IG Markets Review 2021
IG Markets Latest Comments for 2021
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IG Markets is a senior firm with a decent reputation. I’ve been working with IG since its online platform launched. There have been crests and troughs in its trading conditions and customer satisfaction. In 2015, I narrowly saved my entire deposit, but then sustained many incremental losses that added up quickly. Not everyone was as lucky as me because many people lost high dollars. A friend from work lost $7,000 in one day. In general, I am OK with this broker. I tried to open deposits with other brokers, but then somehow, I gave up. Everywhere there are pros and cons, but I'm used to working here. Moreover, their web-platform is stable, and the spreads are okay.
Everything is superb and the support managers are superb! I have no complaints. I can't characterize the Forex market as I don't trade currency. I invest in government bonds and CFDs through IG Markets. The cost of a CFD contract is about $10 and a spread of 2 pips suits me. But the limiting risks payment, in my opinion, is unreasonably high. There are no additional commissions for opening positions. There were no problems with withdrawing funds from the deposit. Replenishment can be made using a bank card or via a bank transfer in euros or dollars. You can use the same methods for withdrawal. In general, everything is thought out and convenient.
IG Markets is the oldest player in the European currency market. It makes the Top 250 of the largest companies in the UK, with total assets of $3 billion. However, its tech inventory lags behind today’s online Forex market standards by five years. That's just funny. It must introduce more trading tools, expand its platforms, and adopt mobile trading. The iPhone was invented in 2003, for goodness sakes! They need a web platform that is compatible with any browser. You should not need to download the platform. Dear IG Markets management, please pay more attention to traders with a small deposit, because we are in the majority here!
I trade CFDs on options with medium-term volatility and currency pairs with IG. I am mostly interested in daily options, but occasionally I trade in futures. I am satisfied with fixed spreads for daily options, but floating spreads for futures with a range of 1 to 4 pips are quite annoying. Everything is fine in trading currency pairs. The standard leverage is 1:200. The floating spread is from 0.6 pips. The broker has direct access to the market, which makes it possible to open transactions very quickly.
IG Markets has a large number of currency pairs for swap trading. By keeping the order open long enough during the night, you can get a good profit. But a floating spread of 0.8 pips on average significantly reduces the profit. Requotes also occur frequently. It is impossible to trade profitably with a small deposit. I believe that with the current spread and trading volume requirements for comfortable trading, you need a deposit of at least $500. I still do not know if I am ready to entrust that much money to IG Markets, so I trade with another broker at the same time. I'll compare the conditions, and then we'll see.
For me, as a scalper, a spread of 0.6 pips and a leverage of 1:200 are perfect conditions for trading. I had an unpleasant experience with the MetaTrader 4 platform. The terminal freezes with any action, from placing an order to scrolling the chart. It happened that with the volatility increase in the market, MT4 generally stalled, and there was nothing to do but wait for the completion of the leaps in the market. Naturally, this most often caused me to suffer a loss. After maintenance on the site, slippage happens less often. I am satisfied with the fast withdrawal of funds and the responsive support team.
In general, IG Markets is not much different from its competitors regarding trading conditions. The high level of customer support in all countries where the company is represented is captivating. The website is well-designed but has a simple style. Information about the company is frequently updated and prices on world markets are constantly monitored. You can choose between 2 types of real accounts and use a demo for 14 days. The minimum deposit is $200, but I doubt if it is possible to earn with such a small amount.