IG Review

1.783 • 173 REVIEWS
Updated: Aug 15, 2022
IG.com
IG is a forex broker. IG offers the WebTrader and MT4 trading currency platforms. IG.com offer over 100 forex currency pairs, cfds, commodities, stocks, index, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Was at IGMarkets.com.  Other websites of this company include IGForex.com, IGIndex.co.uk.

1.783 • 173 REVIEWS

Traders Reviews

D
HK, Hong Kong,
May 12, 2022,
Registered user

unable to withdraw funds

Service use: Live Length of use: over 1 Year
Hi guys,

Just a quick note to alert people of the withdrawal issue I am having with IG.

I recently closed all trades and made a full withdrawal on 27th April. On 5th May, IG sent me a transaction report saying IG has sent me the funds, telling me to contact my bank instead. It's kind of weird as on the report, the beneficiary account number was not the same as my bank account number that IG has on file. My bank confirmed it did indeed receive the amount but due to an incorrect beneficiary account number, it had returned the funds back to IG.

I did my bit, informing IG about the problem, asking them to ensure the correct beneficiary number will be given to my bank on the re-attempt.

On the second withdrawal, IG informed me very quickly that it was unable to return funds to me. When I asked for a report, IG said there is no report available, I checked with my bank and found out that it did not receive any transfer of that amount. IG deliberately ignore my question of what beneficiary account number that IG sent to (if any)

So definitely an attempt from IG to prevent its clients from withdrawing their own funds

So please think carefully if you are thinking of opening accounts with IG and consider closing your accounts with IG. What is the point of trading if the broker makes it extremely difficult to withdraw funds?

Don't trade with IG

Jun 24, 2021 - 1 Star I have been with IG for about a year now. I made a few withdrawals and they were successful, However, from May, all my attempts to withdraw have been problematic. Nothing has changed from my side - same banking details as previously. But all of sudden, IG now says it needs 11 characters for your bank swift code - even-though my bank has 8 character swift code only and my previous withdrawal was successful with that code.
then IG said it's ok now, try again - failed miserably again - with a generic message - we're unable to return your fund!
Then they said their IG bank - Lloyd bank rejected my withdrawal as it has invalid country code. I checked and my IG profile country is matching with my domicile (ie Hong Kong)

Still waiting for their reply but my experience with this broker is not positive.

Reply by andaIG submitted Jan 11, 2022 Hi Dixon, thank you for the review. We are sorry to hear that you have had a negative experience at IG. If this issue has not been solved yet please contact helpdesk.uk@ig.com with a screenshot of this review so that we can find a solution for you.

All the best,
Anda
D
Reply by MongiIG submitted May 23, 2022:
Hi Dixon,

Thanks for the review. Your money is held in segregated bank accounts under trustee arrangements. This ensures that the cash remains yours, rather than IG’s. It also means that it’s easily identifiable as client money, so IG and its creditors don’t have any charge, liens, or rights of set-off or retention over it.

We have a number of segregated bank accounts at a range of credit-worthy high street banks such as HSBC. We intentionally ensure that client money is split between a number of banks, and we’re not permitted to hold it all in one place.

We may place funds in notice or term deposit accounts with a notice period or term of up to 95 days. Placing client money in notice or term deposit accounts does not in itself affect your ability to deal with or withdraw funds from your account with us, however, in the unlikely event of insolvency of IG, such amounts may not be immediately available upon request. For more information: https://www.ig.com/en/client-money-protection

It’s unfortunate that this has happened twice and it’s not best practice. We apologise if our client facing team acted in that manor when you contacted us. Unfortunately we can’t be account specific as we don’t have your details. Please contact helpdesk.uk@ig.com

All the best - Mongi

O
Tel Aviv, Israel,
Apr 26, 2022,
Registered user

Great App

Service use: Other Length of use: 0-3 Months
Love the app, It helped me invest my money and I am super pleased with the feel and functionality
O
Reply by MongiIG submitted May 4, 2022:
Hi Or Benezra, thank you for the review and 5 star rating. We are delighted that you are having a positive experience with IG.
All the best - Mongiwethu
J
Chicago, USA,
Apr 14, 2022,
Registered user

30+ Pip Spreads

Service use: Live Length of use: 0-3 Months
Sure they offered a free $250, but then on my second day of trading I see a great trade, and I am a scalper btw. I'm about to place my trade and I see the spread is at $30. So I have to make 30 pips up before I am even profitable. Worst experience ever.

