RECOMMENDED FOREX BROKERS
This broker will bombard you with a ton of details and information, yet it strategically leaves out some vital ones out. Read on to find out just what IG AU is made of.
IG AU holds a license from Australian Securities and Investments Commission (ASIC). ASIC is considered the top non-EU/US regulatory body, and as such drives good investor/trader outcomes via administering the law when called for. One big drawback is the absence of a compensation fund. However, IG AU is not under the surveillance of ESMA, and as such allows for much higher leverages.
The average EUR/USD spread is 0.6 pips. The leverage can go as high as 1:200.
The brokerage offers a very satisfactory supply of instruments for trade: Currency Pairs, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Options, ETFs, Sectors.
The availability of the website is limited to only English and Chinese.
There is a platform for pretty much every type of trader: MT4, IG Trading Platform and L2 Dealer.
IG TRADING PLATFORM
This proprietary terminal has a lot to offer, but can be somewhat overwhelming when you first start using it. Traders will notice that there is much room for personal preferences when it comes to design by adjusting their own layout according to taste, while also taking advantage of the platform’s responsive charts, automated trading, signal providers, real time news addition, etc. What’s more, traders have access to an advanced charting package (ProRealTime). This package opens up a whole new world of opportunities. Trader will be able to build trading strategies by exporting third party ones or build them from scratch. The sky is the limit. To use ProRealTime for free traders must make at least 4 transaction per month. If they do not meet this criteria then they will be charged with $40 per month fee.
The EUR/USD spread is 0.6 pips.
The maximum leverage is 1:200:
The IG Trading Platform can re reached through a browser, and can be downloaded from the App Store or Play Store for handheld devices.
L2Dealer is a direct market access (DMA) platform. To generalize, this enables clients to trade Forex directly with liquidity providers without any dealing desk intervention. In layman terms it would be: once a trade is placed, the order is directly send for execution at the exchange. DMA trading is complex and aimed towards more learned traders, so we would recommend for newer users to do their extensive research first before diving into this. If users want L2 DMA access for shares trading, there will be monthly charges for this, which was not indicated on the website.
The direct spread for EUR/USD is 0.16 pips. The leverage for major forex pairs is 200:1
For DMA trading there is a peculiar commission structure. To simplify, the more you trade with the less the commission will be:
If you trade with less than $100 million, you would be charged $60 per million. So, for example if you trade $1 million, you will be charged $60, which increases the direct spread with 0.6 pips.
There was no demo version, so a getting a snap was not possible.
Users can directly download this platform for desktop. There is no smartphone/device support, nor is there any webtrader version available.
As one of the leading platforms in the world, MetaTrader4 offers its full services to the traders who have chosen IG AU as their broker. MetaTrader’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro. The platform also allows for VPS’s hosted by IG AU. The point of the VPS is to let the auto trading bots trade, without worrying that his job will not be interrupted by a power failure or net crash.
The EUR/USD spread is 0.6-0.75 pips.
A support agent claimed that the leverage, unregulated by ESMA, is 1:30 for major currency pairs, however what we stumbled upon on the website directly challenges the agent’s claims (image above).
MT4 is available to be downloaded and installed as a standalone software, or can be accessed through an Apple or Android app.
IG MINIMUM DEPOSIT
The minimum deposit is $450. This is a significant requirement, and we think that it’s here for the reason of deterring small-time traders.
Use Credit/Debit Card, Wire Transfer, BPAY or PayPal to deposit funds into your account.
IG WITHDRAWAL TIME AND FEES
Withdrawal methods are as follows: Credit/Debit card and Wire Transfer.
Processing times for Credit/Debit cards are up to 2-5 days. Bank Transfers withdrawals should arrive in 24 hours. If a withdrawal has been requested before midday the money should be in your account that same afternoon.
IG AU, unsurprisingly considering the concealment of deposit information, has not indicated fees for the withdrawal methods, unless one has a verified Live account. Normally, Credit/Debit Card (if applicable) fees do not surpass the 3% of the total withdrawal amount, while for Wire Transfer they can reach up to $50 (and more).
By now, we aren’t surprised by the lack of missing minimum withdrawal instructions. Based on pure assumptions, we can conclude that it should not be more than 25$ for Bank Transfer (if applicable), and $1-$5 for Credit/Debit Card.
IG AU charges an inactivity fee of $18 per month, if no trading has been detected for 2 years (or more).
IG AU is bubbling with content. There is no easy way around this broker if you’re a new or novice trader; research has to be done and we advice all to contact the support team for details. With all this information there is a lot that is purposefully left out, and can only be revealed once a Live account has been created.
IG AU is definitely centered around experienced traders, yet we still recommend it to those that are determined to learn and prosper in the world of Forex.