Like ForexCT and AxiTrader, IG Australia is Australian Securities and Investments Commission (ASIC) regulated within Australia and holds an Australian Financial Services License. IG Australia is required to hold at least $1 million in operating capital and keep their clients’ funds in segregated trust accounts, like all ASIC regulated brokers.
They’ve also signed up to the FX Global Code of Conduct, which identifies guidelines for good practice in the markets. And they’re a founding member of the Australian CFD & FX Forum; it develops and implements standards to provide further customer benefits and protection by addressing CFD and FX industry issues not currently covered by legislation.
IG Australia offers different leverage options for different trading products, they offer:
- Forex leverage from 200:1
- Indices leverage from 200:1
- Shares leverage from 20:1
- Commodities leverage from 140:1
- Cryptocurrencies leverage from 6.66:1
These leverage ratios are applicable to the IG Trading account and Limited Risk account.
Trading Pair Spread
They offer spreads on AUD/USD and EUR/USD from just 0.6 points and the following currency pairs:
AUD/USD, EUR/CHF, EURO/GBP, EURO/JPY, EURO/USD, GBP/EURO, GBP/JPY, GBP/USD, USD/CAD, USD/CHF, USD/JPY.
Trading Commission Fees
With IG Australia you pay a spread on every non-share CFD so no commission is charged; you pay commission on every share CFD trade, depending on the market you trade.
IG Australia doesn’t require a minimum deposit to open a trading account.
IG Australia provides the option of both demo and live accounts.
With the demo account you’re given $20,000 of virtual funds to trade, as well as access to educational content and the free mobile app. However, there are several differences between their demo and live accounts. For example, trades made in the demo account aren’t subject to slippage, interest and dividend adjustments or out of hours price movements. So, make sure you check the fine print before you start trading in a live account.
IG Australia offers a few types of live accounts which are as follows:
IG Trading account
The IG Trading account is an account that’s available to retail customers. With an IG trading account, you’re required to hold more margin to cover positions than a Professional IG account would.
Limited Risk Account
The Limited Risk account is also available to retail customers and is better suited to less experienced traders. It ensures that all the positions the user opens won’t allow them to lose more than the initial deposit required to open the trade. It will ensure that all the positions either have a guaranteed stop, or are on inherently limited-risk markets such as digital 100s. The user isn’t able to use other types of stops, like trailing stops.
Professional IG Account
IG Australia provides the option for professional trading for those that meet certain criteria. Experienced traders are classified as wholesale clients. It unlocks a wide range of enhanced benefits including higher-level volume rebates, lower margins and a dedicated Account Manager.
With the Professional IG Account, margin rates decrease on major FX and Indices markets as well as Gold, Oils, Bitcoin and Shares. And if you trade regularly, you could be eligible for monthly cash rebates based on your activity. If you’ve traded the minimum monthly volume in one asset class within a calendar month, then you may qualify.
IG Australia provides support to new as well as long-time customers. New traders have a dedicated team to help them with any queries they have. While other customers can access the customer support team via phone, email, Twitter or live chat 24 hours a day from 7pm Saturday to 9am Saturday (AEDT); premium customers get a dedicated Account Manager assigned to them.
Tools for trading
IG Australia customers have access to a variety of tools for trading, which include:
Online Trading Platform
The IG Trading platform offers faster, clearer, smarter online trading via your web browser. With the online trading platform, you can:
- Open, close and edit individual and aggregate positions faster than ever before, in just a few clicks.
- Split charts to view the same market across multiple time frame-sat the same time.
- Choose themes and customize work spaces to suit your trading.
- Apply a range of indicators and drawings without speed or stability being affected.
- Trade faster with smart settings that remember your deal sizes and stop values.
- Stay up to date with breaking news via Reuters and Twitter, and see trending stocks among other customers.
IG Australia provides its customers with apps that are user friendly and secure; the app allows IG Australia customers to access thousands of markets including stocks, Forex and indices.
The app provides users with:
- Regularly updated software to ensure the best trading experience possible.
- Free access anytime, anywhere.
- Secure 256-bit SSL encryption.
- Access to exclusive market data and analysis.
- The option to view live prices before they log in.
The app allows users to:
- Keep on top of opportunities: It provides functionality to allow users to trade on the move like open, edit and close positions, as well as manage risk with stops and limits, including guaranteed stops.
- Stay in control: Users can set price alerts to react immediately to trading opportunities. They can also view the intraday high, low, change and percentage change of any market, plus get live market news from Reuters, edit watchlists and much more.
- Analyse over 7,000 markets: IG Australia’s unique market insight tool allows users to analyse and trade a vast range of markets, including Apple Inc, EUR/USD, Australia 200, Brent Crude among others.
- Study the latest trends: Users can analyse the markets with the free intuitive charts with a wide range of technical indicators.
- React quickly with alerts: Users can respond immediately with price alerts and see how others are trading with client sentiment indicators.
The app is free to download on iPhone, Android, iPad and Android Tablet.
IG Australia customers can use MetaTrader4 (MT4) to trade Forex, indices, commodities and cryptocurrencies; MT4 is the industry preferred trading platform.
MT4 allows users:
- A 0.6pt spread on AUD/USD: Trade the Australian dollar from just 0.6pts, with an average spread of just 0.75pts.
- Low latency & reliable execution: Users won’t have third-party technology getting in the way ensuring speedy trades.
- Automate their trades: The MT4 platform can be easily enhanced with a range of indicators and tools, including Autochartist.
- A free VPS for their Expert Advisor: The user’s EA can execute trades even when their computer is turned off.
IG Australia provides its customers with advanced platforms to get an extra edge. This option gives users:
- Direct market access (DMA) with IG Australia’s dedicated L2 dealer. L2 Dealer allows users to get DMA and trade share CFDs within the market spread. Users can drag and drop trades into order books and link charts, as well as news feeds to the main window.
- ProRealTime allows customers to take their trading to the next level.
- Users have the option to connect their own front-end solutions to IG Australia’s full range of dealing products.
Education and Informational Resources
IG Australia has an IG Academy which provides educational resources to its customers. It’s a free resource designed to help customers become more successful traders, and includes:
- Interactive Education: Users can learn the basics of trading with infographics, video explainers and end-of-course quizzes.
- Webinars and Seminars: Customers can ask market experts questions while they cover everything from spotting opportunity to using the IG platform.
- Practice risk free: Practice will hone your trading skills. Access a demo account, and trade on live markets with $20,000 of virtual cash.
Pros of Trading with IG Australia
- No minimum deposit required to start trading.
- ASIC regulated and industry compliant.
- Different account options from low risk to professional.
- Different leverage options are available for different trading products.
- Easily deposit and withdraw funds using a variety of methods including credit/debit card, PayPal and BPay.
- Various online trading options including MT4.
- Locally based with an international backing.
- Competitive spreads across a wide range of currencies, commodities and indices.
Cons of Trading with IG Australia
- Guaranteed stop losses incur an additional cost.
- Fee charged for holding positions overnight.
- Inactivity fee applies to accounts if no dealing activity has occurred for two years.
IG Australia has the international backing of the IG Group, a broker that has a long history of trading. They’ve got benefits that include a variety of trading options, a range of account options that are suitable to all levels of traders and different leverage options for different trading products. However, they do have fees and spreads on their trades which may make trades more expensive.