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Do you want to know which is the better broker between IG and FXCM ?
In the table below, you can compare the features of IG , FXCM side by side to determine the best fit for your needs.
Long: -6.51
Short: 2.32
Long: -18.75
Short: 8.97
EURUSD: 1.3
XAUUSD: -0.1
Long: -5.67
Short: 2.69
Long: -48.91
Short: 22.59
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of ig, fxcm lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Registered in | United Kingdom |
Regulatory status | FCA, ASIC, FSA, NFA, FMA, MAS and DFSA, AMF |
Year(s) of incorporation | More than 20 years |
Market instruments | Forex, Indices, Shares, CommoditiesCryptocurrencies, Bonds, ETFs, OptionsIndustry sectors, Interest rates |
Minimum initial deposit | $250 |
Maximum leverage | 1:200 |
Minimum spread | 1 pips for EURUSD |
Demo accounts | Available |
Trading platform | Intuitive web platform, MetaTrader 4, L2 dealer and mobile apps |
Deposit and withdrawal methods | Credit/debit cards, bank transfer |
Customer Service | E-mail/phone number/address/live chat |
Fraud allegations | Yes |
Here is an official video from the company.
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros:
Wide variety of markets and instrument options.
Intuitive and customizable trading platforms.
Access to advanced technical analysis and charting tools.
Multilingual, multi-channel customer service.
Demo account with virtual financing of $20,000.
There is no minimum deposit requirement for real accounts.
It offers leverage of up to 1:200.
Cons:
Fees and costs may not be clearly specified on the website.
Information on account types is limited.
There are not many educational resources available on the website.
The withdrawal of funds is not clearly specified.
The minimum transaction amount may be high for some markets.
No welcome bonuses or promotions are offered.
Credit card deposit fees can be high compared to other brokers.
Dimension | Advantages | Disadvantages |
Broker Model | IG offers tight spreads and fast execution due to its Market Making model. | As a counterparty to its clients' operations, IG has a potential conflict of interest that may lead to decisions that are not in the best interest of the clients. |
IG is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, IG acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of offering leverage. However, this also means that IG has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interest of their clients. It is important for traders to be aware of this dynamic when trading with IG or any other MM broker.
IG is a UK-registered company and regulated by multiple international financial bodies, including the FCA, ASIC, FSA, NFA, FMA, MAS and DFSA. It offers access to a wide variety of financial instruments, including currencies, indices, cryptocurrencies, stocks and commodities, with over 18,000 markets available. The company provides multiple trading platforms, including an intuitive web platform, MetaTrader 4, L2 dealer and mobile apps. It also offers multilingual customer support through various channels, including telephone, email, social media and online chat.
In the following article, we will analyze the characteristics of this broker in all its dimensions, offering you easy and well-organized information. If you are interested, read on.
Advantages | Disadvantages |
Wide variety of trading instruments | Too many instruments can be overwhelming for some |
Possibility to diversify the investment portfolio | Increased knowledge and skill is required to operate |
Opportunities to take advantage of different conditions | There may be more risk due to exposure to different markets |
Access to a wide range of international markets | Increased complexity in position and risk management |
IG offers access to more than 17,000 markets, covering Forex, Indices, Shares, Commodities, Cryptocurrencies, Bonds, ETFs, Options, Industry sectors, Interest rates, and more. This dimension is an advantage for traders as it provides them with a wide variety of instruments to trade and allows them to diversify their investment portfolio. In addition, this wide selection of instruments allows traders to take advantage of different market conditions and opportunities. However, a possible disadvantage of this dimension is that it can be overwhelming for some traders, as it requires greater knowledge and skill to trade in different markets. In addition, exposure to different markets can increase the risk of a portfolio, requiring more complex position and risk management.
Advantages | Disadvantages |
- Spreads are quite competitive. - Spreads can be viewed on the website. | - There is not much information available on commissions. - Costs may be higher in less liquid markets or with lower trading volume. |
In terms of costs, IG offers competitive and transparent spreads, with the average spread for EUR/USD being one pip. However, there is not much information available on commissions, which may create uncertainty for some traders. In addition, it is important to note that costs may be higher in less liquid markets or with lower trading volume. Overall, IG appears to offer a reasonable and competitive cost structure compared to other brokers.
IG's demo account is a very useful tool for beginner traders, as it allows them to trade in a safe and risk-free environment. With IG's virtual funding of $20,000, traders can practice and hone their trading skills without risking their capital. In addition, the IG demo account provides access to the trading platform and all the instruments and tools available in the live account, allowing traders to familiarize themselves with the platform and test different trading strategies. Overall, the IG demo account is an excellent tool for beginner traders to gain experience and confidence in trading before investing their own capital.
