Categories
4. Broker for Advance

IG Group

Pros

  • Advanced web-trading platform
  • Considered safe, and is regulated by the FCA in the UK, and more globally
  • Low spreads for popular forex pairs
  • Over 16,000 markets

Cons

  • No copy/social trading platform
  • Steep inactivity fee after 2 years
  • U.S. clients can only trade forex

Whether you are interested in trading CFDs or currencies, IG has a huge selection of over 16,000 markets. With the ability to trade forex, cryptocurrency, individual equities, stock sectors, and commodities—IG’s large investment selection is enjoyed by many traders.

U.S. residents can only trade forex with IG – however, the broker’s powerful tools and low costs make it a formidable contender in the U.S. market.

IG has been around forever, and interestingly, was the first of its kind at the time. Today, IG is a leading forex provider, with competitive fees, superb educational material and research, and a huge variety of assets. If you’re a trader outside the U.S. who is interested in other instruments, such as trading CFDs, IG has you covered.

After the company’s expansion to the U.S. in February 2019, U.S traders can now access IG U.S.’s tools and services, however, the product selection is currently focused on forex only – CFDs are not currently offered to U.S. clients. IG U..S is regulated by the CFTC and the NFA.

However, IG U.S. does offer 80 currency pairs, and the broker’s low spreads make it an appealing option for U.S.-based forex traders. The company breaks down the offered currency pairs into six categories – Major pairs, Minor pairs, Australasian, Scandinavian, Exotic, and Emerging Markets.

The broker caters specifically to forex traders in several ways, including offering higher volume forex traders access to an aggressive rebate program. IG U.S. is also the only brokerage in the U.S. to offer ProRealTime, a package of charting software that supports over 100 indicators.

U.S.-based clients can choose between IG’s well-designed and user-friendly web platform and mobile/tablet apps and the venerable MT4. Both offer advanced tools, as well as a news stream from Reuters and an economic calendar.

One final note to U.S.-based investors before we move on to the company’s international offerings – IG U.S. is currently not available to residents of Arizona and Ohio.

IG has a minimum of 0.6 pips for EUR/USD trading, which is relatively low in comparison to the industry average of 70 pips. With this, you can trade on forex, cryptocurrency exchanges, individual equities, all stock sectors, bonds, and commodities.

You can also trade on interest rates through their mobile and browser-based platform. But note: there are steep, monthly inactivity fees after two years. See our IG broker review for more about their fee structure.

In the UK, the company’s L2 Dealer offers professional forex traders direct market access (DMA) that bypasses IG’s dealing desk. This platform is easy to use and customizable.

In addition to being a leading forex broker, IG is the largest CFD dealer due to its trading revenue numbers. IG is known for its reliable reputation, as it is regulated by the Financial Conduct Authority (FCA) in the UK.

Most of the UK has a large number of financial spreads in CFDs. IG also offers six cryptocurrencies to trade as CFDs or spread bets but bitcoin has a 40-pip spread which is above the industry average.

Regardless of their place of residence, traders can relish in the company’s extensive educational material. DailyFX Forex University offers informative and accessible information for all traders of all levels. Its touch of humour allows traders to easily broach what can be a complex subject. Traders can take enjoyment out of articles with titles including, Meet Your Subjects in reference to forex pairs, and How to Stay in School, a piece about risk management.

The IG Academy can help develop any trader’s knowledge of CFDs, spread betting, and forex trading. The courses can be completed in your own time and include interactive exercises and quizzes to liven it up and test your ability.

IG’s webinar archive includes an array of previously aired sessions, allowing you to catch up on ones that catch your eye, and if you want to add some into your schedule in the future you can visit the company’s webinar calendar to see all their upcoming sessions.

Customer support is helpful and friendly and can be contacted by phone, live chat, email, and social media, including Twitter. New clients and existing contacts have separate numbers, and the team is available 24 hours a day Monday to Friday.

There is no social/copy platform available, or any client positioning data for forex, CFDs, or spread bets but traders should note that forex positioning data is available within the IG Client Sentiment at DailyFX.com.

Overall, IG is suited to both smaller traders and professional traders. There is a minimum deposit required if/when funding by card depending on the country and currency.

As one of the top U.K. forex trading platforms, the minimum deposit for U.K. traders is £250, and for U.S traders it’s $250. If you’d like to give the platform a test drive, IG offers a demo account, or alternatively, you can sign open a forex account in just 3 simple steps and get started on your forex journey.

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