Let’s face it; it is almost impossible to avoid the Forex market today with all the lucrative offers that can be found on almost every corner. The market is certainly booming, and more and more people become a part of the crazy, profitable and entertaining market. Such an influx needs to be handled appropriately, and many Forex brokers have stepped up their game in the last decade in order to adapt to the new target groups and conditions. Many interested potential traders do not know what kind of broker to choose. Do they side with the hip modern broker which is in business for a couple of years and knows the latest trends or with an old-school broker who has been around when the Internet wasn’t. That is definitely a tough decision, but we will leave that choice up to you and focus on our broker review. The review is about an old school broker and gives you an insight into the business conduct of an old Forex broker company, the IG Forex broker.
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History Check
IG Forex is one of the largest brokers in the world with offices in over 15 countries with a client base of more than 152,000. The broker started out already in 1976, and this is definitely a piece of information which gives the broker an advantage over other brokers who lack the years-long experience. IG has stood the test of time successfully going through and mastering the reshaping process of the market, financial crises, and market crushes. The broker remained relevant and readily accepted the new way of trading. The broker has multiple licenses under its belt, whereby all started with the FCA license. In comparison to the FCA license, the others must have been a piece of cake for the broker. Yet again, the broker had to update its policies and business conduct according to new laws and regulations imposed by the FCA. When a broker has been in business for this long, it has probably witnessed many reforms and law amendments.
IG Platform
The broker offers different services like spread betting, indices, CFDs, bonds, stocks, shares, ETFs, and commodities. The available platforms are:
- Meta Trader 4
- L2 DMA platform
Of course, the majority of the market participants have heard and probably used the MT4. The MT4 is the best-known platform and offered by over 90% of brokers. In most cases, it is the first choice of Forex traders. The broker’s L2 DMA platform provides Direct Market Access. On this platform, traders have more control over CFD account trades. People who want direct market access will find this platform convenient since it is specifically designed for that cause. You can also download the IG mobile apps for both platform types.
Account Types
In terms of accounts, they offer a CFD, share dealing, and spread betting account, providing access to 10,000 markets immediately. Basically, you get one account and choose what you want to trade, or you can trade all of the listed. It is a little bit strange that the minimum deposit amount is not known or available on their website, which calls for contacting the customer support to clarify that. Actually, you can apply and register with an account with no deposit, but still, it would be nice to have information on how much is needed to start trading. Nevertheless, the IG broker offers a demo account which comes with $10,000 of virtual money for all those who need the training to brush up their skills before they shift to a real account.
The IG Bonus
Unfortunately, this old-school broker does not offer any welcome, deposit or no deposit bonus. This is always a setback when a broker has no rewarding system because bonuses used to be (and mostly still are) an integral part of the business. The broker offers certain promotions which do not involve cash or trading credit but rather take the form of educational resources with expert opinion, etc. The bonus policy is very important, and a broker who has been for so long in the business should offer at least one kind of bonus.
IG Deposits and Withdrawals
Deposits and withdrawals are also an integral part of the business and brokers need to provide a range of payment options. This broker, who was around before e-wallets existed, provides for all the different already widely known payment methods, which include wire transfer, credit cards, and a variety of e-wallets like Neteller, Skrill, etc.
IG Customer Support
With offices in over 15 countries across the continents, the broker has to provide a capable support team to be available to all traders around the clock. The IG customer support is, in general, forthcoming and competent and answers traders’ questions and requests promptly. They are available via phone, e-mail and live chat which automatically pops up on their website.