Itrader – review and feedback on forex and CFD trading platform

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Contents

IG review: Trade forex and CFDs with a global broker

IG is one of Australia’s leading retail forex and CFD providers with a range of flexible trading options.

IG Markets is an online broker that offers forex and CFD trading across multiple platforms. IG is known for its fast trade execution, tight spreads and access to more than 15,000 markets including 70 currency pairs, global indices, individual share market CFDs and commodities.

If you choose to to trade forex with IG, you gain access to a user-friendly trading platform that has won multiple awards. IG aims to assist traders with regular market update articles and videos from its DailyFX analysts. If you’re looking for a fully formed community to learn and trade alongside, then an IG forex account may be for you.

Minimum Spreads for Major Currencies

70+ currency pairs, 600 Australian and 8,000 international share CFDs, indices and commodities

MetaTrader 4
ProReal Time

Details

Type of broker Online
Available markets 70+ currency pairs, 600 Australian and 8,000 international share CFDs, indices and commodities
Minimum Spreads for Major Currencies 0.6 – 1.5 pips
Leverage 200:1
Commission $0
Minimum Trade Size 1 lot
Platforms MetaTrader 4
ProReal Time
Support Phone, email and live chat
Type of broker Online
Available markets Indices, FX, Shares, Commodities, Cryptocurrency, ETPs
Commission – ASX 200 Shares 0.08% with $7 minimum
Minimum trade size 1 lot
Platforms MetaTrader 4
ProReal Time
Support Phone, email and live chat

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University with a double major in journalism and public relations. She has ASIC RG146 compliance certificates for financial advice, securities and managed investments and superannuation.

Quick verdict

Good for
  • Educational resources
  • Trade forex and share market CFDs
  • Competitive spreads
Not so great for
  • Low maximum leverage

IG Markets background

Established in 1974 as IG Index, the company now has offices across 15 countries and boasts more than 150,000 clients worldwide. IG is the world’s, and therefore Australia’s, largest provider of CFDs and forex. The company’s size and reach is reflected in its parent company, IG Group’s, listing on the London Stock Exchange.

IG Markets are a CFD and forex industry stalwart, with a famous claim of being the first company of its type. This history and experience just adds to IG’s level of trust that clients can expect if you choose to open an account.

IG Markets + finder exclusive offers

If you choose to open an IG forex account through finder, you’re able to gain access to exclusive offers that aren’t available elsewhere. We’ve gone over some of the offers that finder’s partnership with IG forex has uncovered.

Special offer: IG forex volume rebates

IG Forex Volume Rebate

Enjoy competitive fees, fast trade execution and tight spreads. You may also be eligible for a rebate when you trade more than 500 standard forex contracts in one month.
Refer a friend offer: Receive up to USD$1000 of trading credit when you refer your friends. Visit site for eligibility criteria. T&Cs apply.

Exclusions apply. Full terms and conditions are available on the IG Markets website.

What are the key features of IG forex and CFD trading?

Let’s take a look at some of the key features that are likely to influence your final decision around whether an IG forex account is right for you. Take the time to consider the forex trading account features that are most useful to your own trading and go from there.

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Ability to trade both CFDs and forex

One of IG’s biggest drawcards is the fact that you’re able to trade both forex and individual stock market CFDs alongside one another, within the same trading platform. Many MT4 only forex brokers only allow you to trade index CFDs, but through IGs online trading platform, you’re able to trade a whole range of company CFDs alongside the forex, indices and commodities markets that every broker offers.

MetaTrader 4 (MT4) supported

If trading forex on MT4 is a deciding factor for you, IG customers can also choose to use the world’s most popular forex trading platform instead. Switching between platforms is simple and as you’ll see in the trading platforms section of this review, depending on whether you’re at home or on the go, IG offers a number of platforms to choose between.

Fast execution and out of hours trading

IG guarantees the fast and reliable execution of all trades. Its systems are engineered to cope with a large number of trades in a short period of time, while its trading platforms are designed to cope with large volumes of traffic. Plus, you can also trade outside of standard trading hours on some CFD markets.

Account access

In addition to downloadable software and its web-based platform, you can download the IG trading app to your Apple, Android or Windows smartphone or tablet. The popularity of mobile trading apps shows that this is the future of the industry. Traders want to be able to access markets whenever they see opportunity, no matter where they are. IG’s mobile access is seamless across all platforms.

