IG Review 2024: The Best Option for UK Traders?
Dom Farnell
Co-Founder
Dom is a Co-Founder of TIC, a passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management. "My goal is to empower individuals to make informed investment decisions through informative and engaging content."
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Quick Verdict: Would We Recommend IG?
With a 4.5/5 rating, IG is an excellent choice for UK traders, offering access to over 17,000 markets and being backed by FCA regulation. Its reliable platforms and extensive educational resources make it ideal for both beginners and experienced traders alike.
If you’re a UK-based trader, you’ve probably heard of IG. With decades of experience, it’s one of the most established trading platforms out there. This IG review was personally tested and vetted by our in-house trading expert to ensure it’s accuracy. It dives into my personal experience with IG, highlighting its strengths and weaknesses to help you make an informed decision.
What Does This Page Cover?
- IG Summary
- Overall IG Performance Rating
- What are the Pro’s and Con’s of IG?
- Range of Available Investments
- What Account Types Are Available?
- Fees and Commission Structure
- Trading Platforms and Tools
- Market Research and Analysis
- User Experience
- Educational Resources
- Is IG Safe?
- How Does IG Compare to its Competition?
- FAQ
- Conclusion and Takeaways
- Review Methodology
- Zero commissions on stocks and ETFs.
- Award-winning xStation 5 trading platform.
- Access to 5,600+ global markets.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG Summary
IG, founded in 1974, has evolved into one of the top trading platforms for traders around the world, especially in the UK. From forex and stocks to commodities and ETFs, IG offers access to over 17,000 markets. What drew me to IG initially was their solid reputation, but over time, I came to appreciate the depth of their offering.
IG stands for “Investors Gold”, which was the original name of the company when it was founded in 1974. Over the years, IG has become a leading global online trading platform, and while the full name is no longer widely used, “IG” remains the brand’s identity.
They are regulated by the FCA, which ensures a high level of security and transparency, something that’s non-negotiable when dealing with money online. Over the years, I’ve used their web platform, MetaTrader 4, and their mobile app—all of which offer solid trading tools for beginners and pros alike.
Overall IG Performance Rating
| |
Review Criteria | Review Rating |
Account Types | 4.1/5 |
Range of Available Investments | 4.9/5 |
Fees and Commission Structure | 4.2/5 |
Trading Platforms and Tools | 4.6/5 |
Market Research and Analysis | 4.5/5 |
User Experience | 4.3/5 |
Educational | 4.7/5 |
Safety and Security | 5/5 |
Overall Review Score | 4.5/5 |
IG is a well-rounded broker with an impressive average score of 4.5 out of 5.
It excels in offering access to over 17,000 markets, providing traders with diverse opportunities in forex, stocks, ETFs, and more. IG’s platforms and tools are highly rated for both beginners and advanced traders, and its educational resources, such as IG Academy, offer valuable learning.
Although fees are competitive for frequent traders, occasional traders may face higher costs. Overall, IG’s strong FCA regulation and commitment to security make it a trusted choice, though a few limitations exist for infrequent traders and those seeking fractional shares.
What are the Pro's and Con's of IG?
- ISA Account
- FCA regulation ensures your money is protected.
- Access to 17,000+ markets including forex, stocks, ETFs, commodities, and more.
- Solid trading platforms including web-based, MetaTrader 4, and mobile apps.
- Extensive educational resources like IG Academy, which is ideal for traders at all levels.
- Fast execution with IG’s commitment to best execution practices.
- High fees for occasional traders compared to frequent users.
- Platform inactivity fees can kick in after two years of no activity.
Range of Available Investments 4.9/5
IG offers an extensive range of over 17,000 markets, making it one of the most versatile platforms for traders. The platform provides access to traditional assets such as forex, stocks, ETFs, commodities, and indices, as well as a wide selection of CFDs (Contracts for Difference) that allow traders to speculate on price movements without owning the underlying asset.
For forex traders, IG offers more than 90 currency pairs. Additionally, traders can invest in thousands of global stocks, commodities such as gold, silver, and oil, and ETFs from major exchanges. IG is particularly known for its strong CFD offering, which covers nearly all asset classes, allowing traders to profit from both rising and falling markets.
| Asset Class | Number of Assets | Details | CFD Available |
|---|---|---|---|
| Forex | 90+ currency pairs | Majors, minors, and exotics | Yes |
| Stocks | 13,000+ shares | UK, US, EU, and global markets | Yes |
| ETFs | 2,000+ | Includes ETFs from major exchanges | Yes |
| Commodities | 30+ | Gold, oil, silver, and agricultural products | Yes |
| Indices | 80+ | Major global indices like FTSE 100, S&P 500 | Yes |
| Cryptocurrencies | 10+ | Bitcoin, Ethereum, Litecoin, and more | Yes |
| Options | 30+ | US and European options | Yes |
| Bonds | 12+ | Government and corporate bonds | Yes |
What Account Types Are Available? 4.1/5
IG offers a variety of account types to cater to different traders, each with its own unique features.
