IG App Review 2020 – Fees, Features, Pros & Cons Revealed

Based in the UK and looking for a top-notch stock app? If so, you might want to consider IG. The regulated brokerage firm gives you access to over 10,000 shares from dozens of domestic and international markets.

You will have access to even more assets when utilizing the IG spread betting or CFD trading suite – all of which is available via the mobile app. Fees are reasonable too, with IG charging just £3 or £8 per trade – depending on how active you are on the app.

In this review, we explore everything there is to know about the IG trading app. This includes the specifics surrounding fees and commissions, tradable stocks, supported payment methods, customer support, and more.

What is IG?

IG is one of the oldest and most trusted brokerage platforms in the UK. It was first launched in 1974, and now serves hundreds of thousands of investors. The broker allows you to trade via its desktop website and of course – its mobile stock app. This is available to download free of charge from the Google Play or Apple Store.

The app comes jam-packed with asset classes – subsequently ensuring that there is something for all investment objectives. At the forefront of this is the IG share dealing platform. This covers over 10,000 shares across dozens of markets. Not only does this include FTSE and AIM shares, but leading international exchanges like the NYSE, NASDAQ, and Tokyo Stock Exchange.

Outside of its proprietary share dealing suite, IG also offers CFD and spread betting facilities. Both medians give you access to over 17,000 financial instruments. On top of stocks, this also includes indices, ETFs, bonds, interest rates, commodities, and even digital currencies. This ensures that you can facilitate all of your trading needs via a single mobile app.

The IG app also permits leverage and short-selling. This is great if you want to place more sophisticated trades than the share dealing suite allows. With more than four decades in the brokerage scene, it will come as no surprise to learn that IG is heavily regulated. Crucially, this includes that all-important license with the UK’s FCA.

What Stocks Can You Trade on the IG App?

Although IG doesn’t offer commission-free stock trading like eToro and Trading 212, its main selling point is the extensiveness of its share dealing suite. As noted above, our IG trading review found that the app gives you access to more than 10,000 stocks, which is huge.

In the UK market, this includes all FTSE stocks and hundreds of AIM-listed firms. Regarding the latter, this ensures that you have access to small-cap companies that are yet to realize their full potential. If you are looking to broaden your stock market horizons by investing in foreign companies, the IG app covers dozens of exchanges.

 

IG stock trading app

Over in the US, for example, you can buy shares in hundreds of companies listed on the NASDAQ and NYSE. This includes the likes of Facebook, Disney, Microsoft, Apple, and Amazon. Y

ou will also have access to less liquid stock exchanges. This includes markets in South Africa, Germany, Canada, and Sweden. Crucially, if there is a medium-to-large stock that you have your eye on, it’s all-but-certain that the IG trading app offers it.

ETFs and Investment Trusts

On top of traditional shares, IG also allows you to invest in ETFs and investment trusts. This is a good option to consider, as you will be able to access the UK and international stock markets without needing to do any of the work. After all, the ETF/investment trust in question will determine which assets to buy and sell.

CFD Trading and Spread Betting

If you want to access assets outside of the stock, ETF, or investment trust arena – the IG app has you covered. In fact, across more than 17,000 financial instruments you’ll be able to trade virtually every investment class going.

Our IG review found that this includes:

  • Stock CFDs
  • Indices
  • Hard Metals
  • Energies
  • Forex
  • Options
  • Digital Currencies
  • Bonds

As you can see from the above, IG is a market leader when it comes to the size of its asset library.

IG Account Types

IG offers a number of accounts to choose which at first glance – can appear something confusing.

Here’s the lowdown:

Share Dealing Account

This is the account required if you want to invest in traditional assets such as stocks, ETFs, and investment trusts.

You can then choose from a:

  • Standard Share Dealing Account
  • SIPP Account
  • Stocks and Shares ISA Account

Take note, all share dealing options on the IG trading app can only be opened by UK investors.

CFD Account

If you want to trade CFDs, you’ll need to open a dedicated CFD Account at IG. This account type is available to dozens of countries.

Spread Betting Account

Similarly, if you want to engage in spread betting, you’ll need to open a dedicated Spread Betting Account. Thi account type is only available to UK investors.

