Tradeo – customer reviews and forex trading platform overview

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Contents

thinkorswim Review

  • High number of currency pairs
  • Customized and automated
  • One synchronized account
  • Commission and non-commission pricing structures

Thinkorswim is TD Ameritrade’s forex trading platform. It’s a full-service brokerage for savvy investors, and allows you to trade forex alongside your other investment products all from the same account. This powerful platform puts every imaginable forex trading tool at your fingertips, but the level of advanced features may not be ideal for beginners.

The Claim

Thinkorswim claims to offer access to elite-level trading tools and resources. You’ll be able to trade equities, options, futures, and forex on a platform powered by insights, education, and a dedicated trade desk to help you nail even the most complex strategies and techniques.

Is it true?

Yes. Thinkorswim has all the resources of TD Ameritrade, a company with client assets in excess of 1.2 trillion dollars — with that kind of worth, you know they’re doing something right for its 11 million clients.

You’ll find some nice tools available, like paperMoney, which gives you a virtual margin account and virtual IRA, each funded with $100,000, to try out your strategies before you put real money on the line. You’ll be able to set rules to automatically trigger orders that help to manage risk, and access 400-plus technical indicators ranging from support and resistance to candlestick and profile. You can even build your own algorithms with something called thinkScript.

These features and many more make thinkorswim a terrific option for experienced forex traders, and the ability to do all your trading out of one account offers a streamlined experience even if forex is only part of your trading program.

Product Overview

Best for

Those who know what they’re doing with forex, and want a powerful tool that allows them to trade as they wish and take quick advantage of changing market conditions. Thinkorswim is also great for the investor who has multiple accounts across the board: forex, futures, stocks, options, and more, and are looking for a professional solution to manage and track a diverse portfolio. Some brokers make you open separate accounts to trade different products. With thinkorswim, it’s seamless and efficient.

Not for

Thinkorswim has so much on offer that it might be a bit much for novice investors. It takes some work, and good knowledge of the language of finance, to get up to speed on the platform. Beginners might be happier with a platform that’s a bit simpler and easier to manage. Thinkorswim’s minimum deposit is $3,500, which may also put it out of the running for first-timers.

Features

Price Commission: $0.10/1,000 units, min. $1
Non-commission: pairs trade in 10,000 unit increments; cost is reflected in wider spreads, and TD Ameritrade is compensated by liquidity provider based on non-commission pair volume
Standout features Integrated trading account, advanced research and trading tools, wide range of data on global economies
Forex trade cost type Flats and pips
Minimum deposit $3,500
Clearing method Dealing desk
Maximum leverage (international) 50:01:00
Maximum leverage (U.S.) 50:01:00

Commission and non-commission pricing

If you’re looking for flexibility, thinkorswim’s variable pricing structures give you options. Non-commissioned pairs trade in increments of 10,000 units, with the company compensated through the standard spread. If you’re interested in commission-based trading, thinkorswim charges a fee for each trade, which can lower trading costs for higher-volume investors.

Great mobile app

If you do business from your cell phone, you’ll like the real-time quotes and charts with more than 180 studies that let you execute in-depth technical analyses and find the best price on the spur of the moment. Set up custom alerts to let you know about position changes, so you can easily stay on top of things. The app has earned 4 stars on Google Play and 4.5 stars on Apple’s App Store — this product has a lot of fans.

Top broker for currency pairs

Thinkorswim offers 70-plus tradable currency pairs, which puts them at the top of the pile among brokers in this category. If you have the experience, you’ll be able to leverage currency fluctuations in less developed economies and add some nice diversity to your portfolio.

Possible drawbacks

Autotrade availability limited

Although thinkorswim is generally a robust platform, it lacks an automated trading option, unless you are a subscriber to one of their partner advisory newsletters. The problem there is that most of the newsletters are focused on options trading, not forex. If you absolutely need an autotrade feature, take a look at FXDD or eToro.

Chaotic chat room

Thinkorswim’s chat rooms are a mixed bag. Sure, you’ll find some knowledgeable individuals online with whom to share strategies and ideas. But it can also get pretty chaotic, and there’s no way of knowing if the person you’re talking to is good at what they do or not. Any tips you pick up in a chat room should definitely be taken with a grain of salt.

