Investing in the stock market has become more accessible to the general public in recent years, thanks to online trading platforms. One such platform that has gained a lot of attention is IG, which boasts a user-friendly interface and a vast range of assets to trade.
In this review, we’ll take a closer look at what IG has to offer and whether it’s worth considering for your online trading needs. From its features and fees to its customer support, we’ve got you covered!
Features
- User-Friendly Interface: The IG platform is easy to navigate, with an intuitive interface that makes it easy to locate trading instruments, charts, and other vital features.
- Wide Range of Assets: With over 17,000 markets to choose from, including stocks, indices, forex, commodities, and cryptocurrencies, IG offers a massive selection of assets to trade.
- Advanced Charting: IG’s advanced charting features allow traders to conduct technical analysis, generate trading ideas, and customize charts to suit their preferences.
- Automated Trading: For those who prefer a more hands-off approach, IG offers automated trading through its ProRealTime platform, which gives users access to pre-built trading strategies and custom indicators.
- Risk Management Tools: IG provides a range of tools to help traders manage their risk, including stop-loss orders, guaranteed stop-loss orders, and trailing stop-loss orders.
- Mobile App: With a mobile app available for both iOS and Android devices, traders can access the platform and execute trades on the go.
Fees
Like any online trading platform, IG has its fees. Here are some of the fees associated with using IG:
- Commission and Spread Costs: IG operates on a commission and spread system, meaning that traders pay a commission on each trade as well as a spread, which is the difference between the buy and sell prices of an asset. Commission fees can vary between markets.
- Overnight Fees: Traders who hold positions open overnight will be charged a financing fee, which is based on the value of the position and the applicable interest rate.
- Inactivity Fee: If an account is inactive for two years or more, a fee of $18 will be charged each month until the account is either reactivated or closed.
- Deposit and Withdrawal Fees: IG does not charge any deposit fees, but withdrawal fees may apply depending on the method of withdrawal chosen.
It’s essential to keep these fees in mind when trading on the platform. Overall, IG’s fees are considered reasonable compared to other trading platforms.
Customer Support
IG offers a range of customer support channels to help users when they need it. These include:
- Live Chat: Available 24/5, users can chat with customer support agents through the platform’s live chat feature.
- Phone Support: Users can call the support team during office hours for additional assistance, and phone support is available in over 20 languages.
- Email Support: Users can also email IG’s support team with any queries or issues they may have.
In terms of response times, IG’s support team is generally very responsive, with queries through live chat being answered almost immediately during support hours. Email response times can vary, but users can generally expect a response within 24 hours.
Security
Security is an essential aspect of any online trading platform, and IG takes security seriously. Here are some of the measures that IG has in place to protect its users:
- Regulatory Bodies: As a regulated broker, IG is authorized and regulated by various financial regulatory bodies worldwide, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia.
- Security Measures: IG employs various security measures to protect its users, such as using SSL encryption for data transmission and storing user data on secure servers.
- Protection of User Data: IG is committed to protecting its users’ data and does not share user data with third parties without user consent.
Overall, IG’s security measures are designed to provide users with a safe and secure trading environment. Users can trade with the peace of mind that their data and assets are protected by industry-standard security measures.
Automated Trading
Automated trading is becoming increasingly popular among traders, and IG offers its clients access to the ProRealTime platform, which provides automated trading capabilities. With ProRealTime, users can access pre-built trading strategies and even create custom indicators to automate their trading.
ProRealTime also offers advanced backtesting tools, allowing traders to test their strategies using historical data before implementing them. This feature can be especially useful for novice traders who may not have the experience to evaluate the effectiveness of a trading strategy.
Overall, the automated trading capabilities offered by IG through ProRealTime make it an attractive option for traders who prefer a more hands-off approach to trading.
Summary
Summary-
Range of Markets:5/5 Amazing
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Fees:4/5 Good
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Customer Support:4/5 Good
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Security Measures:5/5 Amazing
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Research and Educational Resources:3/5 Neutral
The Good
- Wide range of markets
- Competitive fees
- Professional customer support
- Advanced security measures
The Bad
- Limited research and educational resources
- Withdrawal fees may apply depending on the chosen method
- No access to third-party trading platforms such as MetaTrader 4 or 5
