IG Markets Review

Author By Jeffrey Cammack
Updated: May 7, 2021
Overall Rating
4.69 4.69 / 5
Rated #1 of 57 Recommended Brokers
Min. Deposit
AUD 250
Regulators
Trading Desk
Trading Cost
USD 6
Website Language
English, Swedish, Portuguese, Japanese, Arabic
Support Language
English, Swedish, Portuguese, Japanese, Arabic
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

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Summary

A market maker broker with a direct market access account option, IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, IPO trading, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.  With two account options – an OTC Account and a DMA Account, IG Market’s trading costs are excellent compared to other similar brokers, with no minimum deposit requirements and tight spreads, averaging between 0.75 and 0.86 pips on the EUR/USD, depending on the platform choice.  IG Markets offers trading on both the MT4 and its proprietary platform, in addition to a wide range of trading tools.  It also provides a world-class repository of educational and market analysis materials to get new traders started. 

Overall, beginner Forex traders won’t find a much better broker than IG Markets, and it is one of our highest-rated brokers for good reason.  Combined with regulation from the FCA and ASIC, a long history of satisfied clients, and vast industry recognition, IG Markets comes highly recommended. 

Reviews

Regulation
111115/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111115/ 5
Education & Research
111115/ 5
Assets Available
111115/ 5
Customer Service
111104/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
Number of FX Pairs
93
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0.60 pips
Commission
Fees Included in Spread
EUR/USD
0.6 pips
GBP/USD
0.9 pips
USD/JPY
0.7 pips
Max. Leverage
30:1

Company Details

Company Name
IG Markets Ltd
Founded
1974
Website
Office Locations
South Africa, United Kingdom

Pros

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis

Cons

  • High minimum deposit

Is IG Markets Safe?

Founded in 1974 and headquartered in the United Kingdom, IG Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) UK, and the Financial Sector Conduct Authority (FSCA) South Africa.  It is also listed on the London Stock Exchange and is a constituent of the FTSE 250 Index, adding a further level of regulatory scrutiny.  See below for more details:

  • IG Australia Ltd is authorised and regulated by ASIC, license 220440.
  • IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority, license 195355.
  • IG Markets South Africa Limited is regulated by the FSCA, FSP 41393.

Industry recognition continues to stack up around IG Markets. Recent awards include Best Finance App 2020 (ADVFN International Financial Awards), Best Multi-Platform Provider 2020 (ADVFN International Financial Awards), Overall Personal Wealth Provider 2020 (Online Personal Wealth Awards), Best CFD Provider 2020 (Online Personal Wealth Awards), and Winner of Best Forex Trader 2019 (Investopedia Online Brokers Awards), among others.

Along with solid regulation are strict internal processes, and IG Markets holds all client funds in segregated accounts at tier-1 banks.  Furthermore, under ASIC regulations, all Australians are offered negative balance protection. 

Because of the active internal client protection policies and processes, strong regulation, and acclaim from the industry, we consider IG Markets a safe and trustworthy broker.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
FCA
ASIC
FSCA
BaFin
FINMA
MAS
FMA
DFSA
FSA
CFTC
Fi
Market Maker
1974
South Africa, United Kingdom
Inactivity fee if no dealing activity has occurred for two years.

Investment Offering

IG Markets offers a variety of different CFDs to trade including Forex. 

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Fx Pairs
CFD Investments
93
Commodities
Cryptocurrencies
Forex
Equities
Bonds
Interest Rates
Digital 100s
IPOs

IG Markets Trading Conditions

With trading on over 17,000 instruments, including over 90 Forex pairs, indices, share CFDs, IPO trading, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates, IG Markets offers two account types for Forex traders.  A corporate account option is also available if you wish to trade as a corporate entity rather than an individual. In addition, IG Markets offers leverage of up to 30:1 for major currency pairs, and average spreads on the EUR/USD are 0.75 pips, which is very competitive for a market maker broker. 

Account Types

An IG Markets account has both live and demo trading environments. The main IG Markets trading accounts are as follows:

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Live Account
USD 250
200:1
0.60
None
Account Details
Spread Betting
USD 250
200:1
0.60
None
Account Details

CFD Trading Account

IG Markets also provides two ways for its clients to trade on Forex:

OTC Accounts: With this type of account, traders receive reduced commissions for the first 2-weeks of trading. A minimum deposit of 250 AUD is required to open a CFD trading account. Traders can choose to trade on either the MT4 platform, in which case spreads will average at 0.75 pips on the EUR/USD, or they can trade on the IG platform, where spreads average at 0.86 pips on the EUR/USD. However, there are marked differences between using the MT4 and IG proprietary platforms, highlighted in the trading platforms section.  

