Looking to open a trading account with IG Markets in 2024? As one of the largest CFD and spread betting providers, IG Markets offers a range of account options to suit different trader needs. In this comprehensive review, we take an in-depth look at IG Markets’ minimum deposit requirements, account types, fees and key features to help you choose the right account option when you sign up.
Overview of IG Markets Account Options
IG Markets offers the following main account types:
- IG Standard Account – The basic account suitable for beginner traders looking to trade CFDs.
- IG Pro Account – For active traders seeking advanced tools and features.
- IG Options Account – For options trading in addition to CFDs.
- IG Direct Account – For spread betting in addition to CFD trading.
- IG ISA Account – Tax-efficient Individual Savings Account (ISA).
- IG Pension Trader Account – For trading within a Self-Invested Personal Pension (SIPP).
In this review, we will focus on the key details surrounding the IG Standard and IG Pro account options to help you choose the right one.
IG Markets Minimum Deposit
To open any type of live trading account with IG Markets, you’ll need to meet the minimum initial deposit requirement of £250 (or currency equivalent). This deposit acts as your account funding.
This £250 minimum deposit is applicable across all IG Markets account types including Standard, Pro, ISA, SIPP etc.
Meeting this minimum funding requirement allows you to start actively trading on global markets with IG Markets.
Key Features of the IG Standard Account
The IG Standard account is suitable for beginner traders looking for an easy-to-use account to start CFD trading. Here are some key features:
- Minimum deposit £250 – As highlighted above, you’ll need at least £250 to open this starter account.
- Fee-free trading – IG doesn’t charge any commission fees for Standard account holders. You only pay the spreads.
- Tight spreads – IG offers competitive spreads from just 0.6 points on mainstream forex pairs.
- Spread betting supported – You can seamlessly switch between spread betting and CFD trading.
- Leverage up to 1:200 – Leverage up to 200:1 available on major forex pairs and 100:1 on indices and metals.
- Free guaranteed stops – Protect your capital with free guaranteed stops on certain markets.
- Hedging allowed – You can hedge positions to manage risk and lock in profits.
- Partial shares trading – Trade fractions of shares in companies like Amazon.
- No account maintenance fees – IG doesn’t charge monthly data or platform fees on Standard accounts.
- Multilingual trading platforms – Access web, desktop, apps and MT4 platforms.
- Customer support – Get 24/5 multilingual customer service via live chat, phone and email.
Overall, the IG Standard Account provides an easy-to-use experience suited for beginner traders looking for cost-effective CFD trading coupled with IG’s trusted service.
Pros of Opening an IG Standard Account
Some of the main benefits of choosing the IG Standard Account include:
- Low minimum deposit – The £250 minimum deposit makes it accessible for beginner traders.
- No trading commissions – Unlike some brokers, IG doesn’t charge commissions on Standard Account trades.
- Tight competitive spreads – Benefit from IG’s tight spreads from just 0.6 points on major forex currency pairs.
- Free guaranteed stops – Protect open trades from losses for free on certain volatile markets.
- Hedging capabilities – Hedge positions to manage risks. IG allows hedging on Standard accounts.
- Trade fractional shares – Open up trading opportunities in high priced stocks by trading fractional share CFDs.
- Multilingual platforms – IG provides web, desktop app, mobile apps and MT4 across languages.
- 24/5 customer support – Get access to helpful customer support when you need it. Available 24/5.
- Seamless spread betting – Easily switch between spread betting and CFD trading on your Standard account.
For beginner traders looking for a straightforward account with competitive spreads, the IG Standard Account offers an optimal starting point. The combination of low minimum deposit, fee-free trading and bundled benefits make it an affordable option.
Cons of the IG Standard Account
While the IG Standard Account is well-suited for many beginner traders, there are some limitations to be aware of:
- Limited advanced tools – The Standard Account lacks advanced trading tools like automated trading or premium charting.
- No multi-tiered leverage – Leverage is limited to 200:1 on forex and 100:1 on indices. Not adjustable.
- Wide spreads on exotic pairs – Less liquid pairs have wider spreads, which inflates costs.
- Guaranteed stops restricted – Guaranteed stops only available on certain volatile markets.
- Limited product range – Access to 10,000+ markets but some products reserved for Pro Account.
- No premium features – Lacks add-ons like auto-chartist or premium education resources.
- Inactive account fees – Accounts with no trades for 24 months incur inactivity fees.
For active traders seeking advanced tools, adjustable higher leverage, exclusive products or premium features, the Standard Account limitations may be restricting. Upgrading to the IG Pro Account opens up more possibilities.
IG Pro Account Key Features and Benefits
IG’s Pro Account caters to active traders seeking advanced tools and features. Here are some key aspects:
- £250 minimum deposit – Matching the Standard Account, you’ll need at least £250 in funding.
- Tiered, adjustable leverage – Leverage levels from 30:1 up to 500:1 across different assets.
- Commission pricing – Low commissions charged per trade from just £3. Fees waived with sufficient monthly volume.
- L2 Dealer platform access – Sophisticated L2 Dealer professional-grade platform included.
- Charting package – Utilize a suite of powerful technical charting tools and indicators.
- Automated trading – Automate trading strategies with IG’s ProRealTime platform integration.
- Extended trading hours – Access extended session times for early morning and night trading.
- Premium education – Complimentary access IG Academy Pro education materials and premium insights.
- Account analytics – Monitor all aspects of your trading activity via personal analytics dashboard.
- Multi-site access – Manage positions and orders seamlessly across web, desktop and mobile apps.
