IG forex and CFD trading

IG is one of Australia's leading retail forex and CFD providers with a range of flexible trading features.

Online trading platform IG provides a fast, simple and convenient way to trade the financial markets. It offers fast trade execution, tight spreads and access to more than 15,000 markets including 70 currency pairs, global indices, shares and commodities.

Established in 1974 as IG Index, IG now has offices across 15 countries and more than 150,000 clients worldwide.

In the Investment Trends November 2015 FX Report, IG was ranked as Australia’s number one retail forex provider in terms of primary relationships.

Read a hands-on review of the platform here.

Updated October 18th, 2018
Name Product Minimum Opening Deposit Minimum Spreads for Major Currencies Commission Minimum Trade Size Platforms
$0
0.6 - 1.5 pips
$0
1 lot
MetaTrader 4
ProReal Time

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Updated October 18th, 2018
Name Product Minimum Opening Deposit Major Trading Instruments Commission (ASX 200 Shares) Platforms
$0
Indices, FX, Shares, Commodities, Cryptocurrency, ETPs
0.08% with $7 minimum
MetaTrader 4
ProReal Time
Trade from over 15,000 markets with Australia's leading service for CFD trading and forex. Introductory offer: receive a reduced commission for the first two weeks.

Compare up to 4 providers

Disclaimer: Trading in financial instruments carries various risks, and you can lose more than your capital. This article may contain general advice. You should always seek professional advice when deciding if a product is right for you.

What can I trade with IG?

  • Indices. Trade more than 31 global indices, including 22 indices with 24-hour trading such as Wall St and FTSE 100
  • Shares. Trade more than 600 Australian and 8,000 international share CFDs
  • Forex. Trade more than 70 forex currency pairs
  • Commodities. Access 26 key commodity markets from Gold and Silver to niche metals and energies
  • Options. Trade on major indices, forex, shares and more
  • Interest rates. Speculate on a range of global interest rate movements.
  • Bonds. Hedge against government bond holdings.
  • ETPs, ETFs and IPOs. Access exchange traded products, exchange traded funds and initial public offerings.

Trade cryptocurrency with IG

Trading cryptocurrency futures can be attractive. You don’t need your own wallet, and you can also profit by shorting cryptocurrencies ahead of dropping value, instead of just buying with the expectation of price increases.

IG lets you go long or short on bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH), Ripple and Bitcoin Gold. You can trade:

  • BTC/USD
  • BTC/EUR
  • BTC/GBP
  • BCH/USD
  • BCH/EUR
  • BCH/GBP
  • ETH/USD

You can leverage your position with a 20% margin requirement on bitcoin and Ethereum, and 40% on Bitcoin Cash.

What are the features of IG trading?

Forex trading via CFD or direct

There are two ways to access forex markets with IG: forex CFDs and Forex Direct, the provider’s direct market access service. Forex CFDs allow you to trade using leverage and don’t require you to pay a commission to open a position. Forex Direct is designed for experienced traders and allows you to buy and sell currency pairs without the spread.

Fast execution and out of hours trading

IG guarantees the fast and reliable execution of all trades. Its systems are engineered to cope with a large number of trades in a short period of time, while its trading platforms are designed to cope with large volumes of traffic. Plus, you can also trade outside of standard trading hours.

MetaTrader 4 supported

IG customers can trade via MetaTrader 4, the world’s most popular trading platform. You can also enjoy access to IG’s web-based trading platform, trading apps for iOS, Android and Windows devices and the L2 Dealer and ProRealTime platforms.

Compatible devices

In addition to downloadable software and its web-based platform, you can download the IG trading app to your Apple, Android or Windows smartphone or tablet.

Spread fee

IG offers competitive spreads across all currency pairs. AUD/USD has a minimum spread of 0.6 and an average spread of 0.76, while EUR/USD has a minimum spread of 0.6 and an average spread of 0.70.

Order types

Trading on one of IG’s core platforms allows you to use the following order types: limits, stops, guaranteed stops, trailing stops and market orders. An increased range of orders is available on the provider’s specialist trading platforms.

Leverage

The maximum leverage available when trading forex with IG is 200:1.

Regulated in Australia

IG is regulated by the Australian Securities and Investment Commission (ASIC).

Payment methods available

The quickest way to deposit funds into your IG account is via debit or credit card (Visa or Mastercard). You can also instantly deposit funds using PayPal. BPAY is another accepted payment method, although in this case, funds will take on average two business days to clear. The charges for the different funding methods are outlined below.

