IG REVIEW

IG REVIEW

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface. To get more news about IG Pros and Cons, you can visit wikifx.com official website.

Why IG Over Others?
Why use IG over competing forex brokers? Let’s take a look at the platform’s biggest benefits. It offers:
An easy-to-use introduction to the forex market. IG offers a welcoming and intuitive platform for desktop and mobile users, combining a simple interface with powerful tools and a host of indicators to choose from.
A comprehensive mobile app. IG’s mobile app continues its commitment to simplicity. It offers full trading capabilities in a streamlined, powerful platform.
Native tablet interface. Are you a member of the often-forgotten tablet trader clan? IG is 1 of the few forex brokerages we’ve seen offering a native tablet interface on both iOS and Android platforms.
As a forex brokerage firm, IG charges commissions a little differently than brokers that focus on stock and ETF trading. Instead of charging a flat-rate commission, IG follows the spread pricing model like most other brokers focused on forex.

When you view currencies on your trading platform, you’ll see 2 different prices listed: the bid price and the ask price. The bid price is the highest price that a buyer is currently willing to pay for the currency listed. The ask price is the lowest price that a seller is willing to sell a unit of his or her currency for. The difference between the bid price and the ask price is referred to as the “spread.” The spread goes to IG in exchange for carrying out your trade.

Spreads may vary depending on your base currency, the currency you’re trading for and current market conditions. IG institutes a minimum spread for all its transactions, but its spreads are, on average, on par with competitors.
IG also offers margin trading for forex accounts. Margin availability is high, like with most forex brokers. Instead of requiring a set dollar amount in your account to access margin trading, IG requires traders to maintain at least a certain percentage of their margin power in their account. For example, if your base currency is the United States dollar and you want to purchase British pounds on margin, you’ll have a 2% margin requirement.

This means that if you want to trade with the power of $100,000 USD, you’ll need 2% of the transaction value ($2,000) to use this level of margin. Percentage margin requirements vary depending on base currency and traded currency, with the highest margin requirements on currencies that frequently fluctuate in value.

IG has a minimum account requirement of $0, meaning that anyone can get started forex trading on its platform. However, IG loses points for its high hidden fees. IG charges an expensive “inactivity fee” of $18 per month if you don’t make a trade for at least 2 years. If you want access to live charts, you’ll pay a whopping $40 a month — though this fee is refunded if you place more than 4 trades a month. What happens if you forget to fill out a valid W-9 form? You’ll be charged a $50 fee each quarter you fail to provide documentation.
Creating an account with IG is fast and simple, even for those who have never opened a brokerage account before. You can complete the entire process online, and IG’s intuitive signup system will assist you in uploading identity verification documents and linking your bank details to fund your forex account. Most users will be able to open an account in a few minutes, and the process is simple enough that you can complete it on a phone or tablet.

IG’s desktop trading platform is equally intuitive and easy to use. Bid and ask prices are clearly laid out side-by-side for faster comparisons. You can open, close and edit your positions with just a few clicks and you can even set automatic stop-loss and profit-taking orders to further streamline your trading. If you trade more than 1 currency pair, you can also create multiple workspaces and flip through tabs with just a few clicks.
IG’s quick search feature allows you to look for currencies by name or symbol. The platform currently supports a variety of order types, ranging from market orders to trailing stop orders. IG’s platform also offers a wide range of indicator and charting tools for intermediate traders, and you can place multiple indicators and annotations on a single chart.

2-factor authentication is available for enhanced security. You can enable price alert notifications from your desktop as well. You’ll find a wide selection of charting and platform tools and quick workspace tools. IG earns top marks for usability.