|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|DMA||$0||0.1||1:200||0.2 pips + commission $3-$5*|
*commission is calculated per standard lot per side and is based on trading volume
**The IG branch in Singapore offers maximum leverage of 1:50.
IG offers spread betting and CFD services with the same spreads. CFD accounts are two types – Standard & DMA. The Standard one is commission-free, while the DMA account provides lower spreads, as prices are offered by liquidity providers, plus a variable commission, based on the client’s order size.
The broker does not offer micro lots for trade (0.01 lots), so some traders may find it difficult to manage the risks associated with high-volume trading.
Founded in London in 1974, IG (formerly IG Index) is a pioneer broker, that actually created the concept of financial spread betting. Furthermore, IG was the first spread betting firm to introduce online dealing in 1998.
Currently, the group of companies offers wide range of products for online trade, available on a selection of platforms: contracts for difference (CFDs) on currency pairs, indices, commodities, stocks, financial spread betting (in the UK and Ireland), as well as binary options. In 2014 the broker also introduced execution-only stockbroking in the UK and Ireland, later rolling it out to the Netherlands and Germany.
The IG Group also owns the North America Derivatives Exchange (Nadex), the premier and largest regulated online US exchange, offering binary options and spreads.
In addition, the group is listed on the London Stock Exchange and the FTSE 250. In fact, it is currently the largest forex broker listed on the LSE in terms of market capitalization.
Its UK head office is located in the heart of the City of London, and the group has sales offices in 15 other countries.
IG is a trading name of IG Markets Ltd. and IG Index Ltd, authorized and regulated by UK’s Financial Conduct Authority (FCA). For binary bets IG Index Ltd. is also licensed and regulated by the Gambling Commission.
UK’s financial watchdog is famous for applying strict requirements to brokerage firms. Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement of €730 000 , regular report filing, etc.
In relation to security of clients` funds, we would also like mention that FCA-regulated brokers fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt.
Except got the two abovementioned firms, the IG Group has units regulated by the respective authorities in a number of countries.
|Countries of regulation||Regulator|
Minimum Initial Deposit
Clients of IG are not required to deposit a certain initial amount in order to open an account with IG, however they have to fund their accounts in order to initiate a trade. For instance, in order to buy 1 lot GBP/USD (1 contract is £100,000 and the margin rate is 0.5%), one has to deposit at least £500.
Average Spreads & Commissions
IG offers competitive low spreads, averaged to 0.6 pips on EUR/USD on commission-free accounts, and even less on DMA ones (which involve a commission). Such pricing is really good, as we find most brokers offer spreads within the range of 1.0 – 1.5 pips.
In comparison, FxPro offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts and charges $4.5 per lot. For further information, you may also check out the real-time spreads of 15 major brokers here.
The maximum leverage levels offered by IG are up 1:200, which is considered average. Yet, many FCA-regulated brokers provide higher leverage ratios: FxPro, for instance, offers leverage up to 1:500.
We would like to remind traders that higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit. It is a double-sided coin.
This broker offers a selection of robust platforms: its proprietary IG platform, web-based ProRealTime, a special DMA platform – L2 Dealer, as well as the industry’s standard MetaTrader 4 (MT4).
The web-based ProRealTime has customisable layout and is equipped with several charting packages, Over 100 indicators covering everything from price to volatility, automated trade options and extensive historical data.
For those who want full market depth with Direct Market Access (DMA) for FX, share dealing and equity CFDs, IG offers the downloadable L2 Dealer platform. It provides greater liquidity on shares trading through access to primary exchanges, market makers, brokers and MTF dark pools. With L2 Dealer, traders can place basket trades using the Excel-compatible 'Watchlist Pro' function, autotrade by using algorithms they have created in Excel and to make well-informed decisions due to the market-linked news feeds and live charts.
In addition, traders who are used to the good old MetaTrader 4, are able to use it with IG.
IG UK`s clients are able to make deposits and withdrawals via credit/debit cards or wire transfer. Popular e-wallets, such as BPay, China UnionPay and Paypal, are also available as payment methods with this broker.
Being part of a large international group with more than 40 years of experience in the industry, IG is a reliable and well-regulated broker, offering competitive conditions for trading in wide range of financial instruments on several platforms. To sum things up, here are the advantages and drawbacks with regards to IG:
|Regulated in multiple jurisdictions||No micro lots available|
|Competitive tight spreads||Limited payment methods|
|No minimum initial deposit required|
|Wide range of trading instruments & platforms|
|Part of a large publicly listed group with more than 40 years of experience|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|UK, Australia||FCA, ASIC||MT4, Web,
|UK, Cyprus, Hong Kong||FCA, CySEC, SFC||MT4, Web,
|Cyprus, Australia||CySec, ASIC||MT4, Web||$100||Review Website|
|UK, Australia, Singapore||FCA, ASIC, MAS, BaFin||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4, MT5||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5,
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK, Cyprus, Bulgaria||FCA, CySec, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|
|Cyprus||CySEC||MT4, Web||$25||Review Website|
|Belize||IFSC||MT4, MT5, Web||$1||Review Website|
|Cyprus||CySec||MT4, Web, Gwasy||$100||Review Website|