Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

IG forex trading review

Last updated:  

Leveraging trades gives you the potential for bigger profits — and bigger losses.

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.

0%

Annual fee

$300

Minimum deposit to open

Good for
  • Educational resources
  • Trade forex
  • Competitive spreads
Not so great for
  • Low maximum leverage

Who is IG Markets?

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.

What are the key features of IG forex?

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.

MetaTrader 4 (MT4) supported

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.

Low spreads

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.

Account access

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.

Leverage

Your forex trades are leveraged as high as 50:1.

Fast execution

IG claims that its technology is engineered for speed, stability and better trade prices.

Regulated in the US

IG is registered with the US Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).

What are the spreads and fees?

The spreads on an IG forex trading account are highly competitive.

  • Spread. The spread is the difference between the buy and sell price on a trade. This varies between products, but as an example the minimum spread applied on the forex AUD/USD currency pair is 1.0 pips, which is 0.2 pips below average. IG claims that it offers up to 27% lower spreads on EUR/USD than the top two US brokers.
  • Margin. The margin is the amount needed for you to open a trade. IG margin rates start at 2%, though minimum margins vary by currency.
  • Overnight funding fees. If you hold your trade to the next day, a small fee is charged to cover the cost of the money you’ve effectively borrowed.
  • FX currency exchange rates. IG offers a standard conversion rate of 0.5%.

What trading platforms can I use with an IG Markets account?

IG forex trading can be used with:

  • Web-based platform. IG’s browser-based platform lets you trade online and access watchlists, price alerts, Autochartist and IG charts.
  • Mobile trading apps. The iPhone and Android apps let you trade from your phone and access watchlists, price alerts and IG charts.
  • MetaTrader 4 (MT4). Popular among traders for its fast execution, automated trading, customizable interface and enhanced trading tools. The IG version of MT4 comes with 18 free add-ons and indicators. Plus, you can access your account via the MT4 app on both Android and iPhone. Simply request access to MT4 in your client portal.

What are the pros and cons of trading on an IG forex account?

Pros

  • Competitive spreads. With spreads starting from 0.8 pips, IG forex trading offers a competitively priced option for investors.
  • Educational resources. If you’re new to trading or you simply want to increase your trading knowledge, IG offers an extensive range of educational resources plus a free demo account.
  • Flexible forex trading. You can trade from your computer, tablet or mobile device using IG’s platform or MT4.
  • Large selection. Access over 80 currency pairs.
  • 24-hour customer support. IG offers customer support to its clients 24 hours a day, from Saturday to Friday.

Cons

  • Low maximum leverage. IG offers a relatively low maximum leverage of 50:1, whereas many other forex providers offer leverage of up to 500:1.
  • Limited features for US users. While IG offers CFD trading overseas, US users are limited to forex trading.

How do I open an IG forex trading account?

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:

  • Provide your name
  • Enter your email address
  • Create a username and password
  • Specify your country of residence
  • Provide proof of identity, including copies of a Social Security card, passport or drivers license and recent utility bill, bank statement or credit card bill.

What are the account funding options

You can deposit funds by wire transfer, debit card or ACH deposit, which requires adding a bank account.

What customer support options are available from IG US?

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.

Compare other forex trading platforms

Name Product Available asset types Minimum deposit to open Maximum Leverage Annual fee
IG
IG
Stocks,Forex,Cryptocurrency
$300
50:1
0%
IG offers tight spreads and lets you access over 80 currency pairs with leverage as high as 1:50, but the platform is far from risk-free and losses can exceed deposits.
Forex.com
Stocks,Forex
$50
Up to 50:1
0%
Largest forex broker in the United States with assets of $1.449 billion.
Interactive Brokers
Stocks,Bonds,Options,Mutual funds,Index funds,ETFs,Forex,Futures,Cash
$0
Varies
0%
IBKR Lite offers $0 commissions, and IBKR Pro offers advanced tools for professional traders.
loading

Compare up to 4 providers

Bottom line

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.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site