Advantages | Disadvantages |
Demo accounts available | Lack of detailed information on account types on the website |
Single account for all customers | It can be difficult for new customers to choose a suitable account without detailed information. |
Access to all of IG's financial instruments |
IG offers a single live account for its clients and the minimum deposit required is $250. Aside from live accounts, demo accounts are also available.
Advantages | Disadvantages |
Easy-to-use intuitive web platform | Web platform may be less customizable than other platforms |
Offering MetaTrader 4, a popular and well-known platform | MetaTrader 5, the latest version of the platform, is not offered. |
L2 Dealer offers a wide range of advanced tools and functionalities for experienced traders. | L2 Dealer can be more complicated for beginner traders |
Mobile apps available for iOS and Android | Mobile apps may be less customizable than the web platform |
Wide selection of platforms to meet the needs of different types of traders | No proprietary trading platform exclusive to IG is offered. |
IG offers a variety of trading platforms to meet the needs of different types of traders. The web-based platform is intuitive and easy to use, although it may be less customizable than other platforms. They also offer MetaTrader 4, a popular and well-known platform in the forex industry. For experienced traders, L2 Dealer offers a wide range of advanced tools and functionalities. However, this platform can be more complicated for beginner traders. Mobile apps are available for iOS and Android, allowing traders to trade on the go. Overall, the selection of platforms offered by IG is an advantage for traders, although some may find the lack of an IG-exclusive trading platform a disadvantage.
Advantages | Disadvantages |
Allows traders to increase their earning potential with limited capital | Leverage also increases the risk of significant losses |
Possibility of accessing larger markets without having to deposit large amounts of capital | Novice traders may have difficulty understanding and managing leverage properly. |
Opportunity to diversify the investment portfolio by trading in several markets with different levels of leverage | Leverage can increase psychological pressure on traders, which can affect their decision making. |
Facilitates the possibility of profiting from small market movements | Traders can lose more than what they initially invested if they do not properly manage leverage and the associated risks. |
As for the maximum leverage dimension at IG, the company offers a maximum leverage of up to 1:200. This means that traders can open positions that are 200 times larger than their available capital. Leverage can be a powerful tool for experienced traders, as it allows them to earn higher profits with limited capital. However, it can also significantly increase the risk of loss and it is important that traders fully understand the risks and limitations of leverage before using it. Overall, IG's maximum leverage is comparable to that of other online brokers and may be suitable for those seeking greater buying power in the market.
Advantages | Disadvantages |
Wide variety of deposit methods | No detailed information on withdrawals is provided |
Free deposits with Visa and Mastercard debit cards | Commissions on credit card deposits |
Bank transfers accepted | There are no other methods such as skrill, neteller, perfect money, etcetera. |
IG offers several methods for depositing funds, including debit and credit cards, as well as wire transfers to your HSBC and Standard Chartered Bank accounts. No minimum deposit is required and debit card deposits are free of charge. However, fees of 1% are charged on Visa deposits and 0.5% on Mastercard deposits. Unfortunately, there is no detailed information on withdrawal of funds, which may be a drawback for some customers. Overall, the variety of deposit options is positive, although the costs associated with credit card deposits should be carefully considered.
Unlike other online brokers, IG seems to offer a limited amount of educational resources on its website. Although a news and analysis section can be found, as well as an economic calendar, there are not many online resources to help traders learn and improve their trading skills. It is important to note that despite this, IG has a long history and experience in the financial market, which can be of great help to experienced traders looking for a reliable and solid platform to conduct their trades. However, for new and inexperienced traders, they may need to seek additional educational resources elsewhere to enhance their understanding of the financial markets and develop effective trading skills.
Customer service is an important dimension for any business and in the case of IG, this company offers a variety of options for contacting them. Customers can communicate via phone, email, social media and online chat, which offers great flexibility and convenience for users. In addition, customer service is available in multiple languages, which is a great advantage for international customers. Overall, IG seems to have placed adequate emphasis on customer service, which is important to ensure customer satisfaction and maintain a good reputation in the financial market.
In conclusion, IG is a well-established and regulated trading platform that offers a wide variety of financial instruments, an intuitive web platform and access to MetaTrader 4 and L2 Dealer. Although its demo account offers generous virtual funding, information on live accounts is limited. Multilingual customer service is available through multiple channels. However, the lack of educational resources and limited information on withdrawals are areas where they could improve. Overall, IG is a solid choice for traders looking for a regulated platform with a wide selection of instruments and a reliable trading platform.
