IG Forex review
Access more than 80 currency pairs with relatively low spreads.
IG Forex is a forex trading platform that lets you trade more than 80 currency pairs either on its proprietary platform or on MetaTrader 4. The broker boasts slightly lower spreads compared to other forex brokers, but some customers complain about frequent slippage.
- Consider IG Forex if you only want to trade currency pairs.
- Look elsewhere if you want to trade commodities, futures, options or stocks.
What I think about IG Forex
IG is one of the world’s largest contracts for difference (CFD) providers. In some markets outside of the US, IG offers forex trading via CFDs. But since CFDs are illegal in the US, IG Forex offers direct market access to US customers. But IG offers only currency pair trading for US customers.
This allows for spreads of 1.2 pips on average for EUR/USD and 1.4 on AUD/USD, which is relatively low compared to other forex platforms. This makes IG Forex useful for traders with accounts of less than $25,000. If you plan to deposit more than that and trade more frequently with larger lots, other trading platforms — such as Forex.com — could offer lower spreads of around 0.2 pips on EUR/USD plus commission and provide you with a more cost-effective experience overall.
IG lets you access the market via its proprietary web-based, desktop and mobile platforms. You can also use MetaTrader 4, which is the go-to platform for most forex traders. Once you log in, you can trade any of the 80 currency pairs, including all the major pairs plus exotics like USD/TRY, USD/PLN, GBP/MXN and more.
All this makes IG Forex a decent broker for those who want to trade currencies through the MT4 platform. But if you don’t plan on using custom indicators and expert advisors (EAs), other brokers, such as Interactive Brokers, may be a better alternative.
Pros and Cons of IG Forex
As with any platform, IG Forex has advantages and disadvantages.
- Access to more than 80 currency pairs. You can trade major pairs or exotics with one of the largest selections of currency pairs available to US customers.
- Relatively low spreads. Average spreads for standard accounts are slightly lower than competitors.
- MetaTrader 4. Access the currency markets via the MT4 platform, code your own indicators and expert advisors or get from the marketing qualified lead database either for free or for a fee.
- No negative balance protection. If the price gaps and jumps over your stop loss and you lose more money than you have in your account, you’re fully liable for the losses and will owe money to the broker.
- No guaranteed stop loss. Even if you set a stop loss, there’s no guarantee IG will execute your order at the exact price. While unlikely, the forex market is volatile and during high-impact news or in times of low liquidity, executing at a poorer price than the one you set could happen.
- No account varieties. Most brokers let you open different types of forex accounts based on your account size, the number of transactions you make or the size of your trades. With IG Forex, there’s only one account type regardless of your account size.
How do I sign up?
Signing up for the IG Forex is straightforward. Here’s how to do it.
- Visit the IG website.
- Select Create live account.
- Fill out the form with your personal and financial information, including your trading experience.
- Review the form and submit it.
- Fund your account once you are approved.
Deposits and withdrawals
- Debit card
- Wire transfer
The same options apply for withdrawal. You can only withdraw funds to your debit account up to the amount you deposited via the same method. Once you reach your limit, you’ll have to withdraw your funds using another method, such as a wire transfer or an ACH.
Is IG Forex legit?
Yes. IG Forex is part of the IG Group, which is a publicly traded company in the UK under the ticker symbol IGG. The company has a market capitalization of around $4.8 billion and serves more than 300,000 clients worldwide.
IG Forex reviews are mixed
IG Forex user reviews are generally mixed. Positive ones on Trustpilot as of October 2021 highlighted good customer service and a user-friendly platform.
Most of the negative reviews accuse IG Forex of stop loss hunting mostly by widening spreads. Also, some claim that there is a lot of slippage in executing orders. If you’re looking to do scalping or short-term trades, this could be an issue. But you can always open a smaller account to test it first before fully committing your hard-earned money.
|BBB rating||Rating: F|
|Better Business Bureau||Not accredited|
|BBB customer rating||N/A|
|TrustScore||3.8/5 stars based on 4,810 customer reviews|
|Google Play app reviews||4.5/5 stars based on 457 customer reviews|
|Apple App Store app reviews||4.7/5 stars based on 3,435 customer reviews|
|Data last updated||October 2021|
Contact IG Forex support by phone or Twitter
You can reach out to IG Forex anytime between 3 am Saturday to 5 pm Friday (EST) through:
- Phone at 312-981-0499 for new clients and 312-981-0498 for existing customers.
- Twitter at @IGClientHelp.