If you have any sense, please do not use this broker, waste of money and time.
J
Reply by andaIG submitted Apr 20, 2022:
Hi Joseph, thank you for the review. We are sorry to hear that you have had a negative experience at IG. The spread applied will depend on the pair that you are trading. We will look at the liquidity available in the underlying market, offering our minimum spread when the market spread is particularly small. If spreads are wider in the underlying market we may match this. To get a full break down of our charges please see the following link: https://www.ig.com/us/help-and-support/fees-and-charges/product-details/what-are-igs-forex-product-details
All the best,
Anda
E
Extrader
VN, Viet Nam,
Apr 9, 2022,
Guest

Reply to ArvinIG - Sign of trading against clients

Sorry for my frank words, but I am afraid you are just lying. What a shame for a big broker! Just to let know, I used to trade with Alpari UK more than a decade ago. When it went bankrupt, I got my funds back from FCA's compensation scheme. No problems at all with UK tax or regulations as you said. After that, I traded with another UK broker until ESMA new regulaions on leverage restrictions came into force. Again, no problems at all with UK tax or regulations as you said. Then I changed to a Swiss broker for higher leverage but I did not close my a/c with my old UK broker. Recently I checked it and it was still active. Now I am considering using it back again. What is more, some of my fellow traders are currently trading with the UK branch of another broker. Again, no problems at all with UK tax or regulations as you said. Are those proofs enough for you? What a shame for a big broker!

Nov 22, 2021 - 1 Star I intended to trade with IG UK for reliability and safety of my deposits although the leverage is low. The link here is to their entity in Bermuda and on their Bermuda entity website they don't give any link to their UK entity for traders' choice of which entity/regulator traders want to trade with. This is a bad sign that such brokers often trade against their clients, thus they don't want their clients to open a/c with their well regulated entity or else they will have trouble with their regulator when clients complain about their bad behavior. After finding out this, I gave up my entention to open a trading a/c with them. However, I still hope one day in the future they may change their minds and openly give link to their UK entity for traders' choice. If so, I may give them a try then.

Reply by ArvinIG submitted Jan 11, 2022 Hi Extrader,

If you are not a UK Tax Resident you won't be able to be linked to the UK office for legal and tax purposes. The UK office is operating under the FCA and all the regulations wouldn't apply to you.
Therefore we do have an International office with regulations adapted for non UK tax resident.

All the best - Arvin
E
Reply by ArvinIG submitted May 11, 2022:
Hi Extrader,

Thank you for your additional comment. At IG only UK tax resident can apply for account under the UK office as the customer agreement comply with the FCA regulations. It is possible that other broker offers accounts in UK but we don't. You can find this information on https://www.ig.com/uk/about-us/international-offering.
I understand your frustration and apologies for the misunderstanding. If you need further assistance, please reach out to helpdesk.uk@ig.com our team will be able to provide you with further information on why we don't offer accounts to non-resident.

All the best - Arvin
I
Petaling Jaya, Malaysia,
Jan 12, 2022,
Registered user

Rubbish

Service use: Other
I created an account a while ago and I couldn't upload the documents

after a while. the account has been locked.

They don't reply to emails either. not a big deal but just pure garbage service.
I
Reply by ArvinIG submitted Jan 12, 2022:
Hi ichimaru8989,

Thank you for your review. We are sorry to hear that you had a negative experience with the the account opening team.

Please feel free to contact sales.en@ig.com or use the live chat on https://www.ig.com/en/welcome-page for further assistance. Our team will be able to investigate and advise was the account was locked.

All the best - Arvin
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Frequently Asked Questions

Is IG Broker good?

IG is regulated by the US NFA, Australia's ASIC, The UK FCA, and more.

The best way to answer if IG is a good broker is to read the unbiased traders reviews on ForexPeaceArmy: https://www.forexpeacearmy.com/forex-reviews/109/ig-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we recommend that you check recent IG community discussions: https://www.forexpeacearmy.com/community/tags/igcom/

Is IG broker regulated?

IG is registered with multiple regulators around the world, including the NFA in the US, the FSCA in South Africa, the FCA in the UK, ASIC in Australia, and the DBFSA in the United Arab Emirates.

What is IG forex?

IG.com is a forex trading broker, allowing clients to trade and invest in global currency markets 24 hours per day, 5 days per week.

Is IG Forex legit?

IG is regulated in multiple jurisdictions worldwide. It is still a good idea to check the unbiased trader reviews for IG.com at Forex Peace Army: https://www.forexpeacearmy.com/forex-reviews/109/ig-forex-brokers

Service provided by a broker can get better or worse over time, and checking the FPA reviews is a fast way to see how a broker is performing now.

What is the minimum deposit for IG trading?

The minimum deposit for IG is $250 for debit cards. To deposit:
  • go to IG.com and login to MyIG
  • select Live Account tab
  • select Deposit Funds

How long do IG withdrawals take?

  • Bank withdrawals from IG should take about 24 hours or less. International bank wires take longer.
  • IG Withdrawals to credit card should be credited within 2-5 business days.
  • PayPal withdrawals usually only take a few minutes, but can sometimes take up to 24 hours.

How much leverage does IG offer?

IG offers leverage as high as 200:1 for forex pairs.

Please be aware that the leverage may be less depending both on the currency pair and on which of IG's regulators your account is under.

Is IG Academy free?

IG broker offers trading education called IG Academy. Forex trading courses and webinars in IG Academy are free.

What is IG Investment?

IG UK offers the IG Investment type of account.

This account allows dealing in stock shares; choices range from fully self managed to IG managed Smart portfolios.

What is IG spread?

IG broker offers spreads as narrow as 0.8 pips. Spreads will vary based on the currency pair, account type, and market conditions.