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.
As with any platform, IG Forex has advantages and disadvantages.
Signing up for the IG Forex is straightforward. Here’s how to do it.
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.
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 user reviews are generally mixed as of March 2022. Positive ones on Trustpilot highlight 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 | 3.9/5 stars based on 5,188 customer reviews |
| Google Play app reviews | 4.2/5 stars based on 537 customer reviews |
| Apple App Store app reviews | 4.7/5 stars based on ‎3,880 customer reviews |
| Data last updated | March 2022 |
You can reach out to IG Forex anytime between 3 am Saturday to 5 pm Friday (EST) through:
IG
Available asset types
Currencies
Stock trade fee
N/A
Minimum deposit
$250
Signup bonus
N/A
Interactive Brokers
★★★★★
Finder rating 4.7 / 5
Available asset types
Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
N/A
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