Low spreads

IG offers competitive spreads across all forex currency pairs. AUD/USD has a minimum spread of 0.6 and an average spread of 0.76, while EUR/USD has a minimum spread of 0.6 and an average spread of 0.70. If you’re looking to trade some more exotic markets, then download a demo account from IG and further your research into their spreads in live market conditions.

Flexible leverage

IG are flexible with the amount of leverage that you can access on your trading account. They offer the ability for you to make the choice of leverage you’d like, all the way up to a maximum leverage level when trading forex, of 200:1.

Regulated in Australia

IG is regulated by the Australian Securities and Investment Commission (ASIC). With more traders trusting IG with their money than any other broker, IG are regarded as a safe and trusted option for Australian forex and CFD traders.

What markets can I trade with an IG forex and CFD account?

An IG forex account opens up access to a whole raft of different markets, across a range of asset classes. Whether it’s forex, CFDs, commodities, indices or something else you’re after, then you can most likely trade it through IG.

Trade forex and CFDs with IG

  • Forex. Trade more than 70 forex currency pairs.
  • CFDs. Trade more than 600 Australian and 8,000 international share CFDs.
  • Indices. Trade more than 31 global indices, including 22 indices with 24-hour trading such as the S&P 500 and the FTSE 100.
  • Commodities. Access 26 key commodity markets from gold and silver to niche metals and energies.
  • Options. Trade on major indices, forex, shares and more.
  • Interest rates. Speculate on a range of global interest rate movements.
  • Bonds. Hedge against government bond holdings.
  • ETPs, ETFs and IPOs. Access exchange traded products, exchange traded funds and initial public offerings.

Trade share market CFDs with IG

While trading Australian and international shares via CFDs makes gaining exposure a simple process, if you’re looking to buy and hold physical shares, then you’re going to need to use a separate share trading account.

Check out our IG share trading review page if that is where your investment focus lies.

Trade cryptocurrency CFDs with IG

Trading cryptocurrency CFDs can be attractive. You don’t need your own wallet, and you can also profit by shorting cryptocurrencies ahead of dropping value, instead of just buying with the expectation of price increases.

IG lets you go long or short on bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH), Ripple and Bitcoin Gold. Some of the markets you can trade include:

You can also leverage your position with a 20% margin requirement on bitcoin and Ethereum, and 40% on Bitcoin Cash.

What trading platforms can I use with an IG forex and CFD account?

IG has a large selection of trading platforms that you’re able to choose between. After registering for a forex and CFD account with IG, you can then gain access to the following:

  • IG Trading Platform. The IG trading platform features a range of useful trading tools including trading charts, signals and personalised alerts.
  • Web-based platform. IG’s online trading platform enables you to trade via your web browser, and customise your theme. Open and close your positions in a few clicks, view split charts and signal analysis, set up trading alerts and receive breaking news via Reuters and Twitter. The web-based platform supports Google Chrome (recommended), Firefox, Microsoft Edge, Internet Explorer 11 and Safari (Mac only).
  • Mobile trading apps. Trade on the go with IG’s trading apps, free to download and featuring native designs across all major mobile and tablet devices. Access market data and analysis and live prices before logging in.
  • MetaTrader 4 (MT4). The most popular forex trading platform in the world, popular among traders for its fast execution, automated trading, customisable interface and enhanced trading tools. The IG version of MT4 comes with 18 free bespoke add-ons and indicators. Plus, you can access your account via the MT4 app on both Android and iPhone. Simply request access to MT4 in your client portal.
  • Advanced platforms. Advanced traders can register for L2 Dealer, IG’s downloadable DMA (Direct Market Access) platform. Get direct access to share market CFDs and forex currency pairs. This is for professional traders only and is only available via specific request.

What account types are available from IG Markets?

There are two ways to access forex markets with IG:

  • CFDs. CFDs allow you to trade using leverage and don’t require you to pay a commission to open a position. Think of this as your standard retail trading account option, accessible through the IG trading platform or MT4.
  • L2 Dealer. This is IG’s direct market access service. L2 Dealer is available to professional traders by request only. It allows you to buy and sell CFDs priced directly from Currenex liquidity pool spreads.

What customer support options are available from IG Markets?

If you ever have a question about your IG account or about a specific trade, 24-hour Australian customer support is available from Monday to Friday. Phone, email, live chat and Twitter customer support options are all offered. Alternatively, you can search IG’s extensive online help centre to see if your question has already been answered.

