What to know about IG
When it comes to the world of forex trading, IG has gained a good reputation, and justifiably so. This company is a top contender as a broker with outstanding security features and a range of trading options. IG is a trusted multi-asset CFD and forex trader that presents an all-encompassing trading package. It offers a very wide range of tradable markets, research and trading tools, and industry education.
Founded in 1974 by Stuart Wheeler, IG Group was established to be the world’s first spread betting firm. It is a part of the publicly traded conglomerate IG Group Holdings Plc(LSE: IGG), which, according to them, “empowers informed, decisive, adventurous people to access opportunities in financial markets.”
IG has been rated as the world’s top CFD broker. This comes as no surprise, given the over 178,000 clients across five continents that trade with them. Their competitive fees, longstanding business operations, rich product catalog, and outstanding reputation in the industry have made them stand out as a global leader in online trading.
Many established forex brokers shy away from the international market, especially the US Market, partially due to the lots of regulatory standards. But, IG re-entered this market in 2019, which is a bold move that demonstrates its commitment to making itself a global presence.
In the US, IG presents US clients with leveraged access to more than 80 currency pairs. On IG.com, forex trading in the US is conducted through CFDs (contracts for difference), which allow traders to speculate on the price movements of currency pairs without actually owning the underlying currencies. Generally, IG is a well-organized website that can easily be navigated, fully disclosing its services and fees. It offers an intuitive platform, useful research tools, and an unshaken dedication to client education. All these make IG the one to beat among forex brokers in the US.
As much as IG is for anyone who wants to trade the foreign exchange markets in the US and globally, it is also for anyone interested in trading CFDs. Its wide range of highly functional features makes it sufficiently able to compete in the online broker market.
Why trade forex with IG?
IG offers an extensive range of features that make it a top contender. These features make it one to beat, a popular choice among traders, and also a good broker for anyone looking to trade. The following are some reasons why you should consider trading forex with them:
- An extensive range of offerings: All over the world, IG offers clients access to a whole lot of asset classes. From forex to shares, indices to commodities, cryptocurrency to ETFs and bonds, options, interest rates, etc, IG offers them all.
- An unrelenting emphasis on research and education: IG provides educational tools that are top-notch and superior to most brokers in the industry. Its dedication to providing clients with informative and timely market research makes it stand out.
- Regulated by the appropriate bodies in the UK and US: IG is registered as a member of the NFA and also registered with the CFTC. It is also being regulated by the FCA in the UK. These bodies are the top regulatory entities in the world. This just further establishes the credibility of IG.
- Accepts US clients: Among leading brokers in the world, IG taps into the US market, canceling the apathy towards that demographic. Even though it only accepts US clients for forex trading, this gives it a global footprint.
What forex pairs does IG offer?
Forex pairs are currency combinations. There are major forex pairs that are popularly known. IG offers over 80 currency pairs, making it possible for traders to trade minor, major, exotic pairs, and emerging markets with competitive spreads. IG’s forex spreads are usually variable, as they are dependent on underlying market prices. The table below shows the major forex pairs that IG makes available.
Table of major forex pairs
| Forex pair | Currencies in the pair |
| EUR/USD | Euro and US Dollar |
| GBP/USD | British Pound and US Dollar |
| USD/CHF | US Dollar and Swiss Franc |
| USD/JPY | US Dollar and Japanese Yen |
| AUD/USD | Australian Dollar and US Dollar |
| USD/CAD | US Dollar and Canadian Dollar |
| GBP/EUR | British Pound and Euro |
| EUR/CHF | Euro and Swiss Franc |
| EUR/JPY | Euro and Japanese Yen |
Of these major forex pairs, however, there are four traditional major forex pairs. The most popular forex pairs, when it comes to trading volume, are not always considered major pairs. For instance, the AUD/USD, which is the fourth most traded forex pair, is not considered a traditional major. The following are the four major traditional forex pairs:
- EUR/USD
- USD/JPY
- GBP/USD
- USD/CHF
What are IG’s features?
IG offers a unique set of features that give their clients the ultimate trading experience. These top-notch features include:
- Trading platforms: IG has a desktop and mobile application that compete with the best in the forex space. They offer two platforms: IG Trading, which was created by IG.com and MetaTrader 4 (MT4), which serves as an external platform. Both platforms are beginner-friendly and easy to use. On these apps are also forex charts, as well as educational videos.
- Deposit and withdrawal options: With IG, traders can deposit and withdraw freely, using any method they prefer. The platform offers options such as Debit/Credit cards, Bank Transfers, and e-wallets. Deposits are nearly instant, while withdrawals can take up to three days, depending on your withdrawal option.
- Demo account: IG offers a demo account with which new traders can practice. The account provides a pre-set balance of $10,000 in virtual funds to simulate real trading scenarios and test different strategies.
- Forex education: Through its renowned IG Academy, IG is known for providing industry-leading education resources. This is considered a positive aspect of their offerings, which can be beneficial for traders of all levels.