IG Fees & Commissions

The fees that you pay at IG will ultimately depend on what you are trading.

Stocks, ETFs, and Investment Trusts

If you’re looking to invest in traditional assets like stocks or ETFs, then you will pay a flat fee. This amounts to £8 per trade, meaning that you will pay this at both ends. In other words, you’ll pay £8 when you buy shares, and again when you sell them.

IG stock trading fees

If you placed three or more trades in the prior month, then the IG app reduces the fee to £3 per trade. Either way, the fee remains fixed irrespective of how much you invest. In this sense, the flat-fee structure at IG is more conducive for investing larger amounts.

Take note, the above fees are based on UK assets. If you want to invest in international shares, the fees are different. For example, you can buy US stocks at a flat fee of £10. But, if you place three or more trades in the prior month, this goes down to £0 per trade.

CFD Trading

If you’re more interested in using the IG mobile app to trade CFDs, then you will be pleased to know that a commission-free structure is in place. This is the case with all asset classes apart from stock CFDs. For this, you will pay a variable fee. The specific fee will depend on the market you wish to access.

For example:

  • UK stock CFDs can be traded at a commission of 0.10%. Although this is very competitive, you will need to meet a £10 minimum commission.
  • US stocks are priced at $0.02 per share, at a $15 minimum.

Based on the sheer size of the IG stock CFD department, you are best advised to what the commission is for your chosen market.

IG Spreads

When trading CFDs on a short-term basis at IG, you need to consider the size of the spread. This can vary quite considerably on the app depending on what you wish to trade. Crucially, IG is very competitive across most of its asset classes – especially when it comes to major stocks.

Non-Trading Fees

Our IG app review found that there are several non-trading fees that you need to be aware of.

This includes:

  •  Currency Conversion Fee: This is charged when you attempt to access an asset that is priced in a currency other than the one that tied to your IG account. For example, if you’re in the UK your account will be denominated in GBP. While you won’t need to pay a conversion fee when trading FTSE 100 stocks, you will if you wish to trade NASDAQ stocks.
  • Inactivity Fee: IG charges an inactivity fee of $18 per month. This kicks in after 24 months of inactivity, and the $18 will be deducted from your account until it goes to zero. By placing a trade, the inactivity period will be reset to 24 months.
  • Credit Card Fee: If using a credit card to deposit funds on the IG mobile app, you will be charged. The fee depends on whether you use Visa or MasterCard. The former attracts a fee of 1% and the latter at 0.5%.

IG App User Experience

On the one hand, the IG app covers most basis. That is to say, you can buy, sell, and trade assets on the move no matter where you are. You can also perform technical analysis, and add shares to your watchlist.

IG stock trading app

It is also notable that the app has been designed in a clear and concise manner that is tailored specifically to your mobile operating system.

However, the key problem is that the app is potentially not suited to beginners. The sheer number of features, tools, and tradable assets on the app can at times seem somewhat overwhelming. While this is going to be perfectly suitable for seasoned traders, those of you with little to no experience might find the investment process challenging.

IG stock trading app

This is especially the case when it comes to placing a CFD position, not least because you will be presented with heaps of order types and sophisticated trade options. Once again, this is something that only advanced traders will find useful.

IG Trading Tools and Features

The IG app offers a range of tools and features that are worth a quick mention.

This includes:

IG Leverage

If you decide to use the CFD trading or spread betting facility, you will be able to trade with leverage. The amount that you get will depend on the asset you are trading – and whether you are a retail or professional client.

If you are a UK-based retail client, then the maximum leverage available is 1:30 – which you will get when trading forex. If its stock CFDs specifically that you want to trade, then this stands at 1:5. Professional clients can get substantially higher leverage limits.

Watchlists and Alerts

If you want to keep an eye on specific stocks, our IG review found that this app allows you to do this through a watchlist. This might be stocks that you have already invested in, or that you plan to trade in the near future.

IG watchlist

Additionally, you can also set up price alerts through the app. This will send a notification to your phone when the price is triggered.

Short-Selling

Short-selling is available through the IG app. This covers all asset classes that are available in the CFD and spread betting departments.