| Account Type | Description | Key Features |
|---|---|---|
| Standard Account | Suitable for most retail traders, offering access to all IG markets. | Full range of instruments, lower leverage, access to forex, stocks, ETFs, commodities, etc. |
| Professional Account | For experienced traders who qualify, with higher leverage and lower margin requirements. | Higher leverage, but fewer protections under FCA regulations; criteria-based eligibility. |
| ISA Account | A tax-efficient Stocks and Shares ISA for UK traders, ideal for long-term investing. | No capital gains tax, invest up to £20,000 annually in shares, ETFs, bonds. |
| SIPP Account | A Self-Invested Personal Pension (SIPP) for long-term, tax-efficient retirement savings. | Tax-efficient retirement investing, access to IG’s wide range of assets. |
Fees and Commission Structure 4.2/5
When it comes to fees, IG’s structure is competitive for active traders but can get expensive if you’re less frequent. Forex spreads are tight, especially on major currency pairs, which is great for someone like me who trades forex regularly.
However, commissions on stocks can add up if you aren’t a frequent trader, and there’s a £10 monthly inactivity fee if you don’t trade for two years. While the withdrawal fees are generally reasonable, some methods like using a credit card can attract additional charges.
My recommendation: if you plan to trade often, the fee structure works in your favour. Otherwise, occasional traders might feel the pinch with inactivity fees.
| Fee Type | Description | Cost |
|---|---|---|
| Account Opening | Free to open and maintain an account | £0 |
| Forex Spreads | Starting from 0.6 pips on major pairs (EUR/USD) | From 0.6 pips |
| Share Dealing Commission (UK) | - £3 per trade if you trade 3+ times in the previous month - £8 per trade for 0-2 trades | £3 - £8 per trade |
| Share Dealing Commission (US) | - £0 commission for 3+ trades in the previous month - £10 per trade for 0-2 trades | £0 - £10 per trade |
| European Shares Commission | 0.1% of trade value (min €10) | 0.1% (min €10) |
| Australian Shares Commission | 0.1% of trade value (min A$10) | 0.1% (min A$10) |
| Inactivity Fee | Charged after 2 years of inactivity | £10 per month |
| Overnight Funding (Forex & CFDs) | Charge for holding positions overnight (varies by market) | Varies (based on market rates + 1%) |
| Currency Conversion Fee | Applied when trading in a different currency from your account base currency | 0.5% - 0.8% |
| Custody Fee | For share dealing accounts with less than 3 trades per quarter | £24 per quarter |
| Guaranteed Stop Premium | Charged if a guaranteed stop loss is triggered (depends on market) | From £1.2 on EUR/USD |
| Withdrawal Fees | No fee for standard bank transfers or withdrawals over £100 - £15 for same-day transfers below £100 | £0 for standard, £15 for same-day transfers below £100 |
| ProRealTime Charts | Third-party advanced charting tools, refunded if you make 4+ trades a month | £30 per month |
| Options Commission (US) | Commission on options trades | $1 per contract (capped at $10 per leg) |
| DMA (Direct Market Access) | Free to access, but exchange fees may apply for live prices | Varies based on exchange |
| Other Miscellaneous Fees | Additional fees for physical share certificates and some third-party services | £100 + VAT (for services like dematerialisation) |
Trading Platforms and Tools 4.6/5
IG offers a variety of trading platforms that cater to traders of all experience levels.
The web-based platform is clean and easy to navigate, with customisable charts and a variety of technical indicators.
For those who prefer more advanced tools, MetaTrader 4 is available, which I personally use for its extensive range of customisation and automation options.
The mobile app is equally robust, allowing me to monitor and execute trades on the go without any hassle.
Whether you’re a beginner starting out or an advanced trader looking for precision tools, IG’s platforms offer a seamless experience across devices. The best part? You can easily switch between platforms depending on your trading needs.
Market Research and Analysis 4.5/5
G’s market research tools are some of the most comprehensive I’ve come across. As a trader, having access to high-quality analysis can make all the difference, and IG provides just that.
They offer daily market reports, live news feeds, and an in-depth economic calendar to keep traders updated. I regularly check their market commentary, especially when trading forex, and find their technical analysis reports invaluable for decision-making.
The platform also integrates well with third-party research tools, which adds an extra layer of insight. Overall, IG ensures that traders have access to the latest data and analysis, which is crucial for making informed trading decisions.
User Experience 4.3/5
In terms of user experience, IG shines with its intuitive design and fluid performance.
