- Educational resources
- Trade forex
- Competitive spreads
Not so great for
- Low maximum leverage
IG is known for its fast trade execution, tight spreads and access to more than 80 currency pairs. If you choose to to trade forex with IG, you gain access to a user-friendly trading platform — but leveraged forex trading puts your money at high risk and losses can exceed deposits.
IG is one of the world’s largest forex trading platforms. Established in 1974 as IG Index, the UK-based company now has offices across five continents and boasts more than 195,000 clients worldwide.
Let’s take a look at some of the key features that are likely to influence your final decision around whether an IG forex account is right for you. Take the time to consider the forex trading account features that are most useful to your own trading and go from there.
IG is MT4-compatible, and doesn’t rely on third parties to bridge the platforms. This means that MT4 trading is fast and reliable. Plus you’ll have access to tools like Autochartist to help you keep track of market movements.
IG offers competitive spreads across all forex currency pairs. AUD/USD has a minimum spread of 1.0 and an average spread of 1.2, while EUR/USD has a minimum spread of 0.8 and an average spread of 0.9. If you’re looking to trade more exotic markets, you can download a demo account from IG to research their spreads in live market conditions.
In addition to downloadable software and its web-based platform, you can download the IG trading app to your Apple or Android smartphone or tablet. The app encrypts your data so you can trade securely and lets you access data to track and analyze the forex market.
Your forex trades are leveraged as high as 50:1.
IG claims that its technology is engineered for speed, stability and better trade prices.
IG is registered with the US Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
Its parent company IG Group is signed on to the FX Global Code of Conduct. This sets general ethical guidelines that major players in the forex trading world must abide by. IG Group is also listed on the London Stock Exchange. IG Forex provides 24-hour customer support.
The spreads on an IG forex trading account are highly competitive.
IG forex trading can be used with:
It’s completely free to open a forex trading account with IG. The online application process takes around five minutes and there’s no obligation to fund your account or place any trades. You’ll need to:
You can deposit funds by wire transfer, debit card or ACH deposit, which requires adding a bank account.
IG Forex user reviews are generally mixed. Positive ones on TrustPilot as of November 2020 highlighted good customer service and a user-friendly platform. This could mean it’s a good choice for beginner forex traders.
Most of the negative reviews focused on large spreads. This could severely affect your returns, so make sure you review your forex trading options before you make a decision.
Reviews on Reddit are more positive. These reviewers praised the platform for charting tools and other tech features like being able to use MT4.
Customer support is available around the clock from 3 a.m. Saturday to 5 p.m. Friday (EST). You can reach the team by phone, email, live chat or Twitter.
IG also offers a number of online educational resources and information to help you make better trading decisions. These include forex trading education pages, webinars and in-depth guides. There’s even an IG Academy app, available from Google Play or the Apple App Store, that provides engaging step-by-step courses that teach you how to trade.
IG offers competitive spreads and advanced tools for forex traders, and the leverage of trading forex pairs offers the ability to amplify your gains – and also amplify your losses. No trade is risk-free, so consider consulting with a professional before you start trading the forex market.
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