Question: What is the minimum deposit required to open an account with IG?
Answer: There is no minimum deposit requirement to open an account with IG.
Question: What deposit methods are accepted on IG?
Answer: IG accepts deposits through debit cards, credit cards and bank transfers.
Question: What is the maximum leverage offered by IG?
Answer: IG offers a maximum leverage of up to 1:200 on certain financial instruments.
Question: How can I contact IG customer service?
Answer: You can contact IG customer service by phone, email, online chat or social media.
Question: What trading platforms does IG offer?
Answer: IG offers an intuitive web platform, MetaTrader 4, L2 Dealer and mobile applications.
Question: What is the average spread for EUR/USD at IG?
Answer: The average spread for EUR/USD is one pip.
Question: Does IG offer educational resources for traders?
Answer: They offer a variety of live webinars and educational content on their YouTube channel.
FXCM Review Summary in 10 Points | |
Founded | 1999 |
Headquarters | London, UK |
Regulation | FCA, ASIC, CYSEC, FSCA |
Market Instruments | currency pairs, precious metals, commodities, global stock indices, treasury bonds |
Demo Account | Available |
Leverage | 1:30-1:400 |
EUR/USD Spread | 1.3 pips |
Trading Platforms | Trading Station, TradingView Pro, MetaTrader 4, ZuluTrade, Capitalise AI |
Minimum deposit | $50 |
Customer Support | 24/5 phone, email, and live chat |
Promotions | Yes |
FXCM is a retail forex broker that was founded in 1999. The company is headquartered in London, UK, but has offices and affiliates in a number of other countries, including Australia, Germany, France, Italy, Greece, Hong Kong, Japan, South Africa, and the United States.
The company provides online trading services in forex, contracts for difference (CFDs), and other financial instruments. FXCM offers various trading platforms including the popular MetaTrader 4 (MT4), Trading Station, TradingView Pro, ZuluTrade, Capitalise AI. The broker provides customer support in multiple languages and offers educational resources and market analysis tools to help traders make informed trading decisions.
FXCM is a retail forex and CFD broker that operates as a No Dealing Desk (NDD) broker. This means that FXCM does not take the opposite side of clients' trades and instead uses Straight Through Processing (STP) to send client orders to liquidity providers in the interbank market. This model is designed to provide traders with faster execution and more transparent pricing. FXCM also offers commission-based pricing, as opposed to spreads, which may appeal to traders who prefer a more transparent fee structure.
FXCM is a well-established and reputable forex broker with over two decades of experience in the industry. Its strengths include its comprehensive educational resources, a wide range of trading instruments and platforms, and a global presence. FXCM also offers competitive pricing and flexible account options, making it accessible to traders of all levels.
However, FXCM's weaknesses include limited deposit and withdrawal options, high fees for certain services, and the potential for slippage during periods of high volatility. Some traders have also reported issues with customer support, particularly in non-English speaking regions.
Pros | Cons |
• Regulated by FCA and ASIC | • US clients are unaccepted |
• Commission-free trading available on Standard accounts | • Limited product offerings beyond forex and CFDs |
• Multiple trading platforms to choose from, including MetaTrader 4 and Trading Station | • Limited educational resources compared to some other brokers |
• Competitive spreads on forex pairs | • Limited research and analysis tools |
• No deposit or withdrawal fees | • Limited customer support availability on weekends |
• Low minimum deposit requirement | • Limited payment options |
It's worth noting that the pros and cons listed above are not exhaustive and may not necessarily apply to every trader's individual experience with FXCM.
Overall, FXCM can be a good choice for traders who prioritize education and a diverse range of trading options, but it may not be the best fit for those who require a specific deposit or withdrawal method, or who prioritize low fees above all else.
FXCM is a legitimate broker with a long-standing reputation in the industry. The company is regulated by top-tier financial authorities, such as the FCA in the UK, the ASIC in Australia, CYSEC in Cyprus and FSCA in South Africa, which ensures that it operates under strict financial and ethical guidelines. FXCM also has a solid track record of handling client funds in a secure and responsible manner.
However, like any broker, there are potential risks involved in trading, such as market volatility and the possibility of losses. It's important to carefully evaluate the risks and benefits before deciding to trade with any broker.
FXCM provides negative balance protection and offers its clients access to segregated accounts, providing additional security measures. More details can be found in the table below:
Protection Measure | Detail |
Regulation | FCA, ASIC |
Segregated Funds | Yes |
Investor Protection | Up to £85,000 |
Negative Balance | Yes |
Financial Audit | Yes |
Insurance | No |
Note: The table only includes a few of the many safety measures that FXCM employs to protect its clients.
