IG US Review
Overview
In 2022, Forex Brokers chose IG as a best-in-class Forex trading platform.
Source IG
As these honors indicate, IG’s platform is suitable for beginner and advanced currency traders.
When you think of investment alternatives to stocks, your mind immediately wanders to crypto, private equity, or real estate. Forex trading doesn’t always enter into the equation.
What is Forex trading? Forex, or FX, stands for foreign exchange. The Forex market is a global marketplace for trading currencies.
As with most types of trading and investing, you need a broker to facilitate Forex trades. However, nowadays, you’re not merely choosing a broker, you’re deciding on a comprehensive platform.
In the world of currency trading, IG US is a top player. It’s also one of the most straightforward and attractive.
Pros
- Trade more than 80 currency pairs
- Customizable and easy to use trading platforms and charts
- Pricing starts at 0.8 pips
- Customer Service available 3am Saturday to 5pm Friday (EST)
- Superb educational tools
Cons
- High stock CFD fees
- No “negative balance protection” for traders in the US
- No guaranteed stop losses for traders in the US
IG made its entrance in the United States in 2022. However, IG isn’t a newcomer to the world of currency trading. IG US’s London-based parent, IG Group, has been around since 1974 and counts more than 313,000 clients worldwide.
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Features
If you’re new to the FX market, IG offers excellent resources that can help you better understand and learn how to trade currencies.
IG provides education modules with quizzes at the end of each section, webinars hosted by Forex experts, and demo accounts that allow you practice trading live with $10,000 in virtual cash.
Let’s consider other key elements of IG’s platform, relevant to beginners and experienced traders.
You can trade more than 80 currency pairs on IG’s platform.
IG’s platform includes customizable trading platforms and charts that allow you to trade directly from the chart. You can up your game with IG’s MetaTrader 4. MetaTrader 4 lets you choose from “Expert Advisor” trading algorithms or create your own alongside other features for advanced currency traders, such as free access to 18 customizable add-ons and indicators, a fully-functional mobile app, and 24/7 customer support.
Fees
In currency trading, pips refer to the spread between buying and selling prices. IG’s spread pricing starts at 0.8 pips. Across three of the top traded currency pairs (EUR/USD, USD/JPY, AUD/USD), IG’s spread is equal to or less than that of popular platforms, Forex.com and TD Ameritrade. Its minimum EUR/USD spread is at least 20% lower.
While you might incur some fees for trading on margin and holding positions overnight, IG only notes one account
A Forex platform that you can learn and trade with.
Summary
We like IG because it does everything well in a neat, tidy package suitable if you’ve never traded currency before or you’re an expert in FX markets. You can tailor IG to your experience level and increase the bells and whistles as you become more comfortable as a currency trader.