DMA (Direct Market Access) Account: Spreads average at 0.165 pips on the EUR/USD, and commissions are based on the trading volume (see below for more details).  Traders can only use the IG platform when choosing the DMA account option. 

IG Markets Commissions

There is also a professional account that allows for higher leverage in exchange for less regulatory protection. To qualify for a professional account, you must have placed ten significantly leveraged trades per quarter for the last four quarters, have a portfolio exceeding 50,000 USD, and a minimum of one year’s professional derivatives trading experience.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.60 pips
USD 6
0.6 pips
0.9 pips
0.7 pips
0.0
11110.54.5/ 5
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
0.10 pips
USD 8
0.1 pips
0.4 pips
0.2 pips
7
111115/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
0.09 pips
USD 7.90
0.1 pips
0.6 pips
0.3 pips
7

Additional Accounts

IG has Share dealing, ISA, SIPP, and IG Investments Smart Portfolios accounts. These are non-leverage account types that let you trade stocks and shares.

Spreads and Commissions

The OTC trading account offers commission-free trading on FX pairs.  Trading platforms at IG Markets support over 90 currency pairs with an average spread of 0.75 pips on the EUR/USD on MT4 and 0.86 pips on the EUR/USD on the IG Markets platform.   On the DMA account, spreads average at 0.165 pips on the EUR/USD, and traders are charged a commission in line with the volume traded, up to a maximum of 6 USD round turn per lot. 

Deposit & Withdrawal Fees

In line with Anti-Money Laundering policies, IG Markets returns all deposits to the source.  Traders can deposit funds via credit card (Visa and Mastercard), bank wire transfers, and PayPal. Deposits by bank wire are free of charge and take up to three business days to reflect. IG Markets charges a fee of 1% on deposits made by Visa cards and 0.5% fee on deposits made by MasterCard, but these reflect instantly.   The minimum deposit requirement is 250 USD on credit cards, and the maximum deposit per day is 50,000 USD. 

IG Markets does not charge a fee for withdrawals.  Withdrawals are processed on the same day if requests are made before midday but may take two to five days to reflect.  The minimum withdrawal amount is 100 USD.

Inactivity Fees

A fee of 18 USD is charged on the first of every month if no dealing activity has occurred for two years or more.

IG Markets for Beginners

Awarded Best Forex Educators 2018 (UK Forex Awards), IG Markets has plenty of current and accessible educational material for beginner traders. Reports and daily analysis are emailed to anyone who signs up, and 24-hour support is available.

Educational Material

IG Markets a wide variety of educational materials to get traders started.  These include the IG Academy, a section on Managing Your Risk, a Trading Strategy section, Webinars and Seminars, and a glossary of terms.  See below for details:

  • IG Academy: Online trading courses covering topics for beginner, intermediate and advanced traders. Live, structured classroom-style lessons are run daily and offer traders the opportunity to get personal feedback and interact with market analysts.
  • Managing your risk: IG Markets provides several materials outlining how traders can reduce their risk. It also includes information on the various risk management tools offered at IG Markets.
  • Trading Strategy: This section teaches traders how to look at the markets, use trading tools, and understand technical trading language.
  • Webinars and seminars: IG Market’s webinars and seminars help build trader’s confidence and cover topics ranging from platform walk-throughs to upcoming trading opportunities.
  • Glossary: The glossary provides comprehensive definitions and explanations of various financial terms.
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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
High
High
Medium

Analysis Material

News and trade ideas, trading strategy education, and analysis of upcoming financial events are frequently published at IG Markets. The analysis is written by the IG Markets Global team of analysts who have professional backgrounds in trading at some of the major investment banks.

IG Markets sends free Morning Call and The Week Ahead reports daily and weekly, respectively. Each promises to deliver an analysis of major economic events and corporate news before the opening of the markets.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Customer Support

Clients support is available by phone, email, Twitter, and live chat, 24hrs a day from 8 am Saturday to 10 pm Friday (GMT). In addition, the peer support platform offers assistance from other traders and IG staff in a forum discussion, which is an ideal additional resource for beginner traders who have questions about the platforms, analysis, and trading ideas.

