IG share trading review

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Low brokerage fees, 24-hour support and FX rates starting from 0.3%.

IG Markets is a global online share trading provider, offering traders access to shares through intuitive platforms and apps. They’re known for charging some of the lowest brokerage fees for share trading at around.

You can trade more than 13,000 international shares from $US10 per trade and a foreign exchange rate of just 0.3%. IG is known for their reliability and affordability when it comes to regular share trading, so if you’re thinking of making the switch, or just looking for an affordable option, IG Markets is worth looking into.

Details

Type of brokerOnline only
ASX productsShares
Available MarketsASX
NASDAQ
NYSE
London Stock Exchange
AMEX
Standard brokerageAUD 8 or
0.1%
SupportPhone
Email
After hours

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Quick verdict

Good for
  • Established provider
  • Cheap brokerage and FX rate
  • International share trading
Not so great for
  • Quarterly inactivity fee

Company background

IG Markets is a truly global, trading industry giant. Founded in 1974, IG has more than 40 years experience offering competitive trading options to international clients. With more than 150,000 clients worldwide and net global trading revenue of £388.4 million, IG is the world’s largest provider of CFDs. Share trading is a new service from IG.

While fully embedded in the international forex and CFD industry, the IG share trading account is a relatively new addition to the company’s account suite. By entering the share trading space, IG is positioned to allow current CFD trading clients to access shares without having to open an account with another broker, while offering a premium product to attract new business.

What are the key features of IG share trading?

If you’re thinking of opening an IG share trading account, then these key features will most likely be what sways your final decision. Take the time to research and compare them with other brokers and you’ll immediately notice that IG stacks up favourably against their key share trading competitors.

News and analysis

IG customers can access news, advice and recommendations from IG’s team of in-house experts. The IG website houses an excellent market analysis section, boasting articles and videos from some excellent analysts. This includes trading opportunities, as well as information on stocks to watch.

Cheap brokerage

Brokerage costs with IG are some of the lowest in the industry. Starting at just $8 per trade (Australian dollars), when compared to other brokers IG comes out well and truly on top.

Choice of trading platforms

You can place share trades with IG through the provider’s web-based trading platform, over the phone or through the IG app. Share trading apps are proving to be a hugely popular medium and the IG trading app is available to suit both Apple and Android smartphones and tablets.

Available markets

IG Share Trading provides access to thousands of shares from markets around the world. For a list of the international stock exchanges you can buy shares on via your IG share trading account, see the “what markets can I trade with IG share trading?” section, within this guide below.

Currency conversion

IG specialises in providing foreign exchange to customers, which means you can take advantage of a 0.3% currency conversion fee when trading international shares. IG Share Trading also allows you to hold multiple currencies in your account to convert whenever you would like to take advantage of exchange rate fluctuations. Available currencies include AUD, USD, EUR and GBP.

What markets can I trade with an IG share trading account?

An IG share trading account provides investors access to more than 13,000 shares. The stock exchanges you can access through your IG Share Trading account include:

  • Australia: ASX 200, ASX 300 and a wide range of other small cap Australian stocks.
  • US: S&P 500, DOW 30, NASDAQ 100 and a wide range of other small cap US stocks.
  • UK: FTSE 100, FTSE 250 and a wide range of other small cap UK stocks.
  • Germany: DAX, HDAX, MDAX.
  • Ireland: ISEQ.

If you’re not looking to invest in shares and are instead interested in taking more of a short term approach, then perhaps trading CFDs might be more suitable for you. If this sounds like the case, take a look at our review of the IG forex and CFD trading account.

What types of customer support is available from IG Markets?

If you ever have a problem with a trade or have a question about your IG Share Trading account, IG offers a 24-hour customer support service. The first step to take when you need assistance is to visit IG’s extensive online help portal.

If you can’t find the answer you’re looking for among the frequently asked questions, you can call or email your question to IG.

The IG website also contains a wide range of handy educational resources for traders. These are designed to help you understand the ins and outs of trading and include seminars, articles, guides and a trading glossary.

What are the fees I can expect from an IG share trading account?

As well as brokerage, an IG share trading account has a number of fees and charges that you need to be aware of.

Brokerage fees

Split between trades placed online and trades placed on the phone, the following table clearly shows the brokerage fees across the various international share markets that clients are able to trade. Online share trading is clearly the cheaper option:

LocationCommission per trade
Australia/NZAUD$8/0.1% (whichever is higher)
USUS$10/2 cents per share (whichever is higher)
UK£10/0.1%
Germany€10/0.1%
Ireland€10/0.1%
LocationMinimum charge
Australia/NZAUD$50 / 0.1%
USUS$50 / 2 cents per share
UK£40 / 0.1%
Germany€50 / 0.1%
Ireland€50 / 0.1%

Quarterly inactivity fee

There is also an ongoing subscription fee charged to IG account holders of AUD$50 per quarter (every three months). This fee applies to IG share trading accounts only, and not for CFD accounts. This subscription fee will be waived if you meet either of the below two conditions:

  1. You deal at least three times across either of your share trading or CFD accounts during the quarter, or
  2. You hold no open positions in your share trading account at the end of the quarter (if you hold onto your shares, this is classed as having an open position).

This subscription fee will be deducted from your cash account each quarter. If you do not have enough funds available in your cash account, your balance may go into negative.

Additional monthly fees may also apply if you wish to access live prices for international stock exchanges, but there is the potential to have these fees refunded if you place more than a specified number of trades each month. Contact IG directly for detailed information on these fees and charges.

Access to live share market data

To view live prices on international share markets, you will need to activate the relevant data feed through your IG share trading account. This will incur an ongoing fee in some circumstances.

