IG US Review 2024

Trust

• IG US LLC is a registered retail foreign exchange dealer (RFED) with the Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID 0509630). We rate CFTC and NFA as Tier-1 regulators.

Why is it important to know where your broker subsidiary (entity) is regulated?

Different regulators provide different levels of protection. IG clients in the United States do not have negative balance protection, and their funds are not segregated. IG US LLC holds client funds in the same bank account as operating funds because US regulations do not permit forex accounts to have segregated account status.

In the unlikely event that IG US LLC becomes insolvent or files for protection under bankruptcy laws, clients may have only an unsecured claim against their deposited funds. IG US LLC would pay all debts to creditors before any unsecured claims in the event of liquidation.

I gathered the data listed above in September 2023. Regulatory requirements are subject to change.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we focus on how long the broker has been in business, the company’s size, and its transparency.

IG traces its origins to 1974, marking it as one of the oldest and most experienced forex brokers. According to its LinkedIn page, the company is headquartered in London and has 1,001-5,000 employees.

In my research, IG US showed high transparency in its regulatory status, listing its regulators in the footer of each page of the ig.com/us website. The website breaks down fees clearly on the Trading Costs page. Traders can find the Customer Agreement on the Terms and Agreements page.

To summarize, my findings indicate that IG US can be regarded as having a high level of trust and stability due to the following qualities:

• Regulated by top-tier NFA and CFTC
• Almost 50 years of operating history
• Publicly traded company valued at over £2.4 billion
• High level of transparency

Fees

Trading Fees

I tested the spreads at IG US across different currency pairs using the IG Platform. The test was done at 8:00 a.m. GMT and at 4:00 p.m. GMT on 26 September 2023. I made the tests at two different times to allow greater perspective. 8:00 a.m. GMT is the London open when there is a great deal of liquidity in the forex market and tighter spreads in currency pairs. 4:00 p.m. GMT is during the New York trading session.

IG US spreads are highly competitive in major pairs like EUR/USD, GBP/USD, and USD/JPY. In other pairs like GBP/JPY and NZD/USD spreads are closer to the industry average.

Swap Fees

In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 22 September 2023.

My live tests showed that swap fees at IG US are better than average for the industry.

Non-Trading Fees

IG US charges an inactivity fee of $12 on the first of every month if no trading activity has occurred for two years or more. The fee is fairly standard for the industry, and most brokers begin to charge an inactivity fee if an account has been idle for one year or less.

Are Fees at IG US Competitive?

I rate the fees at IG US as highly competitive for the following reasons:

• Very tight spreads in major pairs, as low as 0.8 in EUR/USD
• The opportunity to earn rebates and further lower costs
• Low swap fees
• Minimal account-related fees

Platforms and Tools

IG US Platform Walkthrough

IG US Order Execution Model

IG US acts as principal and is the sole venue for the execution of spot forex contracts. In the Principal Model, forex brokers are counterparties to client transactions – they take the other side of their trades. IG US acts as a market maker, and clients are trading with IG US, not within the underlying market.

IG Web Platform

The award-winning IG Web Platform is intuitive, highly customizable, and packs a meaty range of features. These include popular items like watchlists, a news feed, alerts, one-click trading, trading from the chart, trading signals, and client sentiment data.

The IG Platform is web-based and is accessible via your browser without any downloads required. The interface is clean and simple, making it easy for new traders to get up and running.

Charting within the IG Platform is robust, with 33 technical indicators, 19 drawing tools, 17 time frames, and 5 chart types.

You can customize the platform to view multiple charts at once on one screen or mix charts with items like watchlists, news, and alert panels. The image above shows one ‘workspace’. You can create multiple workspaces and flip between them in a tabbed format. I found this feature super useful and created workspaces covering different groups of assets – one for major currency pairs, one for exotic currency pairs, etc.

Watchlists enable traders to keep an eye on predefined lists like popular markets or recently traded instruments. You can also set up your own custom watchlists. Buy and sell buttons are conveniently placed to the right of each instrument in the watchlist.

The IG Web platform offers a strong range of order types, including market orders, limit orders, stop loss orders, and trailing stop orders. You can specify the duration for which your order remains active by marking it as ‘Good Till Canceled’ or setting it to expire on a future date of your choice.

The IG Platform has a sophisticated range of alerts to help optimize your trading performance. You can set up alerts to inform you about price movements, news events, and even emerging technical patterns.

