IG Markets Account Types Overview

IG Markets Account Types

IG Markets is a leading CFD broker, offering 18,000+ assets, including after-hours equity trading and weekend Forex trading. It also writes CFDs based on client demand and is a prime liquidity provider for other retail brokers globally. The IG Markets account types for international traders consist of a CFD account, offering access to all trading instruments, an MT4 account, DMA accounts, and unlimited demo accounts.

Clients from select jurisdictions, for example, the UK, can also get spread betting accounts. Investors can manage unleveraged equity and ETF portfolios, including the IG Markets Smart Portfolios, ISA, and SIPP accounts. Corporate accounts are available, but IG Markets discontinued Sharia-compliant, swap-free Islamic accounts.

Our detailed IG Markets ‘account types’ review will introduce the different options and allow you to make an informed decision before opening your live IG Markets trading account. In addition, you can check our in-depth IG Markets Broker Review.

IG Markets Account Types Overview

Noteworthy:

• The competitiveness of the trading environment depends on the operating subsidiary.

IG Markets Account Types

Most clients may choose between three IG Markets account types, and our introduction will help traders pick the one best suited for their trading needs. The IG Markets minimum deposit is $250 if traders use credit/debit cards or PayPal, but there is no minimum requirement for bank wires.

IG Markets Account types – Key Points

1. Trusted broker operational since 1974 and a pioneer in online trading

2. Compliant with twelve regulators and a clean operational record

3. User-friendly back-office ideal for multi-account management

4. Upgraded MT4 trading platform, ProRealTime, L2 Dealer, and a proprietary trading platform solution.

5. Unlimited IG Markets demo account

6. Wide asset selection available consisting of 18,000+ instruments.

7. Competitive IG Markets fees

8. Full support for algorithmic trading, including VPS and API connectivity.

9. Excellent educational resources for beginners and advanced traders

IG Markets CFD Account

The IG Markets CFD account is the primary account option. It includes all trading instruments and covers all sectors. IG Markets also writes CFDs based on client demand, ensuring most traders get access to the markets they wish to have exposure to too. It is available to all clients globally. The proprietary, web-based trading platform features an excellent charting package, free educational videos, live price feeds, and analytics tools.

Flexible IG Markets leverage is up to 1:500 for currencies plus negative balance protection, but it depends on the operating subsidiary. The Bermuda entity delivers the best combination of regulation and competitive trading conditions and is where most international traders will manage their portfolios. IG Markets offer the USD, GBP, AUD, EUR, SGD, and HKD, as account base currencies but accepts all currencies as deposits, applying a 0.50% currency conversion fee when applicable

IG Markets fees begin from 0.6 pips or $6.00 per 1.0 standard round lot for Forex, commission-free, which is competitive. Equity traders pay between 0.08% and 0.25% with minimums between A$7 and HKD50, dependent on the asset/instrument being traded, making it fairly average for costs within the market compared to its rivals.

Conclusion:

• The IG Markets CFD account is ideal for CFD traders as it offers an unmatched choice of CFDs from a primary liquidity provider
• This account type caters to everyone from beginners to professional corporate clients

IG Markets MT4 Account

The IG Markets MT4 account is ideal for algorithmic and copy traders. While it features notably fewer assets and is primarily a Forex trading account, it comes with an 18-add-on upgrade plus the Autochartist plugin. Therefore, it is one of the most complete MT4 trading environments with deep liquidity and competitive Pricing, VPS and API trading solutions are also available. The IG Markets MT4 infrastructure has 99%+ server uptime.

Conclusion:

• The IG Markets MT4 account is ideal for algorithmic Forex traders and those seeking copy trading via the embedded MT4 solution
• MT4 is the most versatile trading infrastructure and features 25,000+ custom indicators, plugins, and EAs

IG Markets DMA Account

The IG Markets DMA account caters to demanding, professional trading requirements. It includes Forex Direct, which is not available to every client but connects traders to the order book of liquidity providers. It allows IG Markets clients to trade directly with counterparties in the name of IG Markets. Commissions range between $1.00 and $6.00 per 1.0 standard MT4 lot, and average raw spreads are as low as 0.17 pips. Traders will use the L2 trading platform and benefit from faster order execution, complete Forex market transparency, additional data on currency pairs, and prices from a wide selection of global banks and liquidity providers in real time

Conclusion:

• The IG Markets DMA account is suitable for professional trading requirements with high trading volumes

IG Markets Spread Betting Account

The IG Markets spread betting account is geographically restricted but offers tax-free trading, primarily to UK-resident traders. Traders get access to 18,000+ trading instruments, leveraged trading, and negative balance protection. The IG Markets spread betting account received the Best Trading Platform award at the ADVFN International Financial Awards and Professional Trader Awards 2019 and the Best Trading App award at the ADVFN International Financial Awards 2020. The Online Money Awards 2022 Best Spread Betting Provider reward also went to the IG Markets spread betting account.