Minimum balance?

While not exactly a fee, it’s worth noting that there’s no minimum balance requirement on your IG share trading account. You aren’t required to deposit any money upfront in order to open the account, and there aren’t any ongoing account balance limits you need to maintain to keep it.

What are the account funding options on an IG share trading account?

You can fund your IG share trading account in a number of ways including credit card, debit or BPAY. Each method attracts different fees. In Australia and New Zealand, the minimum deposit via credit or debit card is AUD$450.

There is however, no minimum deposit amount if you’re funding your account via bank transfer or PayPal. Below is a list of methods for funding your account based on your location.

Note: IG does not accept payments made via commercial and business credit cards, or cash.

Payment typeIG’s costExecution timeHow to pay
Credit card1.5%InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Debit cardVisa: Free
Mastercard: Free
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Electronic funds transfer to NZ based accountFreeUp to three business daysAccount name: IG Markets Ltd Client Trust
Bank / Branch Code: 03-0252
Account number: 0834546-05
Currency: NZD only
PayPal1% flat chargeInstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Payment typeIG’s costExecution timeHow to pay
Credit cardVisa: 1% (AUD transactions)
Mastercard: 0.5% (AUD transactions)
Non-AUD transactions: 1.5%
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Debit cardVisa: Free
Mastercard: Free
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
BPAYFreeUp to two business daysYour BPAY Biller and Customer Reference number is available from the following locations:

  • The email IG sent when your account was activated
  • The web-based trading platform via Payments
  • Your daily statement that is sent whenever there is activity on your account
PayPal1% flat chargeInstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Payment typeIG’s costExecution timeHow to pay
Credit card1.5%InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Debit cardVisa: Free
Mastercard: Free
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Local transfer to their HK based accountFreeUp to three business daysBank Name: The Hongkong and Shanghai Banking Corporation Limited
HSBC Main Building,
1 Queens Road Central,
Hong Kong
Account Name: IG Markets Ltd – Client Trust Account
Swift Code: HSBCHKHHHKH
Account Number(s):
USD Currency – 848391785201
HKD Currency – 848391785001
AUD Currency – 848391785203
International Transfer to their Australian based accountFreeUp to three business daysBank Name: Westpac Banking Corporation
409 St Kilda Road
Melbourne Vic 3004
Australia
Account Name: IG Markets Client Trust Account
Swift Code: WPACAU2SXXX
Account Number(s):
USD Currency – 034702372672
HKD Currency – 034734320199
AUD Currency – 033079189977
EUR Currency – 034705308262
GBP Currency – 034703392421
PayPal1% flat chargeInstantLogin to the trading platform, select ‘Payments’ and follow the prompts.
Payment typeIG’s costExecution timeHow to pay
Credit card1.5%InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Debit cardVisa: Free
Mastercard: Free
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Local transfer to their HK based accountFreeUp to three business daysBank Name: The Hongkong and Shanghai Banking Corporation Limited
HSBC Main Building,
1 Queens Road Central,
Hong Kong
Account Name: IG Markets Ltd – Client Trust Account
Swift Code: HSBCHKHHHKH
Account Number(s):
USD Currency – 848391785201
HKD Currency – 848391785001
AUD Currency – 848391785203
International transfer to their Australian based accountFreeUp to three business daysBank Name: Westpac Banking Corporation
409 St Kilda Road
Melbourne Vic 3004
Australia
Account Name: IG Markets Client Trust Account
Swift Code: WPACAU2SXXX
Account Number(s):
USD Currency – 034702372672
HKD Currency – 034734320199
AUD Currency – 033079189977
EUR Currency – 034705308262
GBP Currency – 034703392421
PayPal1% flat chargeInstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Payment typeIG’s costExecution timeHow to pay
Credit card1.5%InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
Debit cardVisa: Free
Mastercard: Free
InstantLog in to the trading platform, select ‘Payments’ and follow the prompts
International transfer to their Australian based accountFreeUp to three business daysBank Name: Westpac Banking Corporation
409 St Kilda Road
Melbourne Vic 3004
Australia
Account Name: IG Markets Client Trust Account
Swift Code: WPACAU2SXXX
Account Number(s):
USD Currency – 034702372672
HKD Currency – 034734320199
AUD Currency – 033079189977
EUR Currency – 034705308262
GBP Currency – 034703392421
PayPal1% flat chargeInstantLog in to the trading platform, select ‘Payments’ and follow the prompts

Source: IG

What are the pros and cons of using an IG share trading account?

Pros

  • An established provider. IG has more than 40 years of experience in helping traders around the world manage their investments.
  • Access to international shares. IG Share Trading allows you to access major stock exchanges around the world. This means you can access more than 13,000 international shares across a range of major indices.
  • Cheap brokerage. IG’s competitive commissions start from $8.00. Compare IG’s brokerage fees to those charged by other share trading platforms to see how they stack up.
  • 24-hour support. If you ever need help with a trade or your account, IG’s team of in-house experts is contactable 24 hours a day.

Cons

  • Quarterly inactivity fee. A $50 quarterly subscription fee will apply to IG share trading accounts. This fee can be waived if you meet one of the two conditions outlined in the fees section above.

How do I open an IG share trading account?

You can open an account by filling out an online application.

It takes around 5-10 minutes to apply and you will need to provide:

  • Your name
  • Your email address and phone number
  • Your residential address
  • Your username and password
  • A photograph or scanned copy of your driver’s licence or passport

Once the IG accounts team has approved your application, you will then be able to fund your account and begin trading shares.

IG share trading account frequently asked questions?

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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