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The Competition

thinkorswim Ally Invest ATC Brokers OANDA
Our review Our review Our review
Forex trade $1 + $0.10 per 1,000 lot $13 $0.80 $12
Forex trade cost type Flats and pips Pips Commission Pips
Minimum deposit $3,500 $250 $5,000 $0
Maximum leverage (international) 50:01:00 50:01:00 200:01:00 50:01:00
Maximum leverage (U.S.) 50:01:00 50:01:00 50:01:00 50:01:00

thinkorswim vs. Ally Invest

If you’re looking to get started in forex trading, Ally Invest might be a better option for you than thinkorswim. You can begin trading with only $250 — compared to $3,500 for thinkorswim — and a very favorable fee structure lets you put more money in your account and less in a broker’s pocket. Ally’s trading platform is user-friendly and easy for newbies to figure out. Trading panel shortcuts let you customize the experience so that it works well for you. One caveat: Ally Invest, unlike thinkorswim, doesn’t allow you to do all your trading within the same account, which can be a hassle if you’re also interested in trading stocks, options, or futures.

thinkorswim vs. ATC Brokers

ATC Brokers, like thinkorswim, is more suitable for the experienced investor. High-end trading tools and perks like a non-dealing desk environment are appealing. The platform lets you customize and execute orders quickly, and move between analysis and trading without having to navigate between windows. It lacks beginner-friendly features like extensive educational resources, but does provide backtest trading software to run simulations and test run your strategy.

thinkorswim vs. OANDA

OANDA offers benefits for newbies and experienced traders alike, with robust platforms that work well on desktop or mobile. Its focus is exclusively on forex trading, so if you’re interested in diversifying your interests, thinkorswim is a better option. OANDA has some great perks, though, like its access to historical exchange rate data, which allows you to backtest strategies. You can also subscribe to a data feed to gain even more and deeper analysis before you trade.

thinkorswim FAQ

How easy is it to make money with forex?

Forex trading takes skill and, to maximize your returns, deep pockets. It’s certainly possible to make money with forex, but it’s also possible to lose money.

As Forex.com says on its risk warning page: “The possibility exists that you could sustain a total loss of initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin requirement, your position may be liquidated and you will be responsible for any resulting losses.”

In other words, it’s entirely possible to not only lose all the money you deposit, but also owe additional money on top of that loss. Factors from currency volatility to market manipulation can play a role in your ability to earn a positive return. If you’re a beginner, you may want to limit your initial investment and leverage, and use all the resources available at a reputable forex brokerage like thinkorswim to help give you an edge.

How do I go about picking the best forex broker for me?

We’ve given you some tips on what you should be looking for in our review, but here are a few other things to take into account.

First, be suspicious of unregulated firms. In the U.S., brokers are regulated by the National Futures Association (NFA). Canada and much of the EU also employ regulatory firms. Outside of those areas, however, you may see firms with no regulatory oversight. Approach them with caution.

Second, create a budget before you look for a forex broker. That way you won’t be swayed by a flashy company with a high minimum or expensive fees — which is easy to do when you’re starting out.

Third, do your homework. Forex trading is complex. Check out the wealth of free information at sites like Investopedia and Bloomberg (which allows some access for non-members) so that you understand the language of forex and how the process works before you dive in.

Do I need to worry about the safety of my funds with forex trading?

Possibly. For one thing, brokers can get hacked and they can, unfortunately, go bankrupt. If you’re trading in stocks, your funds are protected by the Securities Investor Protection Corporation (SIPC). Forex traders don’t have this reassurance.

Also check to see if brokers offer negative balance protection, which says you won’t be liable for more money than your account balance if there’s a crash. If this is a concern for you, you’ll want to go with a brokerage house that’s allied to a bank or well-known financial institution.

The Bottom Line

Thinkorswim is worth considering if you’re an experienced trader who wants to be able to access and view multiple trading options — forex, stock options, etc. — from one account. With a flexible pricing structure and powerful trading tools and resources, the platform allows you to respond quickly to financial shifts and offers some real leverage if you’re looking to make money in forex.

