IG Review • Pros, Cons, Fees & More • Benzinga

Is IG Safe?

IG is considered highly trusted. IG is publicly traded, operates a regulated bank and is authorized by eight Tier-1 regulators (highly trusted), two Tier-2 regulators (trusted), zero Tier-3 regulators (low trust), and one Tier-4 regulator (high risk). The Tier-1 regulators authorizing IG are the Australian Securities & Investments Commission (ASIC), the Japanese Financial Services Authority (JFSA), the Monetary Authority of Singapore (MAS), the Swiss Financial Market Supervisory Authority (FINMA), the Financial Conduct Authority (FCA), the Financial Markets Authority (FMA), the Commodity Futures Trading Commission (CFTC), and IG is regulated in the European Union via the MiFID passporting system.

Why IG Over Others?

Why use IG over competing forex brokers? Let’s take a look at the platform’s biggest benefits. It offers:

• An easy-to-use introduction to the forex market. IG offers a welcoming and intuitive platform for desktop and mobile users, combining a simple interface with powerful tools and a host of indicators to choose from.
• A comprehensive mobile app. IG’s mobile app continues its commitment to simplicity. It offers full trading capabilities in a streamlined, powerful platform.
• Native tablet interface. Are you a member of the often-forgotten tablet trader clan? IG is 1 of the few forex brokerages we’ve seen offering a native tablet interface on both iOS and Android platforms. 

Brokerage Quick Summary 

As a forex brokerage firm, IG charges commissions a little differently than brokers that focus on stock and ETF trading. Instead of charging a flat-rate commission, IG follows the spread pricing model like most other brokers focused on forex.

When you view currencies on your trading platform, you’ll see 2 different prices listed: the bid price and the ask price. The bid price is the highest price that a buyer is currently willing to pay for the currency listed. The ask price is the lowest price that a seller is willing to sell a unit of his or her currency for. The difference between the bid price and the ask price is referred to as the “spread.” The spread goes to IG in exchange for carrying out your trade.

Spreads may vary depending on your base currency, the currency you’re trading for and current market conditions. IG institutes a minimum spread for all its transactions, but its spreads are, on average, on par with competitors.  

The difference between the bid and ask price is called the spread. The spread goes to your broker in exchange for executing your trades. IG’s spreads vary depending on the currency you’re trading. 

IG also offers margin trading for forex accounts. Margin availability is high, like with most forex brokers. Instead of requiring a set dollar amount in your account to access margin trading, IG requires traders to maintain at least a certain percentage of their margin power in their account. For example, if your base currency is the United States dollar and you want to purchase British pounds on margin, you’ll have a 2% margin requirement.

• Call IG’s customer service team by phone at 312-981-0500. Customer support is available by phone 24 hours a day from 3 a.m. Saturday to 5 p.m. Friday EST.
• Send a message to [email protected] to contact IG’s customer support by email.

IG offers a variety of different phone numbers for its customer support team, so check which number to call by checking the company’s phone rubric. 

IG is primarily a forex broker, and if you’re a U.S.-based trader, you can currently only access the forex market through IG. Though IG’s available assets are limited for most traders, it offers comprehensive and affordable access to the forex market. You can currently trade over 80 currency pairs on IG’s platform.

Fees are straightforward and clear. The broker’s desktop platform is impressive and useful for forex traders of all skill levels. Beginner traders will appreciate the platform’s easy-to-use and clean design and more advanced traders will be impressed with the variety of screening tools and indicators available. 

IG continues its commitment to simple and streamlined design with a comprehensive mobile offering. Easy to use and quick to master, the mobile platform mirrors desktop compatibilities. IG’s mobile app doesn’t cut any features and allows you to place advanced and multi-step orders — just like on the desktop platform. We wish the app offered 2-factor authentication or Touch ID for enhanced security, IG’s current mobile app is great for both beginner and advanced traders.

Let’s take a look at a few of our favorite features you can take advantage of as an IG mobile user.

• Personalized watchlists. Finding the currencies you want to trade is easy with IG’s app. Search for currencies or currency pairs by name or symbol, then create a personalized watchlist of the pairs you trade most frequently. When you open the app, you’ll see your most frequent pairs on your home screen from now on.
• Real-time alert features. Prefer to trade on-the-go without being stuck to your mobile screen? Set a price alert through the IG app. When your specified price is triggered or your order is filled, you’ll receive a convenient push notification.
• Specific interface features for tablet users. While nearly every brokerage offers some form of mobile app, tablet users often get left behind. IG offers a native app for both Apple and Android tablets. IG’s tablet offering is an enhanced version of its mobile interface — not a stretched-out clone of the smartphone offering.

The IG app is available as a free download for both Apple and Android users. 

It’s important to set your expectations beforehand when you compare IG to other traders. If you’re a U.S.-based trader, that means understanding that IG isn’t a one-stop shop for all your investing needs, and only offers access to the forex market. What IG lacks in offerings, it more than makes up for with its easy-to-use and welcoming platform. 

IG’s desktop platform seamlessly combines a clean and intuitive interface with a variety of hidden tools. Though the broker’s customer service and educational offerings aren’t anything to write home about, IG does wonders for providing a welcome first-step for new forex traders, who are often overwhelmed with expert-oriented platforms.

So, should you open an account with IG? If you’re interested at all in forex trading, our answer is a resounding “Yes!” If you’re a more casual investor who’s only interested in stocks, options or retirement saving, you’ll need to look elsewhere for your investing needs. 

Frequently Asked Questions