IG Markets: A World Of Trading Options

December 1, 2020
Brokers
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IG Markets came into inception in 2014 and since then the broker has established itself as a reliable name in the UK market. IG Markets offers stock indices, forex, commodities and crypto. Moreover, it has a proactive customer service coupled with some basic yet informative educational resources. The broker is regulated by the esteemed Financial Conduct Authority of the UK and with more than 800 stock indices and 20 forex pairs IG Markets promises to be a good platform for anyone looking to trade in these assets. Click the link below to join now

Also check out Capital.com the highest ranked broker in our database which offers a diverse range of stocks, ETFs, bonds, crypto, commodities and CFDs. With one of the best customer service coupled with the most comprehensive educational resources in the industry, Capital.com promises to be a good platform for your trading endeavors.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with IG Markets and scored our findings on a 10-point scale across 10 distinct categories.
Fees 7
Signup Process 7
Minimum Deposit 10
Ease of Use 8
Deposit & Withdrawal Options 5
Customer Support 7
Asset Classes 9
Referral Program 0
Demo Account & Educational Resources 7
Safety & Regulation 10
Total 70

Introduction

Launched in 1974, IG Markets is one of the oldest players on the block when it comes to brokers. The broker offers a plethora of assets for users to trade-in, making it a great marketplace for traders. Moreover, the broker is regulated by the prestigious FCA granting much-needed security for users. IG Markets is available in 15 nations and the list is as below:

Australia
China
Germany
Hong Kong
India
Ireland
Japan
Malaysia
Netherlands
Singapore
South Africa
United Arab Emirates
United Kingdom
United States

Pros & Cons

Pros

  • Plenty of Stock Indices
  • Regulated By FCA
  • Good Interface

Cons

  • Inactivity Fees
  • Slightly expensive forex pairs
  • Delayed customer service response via email

Account Types

With IG Markets you get what you see. You do not have to choose between tens of accounts, there is just one account type that all users can use whether they are advanced or beginners.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

Fees are one of the major factors that help in deciding if you should go for a broker or not. With so many brokers in the market, it can be hard to find a broker that does not have high trading costs associated with it, but we’re here to help you out. Let’s examine the fee structure for IG Markets and see how it fits the bill.

Deposit & Withdrawal Fees

There are $0 deposit or withdrawal fees for IG Markets. This is a good sign because brokers often have withdrawal fees associated with the service. We feel that many brokers come off as a bit deceptive in this regard because they usually don’t charge fees when it benefits them, that is when it’s you putting money into their platform, but then they’ll make it difficult for you to get your money back by charging exorbitant withdrawal fees. We at Yore Oyster feel that withdrawing your own money is a right and not a privilege and kudos to IG Markets for not charging withdrawal fees, especially for small amounts, as most brokers do.

Commissions & Inactivity Fees

No commission fees are associated with your IG Markets account. However, there is an inactivity fee of $15 that is applicable after 2 years of inactivity. Even though they charge an inactivity fee, most brokers charge it after only a couple of months, so having 2 years is more than a decent amount of time for users to take their money out in case they do not want to trade with IG Markets. Still, no inactivity fee is always better than a small fee, so it’s still not perfect.

Forex Spreads

Let’s examine the forex spread rates to see if it is feasbile to trade forex with the broker.

Currency PairMinimum SpreadAverage Spread
EUR/USD0.61.13
AUD/USD0.61.33
USD/JPY0.71.26
EUR/GBP0.92.51
GBP/USD0.92.38
EUR/JPY1.52.57
USD/CHF1.52.29

The minimum spread rates are decent and start with 0.6 pips which is a decent price. However, the average spreads are almost twice the minimum stated spreads. The average spread rates for EUR/USD, AUD/USD & EUR/GBP spread rates are slightly on the expensive end. However, IG Markets still provides some decent value for some forex pairs. For instance, the USD/JPY rates with other brokers can go up to 4 pips and the average spread of 1.26 pips with IG Markets offers some really good value. Moreover, the EUR/JPY and USD/CHF are also of really good value because even the minimum spreads for these pairs are often greater than the average offered by IG Markets. If you are looking for a broker with low forex rates also check out, Tickmill which allows you to get started from 0 pips.

The mixed performance of forex pairs coupled with the inactivity fees means that the broker scores a 7 here rather than something more substantial.

IG Markets Fees Score: 7/10

#2 Signup Process

The sign-up procedure for easyMarkets is pretty simple and self-explanatory. You need to upload documents verifying your identity & proof of address. The identity documents required may include:

  • Passport
  • Both sides of your ID Card
  • Both sides of your driver’s license

In order to get proof of address you need:

  • Utility bill in your name
  • Bank statement in your name

You can easily apply for your account online. However, the verification of your account tends to take up between 2 to 3 business days due to which the broker loses few points in this dimension as there are brokers like Capital.com that allow you to get signed up the same day such as Capital.com.