About the Authors

Philip Palermo Lead Senior Editor – For the Home

FOREX.com Forex Trading Review

  • Customizable platform
  • One of the most complete mobile foreign exchange solutions
  • Transparent ECN pricing, cutting out the middleman
  • Diverse research for the fundamentally minded trader
  • thinkorswim Learn MoreRead review
  • Ally Invest Learn MoreRead review
  • ATC Brokers Learn MoreRead review

How We Reviewed Forex Trading

65 agencies compared

3 weeks of research

4 features evaluated

Forex is a global financial broker established in 2001, which stands as a leader in today’s foreign exchange market. Forex is the brand name of GAIN Capital and is regulated by top tier financial authorities like the Financial Conduct Authority (FCA) and the Commodity Futures Trading Commission (CFTC). Furthermore, GAIN Capital boasts that, as a publicly-traded and regulated global entity, it meets the highest standards relating to corporate governance, financial reporting, and disclosure.

Forex offers an impressive range of trusted trading platforms for both those new to trading and those who already have experience in the industry. Specifically, traders who consider themselves to be more active will be well-suited for Forex since active trading chiefly results in lower trading costs. As a leader in the foreign exchange market, we recommend Forex as a reliable trading platform providing several services and useful features to its users.

Product Overview

-Serving U.S. traders for nearly 20 years

-Provides 80+ currencies to buy and sell

-Low minimum needed to open account

-Limited to forex trading

-No negative balance protection

FOREX.com’s Services & Features

Price Based on spread
Standout Features Low spreadsCash rebates help lower trading costs
Access to market specialist
Forex trade cost type pips
Minimum deposit $50
Clearing method Market Maker
Maximum leverage (international) 50:01:00
Maximum leverage (U.S) 50:01:00

Traders on FOREX.com have access to a customizable and thoughtfully designed trading platform for world currency trading. In addition to nearly two decades of foreign currency trading experience, FOREX.com traders can feel secure being backed by a financially stable company.

Features on FOREX.COM like its Active Trader program let you save even more on the costs of trading by using cash rebates and accrued interest on your daily margin to help recoup trading costs. Its web-based platform and access to MetaTrader 4 gives users some of the most accurate, recent data for traders to utilize.

The Competition

FOREX.com ATC Brokers Ally Invest Thinkorswim
Forex trade price Based on spread Based on spread Based on spread Based on spread
Forex trade cost type Pips Commission Pips Flats and Pips
Minimum deposit $50 $2,000 $250 $0
Clearing method Market Maker Wire/Straight Through Processing Market Maker Dealing Desk
Maximum leverage (international) 50:01:00 50:01:00 50:01:00 50:01:00
Maximum leverage (U.S) 50:01:00 50:01:00 50:01:00 50:01:00

FOREX.com vs. ATC Brokers

ATC Brokers is the broker best aligned with the more experienced investor. ATC includes high-end tools and perks allowing investors to quickly execute orders and post them to their counterparties. One drawback to this company, however, is that it lacks the necessary degree of educational resources for beginners to consider it useful.

ATC is also a better fit for those with a larger budget who are looking to make substantial deposits. With a minimum deposit of $2,000, ATC is not as accessible as Forex.com.

FOREX.com vs. Ally Invest

Ally Invest is the ideal option for novice investors just entering the field. Between its low starting costs and range of extensive tools, this platform provides new traders with early insight into how to be successful in the business.

With a $250 minimum to start trading and a user-friendly interface, Ally is a great pick for those who don’t want to be crowded with all the details and overwhelming depth of options a platform like Forex.com provides.

FOREX.com vs. Thinkorswim

Thinkorswim is a platform with TD Ameritrade, which is better suited for the more experienced investors who require the ability to trade whole portfolios, stocks, futures, and options. Its more extensive features allow for greater versatility, which is particularly helpful for those already well-versed in the industry.

With no minimum deposit for a brokerage account, but a $2,000 minimum for margin and options privileges, this broker is not ideal for budget-constrained investors.

FOREX.com FAQ

What is forex trading like?

Forex trading is one of the more complicated markets to get acquainted with. Operating on a global scale means there is no centralized forex market — it’s disparate and large. Unlike a traditional exchange, forex doesn’t stop; the result is a 24/7 market where money is constantly changing hands and value.

