Welcome to our IG Review here at Wetten.com, where we’ll tell you all about how Australia’s No.1 CFD and Forex trader lives up to its reputation in our experts’ opinion and IG rating.
With Over 20,000 CFDs to trade, a multitude of forex pairs and access to global stock markets, including Wall Street and Europe, for Australian customers, it leaves little wonder why we’ve rated this broker so highly. In addition, we’ll tell you all about why IG has one of the best trust scores on our site!
Pros & Cons of IG
- Excellent trading platform for both beginner and experienced traders
- Regulated and incensed in multiple countries
- Offers MT4 as well as their own in house platform
- Great deposit and withdrawal options
- High fees for forex and CFDs
When you land on the IG website, you’ll notice that it has a bright and professional feel, with a white and red colour scheme. The landing page and site as a whole is informative and offers plenty of information without appearing to be too busy. We’re pleased to say that this theme is carried on into the web trading platform – which we have to say is excellent!
The IG Trading Platform
We should point out that IG also offers you the option to download the third part MT4 desktop trader. However this trader is commonly used by a multitude of other trading sites globally and has already been widely reviewed – see our ASX Review for details. Therefore, we decided to focus this section of our IG review on their homegrown trading platform.
There’s a good reason behind our decision too – the IG trading platform is excellent, dare we say it, the best we’ve seen. The overall design is near-flawless, leaving you with a platform that is user-intuitive for traders and investors of all experience levels. The platform is extremely flexible and easily customisable, meaning you can add and take away features to leave your screen as busy, or as minimalist as your trading level requires.
IG Review Australia – A Trading Guide
If you already have experience in CFD, forex and/or ETFs trading then you can, of course skip this step and go straight to step two of our IG review. Especially if it’s CFD and forex trading you’re going for, learning about how they work and the risks involved is key before you go ahead, sign up and start risking your real money. IG offers demo accounts so you can practice trading on the platform with virtual money before creating a real money account.
Once you’re confident of your knowledge and use of the demo account, you can then register your IG account and make your first real money deposit. Once your account details have been fully verified you can make your first payment via credit/debit card, BPAY or PayPal.
You don’t just dive in two footed and start trading, especially when it comes to CFDs. You should create a simple plan for your trading activity that includes your goals, motivation, budget and time management among other things. You can make the plan yourself or do so using IG’s own help tools.
When it comes to trading with the IG, you can choose to use the web based trading platform the third party MT4 trader, the mobile trading app and the advanced platform. As mentioned earlier in this IG Review Australia, the in house web trader is excellent – and so that would be our recommendation for beginner to intermediate traders at the very least.
Once all of the aforementioned steps have been taken the real fun begins, as you’re ready to start trading for real. Once you’ve spotted an opportunity you can now open, monitor and close your first position. You can make use of the peer-to-peer discussion and the customer service to assist you with your trades.
For deposits of up to $50,000, you can use your credit/debit card, BPAY or PayPal, for larger deposits you can fund your account via wire transfer – which naturally will take longer to process. To deposit using the IG web trader, simply log into your account on your phone or desktop computer, head to My IG and click “add funds”. You can then select your preferred payment method and fire away. The minimum required deposit is $450 and there are no deposit fees charged.
Withdrawing Funds from your IG Australia Account
Similarly, withdrawing funds from your IG account is a fairly simple process and, once again, no fees are charged. To transfer funds back into your bank account, log into My IG, click on the “live accounts” tab and subsequently “withdraw funds” to send your withdrawal request to IG. In other good news, withdrawals are usually processed within 24 hours, or even the same day if you send your request prior to midday. If you’re using your bank card, it could take between two and five days to put the funds physically in your account.
The IG customer service team can be contacted 24/7…almost. Between 9am and 7pm (AEDT), they are offline and uncontactable – but of a setback for a broker that offers weekend trading. There is, however, peer support through a discussion page on the IG site which does sometimes have IG staff online as well as your fellow traders.
The phone support is probably your best bet if you want fairly quick and helpful answers from an Australian-based customer service agent. When testing the phone line for our IG Review Australia, the longest we had to wait in order to get connected was 10-15 minutes. The email service is alright as far as email services go, but is naturally the slowest port of contact.
There is a live chat, but it really isn’t easy to find, and you won’t find it through the IG Australia website at all – it’s on the UK one. You can use the live chat from Australia but just be aware that it is sometimes offline as it’s located on the other side of the world.
When it comes to licensing and regulation, we were overall very pleased with the results when conducting our research for this IG review. IG is regulated in no less than 11 jurisdictions, including six tier 1 – which includes the Australian Securities and Investment Commission (ASIC). We can therefore give IG a high trust score and confidently say there is no evidence of an internal IG scam having ever taken place in its history – which spans back to 1974.
Safety and Protection
When it comes to your actual account safety and protection, you can set up two factor authentication by downloading the IG authentication app. This further protects your account from being hacked. The bad news is that, for Australian clients, there is no investor protection from the legal entity of governmental regulatory bodies.
As is usually the case, only residents in the UK, EU and Switzerland are afforded such a luxury. We wouldn’t let this worry you too much though, as IG has been around since 1974 and has survived all of the financial crises that have happened between then and now.
As you would most likely expect from a trading and financial services company that started in 1974 and is still going, IG enjoys a strong reputation at industry level. When it comes to their customer reputation, IG customer ratings in terms of trust have consistently scored extremely high, as we reinforced in our review here.
Where they fall short in the eyes of their customers is with the customer service. We should point out that this isn’t a consistent problem and isn’t on going. The customer service is, generally satisfactory, it’s just the response times have varied over the past few years, and the live chat service is definitely under par. We do hold out strong hopes for improvements in this area.
Overall, IG Australia is one of the best trading platforms in this country, however it’s not without its flaws. Overall though, we have to say that the excellent in-house trading platform, the high testability score and amount of tradable assets for Australian customers do enough to counterbalance the sometimes high fees and customer service that’s definitely in some need of improvement.