IG App Education

The IG app itself does not offer any educational resources, which is somewhat disappointing. The good news is that the main IG website offers a wealth of videos, guides, blogs, and more to help you become a better trader.

The IG Academy also offers online trading courses that come jam-packed with videos, interactive exercises, and quizzes. It’s just a shame that you need to leave the IG app to access the materials.

IG App Research and Analysis

The research and analysis department found on the IG app is a bit hit and miss. In terms of the positives, you will have access to real-time news by simply clicking on the ‘News’ button. The news feed is supplied by leading media house Reuters, which is an excellent financial source.

The news section updates throughout the day, so in theory – you should never miss an important development. We also like the market data that is provided on each asset that you wish to trade. This provides information on metrics such as lot sizes, average pips, stop-losses, and market hours.

IG stock research

When it comes to technical analysis, the IG app allows you to view pricing charts on your chosen stock. However, there is virtually no customization on offer, nor can you perform technical analysis. Although this would be somewhat difficult on a mobile device anyway, it would be nice to at least have the option of adjusting the candlestick timeframe!

Other than the above, the IG app does not offer anything else in the form of research. For this, you will need to head over to the main website.

IG App Bonus

IG does not offer any bonuses for new or existing customers. For this, you will need to use an alternative stock app.

IG Demo Account

We really like the IG demo account that is available via the app. Although you are required to open an account, the app will only ask you for your name and email address, and to choose a username and password. Then, you will have access to a fully-fledged demo account facility that comes loaded with £10,000 in paper money.

This is more than sufficient to get used to the app before upgrading to a real money account. After all, if you end up blowing through the £10,000 demo balance, you clearly aren’t ready to be trading with real capital!

However, it must be noted that the demo account facility is only available to test out the CFD platform. If you want to buy traditional shares or spread bet – you’ll need to do this with a real money account.

Payments on the IG App

When it comes to payments, our IG trading app review found that you have a couple of options.

The easiest way to get funds into your account is to use a debit or credit card. The former is free, while the latter will attract a fee of 0.5% or 1% – depending on whether you are using MasterCard or Visa. However, those of you on iOS will not be able to find your account through the app. For this, you will need to head over to the main IG website.

The other option is to perform an external bank transfer. This is free, but will take a few days to arrive.

IG Minimum Deposit

All payment methods require a minimum deposit of £250.

IG Contact and Customer Service

All in all, the customer support team at IG is top-notch. You can either call them directly or send an email to helpdesk.en@ig.com. You can also reach out to IG via Twitter. Unfortunately, there is no live chat facility available.

The customer support team works 24 hours per day – Monday to Friday. As such, if you need assistance over the weekend you will need to wait until Monday morning.

Is IG Safe?

As we briefly noted earlier, IG is one of the most established brokerage firms in the UK trading scene. It was first launched in 1974, and is now a publicly-traded company. Listed on the London Stock Exchange, IG Group Holdings PLC has a market capitalization of just under £3 billion.

In terms of regulation, IG is licensed by several bodies. This includes the UK’s FCA and Australia’s ASIC. Client funds are held in segregated bank accounts, and all users must have their ID verified. All in all, the IG app is as safe as it gets.

How to Use the IG App

If you want to get started with the IG trading app right now, below we walk you through the set-up process step-by-step.

Step 1: IG App Download

Head over to the IG website and download the app. You can do this by selecting your operating system. In doing so, you will be redirected to the official download page on the Google Play or Apple Store.

Open account on IG app

Step 2: Open a Trading Account

You will need to decide which trading account you wish to open. Then, you will be asked to enter some personal information. This includes the basics – such as your full name, home address, and date of birth. IG will also need to collect your national tax number.

To ensure the IG app complies with anti-money laundering laws, you’ll aks be asked to upload some ID. This requires a copy of your passport or driver’s license.  You also need to provide a copy of a recently issued bank account statement or utility bill.

Step 3: Deposit Funds

When it comes to depositing funds, you can only do this via the IG Android app. If you’re using iOs, you will need to do this through the main IG website. You can, however, access this through your mobile web-browser. Minimum deposits start at £250, and supported payment methods include a debit/credit card or bank account transfer.