What is MetaTrader?

MetaTrader 4 is the most prevalent forex trading platform in the U.S, and many sites have integrated its tools into their experiences. FOREX.com syncs with MT4, meaning you’ll be able to use the latest and greatest in forex trading tools. One of the main features that makes MetaTrader compatibility so desirable is the ability to create “Expert Advisors.” These Expert Advisors are programs that users can create to automate trading in order to maintain a high-performing portfolio in times where you can’t be trading.

Does forex trading have more risk?

Arguably yes: Forex trading has all the regular financial risk market participation entails, but the lack of centralized organization exposes your data more. Agencies like the National Futures Association (FNA) and the Commodities Futures Trading Commission (CFTC) work hard to regulate the brokers in the market, but like any sort of financial market, there is an element of risk inherent in putting your money on the line. We advise you to be diligent in your search for a primary forex platform and find one that not only serves your needs, but that makes you feel secure as well.

The Bottom Line

Forex.com is a leading platform for foreign exchange in today’s global and digital marketplace. The company is a publicly-traded and regulated entity that brings with it years of service in the financial sector.

Particularly, Forex.com offers a variety of platforms specifically tailored to meet the needs and desires of foreign exchange traders of all skill levels. And along with Forex’s Active Trader Program, the more users trade, the more they can potentially earn. No matter the trader’s skill or expertise level, Forex makes it easy to get started and identify the strategies needed to be successful.

About the Authors

Courtney Martin is a freelance writer whose work covers a range of industries, including finance, technology, and travel. She has a Bachelor of Arts in English, a Bachelor of Arts in History and a Master of Arts in Teaching Social Studies from Coastal Carolina University. Her work has been published in both digital and print media, from start-ups to globally-recognized brands.

IG Review 2020

Summary

Recommended for traders of any experience level looking for an easy-to-use trading platform

IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

IG pros and cons

IG’s web trading platform is well designed, user-friendly and easy to customize. You will also find many useful educational tools to learn. Funding and withdrawing money is easy and there are multiple options.

On the other hand, IG’s trading fees are high for stock CFDs. The product portfolio is limited, in most countries IG offers only CFD and options trading. The phone support has poor quality too.

Pros Cons
• First-class web trading platform • High stock CFD fees
• Superb educational tools • Limited product portfolio
• Great deposit and withdrawal options • Poor phone support
IG main features and highlights
��️ Country of regulation UK, EU, Switzerland, US, Singapore, Japan, South Africa, UAE, Australia, New Zealand
�� Trading fees class Average
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $0
�� Time to open an account 1-3 days
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 6
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Options, CFD, Crypto, Equities for UK clients, Robo-advisory service in the UK, IPOs

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

IG review
Fees

IG has low fees for stock index CFD, while forex fees are average to low. There is no fee for withdrawal and the inactivity fee is charged only after 2 years. On the negative side, the stock CFD fees are high.

Pros Cons
• No withdrawal fee • Inactivity fee
• Low index CFD trading fees • High stock CFD fee
IG fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into spread, 0.6 is the average spread cost.
Europe 50 CFD Low The fees are built into spread, 1.5 is the average spread cost.
EURUSD Average The fees are built into spread, 0.7 pips is the average spread cost.
Inactivity fee Low $12 per month after 2 years of inactivity

We ranked IG’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of IG for each asset class.

We also compared IG’s fees with those of two similar brokers we selected, XTB and eToro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of IG alternatives.

To have a clear overview of IG, let’s start with the trading fees.

IG trading fees

IG trading fees are average. The fee structure is transparent, you’ll easily find information on the website. There are different fee structures for different asset classes:

  • Trading commission for share CFDs, real shares and options
  • All-inclusivespreads for forex, stock index CFDs, commodity CFDs, bond CFDs and even crypto CFDs
  • Administration fee and spreads for Smart Portfolios

We know it’s hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used is:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for IG fees.

CFD fees

IG has mostly average CFD trading fees. Its fees are among the lowest when it comes to index CFD trading, but the stock CFD fees are high.