IG Markets Signup Process Score: 7/10

#3 Minimum Initial Deposit

The minimum initial deposit is $10, which is a meagre sum. However, the minimum recommended deposit by the broker is $50 so that you can properly invest in a couple of forex pairs, stocks or any other asset and learn how to trade by building a small portfolio and testing out a strategy rather than buying a single low priced asset that would not yield any significant profit. The fact that you can get started with a deposit of only $10 means that the broker gets a perfect score in this section. However, if you want to get started with no minimum initial deposit requirement, do check out Webull, IronFX & Qtrade as these brokers require no minimum initial deposit at all.

IG Markets Minimum Initial Deposit Score: 10/10

#4 IG MarketsEase of Use

IG Markets Desktop & Mobile Platforms

The application has a mobile and desktop version. Customers have provided a lot of positive reviews on Appstore and Playstore regarding the efficacy of the mobile platform in terms of offering an intuitive way for consumers to easily trade. Both versions have similar interfaces. However, the mobile version is a bit more intuitive and allows you to keep a track of your portfolio on the go.

The main dashboard interface for both platforms is pretty comprehensive and shows visible trends of your asset which can allow you to trace variances associated with its price. For instance, you can see a detailed dashboard in the picture below where you can view different metrics in different visualizations.

IG Markets

IG Markets Research Tools

Research tools often enhance how we make our trading decisions. They can often help individuals by providing them with historic trends, or suggestions based upon previous trends. IG Markets offers two good research tools in Trading Alerts and Signals.

IG Markets Trading Alerts & Signals

IG Markets offers trading alerts for movements in the value of your portfolio. This can be essential in times like these when markets are volatile and you should be cognizant of your asset value at all times.

The trading signals help you ensure that you get signals in the form of suggestions to buy, sell and hold assets based on potential market information, trends and signals. This is where you can take advantage of good predictive analytics to get actionable insights. However, a drawback is that the broker lacks advanced statistical tools and metrics for power users due to which they score an 8 rather than a perfect 10.

IG Markets Ease of Use Score: 8/10

#5 IG Markets Deposit & Withdrawal Options

IG Markets does not do a good job in this dimension as the only mode of depositing and withdrawing funds is via a credit card or debit card and the broker offers no other ways in which you can deposit or withdraw your funds. Often, brokers have a lot more options with which you can deposit and withdraw your funds such as bank transfers, online wallets like Skrill & Paypal, so, not a good score in this particular category for IG Markets.

IG Markets Deposit & Withdrawal Options Score: 5/10

#6 IG Markets Customer Support

You can get customer support through various platforms with IG Markets. Some of the options that are available include:

  • Live Chat
  • Email on accountopening.en@ig.com
  • Telephone on +61 3 9860 1799

Customer support is available 24/5 during weekdays, which is pretty decent. However, email support is slightly slow and the broker does not offer customer service on weekends. Hence, the broker scores a 7 on this dimension rather than a 9 or a 10.

IG Markets Customer Support Score: 7/10

#7 IG Markets Asset Classes

IG Markets Currency Pairs

In terms of Forex, IG Markets offers more than 20 currency pairs in major pairs, minor pairs, emerging pairs and exotic pairs. Some of the pairs offered are:

Major Pairs:GBP/USD EUR/USD USD/JPY
Minor Pairs:USD/ZAR SGB/JPY CAD/CHF
Emerging pairs: USD/CNH EUR/RUB AUD/CNH
Exotic Pairs: EUR/CZK TRY/JPY USD/MXN

The table above illustrates the most famous pairs offered in each currency type by IG Markets. This offers a unique variety that is not offered by most brokers. Emerging and Exotic pairs are not offered by many brokers and IG Markets offers some currencies like TRY/JPY & USD/MXN that are hard to find.

IG Markets Crypto

IG Markets offers 6 cryptocurrency options for users which are:

  • Bitcoin (USD)
  • Ether (USD)
  • Litecoin (USD)
  • Ripple (USD)
  • Bitcoin Cash (USD)
  • Crypto 10 Index

6 cryptos is not much of a range but it is twice what most other brokers offer in the market. However, a feature I like is that they have a crypto index as well which is something unique that we have not seen much of. Dealing with cryptos can be a bit volatile so an index can help in hedging that risk, however, it can also be risky because of the volatile nature of the crypto market as a whole because regulators in most countries are not akin to it and keep stacking regulations against it.

IG Markets Commodities

IG Markets offers some common types of commodities which include:

Spot Gold
Spot Silver (5000oz)
Brent Crude
US Light Crude
Natural Gas

Crude oil, natural gas and gold are offered which are popular commodities traded amongst traders. This can help in making a diversified portfolio providing some decent value to users.