Trading Platform

IG Markets introduces clients to a suite of trading platforms for beginner and advanced traders.  It won IG Markets the award for Best Multi-Platform Provider from 2016-2020 at the ADVFN International Financial Awards. Other awards for its platforms include Best Finance App 2020 (ADVFN International Financial Awards) and Best Forex Trading Tools 2018 (UK Forex Awards).

Web Platform

The web platform runs in a browser and includes research tools, monitoring tools, order management tools, and various charts. The functionality allows traders to open, close, and edit individual and aggregate positions, customise charts, use risk management tools, and access data and news feeds to help spot trading opportunities.

All markets are tradeable, no software download is required, and it targets traders of all experience levels.

MetaTrader 4

MetaTrader4 is intended for Forex specialists and is an ideal platform for trading CFDs and spread betting. Advanced MT4 charts, chart trading features, and market orders, including limits, stops, stop-loss, and take-profit features are available free of charge.

Unique advantages of the MT4 platform include the automated trading functionality achieved through the use of EAs and the 18 customer apps created by IG and the Autochartist plugin.   Note that MT4 users do not have access to Reuters News, Bloomberg, or FIX API.

L2 Dealer

L2 Dealer, a specialist platform designed by IG Markets, offers direct market access free of charge as long as clients maintain a balance of 1000 USD.

The primary advantage of the L2 Dealer software is trading Forex at the market price, with liquidity from major providers. This improved liquidity from dark pools, separate brokers, and market makers uses smart order-routing, which seeks out and executes trades at the best price from various trading venues automatically.

The L2 Dealer platform allows CFDs and shares trading using monitoring tools such as watchlists, live Reuters news feed, price alerts, and professional order control. In addition, this leading professional-grade technology offers high-speed execution and no requotes or dealer-referred tickets.

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Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
L2 Dealer
ProRealTime
111115/ 5
Zulu Trade

Trading Tools

ProRealTime

Intended for technical chart traders, ProRealTime is a downloadable advanced charting package with advanced analytical features and monitoring tools. The ProRealTime tool allows clients to trade directly from the charts.  It also offers automated trading strategies and comes standard free-of-charge as long as clients trade at least four times per calendar month; otherwise, a fee of 30 USD per month will be charged to use the tool.

API

API stands for application programming interface. It is a program that connects two applications – for example, your IG trading account and your custom-built platform. Trading with APIs enables you to gain direct access to IG’s ecosystem, providing you with faster order execution and more control, enhancing your trading experience.

Mobile Trading Apps

IG Markets apps support Android and IOS mobile phones and tablets.  Full trading functionality, advanced dealing options, and trading alerts make the IG Markets trading apps a good place for the research, preparation, monitoring, control, and opening/closing of trades for those who wish to take advantage of time away from their desk.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the IG Markets offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

IG Markets Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. IG Markets would like you to know that: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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.

Overview

IG Markets is a well-established and reliable broker. With regulation from the FCA, ASIC, and the FSCA, and continuous industry recognition, IG Markets has emerged as a leading broker.  It also offers excellent trading conditions on two live accounts, including tight spreads and low commissions.

With a wide variety of trading platforms for beginners to advanced level traders along with a catalogue of education, analysis, and webinars, IG Markets is a good choice for traders of all experience levels.

AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.69/ 5
AUD 250
Market Maker
Commodities
Cryptocurrencies
Forex
Equities
Bonds
Interest Rates
Digital 100s
IPOs
93
8
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
  • High minimum deposit
111115/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
111115/ 5
111104/ 5
75% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.60 pips
Live Account
Spread Betting
L2 Dealer
ProRealTime
Bank Transfer
Visa
Mastercard
Paypal
Fees Included in Spread
11110.54.46/ 5
AUD 200
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Bonds
Futures
60
10
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • High minimum deposit
  • Limited market analysis
111104/ 5
11110.54.5/ 5
111115/ 5
111104/ 5
111115/ 5
11110.54.5/ 5
11110.54.5/ 5
77% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.10 pips
RAW - cTrader
RAW - MetaTrader
Standard - MetaTrader
Zulu Trade
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Paypal
Unionpay
7 USD / lot - True ECN account
11110.54.61/ 5
AUD 100
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indicies
Metals
Energies
80+
5
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
    11110.54.5/ 5
    111115/ 5
    111115/ 5
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    79.3% of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    Razor
    Standard
    Swap-free
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Paypal
    Unionpay
    POLi
    BPay
    From 7 USD / lot - Razor Account

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