CFD fees for a $2,000 long position held for one week

IG XTB eToro
S&P 500 index CFD fee $2.1 $2.0 $2.4
Europe 50 index CFD fee $1.6 $2.2 $2.7
Apple CFD fee $31.9 $17.9 $6.3
Vodafone CFD fee $25.7 $20.9

Forex fees

IG has average forex fees for EURUSD, GBPUSD and AUDUSD. EURCHF and EURGBP fees are low.

Forex benchmark fees of a $20,000 30:1 long position held for one week

IG XTB eToro
EURUSD benchmark fee $16.9 $15.0 $19.6
GBPUSD benchmark fee $15.1 $11.1 $16.2
AUDUSD benchmark fee $14.1 $10.0 $12.4
EURCHF benchmark fee $6.9 $6.6 $11.8
EURGBP benchmark fee $11.1 $9.9 $19.9

Real stock fees

IG provides real stocks only for some clients, such as residents of the UK or Australia.

Stock and ETF commission of a $2,000 trade

IG XTB eToro
US stock $15.0 $10.0 $0.0
UK stock $9.6 $10.0 $0.0
German stock $11.0 $8.8 $0.0

IG charges a commission for trading with real stocks:

IG stock trading fees
Market Commission per trade Minimum fee
UK – 0-2 trades (previous month) £8 £8
UK – 3+ trades (previous month) £3 £3
USA – any number of trades (previous month) with manual currency conversion $0.02 per share $15
USA – 0-2 trades (previous month) with instant currency conversion £10 £10
USA – 3+ trades (previous month) with instant currency conversion Free Free
Ireland
Germany
Netherlands
Belgium
Austria
0.10% €10
Australia 0.10% AUD 10

At IG, your charges depend on how much trades you have made in the previous months. For example, if you have traded UK trades more than three times before, your commissions per trade for UK shares will be £3 instead of £8.

Smart Portfolios

Smart Portfolios are available only for UK residents.

If you invest in IG’s Smart Portfolios, you will pay a ‘Total Cost of Ownership’ fee, consisting of several components: the cost of the underlying ETFs, the management fee and the spread costs:

IG Smart Portfolios fees
Total value of Smart Portfolio £0 – £50,000 £50,000 – £250,000 £250,000 and over
Average ETF costs Avg. 0.14% (range: 0.17-0.19%)
Management fees 0.65% 0.35% 0.10%
Estimated costs of spreads 0.07% 0.07% 0.07%
Total cost of ownership 0.86% 0.56% 0.31%

Options

IG’s options fees are low, although the contract sizes are also smaller compared to regular exchange-traded options.

Options trading is available only in the following countries: Austria, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Romania, Sweden.

IG options trading fees
Market Commission per contract
GBP £0.1
USD $0.1
EUR €0.1

68% of retail CFD accounts lose money

Non-trading fees

It charges no account, deposit, or withdrawal fees. There is also a low inactivity fee of $12 per month, charged after 2 years of inactivity.

IG non-trading fees

IG XTB eToro
Account fee No No No
Inactivity fee Yes No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $25

IG review
Account opening

IG’s account opening is seamless and fully digital. There is no minimum deposit for bank transfers and a low, $300 minimum deposit for credit/debit cards and PayPal. On the other hand, account verification takes around 3 business days, which is slower than at some other brokers.

Pros Cons
• Fully digital • Slower account opening
• Low minimum deposit
• No minimum deposit for bank transfer

Can you open an account?

Visit broker
68% of retail CFD accounts lose money

If you are from the US, you can use only IG’s forex trading, and not its CFD trading.

Minimum deposit

The required IG minimum deposit is $0 for bank transfers and $300 for credit/debit cards and PayPal.

Account types

The country of your residency determines which account type you can open. In most countries, you can trade only with forex, CFDs and options.

IG account types

Some small countries, like Gibraltar, the British Virgin Islands, etc.

Countries Products
All countries, except below Forex, CFD
Austria, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Romania, Sweden Forex, CFD, Options
Equity** , forex, CFD
USA Forex

*There are also tax-efficient accounts, such as ISA and SIPP.

**You will need to open a second account for stock trading.

How to open your account

IG has a straightforward and fully digital account opening process. The online registration takes only 5-10 minutes, but the account verification can take a bit longer. Our account was verified after 3 business days.

