Online Trading

IG Group Review

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IG Group was founded in 1974 by an investor named Stuart Wheeler. At the time, Wheeler named his company “IG Index,” short for “Investors Gold Index.” IG Index was originally a company that let investors trade gold indices, as opposed to physically buying the gold itself. In 2000, IG was renamed, and it has grown to become quite a trading powerhouse, bringing in nearly $650 million in revenue a year.

IG Group is headquartered in London, England. It allows traders to trade derivatives—namely, CFDs. According to IG Group, it is the number-one provider of CFDs in the world, operating in more than seventeen countries. Investors can access more than 17,000 financial markets.

IG has a market capitalization of over $3 billion. There are 239,600 clients worldwide, and it counts 1,921 staff members across the world. IG has its pros, cons, and quirks, just like every investor. The benefits and drawbacks are discussed briefly below, and in depth further throughout this review.

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IG Group Pros & Cons

Pros

  • Accepts US Clients
  • Well-Reputed Global Presence
  • Extensive Offerings

Cons

  • High Forex Fees
  • High Stock CFD Trading Fees
  • $250 Account Minimum

Who Is IG Group Recommended For?

Why These Pros

A lot of brokers, particularly those who trade CFDs, don’t accept American clients, but IG Group does. American clients do not get account protection, nor do they get guaranteed stop losses, but they can trade with IG, so that’s a big “pro.”

Another positive feature of IG is the fact that it has a well-reputed global presence. The company has won awards for its quality, and it is a sponsor of events such as the Santos Tour Down Under, and teams like the Getafe CF football club, Team Sky cycling team, and Harlequin rugby team. Trading CFDs is a risky business, but having a reputable, well-known broker like IG makes it easier.

Thirdly, IG offers a lot of trading products to interested buyers. It is a CFD broker, so that asset category is limited, but the products within the category are not. IG Group has over sixteen-thousand tradable assets.

Why These Cons

Though IG labels its fees “competitive,” a few are on the higher end. Trade spreads start from 0.4 points on pairs like EUR/USD.  The minimum fees for stock CFD trading are $15 (10GBP). Other than the stock fees, the CFD fees are about average with other brokers. Thirdly, there is a $250 account minimum, which is high compared to certain other companies. At other brokers, like Finq.com and AvaTrade, the account minimum is $100.

Trading CFDs is not for the inexperienced, but, if you are new to the game, don’t worry, as IG Group has a lot of educational resources for you, including the “IG Academy.” It is suitable for advanced traders as well, though novices will likely find its educational videos, trading platform tutorial, and demo account most helpful.

Regulated By

  • FCA (UK)
  • CFTC (US)
  • NFA (US)

Top IG Group Features

Excellent Forex Range

IG Group knows that American traders are use its platform solely for the Forex. So, it has made that category as wide-ranging as possible, the selection is unparalleled by other trading platforms in the industry. You can trade more than eighty currency pairs with IG. The currency pairs are sorted under six different categories: Minors, Majors, Emerging Markets, Exotic, Australasian, and Scandinavian.

The trading platform, in addition to its extensive Forex market, also offers more than 16,000 assets to trade, including interest rates, options, ETFs, industry sectors, bonds, commodities, Crypto, shares, and indices. The product range is one of IG’s most well-liked features.

Educational Tools

One review site said that IG Group’s educational tools far surpassed anything that they had seen before. These tools include a trader’s library and the aforementioned IG Academy. IG Academy aims to teach beginners all they need to know. While advanced traders likely won’t click on IG Academy, they will find IG Group’s advanced trading strategy articles helpful. There are webinars on the site that cover everything from upcoming trade opportunities to a basic platform walk-through.

Platform Choices

Speaking of platforms, there are several available with this broker, including: MetaTrader 4 (MT4), Mobile Apps, APIs, and ProRealTime. Within these platforms, you can also access algorithmic trading and trading signals.

MetaTrader 4

Unfortunately, it appears that IG Group does not offer MetaTrader 5, which is the upgraded version of MT4. Luckily, MT4 is still a fine client, and this downloadable platform has been an industry standard since 2002, so you’re not losing out on much. MT4 is an industry leader when it comes to its 99% server uptime. There are no third-party bridges. You can access low spreads (0.86) and go short or long on thousands of markets.  

