IG share trading platform review

Company background

IG is a global trading giant that has been around since the mid-70s. Starting out in the UK, IG was actually the first-ever spread betting company. Fast forward the best part 3 decades and in 2002, IG Group commenced trading in Australia. By 2005, the broker was publicly listed on the London Stock Exchange.

Today, it has more than 320,000 clients worldwide, a long-term history and a large array of markets to choose from. IG has become one of Australia's most well-known trading platforms.

Is IG safe to use?

IG has a long history of providing financial products to consumers around the world. This means that it has to be regulated by various governing bodies including the Australian Securities and Investment Commission (ASIC) in Australia.

Adding to its validity, IG is publicly listed.

As such, you can trade with confidence knowing you're protected under Australian laws. However, it is worth pointing out, IG doesn't just offer shares. Its CFD and forex products are riskier products that should only be used by sophisticated investors.

What are the key features of the IG trading platform?

News and analysis

One of the perks of signing up with IG is its customers can access news, advice, webinars and recommendations from IG's team of in-house experts. The IG website houses a market analysis section, providing articles and videos on trading opportunities and stocks to watch. However, keep in mind that you should do your own research before buying any shares.

Free courses

IG Academy offers free online courses, webinars and seminars with the aim to help develop investors' skills.

Cheap brokerage

Brokerage costs with IG are some of the lowest in the industry, starting at just $5.00 per trade on Australian shares and $0 commissions per trade on global shares.

Choice of trading platforms

You can place share trades with IG through the provider's web-based trading platform, over the phone or through the IG app. Share trading apps are proving to be a hugely popular medium and the IG trading app is available to suit both Apple and Android smartphones and tablets.

Available markets

IG share trading provides access to more than 13,000 both here and abroad. Check out the list below for the international stock exchanges you can buy shares on via your IG share trading account.

Stop losses

For those looking to protect their portfolio, IG offers stop and limit orders, which can help investors control some of the risks. For example, the provider says you can choose exactly where your trade closes with a guaranteed stop loss, with no exceptions.

What markets can I trade with an IG share trading account?

An IG share trading account provides investors access to more than 13,000 shares across both Australian and international markets. The stock exchanges you can access through your IG share trading account include:

• Australia: ASX 200, ASX 300 and a wide range of other small-cap Australian stocks.
• US: S&P 500, DOW 30, Nasdaq-100 and a wide range of other small-cap US stocks.
• UK: FTSE 100, FTSE 250 and a wide range of other small-cap UK stocks.
• Germany: DAX, HDAX, MDAX.
• Ireland: ISEQ.

If you're not looking to invest in shares and are instead interested in taking more of a short-term approach, then perhaps trading CFDs might be more suitable for you. If this sounds like the case, take a look at our review of the IG forex and CFD trading account.

What account types can you open with IG?

IG allows you to open 1 of 3 tailored accounts depending on your individual needs.

1. Corporate account: This is a complete trading solution for corporate and institutional investors, allowing access to a variety of markets and financial products.
2. Personal accounts: Made for individual traders, it offers free research, fast set-up, cheap spreads and a range of markets.
3. SMSF account: Investors with an SMSF can also trade through IG, but will need to have at least $1 million worth of assets. You'll gain access to accounts tailored to suit your needs.

What customer support is available?

IG offers a 24-hour customer support service. When you need assistance, visit IG's extensive online help portal.

If you can't find the answer you're looking for among the frequently asked questions, you can email your question to IG, free call the experienced customer help team directly or jump on live chat.

IG Academy also contains educational resources and the IG community allows users to access forums, get trading tips and interact with other members.

What are the fees?

As well as brokerage, an IG share trading account has a number of fees and charges that you need to be aware of.

Note: IG removed its quarterly $50 inactivity fee from share trading accounts as of July 2022.

Brokerage fees

You have a few options on broker (aka commission) fees, which will come down to how often and how much you trade each month.

The brokerage fee for Australian shares starts at $5 a trade. However, this is only if you've made 3 or more trades in the previous month. If you've only made 1–2 trades, your broker fee will be the standard $8 per trade or 0.1%, whichever is higher.

For international markets, the commission fee is $0, but you're charged a foreign exchange fee of 0.70% per trade if you choose this route. The other option here is to convert currencies outside of IG. This means you avoid the high FX fee, but must pay $10 per trade in commissions.

The following table breaks down the brokerage fees across Australia and its international share markets for phone or online trades.

• Trades placed online
• Trades placed on the phone

Access to live share market data

To view live prices on Australian and international share markets, you will need to activate the relevant data feed through your IG share trading account. Certain markets allow users to upgrade from free pricing options to real-time pricing, but this is for a fee.

Minimum balance

While not exactly a fee, it's worth noting that there's no minimum balance requirement on your IG share trading account. You aren't required to deposit any money upfront in order to open the account and there aren't any ongoing account balance limits you need to maintain to keep it.

What are the account funding options on an IG share trading account?

You can fund your IG share trading account in a number of ways including credit card, debit or BPAY. Each method attracts different fees. If you're in Australia, the minimum deposit via credit or debit card is $450.

However, there is no minimum deposit amount if you're funding your account via bank transfer, BPAY or PayPal. Below is a list of methods for funding your account based on your location.

Note: IG does not accept payments made via commercial and business credit cards, or cash.

• Australia
• New Zealand
• Hong Kong
• Other countries
• Other countries

Source: IG

How do I open an IG share trading account?

If you'd like to sign up for an IG share trading account, click one of the "Go to site" links on this article to be securely redirected to the IG share trading website. You can then open an account by filling out an online application.

It takes around 5–10 minutes to apply and you will need to provide the following:

• Your name
• Your email address and phone number
• Your residential address (you must be an Australian tax resident)
• Your username and password
• A photograph or scanned copy of your Australian driver's licence or passport

Once the IG accounts team has approved your application, you will then be able to fund your account and begin trading shares.

What other products can you trade through IG

IG has a large selection of trading platforms that you're able to choose between. After registering for a forex and CFD account with IG, you can then gain access to the following:

• IG trading platform. It 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).
• Mobile 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.
• MetaTrader 4 (MT4). The most popular forex trading platform in the world for its fast execution, automated trading, customisable interface and enhanced trading tools. The IG version of MT4 comes with 18 free bespoke add-ons and indicators. Plus, you can access your account via the MT4 app on both Android and iPhone. Simply request access to MT4 in your client portal.
• Advanced platforms. Advanced traders can register for L2 Dealer, IG's downloadable DMA (Direct Market Access) platform. Get direct access to share market CFDs and forex currency pairs. This is for professional traders only and is only available via a specific request.