The 5 steps of IG account opening:

  1. Enter your name, email address, country of residence and select your account type.
  2. Provide some personal details, like your date of birth and address.
  3. Answer a few questions about your financial and employment status.
  4. Provide information about your financial knowledge and fill out a short test.
  5. Verify your ID and residency. You can upload a national ID, passport or driver’s license for verifying your ID. Utility bills and bank statements are accepted for residency verification.

IG review
Deposit and withdrawal

IG offers free and fast deposit and withdrawal. There are various options for funding your account, including traditional methods such as bank wire and credit card funding, as well as PayPal.

Pros Cons
• Credit/Debit card available None
• Free withdrawal
• No deposit fee

Account base currencies

At IG, you can choose from 6 base currencies. The available base currencies are USD, GBP, AUD, EUR, SGD, HKD . This currency selection is better than at IG competitors.

Base currencies at IG vs similar brokers

IG XTB eToro
Number of base currencies 6 4 1

When you open an account, you cannot select your account base currency. You can change the currency of your account only if you write an email to IG’s Customer Service. It would better if you could select your account base currency at the beginning of the account opening process.

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

IG charges no deposit fees. In addition to bank transfer, you can also deposit money via credit/debit cards and PayPal.

In case of bank card deposit, IG accepts:

  • Debit cards: Maestro, Visa, Electron, MasterCard
  • Credit cards: Visa, Mastercard
  • Major prepaid cards
IG deposit options
IG XTB eToro
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

IG withdrawal fees and options

IG doesn’t charge any withdrawal fee. This is a great offer, especially compared to eToro, where withdrawals carry a high, $25 fee.

IG withdrawal fees and options

IG XTB eToro
Bank Transfer Yes Yes Yes
Credit/Debit card Yes No Yes
Electronic wallets No No Yes
Withdrawal fee $0 $0 $25

How long does it take to withdraw money from IG? We tested the debit card withdrawal and it took 2 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from IG?

  1. Log in to your ‘My IG’ account.
  2. Select the account you wish to withdraw the money from.
  3. Click on the three dots menu on the right side.
  4. Go to ‘Withdraw Funds.’
  5. Select the withdrawal method you prefer.
  6. Enter the withdrawal amount.
  7. Initiate the withdrawal.

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IG review
Web trading platform

IG’s web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.

Pros Cons
• User-friendly None
• Clear fee report
• Two-step (safer) login
IG platforms to choose from
Trading platform Score Available
Web 5.0 / 5 stars Yes
Mobile 4.5 / 5 stars Yes
Desktop No

You can use IG’s trading platform or MetaTrader 4, a third-party trading platform. In this review, we tested IG’s own trading platform.

The web trading platform is available only in English.

Look and feel

The IG trading platform is one of the most intuitive and well-designed web trading platforms we have seen.

You can easily customize the trading platform. The flexible design allows you to move windows around and save layouts. You can create watchlists and there is also a one-click trading feature.

Login and security

You can easily set up two-step authentication. You have to download the ‘IG Authentication’ app on your mobile and activate the two-factor authentication.

Search functions

You can search for products in the sidebar on the left. It works as you would expect. You can also browse available investment options by typing manually or browsing through the asset class categories.

Placing orders

You can choose from many order types:

  • Market order
  • Limit order
  • Stop-loss order
  • Trailing stop order
  • Guaranteed stop order

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use:

  • Good ’til canceled (GTC)
  • Good ’til date (GTD)

Alerts and notifications

Alerts and notification are all available, they can be set if you go to ‘MyIG,’ then ‘Settings,’ and click on ‘Communication Preferences.’

You can choose from multiple alert and trade/deal notifications:

  • price alert (prices reach an important level)
  • indicator alert (technical tools reach an important level)
  • economic alert (big economic announcements)
  • automated or manual deal opening/closing
  • automated or manual position editing

Portfolio and fee reports

IG provides clear portfolio and fee reports. The main performance and status of your account is available on the dashboard of your live account. By opening the menu on the right, you can see the ‘History’ tab where you can check all the costs and returns on past trades.

