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
- Low foreign exchange fee of 0.5%
Cons
- High trading fee for occasional traders
- High platform fee for lower-value portfolios
- No funds (OEICs) offered
- No fractional share ownership
Free US share trading for frequent traders
No platform fee for frequent traders
Wide choice of investments
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IG: a round up
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
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 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.
Investors have the choice of 13,200 shares, as well as almost 3,000 exchange-traded funds (ETFs) and 200 investment trusts. IG does not offer open-ended funds (OEICs) or fractional shares.
IG also offers spread-betting and contracts for difference (CFD) trading in shares, foreign exchange, indices, commodities, ETFs and cryptocurrencies.
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.
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 16,000 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: provides a personalised analysis of trading data, including the profitability of individual trades, risk exposure and best and worst-performing markets.
- Community forum: for investors to discuss investment ideas
- CFD trading and spread-betting: the option to go ‘long’ or ‘short’ and trade on margin across more than 17,000 markets
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 provides protection for customers in the event that the company went into liquidation.
What about fees and charges?
IG charges the following fees for its three main accounts:
Other fees include a foreign exchange fee on non-sterling trades of 0.5%. 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 66% for customer experience, and it receives a rating of 3.9 on customer review site Trustpilot.
Who should choose 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 an excellent choice of investments, together with a competitive trading and platform fee.
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