Written by ForexBrokers.com
In this head to head comparison of IG vs FXOpen, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing IG and FXOpen, both online brokers have distinct histories and regulatory standings. IG, established in 1974, is a publicly traded company and operates as a bank, enhancing its financial credibility. It holds 8 Tier-1 licenses and 2 Tier-2 licenses, making it highly trusted according to ForexBrokers.com, which rates IG with a near-perfect Trust Score of 99. This rating reflects IG’s long-standing reputation and compliance with top regulatory standards.
On the other hand, FXOpen, founded in 2003, is not publicly traded and does not operate as a bank. It holds 2 Tier-1 licenses but has no Tier-2 licenses, indicating a different level of regulatory coverage compared to IG. As a result, FXOpen has a Trust Score of 76, seen as an average risk per ForexBrokers.com. This suggests that while FXOpen is reasonably trusted, its trust level does not reach that of the more extensively regulated IG.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Year Founded | 1974 | 2003 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 8 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When comparing commissions and fees, IG stands out due to its scalability and active trader pricing. Although it's not a discount broker, IG excels for Forex Direct accounts and large order execution. In July 2023, the main Forex Direct account's spreads averaged 0.62 pips, translating to an all-in cost of 0.82 pips with a commission of 0.2 pips. Additionally, CFD account spreads were notably competitive, averaging 0.69 pips during peak trading hours and 0.98 pips overall. IG's active trader rebate program offers further discounts, with potential rebates up to 20% for high-volume traders.
Alternatively, FXOpen offers competitive pricing but lacks the detailed average spread data that IG provides. Despite this, it earns a respectable rating for its commission structure. IG's Direct Market Access (DMA) account, particularly beneficial for high-volume traders, provides further discounts and requires a £1,000 minimum deposit. Traders with substantial monthly volumes can enjoy significantly reduced commission rates.
In terms of ratings, IG holds a 5-star rating for its commissions and fees, giving it an edge over FXOpen which has a 4-star rating. Among 63 brokers evaluated by ForexBrokers.com, IG ranks impressively at #8, highlighting its favorable pricing structure. In contrast, FXOpen ranks #44, offering a solid but less competitive position in the industry.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Minimum Deposit | £250.00 | $100 |
| Average Spread EUR/USD - Standard | 0.98 | N/A |
| All-in Cost EUR/USD - Active | 0.82 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investment options between online brokers IG and FXOpen, IG stands out with a considerable advantage. IG offers forex trading as both a CFD and spot contract, providing traders with a selection of 97 tradeable forex pairs and a staggering total of 19,537 tradeable symbols. Additionally, IG allows clients to purchase exchange-traded securities on both U.S. and international exchanges, enabling investments in well-known companies like Apple and Vodafone. Cryptocurrency enthusiasts can benefit from IG's offerings of both actual and derivative forms of digital currencies. With such a wide array of options, IG earns a rating of 5 stars for Range of Investments and ranks 4th out of 63 brokers according to ForexBrokers.com.
On the other hand, FXOpen presents a more focused investment selection. It also offers forex trading as a CFD or spot contract but features only 25 tradeable forex pairs and 87 tradeable symbols in total. Although FXOpen does not provide direct access to exchange-traded securities on U.S. or international markets, it makes up for it with a positive feature—copy trading capabilities. FXOpen offers cryptocurrency derivatives but does not facilitate the purchase of actual cryptocurrencies. With these choices, FXOpen is rated 3 stars for its Range of Investments and holds the 62nd position out of 63 brokers on ForexBrokers.com. Overall, IG's broader variety of investment instruments provides more opportunities for diversified portfolios compared to FXOpen.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 87 |
| Forex Pairs (Total) | 97 | 25 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
IG and FXOpen are two online brokers offering a range of trading platforms and tools catering to different trader needs. Both brokers provide demo accounts for practice trading without financial risk, allowing users to familiarize themselves with their platforms. IG offers a proprietary trading platform developed in-house, which is highly rated and available as both a Windows desktop download and a web-based platform. In contrast, FXOpen does not offer a proprietary platform but supports popular third-party platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), unlike IG, which only offers MT4. While both brokers provide trading directly from stock charts, IG excels with its diverse range of charting tools, featuring 20 drawing tools compared to FXOpen’s 15.
