IG Markets Review

Review

IG Markets US is the US subsidiary of UJK brokerage powerhouse IG Markets, but unlike its international offering, IG Markets US is a pure-play Forex broker which has grown into one of the leading US Forex brokers. I decided to review IG Markets US to determine if its commission-free trading environment offers the promised cost advantage. Does IG Markets US deserve the praise it gets?

Summary

IG Markets US Overview - A premier US Forex broker with competitive trading costs
🗺️ HeadquarterUS
⚖️ RegulationsCFTC
💰 Execution TypeMarket Maker
💰 Minimum Deposit$250
💰 Maximum Retail Leverage1:50
📊 Trading Platform(s)MT4, ProRealTime, proprietary trading platform
🛍️ Established2019 (US entry)

As far as US-based Forex brokers go, I believe IG Markets US presents one of the best choices, if not THE BEST choices on the market. Traders get a great selection of currency pairs, offering excellent trading opportunities, a competitive commission-free trading environment. and superb trading platforms. I can also recommend the IG Academy to beginner traders, where IG Markets US delivers an industry-leading service.

IG Markets US Main Features

Retail Loss RateUndisclosed
RegulationYes
Minimum Raw SpreadsNot applicable
Minimum Standard Spreads0.8 pips
Minimum Commission for ForexCommission-free
Commission for CFDs/DMANot applicable
Volume RebatesYes
Minimum Deposit$250
Demo AccountYes
Managed AccountNo
Islamic AccountNo
Inactivity Fee$12 monthly after 24 months of inactivity
Deposit FeeYes
Withdrawal FeeThird-party
Funding Methods3
Back to Top

Regulation and Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. IG Markets presents clients with one regulated entity for US traders, which is also the only necessary regulation for Forex brokers operating out of the United States.

 
Country of the RegulatorName of the RegulatorRegulatory License Number

US

Commodity Futures Trading Commission/NFANFA ID 0509630

IG Markets US officially launched in 2019, and the Commodity Futures Trading Commission (CFTC) regulates this broker. It is also a member of the National Futures Association (NFA), created by the CFTC. IG Markets US follows the industry standard for US regulations but has faced criticism in 2021.

In January 2021, a spike in market volatility caused outages at IG Markers US, and traders could not manage their positions, leading to avoidable trading losses. Reports from two sources indicated that IG Markets US failed to provide customer support and did not answer phone calls. At the same time, it was quick to react to commentary to protect its image and deny accusations made by clients.

Since IG Markets US is a Forex broker, it does not offer traders Securities Investor Protection Corporation (SIPC) protection, which does not cover currencies. However, since IG Markets US is part of IG Group, publicly listed in the UK on the London Stock Exchange (LSE), and a member of the FTSE250 index, I do not consider this an issue. Traders can confidently trade with IG Markets US and trust this broker with deposits and portfolios.

IG Markets US Regulation

 

Back to Top

Fees

While IG Markets does not offer commission-based raw spreads, it provides traders with the best commission-free pricing environment in the US and complements it with deep liquidity. The minimum mark-up of 0.8 pips applies to the EUR/USD and USD/JPY. It is at least 20% lower versus Forex.com, Oanda, and TD Ameritrade, but I find it interesting that it is 25% higher compared with the 0.6 pips spread available to all non-US traders at IG Markets.

 
SpreadCommission per Round LotCost per 1.0 Standard Lot
0.8 pips (minimum)$0.00$8.00
1.1 pips (average)$0.00$11.00

IG Markets US Minimum Spread

IG Markets US Minimum Spread

IG Markets US Average Spreads

While the minimum spread is 0.8 pips or $8.00 per 1.0 standard lot, the average cost is 1.1 pips or $11.00. For a US-based broker, this ranks at the top.

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

Usually, MT4 traders can easily access swap rates from their platform by following these steps, but IG Markets does not provide this information:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

While IG Markets US provides two examples of trading costs and how swap rates apply, I dislike the lack of complete transparency. The document available on the IG Markets US websites shows a 0.5% annual administration fee, a cost absent at most brokers, plus a 0.5% currency conversion cost.