The web-based platform is user-friendly, even if you’re new to trading. I found it easy to get accustomed to the layout, and navigating between markets is a breeze. What impressed me most is the speed of execution—trades are executed swiftly, and I’ve never experienced any major delays.
The mobile app deserves a mention as well; it mirrors the web platform’s functionality while being perfectly optimised for trading on the go.
Whether I’m using my laptop or phone, IG delivers a consistent and smooth experience that makes trading straightforward and stress-free.
Educational Resources 4/7/5
IG stands out with its impressive range of educational resources, especially through IG Academy. Whether you’re a beginner or a seasoned trader, IG Academy offers free courses, tutorials, and webinars that cover everything from the basics of trading to advanced strategies.
Personally, I’ve found their webinars particularly useful, providing insights into market trends and practical tips. They also offer interactive quizzes to test your knowledge, which helps reinforce what you’ve learned. For traders wanting to continuously improve, IG’s educational resources are top-notch and provide the tools needed to grow your trading skills.
Is IG Safe? 5/5
When it comes to safety, IG has some of the best protections in place. It’s regulated by the FCA, which ensures strict oversight and adherence to industry standards.
Additionally, IG practices fund segregation, meaning your money is kept separate from the company’s operational funds, which adds an extra layer of security. One of the things I appreciate is their best execution policy—they’re committed to executing trades at the best possible price.
Over the years, I’ve never had any concerns about the safety of my funds or the platform’s integrity, and that speaks volumes in the trading world.
How Does IG Compare to its Competition?
IG vs. Etoro
IG and eToro offer distinct advantages depending on a trader’s needs. IG excels in the sheer number of markets, with over 17,000+ assets, compared to eToro’s 5,000+. IG’s platforms, including MetaTrader 4, offer more advanced trading tools, making it ideal for experienced traders.
Meanwhile, eToro’s strength lies in its social trading features, like CopyTrader, which allows beginners to follow and copy experienced traders—an option not available on IG.
Both platforms are FCA-regulated, but eToro’s zero-commission trading on stocks and IG’s varying commission structure highlight key differences. For crypto enthusiasts, eToro offers a broader range of cryptocurrencies, while IG focuses more on CFDs for these assets.
While IG’s educational resources through IG Academy provide in-depth learning, eToro’s community-driven approach may appeal more to newer traders who prefer learning by following others. In conclusion, IG is better suited for those seeking a broader asset range and advanced trading tools, while eToro shines for those interested in social trading and zero-commission stock trading.
IG vs XTB
When comparing IG and XTB, both platforms cater to a broad range of traders, but there are some notable differences. IG offers access to 17,000+ markets, significantly more than XTB’s 5,600+ instruments, making IG better for traders who seek a wide variety of assets.
XTB, however, shines with its zero-commission trading for stocks and ETFs up to £100,000 per month, while IG has competitive but varying fees depending on asset type.
Both brokers offer solid trading platforms, but XTB’s xStation 5 is known for its intuitive design and speed, while IG’s MetaTrader 4 and web-based platform provide more customisation options for advanced traders.
IG is also regulated by the FCA, ASIC, and other major regulators, providing a strong safety net. XTB, with FCA, KNF, and CySEC regulation, also ensures client protection but with a slightly smaller market reach.
For educational resources, IG’s IG Academy and webinars are on par with XTB’s extensive training courses. Overall, IG is ideal for traders seeking variety, while XTB’s lower fees and streamlined platform may appeal to active traders looking for simplicity.
| Feature | IG | XTB | eToro |
|---|---|---|---|
| Number of Markets | 17,000+ | 5,600+ | 5,000+ |
| Minimum Deposit | £250 | £0 | £50 |
| Inactivity Fee | £10/month after 2 years | €10/month after 12 months | $10/month after 12 months |
| Commission-Free Trading | Yes (for US stocks, 3+ trades/month) | Yes (stocks and ETFs up to £100,000/month) | Yes (stocks and ETFs, no cap) |
| Platforms | Web, MetaTrader 4, Mobile | xStation 5, Mobile | Web, Proprietary, Mobile |
| Spread on Forex | From 0.6 pips (EUR/USD) | From 0.8 pips (EUR/USD) | From 1.0 pips (EUR/USD) |
| Cryptocurrency Trading | 10+ cryptocurrencies (via CFDs) | 25+ cryptocurrencies (via CFDs) | 30+ cryptocurrencies (direct and CFDs) |
| Leverage | Up to 30:1 for retail traders | Up to 30:1 for retail traders | Up to 30:1 for retail traders |
| Social Trading | No | No | Yes (CopyTrader, CopyPortfolio) |
| Educational Resources | IG Academy, Webinars, Tutorials | Webinars, Tutorials, Trading Courses | Tutorials, Social Learning, Webinars |
| Customer Support | 24/7 via phone, email, live chat | 24/5 via phone, email, live chat | 24/5 via live chat, email |
| Demo Account | Yes, no time limit, £10,000 virtual funds | Yes, 30 days, £100,000 virtual funds | Yes, no time limit, $100,000 virtual funds |
eToro
- User-friendly interface
- Social trading features
- Diverse asset selection
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
IG
- Diverse trading tools
- Educational resources
- Wide market access
Capital at risk.
