Is IG Good for Day Trading? My Honest Take
Dom Farnell
Co-Founder
Dom, a Co-Founder at TIC, is an avid investor and experienced blogger who specialises in financial markets and wealth management. He strives to help people make smart investment decisions through clear and engaging content.
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Last Updated 19/11/2024
Quick Answer: How Good is IG for Day Trading?
Yes, IG is a good choice for day trading. With its intuitive platform, wide market access, competitive fees, and powerful risk management tools, IG stands out as a top choice. Whether you’re a beginner or an experienced trader, IG offers features that support successful and efficient day trading.
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IG
- Intuites Platform
- Competitive Fees
- Wide Market Access
- User Friendly
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
How Did I Start Using IG for Day Trading?
I stumbled upon IG almost by accident. At the time, I was trying to break into day trading and had experimented with a few other platforms, but none of them felt quite right. Either the fees were eating into my profits, or the platforms were too clunky to navigate effectively. Then, during a late-night search for “best brokers for day trading,” IG popped up repeatedly in forums and reviews. Intrigued, I decided to give it a shot.
What initially caught my attention was their reputation for offering a wide range of markets and an intuitive interface. I signed up for a demo account to test the waters, and within minutes, I was hooked. The platform’s clean design and straightforward tools made trading feel less overwhelming.
I remember placing my first virtual trade on IG: it was on the FTSE 100 index. The process was seamless, and I could see all the necessary data clearly laid out. It gave me the confidence to transition to live trading after just a few weeks of practice. That initial experience set the tone for what has become my go-to trading platform ever since.
What Do I Like Most About IG?
When it comes to day trading, IG has proven itself as a reliable and user-friendly platform that genuinely enhances the trading experience. From its sleek design to its robust market offerings, there’s a lot to love. Here’s what stands out to me the most:
Ease of Use and Platform Design
One of the first things I noticed about IG was how intuitive its platform is. For someone like me, who values efficiency in trading, this was a huge plus. The interface is clean, responsive, and well-organized, making it easy to execute trades quickly without fumbling through cluttered menus.
A personal moment that highlights this was during a volatile market session. I needed to adjust my positions on several trades in a matter of seconds. With IG, I was able to swiftly navigate between charts, place orders, and update my stop-loss settings without any confusion. That level of ease gave me the confidence to act decisively.
The mobile app deserves a special mention, too. I’ve executed trades on the go with the same precision as on the desktop platform. Whether I’m at my desk or out and about, IG makes it feel seamless.
Market Variety for Day Traders
Another standout feature of IG is its incredible market variety. As a day trader, having access to a broad range of instruments—stocks, indices, forex, commodities, and cryptocurrencies—is invaluable. IG offers over 17,000 markets, which means I can always find opportunities regardless of market conditions.
One day, I was eyeing a potential drop in oil prices while also keeping an eye on tech stocks. With IG, I was able to set up trades on both markets simultaneously. This ability to diversify my trades across multiple asset classes has been a key factor in my growth as a day trader.
Here’s a table summarizing IG’s market offerings:
| Market Type | Examples | My Usage |
|---|---|---|
| Forex | EUR/USD, GBP/USD | High frequency during early sessions |
| Indices | FTSE 100, Dow Jones | Regular trading for market trends |
| Stocks | Tesla, Apple, Amazon | Focused on volatile, high-volume stocks |
| Commodities | Gold, Crude Oil | Occasionally for macro trends |
| Cryptocurrencies | Bitcoin, Ethereum | Exploring growing opportunities |
The sheer variety ensures that I’m never stuck searching for something to trade.
Effective Risk Management Features
For any day trader, managing risk is just as important as making profitable trades. IG excels in this area, offering tools like stop-loss orders, guaranteed stops, and margin monitoring. These features have often been the difference between a controlled loss and a disastrous one.
A memorable example was during an earnings announcement for a major tech company. The market moved against me faster than I anticipated, but thanks to a guaranteed stop-loss I had set, my potential loss was capped. Without that tool, I would have faced a significant setback.
The platform also provides real-time alerts and margin updates, ensuring that I stay informed about my positions. These proactive features have taught me to manage my risk effectively and trade with more confidence.
What Frustrates Me About IG?
Even though I think IG is the best platform for day trading, it’s not without its frustrations. Here are a few areas where I believe IG could improve:
Are Fees a Dealbreaker?
While IG offers competitive spreads and transparent pricing, the costs can add up for high-frequency day traders like me. Spreads on less popular instruments or during low liquidity periods tend to widen, impacting profitability. There are also overnight fees for holding leveraged positions, which can be a downside if trades don’t close quickly.
I remember a time when I was holding a forex trade on GBP/JPY overnight, expecting the market to hit my target during the London session. The trade didn’t close, and I was hit with a noticeable fee the next day. It wasn’t a dealbreaker, but it reminded me to factor in these costs when trading.
Summary of IG Fees for Day Traders:
| Fee Type | Details | Impact on Day Trading |
|---|---|---|
| Spread Costs | Varies by market (e.g., forex from 0.6 pips) | Adds up with frequent trades |
| Overnight Fees | Charged for holding leveraged positions | Affects long-running trades |
| Guaranteed Stops | Extra charge for added risk control | Useful but adds a slight premium |
Are the Charting Tools Enough for Pro Traders?
IG’s charting tools are functional, but for advanced analysis, they can feel limiting compared to standalone software like TradingView or MetaTrader. I’ve found myself relying on external tools for complex indicators or deeper technical analysis.
For example, during a particularly volatile market, I needed to overlay multiple custom indicators to make sense of a trend. IG’s built-in charts were adequate for quick decisions, but they lacked the flexibility I needed. While it’s not a dealbreaker, pro traders might find this limitation frustrating.