Stock Indices

More than 80 indices are offered by IG Markets. This offers plenty of options for users and some of the most important indices offered are as below:

Wall Street
HK50
US 500
FTSE 100
Australia 200
Germany 30
Crypto 10 index

The indices offered cover an entire range for instance, that you can trade in indices from Hong Kong, Australia, Germany & USA giving users a lot of variety and they offer one of the most diverse portfolios for trading stock indices. The broker scores a decent 9 because of the diverse asset portfolio.

IG Markets Asset Classes Score: 9/10

#8 Referral Program

Referral programs play an important role in making trading fun because you can use the platform with friends and learn more. However, there is no active referral program for IG Markets for individual users. This reduces the chance that you have to earn more funds by referring more friends. Hence, the score for this dimension is 0 as IG Markets misses out an opportunity to rope in new users and make trading fun for new comers.

IG Markets Referral Program Score: 0/10

#9 Demo Account & Educational Resources

Having a good demo account and educational resources to practice trading skills can be beneficial for an individual.

IG Markets Demo Account

IG Markets offers a really good demo account. Demo accounts are a great way of training individuals as you can trade with fake money and test out your skills. However, the demo account is only available for a few weeks after which it expires, which does not bode well for new traders who may need the demo account for a longer period of time to train themselves.

IG Markets Educational Resources

IG Markets offers some basic yet decent resources to help you strengthen your understanding of trading. The resources offered include:

  • Video tutorials on the basics of trading & trading strategies
  • Glossary of key terms

The resources provided are not very detailed to completely train you in the theoretical as well as practical knowledge of trading but they do provide you with a solid understanding of how assets are traded using the platform. The time limit on the demo account coupled with the minimal educational resources means that the broker only scores a 7 in this dimension.

IG Markets Demo Account & Educational Resources Score: 7/10

#10 Safety & Regulation

IG Markets is regulated by authorities in the UK. It augers well for users that the broker is regulated by a tier-1 regulator like FCA because it is a strong regulator and one that has regulated a lot of international brokers. The trading platform also has added safety features such as encryption of private data so that other individuals cannot easily hack into.

IG Markets Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

IG Markets vs. Capital.com

IG Markets has a decent asset portfolio, a good demo account and some really good safety and regulation. However, there are a few dimensions where our highest ranked broker Capital.com is better than IG Markets. Let’s have a look.

More Asset Options

When it comes to trading options the more options a broker offers, the better it is for you to build diversified portfolios. Capital.com simply gives you more options by offering more assets such as bonds, more than 20 commodities and 1,700 stocks from all around the world.

More Deposit & Withdrawal Options

Capital.com allows you to deposit and withdraw funds through much more options than IG Markets. You can deposit and withdraw funds via

  • Online Wallets like Paypal, Skrill & Neteller
  • Bank Transfer
  • Credit & Debit Cards

This allows users to use the platform that they feel comfortable to deposit and withdraw funds. moreover, there are no deposit and withdrawal fees so there is no restriction in that regard and you can trade freely.

Stronger Educational Resources & An Amazing Demo Account

Capital.com has an unlimited demo account that you can use for as long as you want to train yourself. Moreover, the demo account has most of the features of the live account.

IG Markets has some basic educational resources however, Capital.com is like a hub for learning the art of trading. Often brokers offer a few basic educational resources for traders like IG Markets but Capital.com does a comprehensive job in this regard and it is with you in the journey for you to become an experienced and successful broker. Some of the resources offered include

  • Tutorial videos on using the platform
  • Educational videos on trading different assets
  • Webinars
  • Educational articles

The resources offered to users start by teaching you how the platform works and then with webinars and articles Capital.com keeps you updated with what’s happening in the market. Capital.com also offers asset trading training guides.

Training Guides

  • CFD training guides
  • Commodities training guides
  • Indices trading guides
  • Trading psychology guides
  • Shares trading guides
  • Forex trading guides

Capital.com has you covered if you want to start trading an asset that you have not traded before. They also offer 5 courses that are aimed at training beginners and refreshing the knowledge of experienced traders.

Capital.com Online Courses

  • Introduction to financial markets
  • ABC of derivatives
  • Financial instruments
  • Derivatives and risks of trading
  • What are leverage and margin

The online courses are designed for beginners but anyone can benefit from them in learning the basics and good practices and knowledge of the industry.

So what are you waiting for signup today for the best broker in town and enjoy the rewards

Related: If you want to learn more about this broker, you can read this excellent review of Capital.com.

In Summary

IG Markets offers a lot of asset types that offers some really good value to users. Moreover, they have a decent customer service coupled with loads of regulation and safety features. I feel the options they offer for stock indices are unparallelled by most brokers hence, the broker does really well in this regard. Signup for IG Markets today, if you are someone looking to build a diversified portfolio account.

However, Capital.com is a much better broker with no inactivity fees. You can learn to trade various different assets using the educational resources available on the platform. Moreover, Capital.com also offers many more assets like bonds and a wider variety of stocks and commodities in addition to the assets offered by IG Markets. Join Capital.com now to trade with a holistic platform and become a champion trader.

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