- Trading analytics: The analytics tools, available in My IG, allow users to explore their trading data, track trades, and analyze performance. The trade tool helps identify areas for improvement and highlights successful strategies.
- Indicators: Using IG, traders have access to a comprehensive selection of technical indicators such as Moving averages, Bollinger bands, Relative strength index (RSI), MACD, Stochastic oscillator and many more.
- Trading Alerts: IG empowers traders with real-time trading alerts. These alerts notify users about significant market movements, economic announcements, or when prices reach certain levels.
- Pricing: Opening an account is free, and there are no fees for using the account. However, if the account is inactive for two years or more, an $18 fee will be charged every month.
- Spreads: IG offers competitive spreads on various instruments. For FX pairs, the trade spreads start from 0.6 points, major indices start from 0.8 points, and commodities start from 0.1 points.
- Security: IG prioritizes users’ security with robust features such as Two-factor authentication (2FA), Secure Socket Layer (SSL) encryption and account activity monitoring.
What are the Pros and Cons of IG?
After we weighed and considered the perks that using IG has to offer its clients, we have come up with reasons why anyone should or should not consider using IG as their trading broker. Here are some pros and cons of using IG:
| Pros | Cons |
| IG offers its clients top-notch educational tools on trading. | The response time of IG’s customer support is relatively slow. |
| It has a wide range of great withdrawal and deposit options for its clients. | It has a higher minimum deposit requirement but is still within reasonable expectations. |
| IG has been rated as a high-end web trading platform. | Their web platforms are relatively slower than their apps. |
| IG is adequately licensed and well-regulated by the appropriate bodies in the UK and US. | According to reviews from US users, IG may occasionally block clients out of trades. |
| IG also offers its services to US clients. | IG is really not suitable for scalpers. |
| IG’s website is user-friendly and can easily be navigated. | |
| It has an extensive range of product portfolio. | |
| IG has a platform that is compatible with most computers and mobile devices. | |
| IG offers real-time professional charting with the new ‘Autochartist’ application. |
How to open an account with IG?
Opening an account with IG in the United States is as easy as ABC. Depending on what part of the country they live in or are trading from, anyone can open an account with IG.
Follow these steps to open your IG account:
- Choose your account type: The first thing you need to do is to choose your IG account type. Select the right type of brokerage account for you.
- Add your personal information: Here, you’ll need to add your email address and create a user profile with a username and password of your choice. You can then fill in the biodata form.
- State your investment objectives: You’ll be asked to provide your financial objectives and data. This is just for regulatory purposes.
- Verify yourself: Here, you are to provide and scan your proof of identity from any of the options provided (Passport or driving license, plus a utility bill) and then wait for your identity to be authenticated. This usually takes a couple of days.
- Sign the contract: You can review the information you have provided so far and then sign a virtual contract after agreeing to the terms and conditions.
- Fund your account: Once your account has been confirmed, you can then make the minimum deposit, and then you can start trading.
What are the ratings of IG?
Some factors make traders consider which online broker is best for them. IG has been rated high based on some key factors like minimum deposit, pricing, fees, and demo accounts:
- Minimum deposit: While the minimum deposit for any card payment on IG is $50, there is no minimum deposit for a bank transfer. The minimum payment is displayed on the screen when you proceed to payment. This is quite a fair payment. Rating: 10/10
- Demo account: IG offers two free demo accounts for beginners to train with. The demo accounts expire after forty days but can be set to non-expiry upon request. This demo account provides a default balance of $10,000. Rating: 7/10
- Pricing/Fees: IG has relatively low fees in general. Most times, they either don’t charge fees for what other brokers charge for, or they charge just a small amount. Rating: 8/10 This has given it a rating of 7 out of 10.
- Security: With the use of two-factor authentication, IG has a top-notch security. Rating: 9/10
- Trader education: IG, more than any other online broker, has an extensive resource of materials for educating traders. Rating: 10/10
- Customer support: IG provides good customer support, but the response time is typically slow, which may be due to the traffic on the sites. Rating: 7/10
- Beginner-Friendliness: IG is considered beginner-friendly due to its comprehensive trader education resources and free demo accounts. Rating: 8/10
- Trading Experience: Considering the overall trading experience on IG, it receives a rating of 9 out of 10. Rating: 9/10
- Trading Platform Features: The platform has a wide range of trading platform features, including advanced charting tools, customizable layouts, and order types. Rating: 9/10
- Currency Pairs: IG offers an extensive selection of currency pairs for trading, allowing for diversified trading opportunities. Rating: 8/10
How does IG compare to other forex brokers?
Among other brokers around the world, IG has established itself as one that is here to stay. First, among other brokers, IG has established itself in a global market by extending its clientele to the United States. Secondly, it has a fair pricing compared to most of the other brokers. Opening an account with IG is absolutely free, and their fees are very reasonable. Also, the dedication of IG to trader education is second to none. With their easy-to-use website and resources, they have curated an experience that is beginner-friendly.
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