Is IG Overwhelming for Beginners?
IG’s platform, while intuitive, can feel overwhelming for beginners due to the sheer number of features and tools available. When I first started, I spent hours navigating the menus and experimenting with demo trades before feeling comfortable.
One of my friends, a new trader I recommended IG to, felt daunted by the platform initially. She struggled with setting up basic trades because of the range of options presented upfront. While IG offers excellent educational resources, a simplified onboarding process could make it more beginner-friendly.
How Does IG Compare to Other Platforms?
Having tried several brokers, I keep returning to IG for its balance of usability and features. Here’s how it stacks up against others I’ve used:
- Market Variety: IG wins hands down with its 17,000+ markets, compared to competitors like Plus500 or eToro, which offer far fewer options. I love having access to niche markets that aren’t available elsewhere.
- Fees: While IG’s fees are competitive, brokers like XTB sometimes offer lower spreads for forex. However, IG’s transparent pricing and quality of service justify the slightly higher costs for me.
- Platform Design: IG feels more polished than most competitors. For instance, when I used MetaTrader, the interface felt clunky compared to IG’s clean design.
A specific trade story comes to mind: I once tried executing a trade on another platform during a fast-moving forex market, but the lag caused me to miss the best entry point. With IG, the trade execution was seamless, and I haven’t looked back since.
Comparison Table: IG vs. Competitors
| Feature | IG | Competitor 1: Plus500 | Competitor 2: MetaTrader |
|---|---|---|---|
| Market Access | 17,000+ markets | ~2,000 markets | Depends on broker |
| Platform Usability | Intuitive, polished | Basic design | Clunky interface |
| Fees (Forex Spread) | From 0.6 pips | From 0.8 pips | Varies widely |
| Tools for Risk Management | Excellent | Limited | Moderate |
Can IG Work for Beginners?
Absolutely, IG can work for beginners, but it does come with a learning curve. When I started, I spent hours exploring their demo account, which mimics real trading conditions without risking any money. This was invaluable for understanding how the platform worked and testing strategies.
One feature that stood out was IG’s educational content. They offer webinars, tutorials, and market analysis, which gave me the confidence to place my first live trades. However, the wealth of tools and options can feel overwhelming at first.
For beginners, my advice would be:
- Spend time with the demo account to familiarize yourself with the platform.
- Focus on one or two markets initially to avoid feeling scattered.
- Use IG’s educational resources to build your knowledge base.
While IG isn’t perfect, the pros far outweigh the cons, making it my top choice for day trading. From its user-friendly platform to its vast market variety and risk management tools, IG has everything I need to trade effectively. Whether you’re just starting out or a seasoned trader, IG’s features make it a reliable partner for success.
Should You Use IG for Day Trading?
Based on my personal experience, IG is an excellent choice for day trading. Its intuitive platform, vast market variety, and strong risk management tools make it a standout option. Whether I’m trading forex or stocks, the platform’s ease of use allows me to act quickly and confidently—even during volatile sessions.
The access to over 17,000 markets is a huge advantage, offering opportunities in virtually every trading condition. While fees can add up for frequent trades, IG’s transparency and reliability make it worth the cost.
For beginners, the demo account and educational resources provide a great starting point. For experienced traders, the advanced features ensure flexibility and efficiency. Overall, I rate IG 4.9/5 and highly recommend it to anyone serious about day trading.
FAQs
IG is a leading trading platform that offers a wide range of financial instruments, including forex, stocks, indices, and cryptocurrencies. It is suitable for day trading due to its fast execution speeds, advanced charting tools, and competitive spreads. However, the platform’s suitability depends on your trading strategy and experience level.
IG provides several features beneficial to day traders, including:
- Real-time market data and advanced charting tools.
- Customizable trading interface and risk management features.
- Access to a wide range of financial instruments.
- Competitive pricing with low spreads and commissions.
- Mobile and web platforms for trading on the go.
Yes, IG offers a variety of educational resources, including webinars, tutorials, articles, and demo accounts. These resources help traders develop skills, understand market dynamics, and test strategies without risking real money.
While IG is a robust platform, some potential downsides include:
- Inactivity fees for dormant accounts.
- High fees for overnight holding of leveraged positions.
- Advanced tools may be overwhelming for beginners.
These factors should be considered before committing to the platform.
Yes, IG can be integrated with third-party platforms such as MetaTrader 4 (MT4) and ProRealTime, allowing advanced traders to utilize additional tools for automation, algorithmic trading, and detailed technical analysis.
Trade Smarter, not Harder
- Intuitive Platform
- Competitive Fees
- Wide Market Access
- User Friendly
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
References:
IG Review 2024 – Pros & Cons – BrokerChooser
This review offers an in-depth analysis of IG’s trading platform, fees, and services, highlighting its strengths and areas for improvement.
https://brokerchooser.com/broker-reviews/ig-reviewIG Review 2024: Pros & Cons – ForexBrokers.com
ForexBrokers.com provides a detailed evaluation of IG, focusing on its offerings for forex traders, platform usability, and regulatory standing.
https://www.forexbrokers.com/reviews/igIG Review 2024 | Pros, Cons & Key Findings – Day Trading
This review examines IG’s features from a day trading perspective, assessing its platform capabilities, market access, and overall suitability for active traders.
https://www.daytrading.com/igIG Review (2024) – Expert Opinion & 523 Customer Ratings – Good Money Guide
Good Money Guide provides expert opinions and customer feedback on IG, offering insights into user experiences and the platform’s performance.
https://goodmoneyguide.com/review/ig/
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70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
