IG Markets Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of IG Markets fees and also assessed the size of its minimum deposit.
Short introduction of IG Markets
IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.
💰 Account currency: | USD |
🚀 Minimum deposit: | $1 |
⚖️ Leverage: | Up to 1:200 |
💱 Spread: | From 0.165-0.4 pips on Forex, subject to the client's status |
🔧 Instruments: | Forex; CFDs on indices, commodities, and stocks; Cryptocurrencies, options, interest rates, sectors, bonds, knock-outs, ETFs, and Futures on indices and commodities |
💹 Margin Call / Stop Out: | No |
IG Markets Pros and Cons
👍 Advantages of trading with IG Markets:
•Regulated activities and participation in compensation funds;
•No minimum deposit requirements when opening an account with the international division;
•Leverage is available for trading currencies and CFDs;
•Wide range of trading assets and markets;
•Fee rebates for new and active existing clients with large trading volumes;
•Floating spreads from 0.6 pips for retail Forex traders;
•Bonuses for new clients and partnership programs for different client categories.
👎 Disadvantages of IG Markets:
•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;
•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;
•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
IG Markets Commissions and Fees
IG Markets charges trading fees for CFDs on stocks and variable spreads for Forex and other types of CFDs. For trading CFDs on U.S. stocks, the broker withholds $0.02 per share, but not less than $15 when trading online and $25 when placing orders by phone. On other stocks, the broker charges 0.08%-0.25% of the trade amount subject to the market. Also, there is a minimum fee. For example, it is €10 for EU stocks. Minimum spreads for spot gold are 0.3 pips; for silver, it is 2 pips; for oil, it is 2.8 pips; for indices, it is 1 pips; and for cryptocurrencies, it is 0.17 pips. Spreads for Forex when using the DMA model, start at 0.165 pips; however, this type of trading is available only to professional traders. Spreads for retail clients start at 0.6 pips. Swaps are charged for transferring positions overnight.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | From $6 | YES |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
IG Markets Minimum deposit
Guide on how traders can start earning profits
To start trading on IG Markets platforms, open an account with the broker and make a deposit. It can be $1, if you choose a bank transfer. For deposits made from a bank card, the minimum amount is $50.
Account types:
A demo account is a virtual counterpart of the CFD Account. Traders can create it on the broker’s proprietary platforms and MT4. A demo account doesn't require deposits. It is a risk-free tool for training and studying the broker’s conditions.
The company provides access to international financial markets and offers investment consulting, educational materials, various tools, and analytical data to help its clients make trading decisions.
Brokers similar to IG Markets
When analyzing IG Markets, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of IG Markets and other brokers.
Comparison of IG Markets with other Brokers
IG Markets | RoboForex | Pocket Option | Exness | TeleTrade | FxGlory | |
---|---|---|---|---|---|---|
Trading platform |
MetaTrader4, API, ProRealTime, IG Trading Platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, Mobile Trading, MT5 |
Min deposit |
$1 |
$10 |
$5 |
$10 |
$1 |
$1 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
8.00%% |
Spread |
From 0.4 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.8 points |
From 2 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Instant Execution, Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Author at Traders Union
Conclusion
Analysis of IG Markets shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
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FAQs
If the fees are low, how does a broker make money?
As a rule, brokers with low fees earn on the fees thanks to high trading volume and also non-trading fees.
Can you cover the fees with bonuses?
Yes, it is possible. Some brokers offer a welcome or deposit bonus that can be used to cover the fees.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!