Payment MethodCost
Debit cardFree (Visa & Mastercard)
Credit card1% (Visa) & 0.5% (Mastercard)
PayPal1%
BPAYFree

Minimum deposit

There is no minimum deposit required to open an account with IG, if paying by bank transfer or BPAY. For debit card, credit card and PayPal deposits, the minimum amount is $450.

Forex volume rebate

If you trade more than 500 standard forex contracts per month, you could be eligible for IG’s forex volume rebate. The maximum rebate available is $1 per contract.

What support and information is available with IG forex trading?

If you ever have a question about your IG account or about a specific trade, 24-hour Australian customer support is available from Monday to Friday. Phone, email, live chat and Twitter customer support options are all offered. Alternatively, you can search IG’s extensive online help centre to see if your question has already been answered.

IG also offers a number of online educational resources and information to help you make better trading decisions. These include guides to forex trading, webinars and in-depth guides. There’s even an IG Academy app, available from Google Play or the Apple App Store, that provides engaging step-by-step courses that teach you how to trade.

What trading platforms are available?

  • IG Trading Platform. This platform features a range of useful trading tools including trading charts, signals and personalised alerts.
  • Web-based platform. IG's online trading platform enables you to trade via your web browser, and customise your theme. Open and close your positions in a few clicks, view split charts and signal analysis, set up trading alerts and receive breaking news via Reuters and Twitter. The web-based platform supports Google Chrome (recommended), Firefox, Microsoft Edge, Internet Explorer 11 and Safari (Mac only).
  • Trading apps. Trade on the go with IG's trading apps, free to download and featuring native designs across all major mobile and tablet devices. Access market data and analysis and live prices before logging in.
  • MetaTrader4. The most popular trading platform in the world, popular among traders for its fast execution, automated trading, customisable interface and enhanced trading tools. When installed through IG the platform comes with 18 free bespoke add-ons and indicators. Plus, you can access the MetaTrader4 platform app on both Android and iPhone.
  • Advanced platforms. Advanced traders can register for L2 Dealer, IG's downloadable DMA (direct to market) platform. Get direct access to shares CFDs and forex markets. This is for traders comfortable with participating directly in the market.

Spread, margin and commissions

  • Spread. The spread is the difference between the buy and sell price on a trade. This varies between products, but as an example the minimum spread applied on the forex AUD/USD currency pair is 0.6 pips. When trading with Forex Direct (direct to market) traders can access tighter spreads, from 0.142 pips for EUR/USD.
  • Margin. The margin is the amount needed for you to open a trade. IG margins start from just 5% of the trade value.
  • Commission. All IG CFDs are commission free, except shares CFDs which vary. The commission charged on Australian shares CFDs is 0.08% ($7 minimum) for online trades.
  • FX currency exchange rates. When you trade a market that is denominated in a currency other than your local currency you pay an FX conversion, or exchange rate. IG offers a competitive FX conversion rate of 0.3%.

What are the pros and cons of using IG trading?

Pros

  • Limited risk accounts available
  • 24-hour customer support. IG offers customer support to its clients 24 hours a day, from Monday to Friday.
  • Access over 15,000 markets. Access over 15,000 markets including 70 currency pairs.
  • Flexible forex trading. There are two ways to trade forex with IG: through forex CFDs and through the provider’s direct market access service.
  • Educational resources. If you’re new to trading or you simply want to increase your trading knowledge, IG offers an extensive range of educational resources plus a free demo account.
  • Competitive spreads. With spreads starting from 0.6 pips, IG forex trading offers a competitively priced option for investors.

Cons

  • Low maximum leverage of 200:1. IG offers a relatively low maximum leverage of 200:1, whereas many other forex providers offer leverage of up to 500:1.

How do I apply for an IG trading account?

It’s completely free to open a trading account with IG. The online application process takes around five minutes and there is no obligation to fund your account or place any trades. You will need to:

  • Provide your name
  • Enter your email address
  • Create a username and password
  • Specify your country of residence
  • Specify whether you want to trade CFDs, forex or both

IG will work as quickly as possible to approve your application and once your account is open you can deposit funds and start trading.

Any more questions about IG trading?

How do I install MetaTrader 4 on my computer?

Download the set-up file from the IG website and then follow the instructions to complete the installation.

Can I open more than one trading account with IG?

No, this is not normally possible.

How can I withdraw funds from my account?

It’s free to withdraw money from your account by electronic funds transfer.

Alison Banney

Alison Banney has been writing about banking and personal finance for more than six years. She has previously worked at one of Australia's biggest banks, Westpac, before joining finder.com.au as the Senior Banking and Investment Writer.

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