IG also offers a number of online educational resources and information to help you make better trading decisions. These include forex trading education pages, webinars and in-depth guides. There’s even an IG Academy app, available from Google Play or the Apple App Store, that provides engaging step-by-step courses that teach you how to trade.

What are the spreads and fees on an IG forex account like?

The spreads on an IG forex and CFD trading account are highly competitive.

  • Spread. The spread is the difference between the buy and sell price on a trade. This varies between products, but as an example the minimum spread applied on the forex AUD/USD currency pair is 0.6 pips. When trading with Forex Direct (direct to market) traders can access tighter spreads, from 0.142 pips for EUR/USD.
  • Margin. The margin is the amount needed for you to open a trade. IG margins start from just 5% of the trade value.
  • Commission. All IG CFDs are commission free, except shares CFDs which vary. The commission charged on Australian shares CFDs is 0.08% ($7 minimum) for online trades.
  • FX currency exchange rates. When you trade a market that is denominated in a currency other than your local currency you pay an FX conversion, or exchange rate. IG offers a competitive FX conversion rate of 0.3%.

What are the account funding options on an IG forex and CFD account?

The quickest way to deposit funds into your IG account is via debit or credit card (Visa or Mastercard). You can also instantly deposit funds using PayPal.

While BPAY is another accepted payment method, funds will however take on average two business days to clear. The charges for the different funding methods are outlined below.

Payment Method Cost
Debit card Free (Visa & Mastercard)
Credit card 1% (Visa) & 0.5% (Mastercard)
PayPal 1%
BPAY Free

Minimum deposit

If you’re funding your account via bank transfer or BPAY, then there is no minimum deposit required to open an IG forex account.

If you’re using a debit card, credit card or PayPal however, then the minimum deposit required to fund your account is $450.

What are the pros and cons of trading on an IG forex account?

  • Competitive spreads. With spreads starting from 0.6 pips, IG forex trading offers a competitively priced option for investors.
  • Educational resources. If you’re new to trading or you simply want to increase your trading knowledge, IG offers an extensive range of educational resources plus a free demo account.
  • Flexible forex trading. There are two ways to trade forex with IG: through forex CFDs and through the provider’s direct market access service.
  • Access over 15,000 markets. Access over 15,000 markets including 70 currency pairs.
  • 24-hour customer support. IG offers customer support to its clients 24 hours a day, from Monday to Friday.

  • Can be risky. CFDs are complex financial products and traders are at high-risk of losing all of or more than their initial investment.

How do I open an IG forex trading account?

It’s completely free to open a forex and CFD trading account with IG. The online application process takes around five minutes and there is no obligation to fund your account or place any trades. You will need to:

  • Provide your name
  • Enter your email address
  • Create a username and password
  • Specify your country of residence
  • Specify whether you want to trade CFDs, forex or both

IG will work as quickly as possible to approve your application and once your account is open you can fund your account and start trading when you’re ready.

Markets.com Trading Platform

Award-Winning Multi-Assets Trading Platform

Markets.com Forex & CFD Trading Platform offer many Advanced Trading Tools, Advanced charts, innovative technical analysis tools, FREE real-time quotes & Risk Management Tools. Best Forex Trading Platform 2020!

  • Award-Winning Trading Platform
  • Voted for by traders & industry leaders
  • Secure, high-performance platform
  • Innovative, real-time trading tools
  • Advanced charts, analysis & live data
  • Tight spreads & fast execution speeds

Traders Rating: 98% 4 votes

Advanced charts and technical analysis tools, Free real time quotes, Leveraged Trading, 24/7 Trading.

Markets.com Forex & CFD Trading Platform offer many Advanced Trading Tools, Advanced charts, innovative technical analysis tools, FREE real-time quotes & Risk Management Tools.

Trade Stock, Index, Currency, Cryptocurrency and Commodity CFDs with Zero Commission Trading! » Learn more

» Free unlimited demo account

  • Gain a deeper understanding of instrument trends amongst traders
  • Evaluate and make trading decisions considering latest trends
  • Identify potential trading opportunities
  • Define which trade expiry times can deliver better results
  • Develop trade duration strategies

Powerful Trading Decisions-supporting Tools

All of the aforementioned refinements simplify how you navigate around the platform, provide you with much more data at a glance and allow you to make the very most of our growing selection of decisions-supporting tools:

Events & Trade – Filters economic events by whether they have met the expectations of analysts and presents you with the general trend according to the past twelve occasions the report was announced.
Trending Now – Allows you to quickly sort through our extensive list of assets using a number of different criteria, including highest percentage increases/decreases, most volatile, 52 week highs/lows and more.