- Dedicated support – Get faster support response times from skilled Pro Account team.
Active traders can take advantage of IG’s deep product range, advanced trading tools, premium insights, multi-asset access and dedicated support. The Pro Account unlocks IG’s full suite of institutional-grade resources.
Pros of Choosing the IG Pro Account
Some of the main upsides of upgrading to IG’s Pro Account include:
- Adjustable tiered leverage – Leverage levels tailored up to 500:1 according to your preferences across assets.
- Lower commissions – Opportunity for reduced commissions with high volume monthly trading rebates.
- Powerful L2 Dealer platform – Sophisticated platform with professional-grade tools included free.
- Advanced charting – Utilize IG’s premium charting package with 100+ indicators.
- Automated trading – Automate strategy execution through API integration.
- Extended hours – Trade out of standard market hours with extended sessions.
- Premium education – Complimentary Pro education resources and daily insights.
- Account analytics – Monitor all trading metrics through personal analytics dashboard.
- Faster support – Priority support response times via phone, chat and email.
The Pro Account unlocks IG’s institutional-grade offering, providing active traders with enhanced tools and features. The tiered commissions also offer potential cost savings.
Cons of the IG Pro Account
The main limitations of the Pro Account include:
- £250 minimum deposit – Matching the Standard Account, the Pro minimum deposit may still be high for some.
- Commission fees – Unlike the Standard Account, you pay commissions per trade on the Pro Account.
- Complex platforms – Platforms like L2 Dealer have steeper learning curves.
- Advanced tools – Features like automated trading require API skills to fully utilize.
- Premium costs – Account maintenance fees charged if minimum monthly commission thresholds not met.
For casual traders who won’t use the advanced tools optimally or meet the monthly minimums, the additional commissions and fees of the Pro Account can outweigh the benefits. The Standard Account would likely be more cost-effective.
Comparing Key Features of the IG Standard and Pro Accounts
| Account Feature | IG Standard Account | IG Pro Account |
|---|---|---|
| Minimum Deposit | £250 | £250 |
| Spread Betting | Yes | Yes |
| Commissions | None | From £3/trade |
| Leverage | Up to 200:1 forex<br>Up to 100:1 indices | Tiered up to 500:1 |
| Guaranteed Stops | On volatile markets | On volatile markets |
| Hedging | Yes | Yes |
| Account Fees | None | If min commissions not met |
| Charting Package | Standard | Advanced Pro Charts |
| Automated Trading | No | Yes via API |
| Extended Hours | No | Yes |
| Premium Insights | No | Yes |
| Account Analytics | Standard | Advanced dashboard |
This table summarizes the key differences between the Standard and Pro accounts. While the Standard Account offers an accessible starting point, the Pro Account provides advanced tools, analytics and insights for active traders.
IG Standard vs Pro Account: Which is Better?
So which IG account is better and more suitable – the Standard or Pro?
Overall, the Standard Account offers the better choice for most beginner traders starting out. The fee-free trading, tight spreads and included features provide an affordable introduction to trading.
However, the Pro Account is preferable for regular, high volume traders wanting adjustable leverage, premium tools and insights. The commissions are justifiable with sufficient monthly volume, and the advanced trading capabilities prove more beneficial long-term.
Casual, infrequent traders are likely better off sticking with the Standard Account based on value. But frequent, systematic traders can take full advantage of the Pro Account’s capabilities over the long run.
Analyze your trading needs and style. For most new traders, the Standard Account provides the optimal balance of affordability and access. But upgrade to the Pro tier if you require advanced tools to execute more complex strategies.
Frequently Asked Questions
What is the minimum deposit for an IG Markets account?
The minimum initial deposit to open any IG Markets account is £250 or currency equivalent. This applies universally across IG’s account offerings including Standard, Pro, ISA, SIPP etc. You’ll need at least £250 in your account to start actively trading.
What is IG’s Standard Account?
IG’s Standard Account is their baseline account option designed for beginner traders. It allows fee-free CFD trading with tight spreads and basic tools. Minimum deposit is £250. The Standard Account lacks advanced features but provides an affordable starting point.
What is IG’s Pro Account?
The Pro Account is IG’s upgrade account for active traders. It offers adjustable leverage up to 500:1, commissions from £3 per trade, advanced trading platforms, automated tools via API, premium education and dedicated support. The £250 minimum deposit matches the Standard Account.
Is it better to choose IG Standard or Pro Account?
For most beginner traders, the Standard Account is the better option based on value. But for frequent traders who make a high volume of trades, the Pro Account’s advanced tools and reduced commissions justify the fees long-term. Analyze your needs to decide which tier is optimal.
Does IG charge inactivity fees?
IG can charge account maintenance fees on any account that doesn’t execute a single trade for a continuous 24-month period. These inactivity fees are around £25 per month. To avoid being charged, execute at least one trade or keep a positive cash balance in your account every 24 months.
Can I upgrade from Standard to Pro Account later?
Yes, you can seamlessly upgrade from a Standard to Pro Account with IG Markets at any time. Simply submit a request to upgrade your account tier and agree to the Pro terms and fees. Your open positions and account balance will transfer over.
The Bottom Line
IG Markets offers accessible account options for all trader types. While their £250 minimum deposit matches across account tiers, the feature sets diverge based on needs.
For most beginners, the fee-free Standard Account provides an affordable starting point with IG’s trusted service. But high volume traders can benefit long-term from the Pro Account’s advanced capabilities.
Analyze your trading strategy, volume, and fee structure sensitivities. This will lead you towards the optimal IG account choice as you embark on your trading journey in 2024 and beyond.
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