IG Markets US Trading Cost Examples

IG Markets US also charges a £12 monthly inactivity fee after twelve months of dormancy. It is more of a nuisance than a cost most traders will face.

Back to Top

What Can I Trade

IG Markets US is a pure Forex broker, providing traders with 87 currency pairs, an excellent choice, but no other assets. I like the selection for Forex traders, but cross-asset portfolio diversification is impossible at IG Markets US.

Asset List and Leverage Overview

Currency Pairs

87

Cryptocurrency Pairs

0

Commodities and Metals

0

Index CFDs

0

Equity CFDs

0

Bonds

0

ETFs

0

Options, Futures, and Synthetics

0

Maximum Retail Leverage

1:50

Maximum Pro Leverage

1:50

IG Markets US Leverage

The maximum leverage available at IG Markets US is 1:50, but it only applies to a few currency pairs, with 1:30 and 1:20 the most frequent ones. This is not as generous as leverage offered in other jurisdictions, but is standard in the US to protect traders from extreme losses.

IG Markets US Trading Hours

Asset Class

From

To

Forex

Monday 00:00

Friday 24:00

I recommend the following step for MT4 traders to access trading hours:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Sessions.

Back to Top

Account Types

Since IG Markets US only offers Forex trading, it maintains the same account type for all clients. The minimum deposit is $250, higher than at many brokers but well within a reasonable range. I appreciate a broker that does not upsell better trading conditions for more substantial deposits.

IG Markets US Demo Account

IG Markets US has a $10,000 demo account, and there appears no time limit. I like the unlimited duration but prefer a flexible account balance, allowing traders to select one similar to their initial deposit. Demo trading lacks real-life trading experiences, and an excessive amount makes it that much more unrealistic.

Back to Top

Trading Platforms

Besides the competitive proprietary web-based trading platform at IG Markets US, traders can use ProRealTime, one of the best trading platforms available for committed traders. IG Markets US also maintains MT4 and upgrades it with 18 add-ons plus Autochartist. I like that IG Markets US supports algorithmic trading via MT4 and ProRealTime. MT4 also comes with an integrated copy trading service. I want to note that traders must place a minimum of four trades per month for free access to ProRealTime. Otherwise, a $40 monthly fee applies.

Overview of Trading Platforms

 

MT4

Yes

MT5

No

cTrader

No

Proprietary Platform

Yes

Automated Trading

Yes

Social Trading / Copy Trading

Yes (via MT4)

MT4/MT5 Add-Ons

Yes

Guaranteed Stop Loss

No

Negative Balance Protection

No

Unique Feature One

18 add-ons for MT4

Unique Feature Two

Autochartist

Back to Top

Unique Features

The three unique features at IG Markets US standing out to me are deep liquidity, the extensive upgrade package for MT4, ensuring one of the best MT4 trading environments, and the availability of ProRealTime.

Back to Top

Research and Education

Traders get a quality selection of in-house research and trading ideas on the IG Markets US blog. I think it makes a thought-provoking read and grants a different market perspective. IG Markets US also provides trading signals generated by Autochartist and PIA-First, embedded in the proprietary trading platform.

One of the best features at IG Markets US is the IG Academy, which I rank among the best industry wide. The step-by-step courses feature video content, videos, and quizzes, and I highly recommend beginner traders to take full advantage of the IG Academy. Webinars, seminars, and other educational material complement the superb educational offering at IG Markets US.

IG Markets US Academy

Back to Top

Customer Support

I am disappointed with customer support at IG Markets US and not surprised it came under heavy criticism. IG Markets US only lists two phone numbers at the bottom of most web pages, one for new clients and one for existing ones. An e-mail address is available only for marketing partnerships. IG Markets US does not provide operating hours and relies on its FAQ section for the bulk of support.

Back to Top

Bonuses and Promotions

Active traders can reduce spreads via a three-tier volume-based rebate program. The lowest tier requires a nominal monthly trading volume of $100 million for a 5% trading cost reduction. While I appreciate the program, as any reduction in trading costs makes a notable difference, the compensation ranks towards the bottom compared to other brokers. Terms and conditions apply, and I recommend traders read them before participating.

