- Educational resources
- Trade forex and share market CFDs
- Competitive spreads
Not so great for
- Low maximum leverage
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Established in 1974 as IG Index, the company now has offices across 15 countries and boasts more than 150,000 clients worldwide. IG is the world’s, and therefore Singapore’s, largest provider of CFDs and forex. The company’s size and reach is reflected in its parent company, IG Group’s, listing on the London Stock Exchange. It was also named as the best forex provider in Singapore by Global Brands Magazine in 2020.
IG Markets are a CFD and forex industry stalwart, with a famous claim of being the first company of its type. This history and experience just adds to IG’s level of trust that clients can expect if you choose to open an account.
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.
One of IG’s biggest drawcards is the fact that you’re able to trade both forex and individual stock market CFDs alongside one another, within the same trading platform. Many MT4 only forex brokers only allow you to trade index CFDs, but through IGs online trading platform, you’re able to trade a whole range of company CFDs alongside the forex, indices and commodities markets that every broker offers.
If trading forex on MT4 is a deciding factor for you, IG customers can also choose to use the world’s most popular forex trading platform instead. Switching between platforms is simple and as you’ll see in the trading platforms section of this review, depending on whether you’re at home or on the go, IG offers a number of platforms to choose between.
IG guarantees the fast and reliable execution of all trades. Its systems are engineered to cope with a large number of trades in a short period of time, while its trading platforms are designed to cope with large volumes of traffic. Plus, you can also trade outside of standard trading hours on some CFD markets.
In addition to downloadable software and its web-based platform, you can download the IG trading app to your Apple, Android or Windows smartphone or tablet. The popularity of mobile trading apps shows that this is the future of the industry. Traders want to be able to access markets whenever they see opportunity, no matter where they are. IG’s mobile access is seamless across all platforms.
IG offers competitive spreads across all forex currency pairs with an average of just 0.75 points. AUD/USD has a minimum spread of 0.6 and an average spread of 0.76, while EUR/USD has a minimum spread of 0.6 and an average spread of 0.70. If you’re looking to trade some more exotic markets, then download a demo account from IG and further your research into their spreads in live market conditions.
IG are flexible with the amount of leverage that you can access on your trading account. They offer the ability for you to make the choice of leverage you’d like, all the way up to a maximum leverage level when trading forex, of 200:1.
IG is regulated by the Monetary Authority of Singapore (MAS) and holds all client money in a segregated bank account. With more traders trusting IG with their money than any other broker, IG are regarded as a safe and trusted option for Singaporean forex and CFD traders.
An IG forex account opens up access to a whole raft of different markets, across a range of asset classes. Whether it’s forex, CFDs, commodities, indices or something else you’re after, then you can most likely trade it through IG.
While trading Singaporean and international shares via CFDs makes gaining exposure a simple process, if you’re looking to buy and hold physical shares, then you’re going to need to use a separate share trading account.
Check out our IG share trading review page if that is where your investment focus lies.
Trading cryptocurrency CFDs can be attractive. You don’t need your own wallet, and you can also profit by shorting cryptocurrencies ahead of dropping value, instead of just buying with the expectation of price increases.
IG lets you go long or short on bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH), Ripple and Bitcoin Gold. Some of the markets you can trade include:
You can also leverage your position with a 20% margin requirement on bitcoin and Ethereum, and 40% on Bitcoin Cash.
IG has a large selection of trading platforms that you’re able to choose between. After registering for a forex and CFD account with IG, you can then gain access to the following:
There are two ways to access forex markets with IG:
If you ever have a question about your IG account or about a specific trade, 24-hour Singapore customer support is available from Monday to Friday. Phone, email, and Twitter customer support options are all offered. Alternatively, you can search IG’s extensive online help centre to see if your question has already been answered.
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.
The spreads on an IG forex and CFD trading account are highly competitive.
The quickest way to deposit funds into your IG account is via debit or credit card (Visa or Mastercard). You can also instantly deposit funds using bank transfer.
While cheque is another accepted payment method, funds will however take on average two business days to clear. The charges for the different funding methods are outlined below.
|Debit card||2.3% of the transaction amount, levied by the card processor.|
|Credit card||2.3% of the transaction amount, levied by the card processor.|
|Corporate PayNow (UEN Payments)||Free|
|Telegraphic Transfer||The client’s bank and intermediary bank may apply charges|
|DBS/POSB/Standard Chartered Bill Payments||Free|
|Cheque||Bank’s cheque clearing charges may apply|
If you’re funding your account via bank transfer, then there is no minimum deposit required to open an IG forex account.
If you’re using a debit or credit card however, then the minimum deposit required to fund your account is $450.
It’s completely free to open a forex and CFD trading account with IG. The online application process takes around five minutes and there is no obligation to fund your account or place any trades. You will need to:
IG will work as quickly as possible to approve your application and once your account is open you can fund your account and start trading when you’re ready.
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