For traders interested in copy trading, FXOpen supports this feature along with ZuluTrade, whereas IG does not offer these options. Despite FXOpen providing more fields for watch lists (7 compared to IG’s 5), IG consistently receives higher ratings for its trading platforms and tools. Ranked #2 by ForexBrokers.com among 63 brokers, IG achieves a 5-star rating for its platforms, showcasing its comprehensive and intuitive user experience. FXOpen, rated 4 stars, holds the #53 position, indicating room for improvement in this competitive space.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 33 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When evaluating mobile trading apps, IG and FXOpen both provide platforms that cater to traders using iPhone and Android devices, with essential features such as forex and stock price alerts. However, IG stands out with superior functionality; it allows users to sync their watchlists across mobile and online accounts, ensuring seamless updates across platforms—an edge not offered by FXOpen. In terms of charting tools, IG also has the upper hand with 33 technical studies compared to FXOpen's 30, along with the capability to draw trendlines and auto-save chart drawings, adding convenience and flexibility for traders who frequently analyze market trends.
In terms of customization and real-time data, both IG and FXOpen let users create watchlists with real-time quotes and offer access to multiple time frames for stock and forex charts. Yet, IG’s mobile app shines with premium ratings, earning a perfect 5-star review and securing its position as the number one ranked app among 63 brokers on ForexBrokers.com. This demonstrates IG’s commitment to delivering a top-tier mobile trading experience. On the other hand, FXOpen, with a decent 4-star rating, ranks 54th, indicating there's room for improvement in matching IG's comprehensive mobile trading offerings.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 33 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing market research offerings, IG and FXOpen each provide valuable resources for their users. Both platforms offer daily market commentary and provide forex news from top-tier sources such as Bloomberg, Reuters, and Dow Jones, ensuring traders stay well-informed. They also both include economic calendars that display current and upcoming global news events. However, IG stands out by providing a broader array of research tools. These include partnerships with renowned companies such as Autochartist, TipRanks, and Acuity Trading, which offer various tools useful for both technical analysis and market insights. Additionally, IG offers a sentiment-based trading tool that shows the ratio of long or short positions across different currency pairs, adding further depth to their research capabilities.
In contrast, FXOpen lacks these additional resources, such as tools from Autochartist and sentiment analysis, which might limit the richness of their market research. They also do not offer insights from companies like TipRanks and Acuity Trading. As a result, IG earns a superior research rating of 5 stars and ranks second among 63 brokers according to ForexBrokers.com. Meanwhile, FXOpen has a more modest research rating of 3 stars, placing it at the 63rd position in the same evaluation. For traders seeking comprehensive research tools to support their trading strategies, IG seems to provide a more extensive and higher-ranked offering in comparison to FXOpen.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For traders just starting their journey in the world of forex and CFDs, having access to high-quality educational resources can make a significant difference. IG stands out as a top choice for beginners, offering an extensive library of educational materials. With more than 10 articles, videos, and archived webinars focusing on forex and CFDs, IG provides ample learning opportunities. Beginners can also benefit from IG's monthly online educational webinars and a searchable archive of past sessions, making it easy to catch up on important topics. IG doesn't stop at just covering beginner essentials; they also offer a variety of advanced educational videos tailored for more experienced traders. Additionally, their comprehensive investor dictionary includes definitions for over 50 investing terms, serving as a valuable resource for learners at all levels. It’s no surprise that IG receives a commendable 5-star rating and holds the top rank in education among 63 brokers according to ForexBrokers.com.
In contrast, FXOpen may not be the best option for those seeking an in-depth educational experience. While they do provide an investor dictionary with more than 50 terms, the range of educational resources available to beginners is limited. FXOpen does not have the same breadth of educational content as IG, lacking the minimum of 10 educational pieces focused on forex and CFDs, and they do not offer regular educational webinars or a recorded library. FXOpen's offerings for beginner and advanced educational videos also fall short compared to IG. As such, FXOpen earns a 3-star rating for education and ranks near the bottom at #58 among 63 brokers in the same survey. Therefore, for beginners eager to learn about trading and gain a solid foundation, IG is the more comprehensive choice compared to FXOpen.
| Feature |
IG
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that IG is better than FXOpen. IG finished with an overall rank of #1, while FXOpen finished with an overall rank of #54.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
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FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 76 |
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IG allows customers to buy both actual (delivered) cryptocurrency and cryptocurrency derivatives, while FXOpen only offers the ability to buy cryptocurrency derivatives.
IG provides a broader range of payment options including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires, while FXOpen supports Visa, Mastercard, Skrill, and bank wires, but lacks ACH, SEPA, and PayPal options.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | IG | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | IG Review |
| Broker Screenshots | IG | FXOpen | |
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| Regulation | IG | FXOpen | |
|---|---|---|---|
| Trust Score | 99 | 76 | |
| Year Founded | 1974 | 2003 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | IG | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IG | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 87 | |
| Forex Pairs (Total) | 97 | 25 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | IG | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | N/A | |
| All-in Cost EUR/USD - Active | 0.82 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | FXOpen | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | IG | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | IG | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 7 | |
| Charting - Indicators / Studies (Total) | 33 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 33 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IG | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IG | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IG | FXOpen | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | IG Review |
| Overall | IG | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | IG Review |
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