Step 4: Trade or Buy Stocks

You are now ready to place your first trade. As the IG app hosts thousands of financial instruments, you are best advised to search for the stock that you wish to access. In our example, we search for ‘Tesla’ and then click on the respective ‘Buy’ button.

 

You then need to set up your trade. This includes the number of shares you wish to trade, and the price that you want the order executed at.

Buy Tesla shares on IG

To complete your order, click on the ‘Place Order’ button. If like us you are trading outside of standard market hours, the button will be greyed out.

How to Sell on IG App

Once your stock trade goes live, you can sell the shares at any given time. You simply need to head over to your portfolio, which will display all outstanding orders. Click on the one that you want to exit, and confirm the sale. The funds will then be placed in your cash account.

IG vs eToro

Although IG ticks a lot of boxes, it is important to compare the broker with other stock apps before taking the plunge. With more than 12 million traders worldwide, we decided to make a comparison with eToro. First and foremost, eToro allows you to buy stocks and ETFs without paying any commission. IG, on the other hand, charges an entry price of £8. You can get this down to £3 by being active on the app, but why pay when you can trade for free at eToro?

Charge per TradeAnnual FeeInactivity FeeDeposit/Withdrawal Fees
IG£3 on UK shares, or £8 if less than three orders in previous month£24 per quarter if less than three orders in quarter£0£0
eToro£0£0£8 per month (after one year)£4 per withdrawal

Additionally, eToro gives you more options in the payment department and does not charge any credit card fees. IG charges 1% and 0.5% when depositing funds with MasterCard or Visa, so this is another short-fall. We should also note that the IG trading app on iOS devices does not allow deposits or withdrawals. Instead, you need to do this through the main website.

eToro also offers a Copy Trading feature that you won’t find at IG. This allows you to trade in a passive manner, as your chosen investor will place buy and sell orders on your behalf.  On the flip side, IG does excel when it comes to the number of tradable assets available on the app. While eToro offers just over 1,700+ stocks, IG has more than 10,000. In the CFD department, this is even higher at 17,000.

IG Stock App Pros & Cons

Below you will find an overview of our eToro stock app findings.

Pros

  • Buy shares and ETFs from just £3
  • More than 10,000 shares hosted
  • Buy stocks from UK and international markets
  • Trusted broker – established in 1974
  • Heavily regulated
  • More than 17,000 CFDs available
  • Spread betting facility for UK traders

Cons

  • Mobile app is not suitable for newbies
  • Entry-level commission of £8 per trade on stocks
  • Unable to deposit funds on the iOS app
  • Credit card fee of between 0.5% and 1%

The Verdict

In summary, the IG app is super-popular with investors that are looking for a trusted brand. After all, the broker was first launched in 1974, it is licensed by several bodies, and it is even listed on the London Stock Exchange. Notably, the IG app is also popular because it gives you access to over 10,000 stocks across heaps of UK and international exchanges.

However, the stock app does fall short in several areas. For example, you will need to pay an entry-level fee of £8 when buying stocks – which is charged at both ends of the trade. The app itself is also somewhat difficult to use, which will likely scare of newbies. Furthermore, you can’t deposit with an e-wallet, and credit cards come with a fee of between 0.5% and 1%.

This is why we think that eToro offers one of the very best stock apps of 2020. There are no commissions to buy stocks, you can instantly deposit funds with a debit/credit card or e-wallet, and the application is super-easy to use. Alongside its Copy Trading trading feature, eToro offers a range of educational and research tools that first-timers will find useful.

You can get started with the eToro stock app right now by clicking on the link below!

eToro – Buy Stocks with 0% Commission

75% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

Is IG available in the US?

Yes, but US clients can only trade forex at IG. All other assets classes are restricted.

What stocks does IG offer?

IG gives you access to over 10,000 stocks across dozens of exchanges.

How do you deposit funds into the IG app on iOS?

The iOS version of the IG app does not support deposits or withdrawals. Instead, you will need to fund your account through the main IG website.

Is IG regulated?

Yes, IG is regulated by multiple bodies. This includes the FCA and ASIC.

Does IG offer spread betting?

Yes, but this is only available to UK traders.

About Kane Pepi

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner.