Foreign exchange (Forex) trading has become increasingly popular among retail investors in recent years. With low barriers to entry and high potential rewards, it’s easy to see the appeal. However, with so many brokers to choose from, finding the right one can be a challenge.
In this comprehensive review, we’ll be taking an in-depth look at IG Markets, one of the largest and most established Forex brokers. We’ll examine their trading platforms, account types, fees and commissions, customer support, reputation and more. By the end, you’ll have all the information you need to decide if IG Markets is the right fit for your Forex trading needs in 2024 and beyond.
An Overview of IG Markets
Founded in 1974, IG Markets is a UK-based broker with decades of industry experience. They were one of the first to offer spread betting and CFDs to retail traders and have expanded to serve over 239,000 active clients worldwide.
IG offers access to over 17,000 financial markets including Forex, stocks, indices, commodities, and cryptocurrencies. Traders can speculate on price movements without taking ownership of the underlying asset.
With IG Markets you get:
- Tight spreads from 0.6 pips on EUR/USD
- Leverage up to 1:200 on Forex
- Award-winning trading platforms and apps
- 24/5 customer service and support
They are regulated by top-tier authorities like the UK’s Financial Conduct Authority (FCA) and offer negative balance protection for peace of mind.
Let’s take a deeper look at what this established broker provides when it comes to Forex specifically.
IG Forex Trading Platforms
IG offers two excellent proprietary trading platforms optimized for Forex:
1. IG Web Trading Platform
IG’s web-based trading platform provides everything you need to execute Forex trades from any internet browser. It includes:
- Advanced charting with over 70 technical indicators
- News and Reuters feeds for analyzing market-moving events
- Customizable layouts and timeframes
- Orders can be executed, managed and edited quickly
The clean, intuitive interface makes it easy for beginners, while the advanced functionality caters to active traders. No download is required so you can access your account from anywhere.
2. IG MetaTrader 4 (MT4)
For more experienced traders, IG also offers the popular MetaTrader 4 (MT4) third-party platform. Key features include:
- Advanced charting tools and technical indicators
- Expert advisors and backtesting capabilities
- Custom indicators and add-ons from the MT4 community
- Available as desktop download or mobile app (iOS and Android)
MT4 is considered the gold standard for Forex trading and gives you the tools to perform advanced analysis right from your charts. You get the reliability of MT4 with the benefits of IG’s tight spreads and fast execution.
Both platforms come packed with features to suit any trader’s needs. Let’s see how they compare:
|Feature||IG Web Platform||IG MT4|
|Charting||70+ indicators, multiple order types, drawing tools||Advanced with custom indicators|
|Automated Trading||N/A||Expert advisors, backtesting|
|Mobile Trading||Web version, mobile app||MT4 iOS and Android app|
|Orders||Intuitive interface, one-click dealing||Advanced management tools|
Plus, you get:
- Seamless platform integration – Manage positions and orders from both platforms under one account.
- No requotes or rejections – Lightning fast trade execution means your orders are filled at the price you see.
- Reliable trading infrastructure – IG invests heavily in tech to ensure their platforms are robust.
Whatever your trading style, IG Markets has the right platform solution for you.
IG Forex Account Types
IG offers three main account options tailored to traders at different stages:
1. Demo Account
Great for new traders, IG’s demo provides $200,000 in virtual funds to practice with. You can access their web and MT4 platforms to test strategies in a risk-free environment.
2. Standard Account
3. Active Trader Account
For high volume traders, the Active Trader account provides dedicated support, lower spreads (as low as 0 pips on EUR/USD), and other benefits. Minimum deposit is $2000.
You can upgrade, downgrade or run multiple accounts seamlessly since they use the same login credentials and are under one umbrella. Let’s compare the key differences:
|Spreads from||N/A||0.6 pips||0 pips|
|Commission||None||Built into spread||Volume-based discounts|
|Virtual Server (VPS)||✔️||❌||✔️|
|Priority Client Service||❌||❌||✔️|
IG caters well to traders of all capital sizes. You can seamlessly upgrade accounts as your trading activity increases.
Fees and Commissions
One advantage of trading with IG is their transparent, low-cost pricing model:
- Spreads only: No commissions to worry about. Competitive spreads starting from 0.6 pips make IG a low-cost broker.
- Variable spreads: Spreads widen slightly during volatile news events giving IG more risk coverage. But they quickly return to normal spreads after the volatility passes.
- Volume-based discounts: Active traders get tiered spread discounts based on monthly trade volume, bringing spreads as low as 0 pips on EUR/USD.
- Overnight financing: You pay a small fee to hold CFD positions overnight based on the applicable interbank rate. No financing charges on futures trades.
There are no deposit, withdrawal or inactivity fees. Compared to other international brokers, IG keeps their fee structure simple and relatively low cost.
Leverage allows you to control much larger positions with a smaller deposit. But higher leveragealso increases risk.
IG provides leverage up to 1:200 on Forex. Other instruments are leveraged anywhere from 1:5 to 1:20 based on regulation and volatility.
While 200:1 leverage may seem attractive, most experienced traders recommend using no more than 1:50 leverage, some even less. IG gives you flexibility but trading prudently is always advised.
IG Markets Forex Trading Resources
IG focuses heavily on education not just sales. They offer a wealth of trading resources including:
- Education hub – Webinars, seminars, video tutorials covering technical and fundamental analysis, psychology and more. IG’s trading academy is highly rated.
- Daily market analysis – IG provides regular news and analysis across Forex, indices, shares, commodities and crypto. This helps traders identify opportunities.
- Autochartist – Scans markets 24/7 to detect technical chart patterns and potential trade ideas.
- ProRealTime charts – Advanced real-time charts with over 100 technical indicators. Fully integrated with MT4 and the web platform.
- Economic calendar – Stay on top of market moving events like employment reports, rate decisions etc. that impact Forex.
- Risk management tools – Build your trading discipline with features like guaranteed stops, price alerts, maximum trade size and more.
For beginners, IG offers a smooth learning curve. Seasoned traders get access to institutional-grade tools and features to take their trading further.
Is IG Markets Regulated and Safe?
As one of the world’s largest CFD brokers, IG invests heavily in compliance andrisk management.
Key regulatory details:
- FCA regulated – IG Markets Limited is authorized and regulated by the UK’sFinancial Conduct Authority (FCA #121410).
- Segregated funds – Client deposits are held in top-tier banks, segregated from company funds per FCA rules. This protects your trading capital.
- FSCS protection – Eligible UK clients can claim up to £85,000 in compensation under the Financial Services Compensation Scheme (FSCS) if the broker fails.
- Negative balance protection – Losses cannot exceed your deposited capital due to IG’s automated risk controls.
- Transparent practices – As a publicly traded company, IG Markets is committed to transparency and ethical trading practices.
IG prioritizes playing by the rules, financial stability, and risk reduction. Your capital is safer thanks to strong compliance and protection from excessive losses.
Pros and Cons of Trading Forex with IG Markets
Let’s summarize the main advantages and any potential drawbacks:
IG Markets Pros
- Established broker with 40+ years of experience
- Regulated in multiple jurisdictions
- Award-winning proprietary trading platforms
- Competitive spreads from 0.6 pips without commissions
- Tiered discounts for high-volume traders
- Extensive education and analysis resources
- Negative balance protection provides peace of mind
- Advanced charting capabilities out of the box
- Top-notch customer service
- Higher minimum deposit for an Active Trader account
- Spread-only pricing might not be the best for some high volume scalpers
- Contract sizes limited to 1 lot for Forex (100k units of base currency)
- Smaller market offering compared to international brokers
IG caters well to a wide range of traders but might not be ideal for high frequency scalpers who need direct market access pricing and very high trade volumes.
How Does IG Compare to Other Brokers?
IG is one of the top choices among regulated Forex brokers. Here’s how they stack up to two popular alternatives:
|Broker||Spreads||Commission||Platforms||Assets||Ease of Use||Trust|
|IG Markets||From 0.6 pips||None||Advanced proprietary & MT4||17,000+||⭐⭐⭐⭐⭐||⭐⭐⭐⭐⭐|
|Oanda||From 1.0 pips||None||Advanced proprietary & MT4||120+||⭐⭐⭐⭐||⭐⭐⭐⭐|
|Forex.com||Typical 1.0 pips||$5 per lot rt side||Advanced proprietary & MT4||80+||⭐⭐⭐||⭐⭐⭐⭐|
Among these regulated brokers, IG provides a well-rounded offering with competitive spreads, trusted service and an extensive product range.
For traders seeking maximum assets and advanced trading features, international brokers like Pepperstone, SaxoBank and IC Markets are worth considering. But they offer slightly higher spreads without IG’s transparency and compliance.
Ultimately, identifying your needs and priorities will determine which is the best fit.
IG Customer Service and Support
IG clients have 24/5 access to skilled support teams:
- 24/5 multilingual phone support – Staff are knowledgeable in both technical and trading matters. Wait times are usually under 1 minute.
- 24/5 live chat – Get instant text-based support through IG’s chat system.
- Email support – Submit queries any time by email and typically receive replies within hours.
- Active Twitter support – @IGClientService provides trading updates and quick assistance via Twitter.
- Local offices – IG has customer service centers in the UK, Europe, Middle East, Singapore and Japan.
- Technical support – Dedicated team provides swift assistance on platform issues.
IG focuses on timely, high-quality customer service with multiple contact options. Most issues are resolved quickly so you can get back to trading.
Final Verdict – Is IG Markets Recommended for Forex Trading?
In conclusion, with decades of experience, advanced trading platforms, competitive spreads, tons of resources and top-class service, IG Markets is a wise choice for online Forex and CFD trading.
Both casual traders and seasoned pros can benefit from their transparent pricing, risk protections and comprehensive market access. As an FCA regulated broker, traders’ capital is also safer thanks to segregated accounts and other compliance protocols.
There are cheaper brokers but few match IG’s combination of features, trust and support. Overall, IG Markets delivers an excellent trading experience suitable for traders of all skill levels.
Is IG legit and safe to trade with?
Yes, IG Markets is one of the most established and trusted brokers on the market. They are publicly traded and strictly regulated by top-tier authorities like the UK’s FCA. Retail client deposits are also protected in segregated accounts, ensuring funds’ safety.
What is IG’s typical spread for Forex pairs?
Average spreads can vary by account type but are typically around 0.6 pips for EUR/USD. This is quite competitive. Active traders can qualify for spreads from 0 pips based on their monthly volume too.
Does IG offer Islamic/swap-free accounts?
Yes, IG offers swap-free accounts to Islamic traders and others who cannot pay overnight financing fees for religious or other reasons. These accounts allow Forex trading without interest or swaps on positions held overnight.
Can I use trading robots and EAs with IG Markets?
Yes, IG supports automated trading on their MetaTrader 4 platform. You can utilize advanced expert advisors (EAs), trading robots and other custom MQL4 scripts to automate your trading strategy.
What trading platforms does IG offer?
IG provides both advanced proprietary web and mobile apps as well as MetaTrader 4. This caters to web-based traders, those who prefer MT4, and users wanting both options via one account.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
|No||Broker||Regulation||Min. Deposit||Platforms||Account Types||Offer||Open New Account|
|1.||RoboForex||FSC Belize||$10||MT4, MT5, RTrader||Standard, Cent, Zero Spread||Welcome Bonus $30||Open RoboForex Account|
|2.||AvaTrade||ASIC, FSCA||$100||MT4, MT5||Standard, Cent, Zero Spread||Top Forex Broker||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||Standard, Cent, Zero Spread||Free VPS||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Micro, Zero Spread||20% Deposit Bonus||Open XM Account|
|5.||ICMarkets||Seychelles FSA||$200||MT4, MT5, CTrader||Standard, Zero Spread||Best Paypal Broker||Open ICMarkets Account|
|6.||XBTFX||ASIC, CySEC, FCA||$10||MT4, MT5||Standard, Zero Spread||Best USA Broker||Open XBTFX Account|
|7.||Vantage||ASIC, CySEC, FCA||$50||MT4, MT5||Standard, Cent, Zero Spread||20% Deposit Bonus||Open Vantage Account|
|8.||FXTM||FSC Mauritius||$10||MT4, MT5||Standard, Micro, Zero Spread||Welcome Bonus $50||Open FXTM Account|
|9.||FBS||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Cent, Zero Spread||100% Deposit Bonus||Open FBS Account|
|10.||Binance||DASP||$10||Binance Platforms||N/A||Best Crypto Broker||Open Binance Account|
|11.||TradingView||Unregulated||Free||TradingView||N/A||Best Trading Platform||Open TradingView Account|
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