FXCM is a well-regulated and reputable broker with a long-standing history in the industry. The company is regulated by top-tier financial authorities and has multiple licenses, demonstrating a commitment to client protection.
However, FXCM has faced regulatory penalties in the past and the company's reputation was negatively impacted. Overall, while FXCM has had some past issues, the broker has taken steps to address them and appears to be a reliable choice for traders.
FXCM offers investors a diverse range of tradable instruments, including currency pairs, precious metals, commodities, global stock indices, treasury bonds, as well as a forex basket, a stock basket, CNH, and other popular products.
There are two types of accounts: Regular Accounts and Premier Accounts. Regular accounts have a minimum deposit of $50 and allow investors to trade up to 39 popular currency pairs and the entire CFD range.
The Premier Account is designed for high-volume investors and requires, firstly, an FXCM account or a new account, a total USD notional trading volume of $10 million per natural month. The account offers investors a range of benefits: exclusive support, premium services, and tailor-made trading solutions.
FXCM offers different leverage levels based on the jurisdiction of the client and the type of trading account. In general, FXCM offers leverage up to 1:400 for forex trading, and up to 1:200 for CFD trading on certain instruments. It's important to note that high leverage increases the potential for both profits and losses, so traders should use it with caution and have a good risk management strategy in place.
It's also worth noting that different regulatory bodies have different restrictions on leverage. For example, in the United States, the maximum leverage for forex trading is limited to 1:50, while in Europe, it's limited to 1:30 for retail clients. Traders should always check the specific leverage restrictions for their jurisdiction and account type before trading.
The spreads are 1.3 pips for EUR/USD, 2.3 pips for EUR/GBP, and 1.8 pips for AUD/USD. The Premier account offers investors a cashback offers. If a client trades EUR/USD pair and reaches $300 million in notional volume for the month (for the fifth step), then the cashback amount is $25/million, for a total cashback amount of $7,500. The cashback for equity index CFD products ranges from $1 to $3 per million USD.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread | Commission |
FXCM | 1.3 pips | $25/1M traded |
IG | 0.6 pips | No |
Oanda | 0.9 pips | No |
Pepperstone | 0.0 pips | AUD $3.5 / side / 100k traded |
XM | 0.6 pips | No |
Plus500 | 0.6 pips | No |
Note: Spreads can vary depending on market conditions and volatility.
FXCM provides rebates through three channels: Rebate Program, Friends and Family, Accounts Promotions. Account promotions, particularly, gives traders most benefits. To benefit from these promotions, traders simply need to open an account and register for the promotion by filling out the designated form. Upon account activation, making a deposit within 24 hours qualifies traders for the highest bonus of 5%, while those depositing within one month of activation can enjoy a 2-3% bonus. The bonus amount is then credited to the trader's account within 14 business days of the deposit, enabling them to boost their trading capital right from the start.
FXCM offers a comprehensive platform suite designed ffor various trading needs:
Trading Station: Proprietary advanced platform
TradingView Pro: Powerful charting and analysis
MetaTrader 4: Industry-standard user-friendly platform
ZuluTrade: Social trading, copy successful strategies
Capitalise AI: AI-powered automated trading and portfolio management
Overall, FXCM's trading platforms offer a range of advanced features and tools that can appeal to traders of all levels and styles.
Broker | Trading Platform |
FXCM | Trading Station, TradingView Pro, MetaTrader 4, ZuluTrade, Capitalise AI |
IG | IG Trading, MetaTrader4 |
Oanda | Oanda Trade, MetaTrader4, Oanda Web Trading |
Pepperstone | MetaTrader4, MetaTrader5, cTrader, Pepperstone Webtrader |
XM | MetaTrader4, MetaTrader5 |
Plus500 | Plus500 WebTrader, Plus500 Windows Trader |
FXCM welcomes several payment methods, including online banking payments, bank transfers, and other payments. The minimum single deposit for CUP is $100, and the minimum deposit for a credit card or wire transfer is $50. Besides, traders can withdraw funds once a month for free.
The minimum deposit requirement for FXCM varies depending on the account type and the region of the client. For example, in the UK and some other regions, the minimum deposit for a Standard account is £300 or equivalent in another currency, while for the Mini account, it is £50 or equivalent.
However, in some other regions, such as the US, the minimum deposit for a Standard account is $5,000, while for the Mini account, it is $50. It is important to check the minimum deposit requirement for the specific account type and region before opening an account with FXCM.
FXCM | Most other | |
Minimum Deposit | $50 | $100 |
To withdraw funds from your FXCM account, you need to follow these steps:
Step 1: Log in to your FXCM account on the FXCM website.
