Our Verdict
IG offers an extensive range of investments, together with advanced trading tools and low fees for frequent traders. The flat platform fee may also appeal to investors with higher-value portfolios.
Pros
- Flat platform fee (free for frequent traders)
- Low trading fees (for frequent traders)
- Wide range of investments
Cons
- High trading fee for occasional traders
- High platform fee for lower-value portfolios
- No fractional share ownership
On IG's Website
Free US share trading for frequent traders
No platform fee for frequent traders
Wide choice of investments
Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.
Table of Contents
- IG: a round up
- What plans are available?
- What products are available?
- What are the investment choices?
- What else does it offer?
- What about fees and charges?
- How does IG rank on customer service?
- Who should consider choosing IG?
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IG: a round up
IG is a global trading platform with over 300,000 clients. It’s publicly listed and is part of the mid-cap FTSE 250 index on the London Stock Exchange.
IG currently charges a flat platform fee which may suit investors with higher-value portfolios, while frequent traders pay no platform fee. It has one of the higher share trading fees but regular traders benefit from a lower trading fee on UK shares and no trading fee on US shares.Although be mindful, stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.
Investors have the choice of 13,200 shares, as well as over 2,000 exchange-traded funds (ETFs) and over 200 investment trusts. IG does not offer open-ended funds (OEICs) or fractional shares.
Investors looking for managed portfolios have the option of five ready-made portfolios split by risk profile. These portfolios are managed by BlackRock and invested in iShares ETFs.
IG provides a high level of customer support, with phone support available seven days a week, in addition to live chat and email. The IG Academy offers free online courses, webinars and seminars, in addition to a free demo trading account.
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What plans are available?
IG offers one main plan for customers across its range of accounts, including a general share dealing account, Individual Savings Account (ISA) and Self-Invested Personal Pension (SIPP). Customers have the choice of self-invested or ready-made portfolios within these accounts.
What products are available?
- share dealing account
- ISA
- SIPP
What are the investment choices?
IG offers the choice of over 17,000 investments, including:
- Over 13,200 shares from the UK, US, Europe, Australia and Asia
- Around 3,000 ETFs, including Vanguard, iShares, Xtrackers, Invesco and WisdomTree
- Around 280 investment trusts
What else does it offer?
- Ready-made portfolios: a choice of five ready-made portfolios selected and managed by the in-house team in partnership with fund manager BlackRock. Investors can choose by risk profile, from conservative to aggressive portfolios. The annual management fee is 0.50%, with an estimated overall annual cost of 0.72% (after expenses). The annual management fee is capped at £250 per year
- Market commentary: regular commentary on markets and individual companies
- ETF screener: a tool to screen ETFs by asset class, country and best-performing over different time periods
- Trade analytics tool: designed to provide a personalised analysis of trading data, including the profitability of individual trades, risk exposure and potentially best and worst-performing markets.
- Community forum: for investors to discuss investment ideas
- Education: the IG Academy offers free online courses, webinars and seminars
- Extended trading: extended hours trading on 80 US stocks and 24-hour trading on certain currency pairs and global indices
- Apps: IG’s app is available on both Android and iOS devices
- Trading platforms: investors can also use the MetaTrader 4, ProRealTime and L2 Dealer third party platforms
- Security: IG is regulated by the Financial Conduct Authority (FCA) in the UK. The company uses third party banks and custodians to hold customers’ funds, which are protected by the Financial Services Compensation Scheme (FSCS). In the event that the company went into liquidation, this would provide a level of compensation.
What about fees and charges?
IG currently charges the following fees for its three main accounts:
| Dealing account | ISA | SIPP | |
|---|---|---|---|
| Platform fee (based on number of trades in previous quarter) | £24 per quarter/£96 per year (0-2), no charge (3+) | £24 per quarter/£96 per year (0-2), no charge (3+) | £24 per quarter/£96 per year (0-2), no charge (3+) |
| Trading fee (UK shares, based on number of trades in previous calendar month) | £8 (0-2), £3 (3+) | £8 (0-2), £3 (3+) | £8 (0-2), £3 (3+) |
| Trading fee (US shares, based on number of trades in previous calendar month) | £10 (0-2), no charge (3+) | £10 (0-2), no charge (3+) | £10 (0-2), no charge (3+) |
| Trading fee (funds) | Not offered | Not offered | Not offered |
| Regular investing | Not offered | Not offered | Not offered |
| Dividend reinvestment | Not offered | Not offered | Not offered |
The above trading fees are online only and a fee of £40-50 is charged for dealing over the phone.
How does IG rank on customer service?
Research firm Fairer Finance gives IG a rating of four stars, and it receives a rating of 4.0 on customer review site Trustpilot.
Who should consider choosing IG?
IG may appeal to investors wanting to trade in a wide range of investments, together with more confident traders wanting access to advanced trading tools.
It may also attract frequent traders, charging no trading fee on US shares and one of the lower trading fees on UK shares amongst the mainstream providers. Frequent traders will also pay no platform fee.
Overall, IG offers a diversified choice of investments, together with a competitive trading and platform fee.
How to open an IG account
You can open an IG account online. You may be asked to send proof of your ID and address in the form of your passport or driving licence and a recent utility bill, bank or credit card statement.
You can email a photo of your documents to IG and it will usually respond within a couple of hours (during business hours) to open your account.
Alternatively, you can send copies of your documents to IG’s postal address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA.
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Frequently Asked Questions
Is IG safe?
IG is authorised and regulated by the Financial Conduct Authority and customer accounts and investments have full protection under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This covers customers’ money in the unlikely event IG collapsed.
IG is a long-established broker and one of the largest in the world, with almost 50 years of experience in the market.
Is IG considered good for beginners?
IG offers a broad range of investment content and research which is accessible for investment beginners wanting to learn more.
It is designed as a user-friendly investing platform, which can suit beginners.
In addition there is 24/7 support via email and live chat. There is a free-phone line available during business hours.
What’s the minimum deposit?
There is no minimum or maximum deposit level for bank transfers into your IG account, but PayPal and card transactions have a minimum deposit of £250.
The maximum deposit per day by debit card is £99,999, £30,000 by credit card or £25,000 via PayPal.
What are the options for withdrawing funds?
IG offers free and quick withdrawals from an account. The minimum withdrawal is £100.
You can withdraw money and transfer it to your bank account (no maximum on transfers to bank accounts); to your PayPal account (maximum withdrawal is £5,500 per transaction, but no limit on the number of transactions); or a card account (maximum is £20,000 per day).