Conclusion:

• The IG Markets spread betting account is an excellent choice for UK-based traders

IG Markets Investment Account

The IG Markets investment account is geographically restricted, primarily offered by its UK subsidiary. Investors get 13,000+ shares, funds, and investment trusts in an unleveraged trading environment. US shares are commission-free, while UK shares have a competitive £3.00 commission if investors made three transactions in the prior month. After-hours trading is available, and investors may add the IG Markets Smart Portfolios to their investment portfolios. Phone trading is available but costs £40 for UK shares and £50 for US shares. The currency conversion fee is 0.50% whenever applicable. Custody fees also apply for holding assets in the investment account.

Conclusion:

• The IG Markets investment account is a competitive choice for long-term investors

IG Markets ISA Account

The IG Markets ISA account is for UK-based investors and offers tax-free investments up to the annual allowance (which is £20,000 for the fiscal year 2022/2023). Investment conditions are identical to the IG Markets investment account. The IG Markets ISA account displays the total cost of ownership (TCO) before clients invest, ensuring no hidden platform or exit fees exist. Management fees for the IG Smart Portfolios are competitive.

Conclusion:

• The IG Markets ISA account is an option UK-based investors should take advantage of

IG Markets SIPP Account

The IG Markets SIPP (self-invested personal pension) account is for UK-based retirement planning. Clients receive up to 45% tax relief on contributions up to £40,000 per tax year, and no taxes apply while savings remain invested. Clients have thousands of trading instruments, including IG Smart Portfolios.

Conclusion:

• The IG Markets SIPP account is excellent for UK-based retirement accounts

IG Markets Islamic Account

The IG Markets Islamic account no longer exists, as IG Markets chose to discontinue it. Requests on the IG Markets forums ask for reinstatement, but while we conducted our IG Markets account types review, no Islamic account was available.

Conclusion:

• IG Markets does not offer Sharia-compliant swap-free Islamic accounts

IG Markets Demo Account

IG Markets offers unlimited demo accounts, ideal for traders to familiarize themselves with the trading platforms. The IG dashboard features a user-friendly interface to manage multiple demo accounts, including adding more funds. They can also use it to evaluate the in-house trading ideas, evaluate the trading conditions, monitor signal providers and their performance, test EAs, or tweak existing strategies.

Beginners can incorporate high-quality educational content from the IG Academy to shorten their learning curve. They can increase the benefits of the IG Markets demo account by selecting a demo account balance and leverage settings close to the planned live deposit. While the IG Markets demo account has many benefits and remains a vital tool for all traders, beginners must understand the limitations of demo trading, particularly the absence of exposure to trading psychology. It may create unrealistic trading expectations or promote a false sense of accomplishment.

Conclusion:

• The IG Markets demo account is ideal for assessing the functionalities of the IG Markets trading platforms, testing EAs, tweaking and trying new strategies, evaluating signal providers, and bug-fixing algorithmic trading solutions.

How to Open an IG Markets Account – Step by Step

The online account application onboards new clients and consists of a five-step process, longer than at many other brokers. Traders must verify their trading account to satisfy mandatory AML/KYC rules demanded by regulators. Most traders will pass verification after sending a copy of their government-issued ID and one proof of residency document.

Below is a step-by-step guide on how to open your IG Markets trading account:

1. Go to the IG Markets website and click the green “Create live account” button in the middle of the homepage or the top right corner.
2. Traders must submit their basic information, like country of residence, name, desired username, and password, during the first step. Follow-on questions cover personal details, address details, financial details, and trading history.
3. After completion of the account registration, IG Markets will send a confirmation e-mail to the e-mail address provided at signup.
4. Traders can now use their username and password to access the IG dashboard. They should proceed with the account verification as this is necessary to deposit, trade, and withdraw from IG Markets. A copy of their government-issued ID and one proof of residency document usually satisfy account verification. Markets may ask for additional information on a case-by-case basis.
5. The IG dashboard also allows traders to add additional accounts, if available to them, and manage all live and demo accounts.
6. Depositing via the IG dashboard, at least $250 for deposits via credit/debit cards or PayPal, completes the account registration and initial set-up. Traders may now use their IG Markets trading account.

Noteworthy:

• IG Markets accepts traders resident in every country except Belgium, Canada, North Korea, Iran, Eritrea, Sudan, or any country or jurisdiction where its use would be contrary to local laws or regulations
• EEA-based clients must use the CySEC-regulated subsidiary or relevant ones, which the application form links to

IG Markets Account Features

IG Markets is one of the leading CFD broker industry-wide, and the IG Markets account types provide traders with competitive benefits, as outlined below.

Among the most competitive IG Markets account features are:

• Excellent asset selection with 18,000+ trading instruments
• Deep liquidity and competitive leverage (dependent on the regulator)
• Upgraded MT4 trading platform with 18 plugins and Autochartist
• Cutting-edge proprietary, web-based trading platform, L2 Dealer, and ProRealTime
• Competitive commission-free Forex costs
• Ultra-competitive commission-based Forex DMA fees
• Volume-based rebate program from high-volume traders
• Six account base currencies (USD, GBP, AUD, EUR, SGD, and HKD)
• No minimum deposit for bank wires, plus the option to upload a proof of payment document for immediate access to capital
• User-friendly back-office ideal for multi-account management
• Unlimited demo accounts
• Support for algorithmic trading, including VPS and API trading
• Copy trading via MT4

IG Markets Accounts Pros & Cons

Traders must consider the pros and cons of the IG Markets account types before opening and funding one.

IG Markets Account Types Bottom Line

The IG Markets account types ensure traders can have a competitive edge. While IG Markets offers specialized accounts to select jurisdictions, most international traders get the CFD account, MT4 account, DMA account, and demo account. Commission-free Forex costs begin from 0.6 pips or $6.00 per 1.0 standard round lot, with average fees closer to $10.00.

The Commission-based DMA account has average costs between $2.70 and $7.70, dependent on the trading volume. Equity CFD traders pay commissions between 0.08% and 0.25% with a minimum of A$7 and HKD50.

There is no IG Markets minimum deposit if traders use bank wires, and they can upload a proof of payment document for fast access to their capital. Credit/debit card and PayPal deposits have a $250 minimum. IG Markets fully supports algorithmic traders with deep liquidity, VPS hosting, and API trading, while copy traders get the embedded MT4 service. The regulatory jurisdiction determines the competitiveness of the IG Markets trading environment, with Bermuda guaranteeing the most balanced combination, but in summary IG Markets covers all the bases well with its IG Markets account types.

FAQs

What is an IG Markets CFD account?

The IG Markets CFD account is the primary account type available to all traders. It grants access to 18,000+ instruments, making IG Markets the biggest CFD broker globally.

Does IG Markets offer an Islamic account?

IG Markets no longer offers swap-free Islamic accounts.

Does IG Markets offer a bonus account?

IG Markets does not have a bonus account but occasionally offers bonuses to qualifying traders, who will receive them in their primary trading account.

Which account type is best for IG Markets?

IG Markets is primarily a CFD broker, making the CFD account the best option, which IG Markets offers all traders. UK-based clients will benefit from the tax-free spread betting account, and UK investors should consider the ISA account.

How do you open a demo account on IG Markets?

Traders can open an IG Markets demo account via the dedicated online demo account registration. It is a six-step process for the initial demo account, and traders can swiftly add more when they need them, as IG Markets offers unlimited demo accounts.

Does IG Markets have a cash account?

All unleveraged investment accounts at IG Markets are cash accounts, but the availability is geographically restricted, as IG Markets is primarily a CFD broker.

Can traders from South Africa open an IG trading account?

IG Markets operates one South African subsidiary licensed by the Financial Sector Conduct Authority, from where it caters to South African traders, one of its core markets.

How many IG Markets accounts are there?

IG Markets offers all international traders one CFD account plus unlimited demo accounts. Depending on the geographic location and operating subsidiary, traders may have access to tax-free spread betting accounts. Investors get unleveraged share dealing and ETF accounts, including in-house managed Smart Portfolios and ISA accounts. Corporate accounts are also available.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.