Back to Top

Opening an Account

The online application at IG Markets US remains swift, but I dislike two sections that collect unnecessary information. While regulators often require them, traders may fill them out at will without verification. New traders must submit a copy of their ID. They must also verify their credit/debit card or bank account before depositing.

IG Markets US Application Form

Minimum Deposit

The minimum deposit at IG Markets US is $250. It is higher than most brokers but within a reasonable demand.

Payment Methods

IG Markets US offers bank wires, automated clearing house (ACH), and debit cards, a limited selection typical for US-based brokers. I find the choices unacceptable and prefer third-party payment processors. They remain superior and allow traders to keep trading activities and day-to-day transactions separate.

Accepted Countries

IG Markets US only accepts traders from the US except for the state of Ohio. There is no explanation provided for this exclusion.

Back to Top

Deposits and Withdrawals

The back office, also known as My IG, handles all financial transactions. IG Markets US does not levy internal fees but passes on third-party processor costs. The process itself remains straightforward, but I cannot ignore the absence of choices, which is frustrating, but not uncommon for US-based brokers. Traders can only withdraw the amount they deposited via debit card. The rest must go via bank wire, the most expensive method to transact today. It is typical for US brokers, who lack the options their international counterparts provide.

IG Markets Deposit Methods

 

Back to Top

General Information

Company Information

  • Broker's Name : IG Markets
  • Headquarters : United Kingdom
  • Regulation : FCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $250
  • Maximum Leverage : N/A
  • Commissions / Spreads : Both
  • Account 1 : CFD
  • Account 2 : Spread Betting
  • Account 3 : Share Dealing
  • Account 4 : ISA/SIPP
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Proprietary platform
    • Platform Languages :
      • English
    • OS Compatibility :
      • Windows
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Portuguese
      • Russian
      • Chinese
      • Japanese
      • German
      • French
      • Italian
      • Spanish
      • Swedish
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :
Back to Top

IG Markets vs Comparisons

Broker Alternatives

We have gathered a list of the top broker alternatives to IG Markets, and conducted an in-depth broker comparison to assist you in choosing the right broker for your trading needs.

Plus500 vs. IG Markets

Markets.com vs. IG Markets

IG Markets vs. Forex.com

AvaTrade vs IG Markets

eToro vs IG Markets

Pepperstone vs IG Markets

IG Markets vs Oanda

IG Markets vs Trading 212

IG Markets vs InterActive Brokers

ETX Capital vs IG Markets

FXCM vs IG Markets

Back to Top

FAQs

Can IG Markets US Be Trusted?

IG Markets US remains regulated by the CFTC and is a member of the NFA, fulfilling all regulatory requirements for US-based brokers. It ranks among the most trusted US brokers, especially given the credibility of its parent company, IG Markets.

Is IG Markets US Forex available in the USA?

IG Markets US exclusively caters to US Forex traders and does not offer other assets.

Is IG Markets US good for trading stocks?

IG Markets US does not offer stock trading and is a pure Forex broker.

Is IG Markets US trading regulated?

The CFTC is the regulator of IG Markets US, which is also a member of the NFA.

Back to Top

Bottom Line

I like the trading experience at IG Markets US for pure Forex traders. With 87 currency pairs, it offers a broad choice with plenty of trading opportunities. Trading costs remain at least 20% cheaper compared to Forex.com, Oanda, and TD Ameritrade. It makes a notable difference, especially for active traders. I also like the choice of trading platforms, consisting of a competitive proprietary trading platform, ProRealTime, and MT4.

IG Markets US only scored a 3.3 in my review, but US-based brokers can barely rank higher as by nature, they aren't as competitive as off-shore brokers. I conducted my report with the same standards I apply for each broker, and US-based brokers remain globally uncompetitive, explaining the lower rating but positive conclusion. I can only recommend IG Markets US, which I consider the best US-based Forex broker. Besides cheaper trading costs, traders get quality research, market commentary, and trading signals. Beginner traders can benefit from the IG Academy, one of the best industry wide.

Back to Top

User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.



0 User Reviews
Comments
Add Comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Back to Top