• Price level alerts are triggered when your market hits the price you set.
• Price change alerts trigger when a market moves your chosen amount. These can be set in pips or in percentage terms.
• Technical indicator alerts tell you when a market meets your technical conditions. For example, you can receive an alert when RSI crosses the 70 level into overbought conditions.
• Economic calendar alerts remind you of key economic releases.

IG US provides client sentiment data drawing from its user base of over 300,000 clients. Sentiment data shows the percentage of traders that are long or short in a currency pair. This gives you powerful insight into the psychology of a market. Traders can interpret the data in a variety of ways. Most commonly, it is understood that when an extreme percentage of traders are either long or short an instrument, a trend reversal may be coming.

The IG Platform has a built-in news feed from Thomson Reuters. A steady stream of stories is published throughout the day. The feed includes updates on major economic releases and central bank policy. It also has coverage of technical analysis, key support and resistance levels, and trade ideas. For example, the EUR/GBP Trader bulletin shows a current position, stop loss, profit target, and the technical rationale for the trade.

The technical context for the EUR/GBP trade shared in the Thomson Reuters news feed is also provided in chart format.

The IG Platform has a dark mode feature, making it easier on your eyes at night.

My Key Takeaways after Testing the IG Web Platform

In my experience trading on the IG Platform, I appreciated the ability to customize it to your preference and create multiple workspaces. This makes it easy to stay on top of what is going on in multiple markets and lots of timeframes. Charting is robust, and the range of order types provides traders with advanced flexibility. Finally, the suite of tools – including Autochartist, client sentiment, and the news feed from Thomson Reuters – is outstanding. With its clean and uncluttered interface, this is a platform that can cater to beginners. It also has advanced features to accommodate experienced and professional traders.

IG Mobile App

The IG mobile app is available for Android and iOS. It incorporates the key features of the web platform, like watchlists, advanced order types, alerts, trading from the chart, client sentiment, Autochartist signals, and the Thomson Reuters news feed. As with the web platform, you can easily flip between demo and live trading accounts. Two-factor authentication is available for an added layer of security. It is also possible to add and withdraw funds via the mobile app.

My Key Takeaways after Testing the IG Mobile App

I found the IG Mobile App intuitive and beginner-friendly while offering a powerful range of features. You can stay on top of your market positions, place trades, and stay updated with the latest market news and analysis. This well-designed app can accommodate most trading functions while you are on the move. I rate it as well above average for the industry.

MetaTrader 4 Desktop

IG US offers MetaTrader 4 for desktops, which includes advanced functions such as copy trading and automated trading.

MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as

• Alerts. This feature updates traders when an instrument reaches a specific price level.
• Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
• Trading from the Chart. MT4 also allows users the convenience of trading directly from the chart.

MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

Charting features are robust. MetaTrader 4 offers:

• 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
• 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
• 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
• 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also popular due to its copy trading and automated trading features.

• Trading Signals. Signals in MetaTrader 4 allow users to copy other traders’ activity in real time.
• Automated Trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

MetaTrader 4 Mobile App

IG US offers the MetaTrader 4 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

The MetaTrader 4 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT4 app offers an above-average range of features.

My Key Takeaways after Testing MetaTrader 4

The look and feel of MetaTrader 4 are a bit dated – I felt there is room for improvement in design and usability. But as one of the most popular trading platforms in the world and the only one offered by many forex brokers, I have spent a lot of time testing it.

MT4 is actually very well-rounded and can do more than most competitors – with advanced charting, a complete range of order types, and popular features like 1-click trading, trading from the chart, and alerts. The advanced features of the desktop platform set it apart in that it enables traders to run and backtest automated strategies.

Although it presents a steep learning curve, MT4 can cater to beginners. Meanwhile, its algorithmic trading capability can also accommodate professional traders.

ProRealTime

Live account holders at IG US also have access to ProRealTime. This is a third-party platform geared towards experienced traders, with various advanced features:

• Robust charts, with 100+ technical indicators, tools, and price comparisons.
• Scalping order book with an interface designed for speed.
• Advanced order types including triple orders, OCO orders, and trailing stops.
• Automated trading, backtesting, and optimization.

Tradable Instruments

IG US LLC offers trading in forex only. At the time of this writing, clients can access the following tradable instruments:

• 82 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.

In the tables below, you can see a selection highlighting the variety of currency pairs available to US traders:

My Key Takeaways after Exploring IG US Tradable Instruments

IG US offers an excellent range of currency pairs catering to different trader profiles. For example, some pairs, such as GBP/JPY are highly volatile, making them attractive to day traders. Other pairs like USD/CHF are suitable for traders who prefer slower-moving markets.