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68% of retail CFD accounts lose money

IG review
Mobile trading platform

The IG mobile trading platform is easy to use and has great functionalities. On the down side, there is no two-step authentication.

Pros Cons
• User-friendly • No two-step (safer) login
• Good search function • No Touch/Face ID login
• Good variety of order types

You can use both IG’s own mobile trading platform and the MetaTrader 4 platform. They are available for both iOS and Android devices.

In this review, we tested IG’s own platform on an Android device.

The mobile platform is available only in English.

Look and feel

The IG mobile platform is very intuitive, similarly to the web trading platform. You can easily find all available features.

The design is OK, nothing great, and not as good as the web trading platform.

Login and security

You can use only a one-step login. A two-step login would be safer.

You can’t use fingerprint or Face ID authentication either. Providing this feature would be more convenient.

Search functions

The search functions are the same as at the web trading platform. When searching, the assets are categorized.

Placing orders

You can use the same order types and order time limits as the ones on the web trading platform.

Alerts and notifications

The mobile platform’s alerts function is not as extensive as the web trading platform’s. You can set only price alerts.

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68% of retail CFD accounts lose money

IG review
Desktop trading platform

IG’s in-house developed trading platform has no desktop version. If you prefer a desktop-based platform, you can use only MetaTrader 4.

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68% of retail CFD accounts lose money

IG review
Markets and products

At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. Residents in the UK and some other countries can also trade with real shares. Other popular assets, like mutual funds or bonds, are not available.

IG is primarily a CFD and forex broker. US clients can only trade with forex products.

You can also trade with stocks if you are from one of the few countries where this is provided, like the UK.

To learn more about CFDs, read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Whether you wish to trade CFDs of currency pairs, stock indices, stocks, ETFs, commodities, bonds, futures or cryptos, you will find an extraordinarily wide selection of products at IG. This stands out compared to the product range of its main competitors.

IG XTB eToro
Currency pairs (#) 95 49 47
Stock index CFDs (#) 68 42 13
Stock CFDs (#) 10,500 1,700 1,900
ETF CFDs (#) 1,900 103 145
Commodity CFDs (#) 47 18 6
Bond CFDs (#) 13 3
Cryptos (#) 8 25 17

You can’t change the default leverage level of the products. This is a drawback, as we believe this is an important factor you should be in control of.

Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, since the pre-set leverage levels are high.

Real stocks and ETFs

You can trade with stocks if you are from:

  • UK
  • Ireland
  • Malta
  • Cyprus
  • Australia
  • Some smaller countries, like Gibraltar, the British Virgin Islands, etc.

IG gives you access to an average number of markets compared to other primarily CFD brokers.

IG XTB eToro
Stock markets (#) 8 17 16
ETFs (#) 2,000 170 145

Options

Options trading is available only in the following countries: Austria, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Romania, Sweden.

At IG you can trade with

  • equity index
  • forex and
  • commodity options.

The most popular equity indexes, forex pairs, and commodities are all available.

You can choose from two option types:

  • Vanilla options
  • Barrier options

68% of retail CFD accounts lose money

IG Smart Portfolio

IG Smart Portfolio is available only in the UK. IG Smart Portfolios are iShares ETF portfolios managed by BlackRock. This is basically a robo-advisory service, e.g. automatically managed low-cost portfolios.

If you prefer to buy shares in IPOs, you can do it with IG. An IPO is an initial public offering, or stock market launch, where a company’s shares are sold to the general public for the first time.

There are two ways to participate in IPOs at IG:

  • IPO Grey Market – this allows you to open long/short positions before the IPO happens
  • After IPO – this allows you to place orders after the IPO happens

Turbo24

IG also offers an innovative product, called Turbo24. Currently, it is available for clients in France, Germany, Spain, Italy, Netherlands, Sweden and Norway.

Turbo24s are exchange-traded products that can be traded 24/5.

When you place an order, you have to enter a knock-out level, which is the price level where your position will be liquidated. Selecting the knock-out level works like selecting your leverage because you have to fund your position up to the knock-out level. If you choose a lower knock-out level, you’ll use higher leverage, while a higher knock-out level means lower leverage.

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68% of retail CFD accounts lose money

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