XTB
- Low Trading Costs
- User-Friendly Platform
- Interest on Cash
Capital at risk.
Key Takeaways:
- IG offers the largest variety of markets, with over 17,000 assets, and provides advanced tools like MetaTrader 4. However, the minimum deposit is higher at £250.
- XTB stands out with zero commissions on stocks and ETFs up to £100,000 per month and an intuitive xStation 5 platform but offers fewer markets.
- eToro shines for social trading, allowing users to copy other traders, and has a lower minimum deposit of £50, making it more accessible for beginners.
Conclusion and Takeaways
IG is a platform that stands out for its breadth of markets, powerful trading tools, and strong regulatory oversight. It is particularly well-suited for experienced traders who value access to over 17,000 assets and advanced features such as MetaTrader 4. However, IG also makes room for beginners, offering educational resources via IG Academy, though newer traders might find some fees and complexities overwhelming.
Who is IG Best Suited For?
IG is ideal for:
- Advanced traders: Those who need robust charting tools, real-time news, and the flexibility of CFD trading, spread betting, and Forex.
- Frequent traders: Users who place more than three trades per month and can benefit from reduced fees.
- Diversified investors: Traders looking to invest across a wide array of markets, including stocks, commodities, indices, and Forex.
That said, it may not be the best option for:
- Low-frequency traders: The platform’s inactivity fees and custody charges could be a downside for those making only occasional trades.
- Investors seeking zero-commission stock trading: Alternatives like eToro or XTB offer more competitive commission-free structures for stock trading.
- ISA Account
- Extensive market coverage with access to over 17,000 instruments.
- Top-tier safety with FCA regulation and nearly 50 years of operation.
- Advanced trading tools and customizable platforms, perfect for day traders and technical analysts.
- Educational resources through IG Academy, supporting traders at all levels.
- Higher fees for infrequent traders due to inactivity charges and stock trading fees.
- No options trading for UK users and limited cryptocurrency trading.
Final Recommendation
IG is one of the most comprehensive platforms available in the UK, offering something for traders of all experience levels. However, its fee structure means it’s more suited to those who trade frequently and want access to the platform’s advanced features. Beginners can benefit from its educational tools but may want to explore lower-fee platforms if their trading volume is low.
If you’re an experienced trader looking for a trusted platform with powerful tools, IG is an excellent choice. However, for those focused on low-cost, commission-free stock trading or social trading, other platforms like eToro may be more appropriate.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
FAQ
Is IG Trustworthy?
Yes, IG is highly trustworthy. It’s regulated by the FCA, ensuring strong protections for traders. In my experience, I’ve never had any issues with fund withdrawals or platform integrity.
How safe is IG trading?
IG is extremely safe. Your funds are kept in segregated accounts, and the platform is regulated by the FCA, meaning they adhere to high standards of financial protection.
Is IG a good broker for beginners?
Yes, IG is beginner-friendly. Their educational resources and intuitive platforms make it easy for new traders to learn and grow, while their support is available when needed.
Is IG regulated in the UK?
Yes, IG is fully regulated in the UK by the Financial Conduct Authority (FCA), which ensures that they operate in a fair and transparent manner.
What happens if IG goes bust?
In the unlikely event that IG goes bust, UK clients are protected under the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 in claims.
Review Methodology
This review is based on first-hand experience trading with IG over several years. I’ve explored various features, including the platforms, fees, and customer service. The information has been cross-referenced with public sources and user feedback to ensure accuracy and reliability.
Why We Are Trustworthy
Our reviews are independent and unbiased, based on genuine trading experiences. We aim to provide accurate, transparent, and useful information to help traders make informed decisions. We are not directly affiliated with IG, ensuring our assessment remains objective.
References
The information in this review was gathered from IG’s official website, user experiences, and reliable financial publications. It is backed by thorough research and personal experience with IG’s services and platforms. Here are the external sources used:
- FCA regulation ensures your money is protected.
- Access to 17,000+ markets including forex, stocks, ETFs, commodities, and more.
- Solid trading platforms including web-based, MetaTrader 4, and mobile apps.
- Extensive educational resources like IG Academy, which is ideal for traders at all levels.
- Fast execution with IG’s commitment to best execution practices.
- High fees for occasional traders compared to frequent users.
- Platform inactivity fees can kick in after two years of no activity.