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Since 1974, join 195,000 traders worldwide, listed on the FTSE 250 Visit Site

IG Review

Steven Hatzakis

By Steven Hatzakis / February 18th, 2019
Last Updated: April 16th, 2019

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Trading forex carries a high level of risk. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.

As an early pioneer in offering contracts for difference (CFDs) and spread betting, IG was founded in 1974 and has grown to be a global leader in the online trading industry. IG is a London-based public company listed on the London Stock Exchange’s FTSE 250 (LON: IGG).

IG offers traders access to trade over 15,000 products across multiple asset classes, including forex, CFDs on shares, indices, commodities, bonds, cryptocurrencies, and provides access to other global markets including exchange-traded shares through its regulated offerings. As of its financial year ending May 31st, 2018, IG services over 195,000 active clients globally through its 14 global offices and 1,500 staff, across its regulated entities in the UK and internationally.

Overall Summary

Rank: 1st (of 28)

Regulated and trusted across the globe, IG offers traders an extensive list of tradable products, excellent trading and research tools, industry leading education, and competitive rates. This fantastic all-round experience makes IG our No. 1 overall broker in 2019.

Benefits

  • Comprehensive trading and research tools powered by real-time exchange data.
  • Publicly traded and licensed in major regulatory jurisdictions across the globe.
  • Competitive commission-based pricing and spreads on forex.
  • Broad range of markets, currency pairs, and multi asset CFDs (including cryptocurrencies).

Considerations

  • Forex Direct offering is only available to professional traders within the EU.

Promo Offer:

  • Since 1974, join 195,000 traders worldwide, listed on the FTSE 250 Visit Site

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry. To help investors find trustworthy brokers, we have created a proprietary 1-100 score (the higher the better), which we call Trust Score.

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Trust Score

IG

FeatureIG
Year Founded1974
Publicly-Traded Company (Listed) Yes
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes

Commissions & Fees

Rank: 4th (of 28)

IG uses its size to provide traders competitive pricing across the board, regardless of the product being traded, and shines for its active trader pricing available through Forex Direct accounts.

Benefits

  • For mini and standard size contracts, minimum spreads on the EUR/USD were 0.6 pips and average spreads were 0.75 pips, for the 12 weeks ending December 12th, 2018.
  • For volume traders who qualify as professionals under EU rules, IG has even more competitive rates on its commission-based offering, Forex Direct. Forex Direct is offered on IG’s L2 Dealer platform, requires only a £1,000 minimum, and uses a tiered pricing scale based on the trader’s previous month’s trading volume.
  • Forex Direct streams from interbank liquidity providers where IG acts as an agency broker – and doesn’t add on any additional spread. Instead, IG just adds a commission to each trade you make (similar to FXCM’s agency execution and other brokers with commission-based pricing).

Considerations

  • None.

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Further Reading

IG

FeatureIG
Minimum Initial Deposit£250.00
Average Spread EUR/USD - Standard0.75
All-in Cost EUR/USD - Active0.363
Active Trader or Premium/VIP Yes

Platforms & Tools

Rank: 3rd (of 28)

All in all, IG provides an excellent offering of trading platforms and tools. The functionality is widespread and serves traders of all experience levels.

Benefits

  • IG’s main trading platform is its proprietary web-based platform. Usability is at the heart of the experience. For example, charts can be opened from nearly any view that shows live market prices and streaming bid/ask rates, and various other shortcuts provide access to a trading ticket or order dialogue window.
  • The default charts within the platform feature some advanced functionality, such as the ability to add an alert on a specific indicator, with a total of 22 indicators available to choose from.
  • In addition to its web-based platform, IG offers the MetaTrader4 (MT4) platform and its L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

Considerations

  • IG’s default layout in its web-based platform is mostly empty, requiring the user to customize the platform without a selection of pre-templated layouts to select from.
  • More advanced charting with nearly 100 indicators is provided by IG via the ProRealTime premium charting, which is available as a standalone application. ProRealTime costs £30 per month unless at least four trades are made during each calendar period.

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Further Reading

IG

FeatureIG
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)22
Charting - Drawing Tools (Total)17
Charting - Trade From Chart Yes
Watchlists - Total Fields12
Order Type - Trailing Stop Yes

Customer Service

Rank: 1st (of 28)

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 8.5 / 10
  • Average Professionalism Score: 6.6 / 10
  • Overall Score: 8.0 / 10
  • Ranking: 1st (23 brokers)
  • View Infographic

Research

Rank: 2nd (of 28)

IG provides traders an excellent selection of quality market research from both in-house and third-party providers.

Benefits

  • On its trading platform, IG offers streaming news from Reuters and research in the form of an Economic Calendar, as well as a customizable screener for various asset classes including CFDs on global stocks, forex, and cryptocurrencies.
  • IG also integrates AutoChartist and PIA First into its platform, allowing traders to view trade signals generated by automated pattern-recognition and technical analysis.

Considerations

  • None.

Gallery

Further Reading

IG

FeatureIG
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Mobile Trading

Rank: 3rd (of 28)

IG’s mobile app ranks highly as the app comes packed with plenty of features that will satisfy both casual and picky traders.

Benefits

  • IG’s mobile app includes features such as alerts, sentiment readings, an economic calendar, and watch lists including detailed market information for each instrument all packed within a well-designed layout.
  • The charting function within IG's mobile app is loaded with technical indicators and drawing tools. Any indicators added to a chart are automatically saved and reappear with each subsequent login. AutoChartist is also integrated into the experience.
  • MetaTrader is also available for traders who prefer the MT4 mobile app.

Considerations

  • None.

Gallery

Further Reading

IG

FeatureIG
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies26
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar Yes

Offering of Investments

Rank: 1st (of 28)

The following table summarizes the different investment products available to IG clients.

IG

FeatureIG
Currency Pairs (Total Forex pairs)91
CFDs - Total Offered15000
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Other Notes

In 2017, IG launched Smart Portfolios as its first move into the managed investment space, as well as seven CFD cryptocurrency pairs including Bitcoin, Bitcoin Cash, and Ethereum.

In 2018, IG obtained a Forex Dealer Member license in the US, marking its major milestone for the year.

IG also offers exchange-traded securities (non-CFDs) for residents of the UK (read our IG UK share dealing review), Germany, and Australia to access international stock exchanges. Furthermore, IG offers 7,500 CFD products and at least 70 currency pairs.

Final Thoughts

Rank: 1st (of 28)

Overall, retail forex and CFD traders who want trusted access to nearly every market, including exchange-traded securities on a number of international exchanges, will find that IG is an easy winner.

IG also offers powerful research tools and competitive spreads, making it a market leader and our top broker in 2019.

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. How we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

IG - 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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