and non-trading fees are average. Its financing rate is one of the best.
- Low financing rate
- Transparent fee structure
- High trading fees
- Inactivity fee
The account opening process is fast, user-friendly, and fully digital. There is a £250 or equivalent minimum deposit for cards.
- Fast account opening
- Account opening fully digital
- £250 or equivalent minimum deposit for cards
Can you open an account?
IG serves clients across five continents and you can open an account from almost anywhere in the world.
Please note that resident of US (except residents of Arizona or Ohio) and Netherlands are able to open a trading account with IG.
There are a few notable exceptions, you can not open an account if resident from one of these countries:
Afghanistan, Anjouan, Belgium, Bulgaria, Canada, Comoros, Congo, Cote d’Ivoire (Ivory Coast), Cuba, Democratic Republic of the Congo, Equatorial Guinea, Eritrea, Guinea, Haiti, Iran, Iraq, Kosovo, Liberia, Libya, Mauritania, Montserrat, Myanmar, Niger, Nigeria, North Korea, Palestinian Territory, Poland, Sierra Leone, Somalia, Sudan (North and South), Syria, Turkmenistan, Western Sahara, Yemen, Zaire, Zimbabwe.
In most countries, you can open only CFD accounts.
If you are from one of the few special countries, you can also trade stocks:
- Some small countries, like Gibraltar, the British Virgin Islands, etc.
You will need to open a second account for stock trading. There are also tax-efficient accounts in the UK, like ISA or SIPP.
In addition, if you are interested in IG’s robo advisory service, i.e. “smart portfolios”, you have to open a separate account.
IG also offers limited risk account depending on the jurisdiction and account type (see below).
DEPOSIT AND WITHDRAWAL
You have several options to transfer money.
The transfer process is user-friendly and fast.
- Several account base currencies
- Credit/Debit card deposit and withdrawal available
- Not transparent on available base currencies
Account base currencies
IG provides dollar, euro, pound, and also a couple of minor currencies as an account base currency, but IG does not provide any official information. You should contact their customer service if you plan to open an account with a minor base currency.
Why does the account base currency matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won’t be charged.
Deposit fee and options
IG deposit fees are free. As at other CFD brokers, there are a lot of transfer options.
- Bank transfer
- Credit/Debit card
WEB TRADING PLATFORM
IG’s web platform is great. It is easy to use, has all necessary functions, and can be customized.
Even first time users can get familiar with it instantly.
- Two-step (safe) login
- Good search function
- Good customizability (for chart, for workspace)
24/7 customer service, giving fast and relevant answers. It is available via live chat, phone and email too. The representatives are well prepared.
- Live chat available
- Fast support
- Relevant answers
IG is regulated by several financial authorities globally, including top-tier regulators, like the UK FCA. IG Group, the parent company of IG, is listed on the London Stock Exchange.
- Listed on stock exchange
- Well disclosed financial information
- Regulated by top-tier regulators, like FCA
- Negative balance protection not available
IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.
IG has the best web trading platform Brokerchooser tested. Its customer service is professional and relevant. The deposit and withdrawal conditions are also great.
The biggest drawback is the fee structure. It is quite pricey especially when you trade lower amounts. IG’s product portfolio is limited to CFDs, however, in the UK and some other countries, stocks are also accessible.
It is quite easy to test IG’s first class trading platform since there is no minimum funding for bank transfer and you can easily open a demo account.