IG Broker Review 2020

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IG Broker Review 2020
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Official Fx Watchdog Verdict: IG comes with high reviews across the masses with an excellent variety of spread betting and CFD options.

Have you got some money and looking to invest in the trading business? Of course, you would be looking for the best broker you can find and who will give you the best options to utilise in your favour. Here is why you should consider investing through IG (Investors Gold), one of the leading brokers in the market right now. Is IG the best broker? Let’s find out!

The beginning of Investors Gold

IG was started by Stuart Wheeler, a British Financier and a Political activist in 1974 from the top floor of his house in Chelsea for CFD (Contracts for Difference) and spread betting. At the moment, it is financially the strongest broker with over 195,000 clients throughout the planet that can trade over more than 17,000 assets. Based on the number of clients, trades, profit and the Statement of Financial Position, it is fair enough to call it the strongest broker at the moment.

IG is a subsidiary of IG Group, which is listed on the London Stock Exchange and is a component of FTSE250. It provides their own Financial Statements annually which reflects the transparency it has and is also regulated by different financial authorities globally including mainly the Financial Conduct Authority (FCA) in UK and Australian Securities and Investment Commission (ASIC) in Australia which proves that it is not only the biggest CFD broker but also one of the safest as well.

Products offered by the broker

IG offers its customers access to more than 17,000 markets to trade through different products. The primary product offered by the broker is the CFDs and Forex trading along with a wide range of other products that include Indices, Options, Cryptocurrencies, Bonds, Stocks, ETFs and a variety of different commodities (energies such as oil, metals such as gold and other soft commodities such as cattle).

In most of the countries, the products are limited to CFDs, Forex and Options only. A free demo account is available which allows investors to gain the understanding of how the platform works and what products they can have access to. The deposits and withdrawals are very fast and payments can be made via credit/debit card (VISA, MasterCard), wire transfer and digital wallet.

Platforms available for trading

IG provides different types of platform to choose from for its clients according to their requirements.

·       Web Trading Platform

Website is the dominant platform IG offers with multiple tools to give its clients various options to select from. It is well designed, very informative and user friendly, making it extremely easy for users to understand. It is also customizable for every person, comes with an extensive charting package and gives many learning options. 

The platform is safe as it is protected with two-factor authorization to get into it and provides all the information at hand with no need of downloading any software.

·       Mobile application 

The mobile application is the on the go version which makes it super quick and easy to trade anywhere. However, the interface is not award-winning as the web platform but it is still very easy to use and provides a lot of features such as research material, forex and an economic calendar, alerts and many other tools that help the user to be informed about their trades at all times.

However, the mobile application does not come equipped with the double factor authentication just like the web platform and no biometric or face ID verification is available which would definitely add another layer to the security of the platform.

·       Other special platforms

Apart from the standard web trading platform and mobile application, IG also offers some advanced forex trading platforms such as L2Dealer which allows direct market access, ProRealTime which gives access to over 100 indicators for analysis and MetaTrader4 (desktop-based platform) which comes with a variety of add-ons making it a very advanced version to trade on.

Safety concerns

IG markets are regulated by the top tier authorities all around the world. Not just that but IG itself has some very strong internal controls to ensure that the clients have a very safe and secure experience with them. The deposits from each account are kept separate in regulated banks from the funds of the company. They are not used for the operations of the business and for the losses they have to incur. If an unlikely event happens such as insolvency, the client’s money remains safe and not used for the company.

The broker compliances with all the regulatory requirements and remain transparent which allows its name to be listed in the safest and reliable brokers list.

Types of accounts

IG provides different account types so that the clients can choose in accordance with their requirements. It also offers a demo account for new investors to test their platform and there is no obligation to fund the account immediately. The demo account allows traders to trade with virtual €30,000 and then you can fund real amount once you are ready.

Some of the account types include CFD Trading Account which allows CFD trading across different markets with a reduced commission for the first 2 weeks. The second most important account type is Spread Betting Account enabling users to take advantage of both rising and declining markets. 

Except for these main accounts, IG has some additional account types such as Individual Savings Account, SIPP and Smart Portfolio Account. Together with these, clients get a wide variety of options to choose from as per their needs.

Target audience

The target audience for this broker is people with all experience levels. They could be already actively trading or considering to start trading but with proper knowledge. Mainly, experienced is considered as it requires an understanding of the trade and people lose their money and blame it on the broker.

CFDs are very complex instruments and ask for proper learning and research. One can lose a lot while trading in such instruments as the risks are very high. About 76% of retail investors have lost their money trading in CFDs and spread bets with this provider. It is highly advised to consider your understanding before investing in such businesses.

Learning & Research

The most impressive thing about IG is it provides its customer’s research facility and enables them to learn as much as they can. Different trade ideas are given to new investors through articles that are published on their website. Online trading courses are also there for users to learn.

Apart from research material and articles, IG also has an application specifically built to provide education for trading and investing. The app is called IG academy (available on iOS and Android) which offers a number of courses and also delivers live sessions through a webinar. Trading podcasts are also accessible giving new traders more ways to learn about financial markets operations.

Fees 

While being one of the biggest brokers in the market, the fee charged by IG is comparatively low than most of its competitors. It charges 2 cents per share for US markets and £10 / €10 per trade or 0.1% for European markets. The CFD index trading fee is very low supported by no withdrawal fee and inactivity fee (charged after 2 years of inactivity). The only con is that it charges a high stock CFD fee. The fee also depends upon the number of trades made in the prior month i.e. the more the trades, the lesser the fee IG charges.

Customer Support

Customer support is available to clients 24/5 i.e. from Monday to Friday. Clients can either call their support directly or they can email them. A web forum is also there along with a detailed FAQ section, which is an ideal resource for beginners to learn and cope with any mishap, or issue that can arise while trading with this provider.

Online reviews by users

The users are pretty much saying in favour of IG markets when it comes to the core idea of trading. The most common opinion from the clients is that the platform is very easy to use and best for beginners. The good part is that it is customizable and also very basic (user friendly). Some of them said that the idea of trading through the application is like icing on the cake. It demolishes all the barriers by making trades very quick and lots of educational material is also available.

Even after acquiring good user reviews and rating, not everyone is pleased with the service of the provider. The major issue that clients face is customer support not being very helpful, showing that IG really needs to work on their customer service sector. Some of the users also faced glitches in the application while trading.

Conclusion

The core product of the broker is CFDs and IG has won an award for Best CFD Provider, it is the leading market broker.

Being the leading market broker, IG has provided its customers with a lot of services. Be it CFDs or even soft commodities, this broker has never stepped back and provided its clients access to almost every market. The achievements also reflect through several awards that IG won including the Best CFD Provider and the Best Spread Betting Provider, which are also its main products. 

Having one of the best trading platforms with all the features and educational stuff available, IG is considered the best and most reliable brokers but the space for improvement is still there. The customer phone support needs to step up along with some improvements that clients require while trading through the application version. 

Apart from these few gaps, which seem possible to be filled in the near future, IG should be one of the leading choices for all the new and experienced investors out there.

What is your opinion? Do you think IG is the best broker or do you want to do more research? We have researched all the big brokers, compare IG with XTB.

Good

  • Great platform, tools and demo account
  • Low fees compared to competitors
  • Wide variety of financial assets
  • Great mobile app
  • Best broker for spread betting and CFDs
  • Great educational tools in the IG Academy

Bad

  • IG needs to improve their customer service
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