Mobile

IG Group calls its app the “UK’s Best,” and, judging from its features and accolades, it might be on to something. The app has full-dealing functionality, and you can open, edit, and monitor your positions no matter where you are. You can also access trailing and guaranteed stops for risk management. The app even has advanced features, such as points through current, partial fills, and tailored orders. The IG App, which works on iOS and Android, has won several awards, such as:

  • Investment and Wealth Management Award (2018): “Best Trading App”
  • ADVFN International Financial Awards (2019): “Best Finance App”
  • Professional Trader Awards (2019): “Best Trading App”

APIs

API means “Application Programming Interface.” “API” isn’t a platform in and of itself; it is a program that connects applications—for example, you can connect your platform to your IG trading account. When you trade with APIs, you can access the IG Group “ecosystem,” which is a fancy way of saying that you’ll have more control and order execution will be faster.                                                                                                                         

ProRealTime

Like APIs, ProRealTime isn’t a platform on its own—it’s actually a web-based charting package. This online charting software is integrated with IG Group’s trading platform, and it is best for experienced traders who will employ the technical indicators. There are over 100 indicators, which enable analysis of everything from volatility to price. With ProRealTime, you have the ability to build your own trade algorithms, which you can set to run 24/7.

Negative Balance Protection (EU/UK Only)

This benefit is only for citizens of the European Union and the U.K. If your CFD balance drops below zero, IG will bring it back to zero ASAP without costing you a dime. This protection doesn’t apply to corporate traders, and they can still lose more than their balance.

IG Group Overview

  • Broker Type: Market Maker
  • Minimum Deposit: $250 $250
  • Maximum Forex Leverage: 50:1 50:1
  • Scalping: Yes Yes
  • Hedging: Yes Yes
  • Free Demo Account: Yes Yes
  • Traders From USA: Yes (Though No Account Protection or Stop-Loss) Yes

Trading and Investment Tools

  • 24 Hr Trading: Yes
  • Streaming News Feed: Yes
  • Charting Package: Yes

IG Group Compliance & Regulation

IG Group is regulated by two main bodies in America: the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). With the CFTC, IG is registered as a “Retail Foreign Exchange Dealer” under the subsidiary name “IG US LLC.” In the UK, IG’s regulatory body is the Financial Conduct Authority (FCA).

Fees & Commissions

  • Rollover Fee: Calculated as the “Tom-Next Rate” Plus Admin Fee
  • Margin Interest: 3.33% - 50%

IG Group Pricing

While there are high fees for certain trades, such as CFD stock trading, the rest of the fees are about average. IG makes money through the Bid/Ask spread. There is a commission charge for trading CFDs, but those commission charges are added to either market side. IG does charge a premium for guaranteed stop-loss orders, but you’ll incur that fee only if the order is triggered.

Service Details

  • Supported Languages: Spanish, Dutch, Italian, Norwegian, English, Arabic, Hebrew
  • Customer Service Hours: 24/5
  • Email Response Time: Within 48 Hours
  • Telephone Orders: No
  • Personal Account Manager: No

IG Group Reliability & Security

It’s often helpful to look at aggregate consumer review sites when judging user experience. Investopedia ranked IG a 4.3/5, while BrokerNotes.co gave it a perfect five-star rating. Benzinga gave IG a 4/5, LearnBonds.com a 5/5, 55Brokers a 5/5, and TradingBrokers.com a 4.9/5, indicating all around positive reviews. TrustPilot rated it a 3.5/5. Lastly, ForexBrokers.com gave IG a “Trust Score” of 99/99, which means that it is low-risk.

Final Thoughts on IG Group

Overall, this is a high-quality broker. IG Group has been around for decades, and it is a globally-recognized presence. It even accepts American traders, which is not something you see everyday from firms like IG. If you want a tried-and-true company with a lot of offerings and education tools, IG Group is for you. Though the minimum account deposit isn’t as low as it could be, it pays off when you look at all the other features—particularly APIs and the IG Academy—that you get.

Contact Info

laptop Website: https://www.iggroup.com/
location_on Company Address:
25 Dowgate Hill, London, Greater London, EC4R 2YA, United Kingdom

IG Group FAQs

Q: What is IG Group’s contact number?
A: +312 981 0498

Q: How long do deposits take?
A: Expect deposit to take up to three business days. At a minimum, your deposit will take one business day.

Q: How long do withdrawals take?
A: Withdrawing money to a credit or debit card generally takes between two and five bank days. However, withdrawing money to Paypal is much faster, usually clearing within 24 hours.

Q: Why is negative account balance protection only for non-American traders?
A: IG has not listed the reasoning, but it likely has to do with government regulation. Forex trading is the only IG Group trading available to Americans right now, and IG is only able to offer so many features while still complying with the law.

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