There are so many options when it comes to choosing a broker for trading CFDs but finding the right one can certainly be a burdensome task. With the correct broker, I know that I’ll be able to carry out a good trading strategy and maximize my profits, which is why I am very critical in choosing which company to sign-up with. I got interested in checking out IG because they have been in the business since 1974 and they are known to be the largest retail forex provider in the UK. Fortunately they have a demo account which I was able to use to fully experience the trading environment.
The live trading account required a $200 minimum deposit but I actually find this to be a non-issue since the platform has more than 10,000 financial markets to offer. The proprietary platform features advanced charting and one-click dealing in an easy and customized layout. And when it comes to support quality, their helpdesk is very accommodating in answering any query or resolving any issue. Reputation-wise, this company is not questionable since it has more than 100,000 clients and is regulated by the Financial Conduct Authority. Overall, IG earned my approval in this review. You may continue reading to get into the details.
Demo Account: A risk-free environment
The demo account comes with £10,000 virtual funds and is designed for making practice trades without the need to risk any money. Much of the functionalities of the live platform features are still present on the demo so it’s a good way to explore the risk-free environment.
Bonuses: Reduced minimums
Unfortunately they don’t offer welcome bonuses and the only benefit new clients would receive is to trade at reduced minimums on the introduction programme for the first 6 weeks. It’s favorable for building confidence.
Platform: Proprietary and innovative
Trading is possible using the proprietary platform, the MT4 or the ProRealTime. The web-based platform doesn’t require downloading any software and features full market depth with DMA access for FX, stockbroking and equity CFDs. The ProRealTime has a charge of £300 per month although if you make 4 trades within that month then you will receive these funds back.
Mobile Trading: Natively-designed apps
They have also developed apps for all major mobile and tablet devices. These apps are free to download and are secured with 256-bit SSL encryption. And just like the desktop and web-based versions, these native apps come with live prices and provide access to exclusive market data and analysis directly from the mobile device.
Minimum Lot Size: Minimal risks
The accepted minimum lot size with IG is 0.1. I usually prefer to trade with smaller lot sizes so this is definitely an advantage for me since I’ll be able to utilize my fund management strategies.
Maximum Leverage: Advantageous ratio
The allowed maximum leverage is 1:700. This ratio is certainly a favorable value since it can increase my potential yields of up to 700 times.
Spreads: Highly competitive
The spreads with this broker are highly competitive especially for the major pairs. The EUR/USD pair for example has a minimum spread of just 0.8.
Tradable Instruments: Over 10,000 global markets
IG has one of the biggest ranges of instruments for forex and spread betting. It is possible to trade CFDs on over 10,000 global markets and more than 4400 international shares. This also includes indices, forex, commodities, binaries, options, IPOs, Bitcoin and other markets.
Deposit and Withdrawal
Minimum Deposit: Only $200
The minimum initial deposit requirement is $200 without any obligation to trade. Make sure to use this for trading because there will be an inactivity fee if the account has been dormant for two years.
Deposit Methods: The common options
Account funding is possible via credit cards, debit cards, cheques, DBS/POSB or Standard Chartered Bill Payment, Internet Bank Transfer and Telegraphic Transfer.
Withdrawal Methods: Secured returns
By default, they transfer the payments back to the debit/credit card or via the banking method that was originally used to fund the account. They also accept bank transfers and cheques but this is at their discretion.
Withdrawal Processing Time: Payments in less than a week
Withdrawals are normally processed within 3 business days while the maximum waiting time may take up to 10 business days although this is very rare.
Channels: All modes possible
The support team can be reached through phone, email and live chat.
The support is available 24 hours a day from Monday to Friday.
Supported Languages: Multilingual
Their platform currently supports a number of languages including English, Chinese, Bulgarian, Croatian, Danish, Finnish, French, German, Greek, Italian, Dutch, Norwegian, Polish, Spanish and many more.
User Reviews score: 9.2 stars
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Easy to browse
The platform may be very simple but the advantage of it is that it is very easy to browse. Its uncomplicated design makes it very convenient to use.
Support: Accommodating and well-trained
Their help desk are very helpful and know how to handle any kind of customer problem or query. They answer very quickly and resolve issues as fast as possible.
Reputation: Well-capitalized multinational organization
The company has over 40 years of experience in the market and is also regulated by the Financial Conduct Authority (FCA). And since they are a large multinational organization, they are well-capitalized and stable.
Editor’s Rating: 91
IG should definitely be your broker of choice for spread betting and CFD trading as its platform has a lot of outstanding features like one-click dealing, unrestricted product list, customized layouts and advanced charting. You can have a great deal of confidence with this company because it is well-capitalized, regulated by the FCA and the client funds are provided with the utmost protection.