IG

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IG Group Review

IG Index are one of the most established and trusted providers of online forex trading in the market today

Pros

  • Amazing proprietary platform packed with features
  • MetaTrader 4 accessibility and mobile apps
  • Floating spreads starting as low as 0.6 pips
  • Incredible range of free research tools and market data

Cons

  • Customising web platform takes a little bit getting used to

Quick Summary

IG Index are one of the most established and trusted providers of online forex trading in the market today. Founded in 1974, the firm started out by offering traders the chance to speculate on gold prices from an index, hence their original name: IG Index. Fast forward over 40 years later - and IG now serve over 185,000 clients across 15 international offices. 

With over 15,000 products to trade across multiple asset classes, it’s no wonder this broker has become so incredibly successful. Today, they offer over 90 forex pairs  for trade including majors, minors and exotics and even more recently, they have started to offer trading on six of the most popular cryptocurrencies, including Bitcoin. They are listed on the London Stock Exchange as IGG and are regulated by the FCA.

While on paper, this broker certainly looks impressive - is it worth your time and money trading with them? To answer this question, we take a detailed look at their trading offering including their various platforms and the tools you can trade with.
             

Spreads and Fees

IG offer arguably the most flexible pricing model available in forex trading; the floating spread. This is advantageous for a number of reasons compared to something like the fixed spread. First of all, in times of healthy market conditions, you can benefit from spreads as low as 0.6 pips on the EUR/USD - which is astronomically low compared to other brokers. The only disadvantage aspect of the floating spread is that the same can be said for tough market conditions, which can inflate the spread massively as a result. 

In addition to the standard account type, you can also open a limited risk account via some options in the settings menu. With a limited risk account, all positions you open will not allow you to lose more than the upfront deposit - this ensures that all of your positions will have a guaranteed stop. Another type of account to consider is the IG demo account - which will not only give you access to the platform, but will also allow you to trade with no risk whatsoever - a good option for apprentice traders.

Trading Platforms

IG Index offer several different platform types to trading including a proprietary platform based on HTML5 technology and the ever popular and extremely functional MetaTrader4

The web based proprietary software is extremely impressive indeed, giving you the keys to a fully customisable and powerful trading experience. With simple drag and drop technology and the ability to open tabs for even more custom dashboards, the platform is simply a joy to use. But it’s not just impressive in the looks or usability department, the tools impress too. From your account, you can access a full news list streamed directly from Reuters plus a Twitter feed of the most popular financial accounts, giving you unparalleled access to market data.

The IG forex account platform also gives you a number of other crucial features - like access to data rich HTML5 charts, customisable trading alerts plus the ability to employ automated trading strategies with electronic advisers. 

If you would prefer to stick to MT4 and its low latency, reliable execution - then you also have this option at your fingertips. With unlimited access to a brimming app store and a free VPS for your electronic advisors, advanced traders can really benefit from the MT4 implementation.

Mobile Apps

Not able to trade from your PC or laptop? Don’t let that slow your trading down; download one of the many IG trading apps! Available for both iOS and Android, mobile traders get access to a suite of powerful tools including market leading analysis streamed directly to your device, advanced dealing through charts and the ability to make trading alerts. Want to check up on your watch lists and add even more instruments? All of this functionality plus much more is available on your tablet or smartphone device.

Research Tools

IG Index have one of the richest resources of financial news and updates available directly from their site or various trading platforms. The news and analysis section for example is filled with near daily articles regarding market updates. In the trading opportunities section, you will find actionable articles and tips to help you exploit any new promising trades.

Now onto the more impressive free research tools - the Market Screener is a wealth of up to date market information directly at your fingertips. We also have the economic calendar, which can help you keep abreast of upcoming market shaking events. There’s also the option to receive daily market update emails for even more ways to stay afloat of incoming opportunities. And for more beginner resources, there’s also a full IG training academy available which is packed with resources for new traders.

Deposits/Withdrawals

Deposits can be made via bank account, credit/debit card or by Paypal and typically, the money will be available to trade instantly - with the exception of bank transfers which can take several days to appear. With regards to withdrawals, IG are really leading the charge on fund transfer times - usually it will only take 24 hours or so for any withdrawn funds to appear in your account.

Client Support

This firm are multi award winners in many categories including best CFD provider and best investor education - to get to that kind of status, you need to have exceptional customer service. And the support offered by IG is truly market leading. Jump on the live chat or explore their massive help centre and you will find clear and concise information each way you turn.

Our Verdict

IG are hands down, one of the best forex brokers available on the market. With a deluxe suite of trading tools available, competitive spreads across the board and an unparalleled selection of research resources, this broker is leading the market with new standards of excellence. Whether you have been trading currencies for a while or have only just started exploring FX - choose IG and you are making a sound choice.