Daily Analyst Recommendations – Provides you with stock trading recommendations from leading analysts in the space who are ranked according to their success rates, average return per recommendation and the statistical significance of their analysis.

Events & Trade uses a proprietary algorithm to scan consensus data from over 30 leading economists from across the globe, comparing their forecasts with actual market reactions after each and every economic report is released. This information allows Events & Trade to forecast how individual financial markets are likely to react in the short and medium term if the figures come in higher or lower than the market expects.

You can think of Events & Trade as a statistical helping hand, making sense of the plethora of constantly changing data and directing your attention to statistically significant patterns. » Learn more

Filter, search and find the top trending instruments in real-time market conditions via the Markets.com Trending Now Feature. Available in the Markets.com Web Trader platform and iOS/Android apps, the Trending Now feature can help you pinpoint which instruments rank at the top of the lists in the following categories:

  • Top Risers – Find out which instruments are experiencing the highest levels of price increase, over the last 24 hours (rise).
  • Top Fallers – See which instruments are experiencing the highest levels of price decrease, over the last 24 hours (fall).
  • Top Volatile – Capture key moments of opportunity with a list of the most volatile instruments, as they fluctuate on the stock market, over the last 24 hours.
  • Top Traders trends – Identify which instruments are experiencing the highest buy and sell percentages, rounded to the nearest 1%, all based on the data of live and recently closed trades of Markets.com customers. (Updated every few minutes)
  • 52 Week High – Discover the instruments that have reached their highest price compared to the last 52 weeks.
  • 52 Week Low – Find the instruments that have reached their lowest price compared to the last 52 weeks.
  • Uptrend – These are the instruments that have had positive daily change in the last 7 days
  • Downtrend – This lists the instruments that have had negative daily change in the last 7 days
  • 30 Days High – These are the instruments that have reached their highest price in the last 30 days.
  • 30 Days Low – These are the instruments that have reached their lowest price in the last 30 days

Log in to your account via our Web Trader Platform or our mobile apps. Navigate to the instrument search function in the top left of the platform screen, or user interface. In ‘Instrument Search’, click on The Trending Now Feature option and select the filter you want to use.

*Past performance is not a reliable indicator of future results. » Learn more

Markets Social Sentiment

Feel the pulse with the Social Sentiment. We access the world’s most influential financial bloggers in real-time to bring you the latest and most updated sentiment from the various financial websites, media channels and blogs. This advanced decisions-supporting tool will provide you with a numerical breakdown of each opinion to keep you in the loop.

Hedge Funds’ Activity

You can now view the Hedge Fund Sentiment of your holdings based on the value of shares bought or sold by hedge funds in the last quarter. With HFA, you can view the holding change and resulting holding value of the stock at hand, along with the action of the hedge fund’s transaction. The trends can be seen quarter over quarter since 2020.

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Earn rebates and one-on-one professional support when you qualify for our Active Trader program

Financial strength you can depend on

Your FOREX.com account gives you access to our full suite of downloadable, web, and mobile apps.

Trade on one of the world’s most popular trading platforms with access to dedicated support and integrated trading tools exclusive to FOREX.com.

Leverage our experts

Our global research team identifies the information that drives markets so you can forecast potential price movement and seize forex trading opportunities.

Latest Research

  • Euro Stoxx 50 rebound faces significant hurdles April 7, 2020 4:23 PM
  • Japan is considering state of emergency – JPY under pressure April 7, 2020 2:22 PM
  • EUR/USD Targets $1.09 Ahead Of Eurogroup Meeting April 7, 2020 1:13 PM

Read Latest Research

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Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Contracts for Difference (CFDs) are not available to US residents.

FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.

FOREX.com may, from time to time, offer payment processing services with respect to card deposits through its affiliate, GAIN Capital UK Ltd, Park House, 16 Finsbury Circus, London, EC2M 7EB, United Kingdom.

GAIN Global Markets Inc. is part of the GAIN Capital Holdings, Inc. group of companies, which has its principal place of business at 135 US Hwy 202/206, Bedminster, NJ 07921, USA.

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