Emerging market pairs currently offer high-interest rates, allowing traders to engage in the carry trade and capture the interest rate differential between the base and counter currency. I also noted that traders using correlation strategies can work with highly correlated pairs like NZD/JPY and AUD/JPY.

Customer Support

IG US Customer Support Test

I evaluated IG US support with dozens of inquiries ranging from basic account-related questions to more complex regulation-related issues. Emails were typically responded to the same day or within 24 hours, and I could reach a helpful operator by phone within a couple of minutes.

Most leading brokers offer live chat via their platform, which is the most convenient way of reaching customer support. Given the attention to detail in every other area, I was surprised that IG US lacks this feature. Nevertheless, the high quality of help by phone makes up for it to a degree. Premium clients also have the benefit of direct access to an account manager.

Deposits & Withdrawals

In the tables below, I break down the fees and processing times for each deposit and withdrawal method.

Deposits

While brokers do not normally charge any fees for deposits, IG US beats the industry average with a relatively fast processing time.

Withdrawals

Here again, processing times are better than average for the forex industry. Some brokers do not charge a wire transfer withdrawal fee, but the $15 charge from IG US is fairly standard.

Account Types and Terms

Account Application

To open an individual account at IG US, prospective clients must provide the following information:

• Personal details: country of residence, name, email address, date of birth, phone number, citizenship, social security number, home address.
• Income and savings: employment status, job, source of trading funds, gross annual income, net worth.
• Trading experience: trading activity in the last 3 years, products traded, experience, or qualifications related to trading.

Premium Client Services

To qualify as a premium client, you must trade at least $50 million notional value (USD) per calendar month. Premium clients receive several significant benefits:

• Cashback rebates of up to 15%
• Premium Client Manager
• Access to Premium Client Newsletter
• Fee reimbursement on third-party platform fees and bank fees for wire transfer

Volume-based rebates are automatically credited to your account in the following month if you qualify. Rebates are based on a tiered system, with a greater percentage paid out based on the total volume traded for the month.

Here’s an example of how the rebate works.

Imagine that in the month of August, you opened and closed transactions for 800 full-sized lots of EUR/USD at a price of 1.0500. This means your total volume was $84M, placing you in Tier 1. Your rebate can be calculated as follows:

800 (lot size) x $10 (spread) x 5% (rebate) = $400 (rebate paid)

Demo Accounts

IG US offers demo accounts for the IG Platform and MetaTrader 4. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.

The demo account features live quotes and simulates live market conditions in all 82 currency pairs. Once users are to speed up on a demo account, they can easily switch to a live version.

Margin and Leverage

One of the reasons that traders are attracted to the forex market is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. In the table below I cover the leverage available at IG US across a range of currency pairs.

Supported States

IG US accepts clients from all states with the exception of Ohio.

Research

The News and Trade Ideas section features themed articles like previews of the coming week, which help orient traders on what to expect from the highest-impact news releases. In-depth coverage of major currencies like the euro and the US dollar goes over important technical price levels and market-moving economic data.

The section also includes articles with useful interpretation of sentiment data, revealing the expectations of IG’s client base.

My Key Takeaways after Examining IG US Research Section

IG US offers a powerful mix of in-house and third-party research. I like that the materials not only contain news and analysis but also feature specific trade ideas. The in-house research and Autochartist signals are accessible to beginners. Experienced traders can benefit from the pro-grade analysis within the Thomson Reuters feed. I rate IG as an industry leader in the area of research.

Education

The IG Academy features a total of 11 courses. Beginner-level courses tackle topics like the basics of forex and market terminology.

Intermediate-level courses introduce technical and fundamental analysis, while traders who are ready to move on to an advanced level can benefit from the courses containing practical content including breakout and range trading strategies.

The Bottom Line

Launched in 2019, IG US is a relatively recent addition to IG Group’s global entities. IG US earned a strong trust rating in our review due to its status as an NFA and CFTC-regulated broker, its high level of financial stability, and first-class transparency.

Low trading costs and modest account-related fees make this an attractive broker. IG US provides a broad range of currency pairs and brings the advanced tools of an industry leader to the US retail market.

Strong educational materials and a user-friendly platform make it a suitable choice for beginners. Meanwhile, it can accommodate experienced clients with an impressive range of analytical resources and rebates for high-volume traders.

If you are a US trader looking to try out the spot forex market, I rate IG US as a strong choice.

FAQ