Step 2: Click on the “MyFXCM” menu and select “Withdraw.”
Step 3: Select the account you wish to withdraw from and choose your withdrawal method.
Step 4: Enter the amount you wish to withdraw and provide any additional information that may be required for your chosen withdrawal method.
Step 5: Review and confirm your withdrawal request.
Step 6: Once your withdrawal request has been processed, you will receive an email confirmation with details of the transaction.
It's important to note that the time it takes for your funds to be withdrawn will depend on the withdrawal method you choose and the processing times of your bank or payment provider.
Apart from spreads and commissions, FXCM also charges overnight fees. Overnight fees, also known as swap fees, are charged for positions that are held overnight.
FXCM does not charge any deposit fees, but there are withdrawal fees depending on the withdrawal method used. For example, bank wire withdrawals are subject to a $40 fee, while credit card withdrawals are subject to a 1.8% fee.
Inactivity fees may also be charged if an account is inactive for a certain period. For example, FXCM charges an inactivity fee of $50 per year if there are no trades or open positions for 12 months.
It is important to review the fee schedule on FXCM's website before opening an account to ensure a full understanding of the fees associated with trading.
See the fee comparison table below:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
FXCM | Free for most methods | Free for most methods | $50/year |
IG | Free | Free | $18/month |
Oanda | Free | Free | $10/month |
Pepperstone | Free | Free for Australian bank transfer, $20 for international wire transfer | $0 |
XM | Free | Free | $5/month after 90 days of inactivity |
Plus500 | Free | $10 | $10/quarter |
Please note that these fees may be subject to change and may vary depending on your location and account type. It's always a good idea to check with the broker directly for the most up-to-date information.
FXCM offers customer support via phone, email, and live chat 24/5 during market hours. They also have a FAQ section on their website to provide answers to common questions. FXCM provides localized support in various languages and countries, and they have a team dedicated to handling account-related inquiries.
In addition, they offer remote assistance through TeamViewer to assist clients with any technical issues they may encounter. Overall, FXCM is known for their responsive and helpful customer support.
Pros | Cons |
• 24/5 customer support through phone and chat | • No 24/7 customer support |
• Multilingual support | • No local office in some countries |
• Comprehensive FAQ section on the website | • No dedicated account manager |
• Personalized support for VIP clients | • Some clients report slow response times for inquiries |
Note: The above information is based on general feedback from clients and may not be applicable to every individual experience.
FXCM offers a range of educational resources to help traders improve their knowledge and skills. Some of the educational resources available on the FXCM website include:
Webinars: Live and recorded webinars covering a variety of trading topics, including market analysis, technical analysis, and trading strategies.
Video library: A collection of videos covering various trading topics, including trading psychology, chart patterns, and trading platforms.
Trading guides: In-depth guides on various trading topics, including Forex trading, stock trading, and trading psychology.
Forex news: Daily updates on market news and analysis from FXCM's team of experts.
Trading signals: Trading signals based on technical analysis and market trends.
In conclusion, FXCM is a well-established and reputable broker that offers a range of trading instruments and account types with competitive spreads and commissions. The broker's trading platforms are user-friendly and offer advanced features for traders of all levels. Additionally, FXCM provides educational resources and excellent customer support, including 24/5 support in multiple languages.
However, FXCM does have some drawbacks, including the lack of negative balance protection and the high inactivity fee. The broker is also not available in all countries, which may limit accessibility for some traders. Overall, FXCM is a reliable and trustworthy broker that can meet the needs of both beginner and experienced traders.
Q 1: | Is FXCM regulated? |
A 1: | Yes. It is regulated by FCA and ASIC. |
Q 2: | Does FXCM offer demo accounts? |
A 2: | Yes. |
Q 3: | Does FXCM offer industry-standard MT4 & MT5? |
A 3: | Yes. It offers MT4 and Trading Station. |
Q 4: | What is the minimum deposit for FXCM? |
A 4: | The minimum initial deposit to open an account is $50. |
Q 5: | Is FXCM a good broker for beginners? |
A 5: | Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money. |
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive ig and fxcm are, we first considered common fees for standard accounts. On ig, the average spread for the EUR/USD currency pair is EURUSD 0.6 Gold 0.3 pips, while on fxcm the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
ig is regulated by ASIC,FCA,FSA,NFA,AMF,FMA,MAS,DFSA. fxcm is regulated by ASIC,FCA,CYSEC,FSCA,ISA.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
ig provides trading platform including Standard account,DMA account and trading variety including Foreign exchange, precious metals, CFD. fxcm provides trading platform including -- and trading variety including --.