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:
These leverage ratios are applicable to the IG Trading account and Limited Risk account.
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.
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:
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.
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.
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.
IG Australia customers have access to a variety of tools for trading, which include:
The IG Trading platform offers faster, clearer, smarter online trading via your web browser. With the online trading platform, you can:
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:
The app allows users to:
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:
IG Australia provides its customers with advanced platforms to get an extra edge. This option gives users:
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:
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.