The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
IG is a popular broker choice for many people, and it currently has almost 200,000 all over the globe. Not only that, it has been in business since 1974 – so there are plenty of reasons to trust it. Its age, however, is no indictment on its ability to cater to the needs of the modern trader: it has a sophisticated and high-end trading offer when it comes to Bitcoin, such as competitive spread fees and a range of additional resources designed to help you make the most of your trading account with the broker.
Despite this, there are some downsides to trading with IG: the firm does charge a certain fee on some trades – and there is not a huge range of options when it comes to opening an account. With a highly user-friendly website and a range of round the clock customer support options, there are plenty of redeeming features which make IG a top choice for many. Read on to learn more about what this broker can offer you.
The first decision you will have to make when it comes to making decisions about Bitcoin is what sort of Bitcoin product you want to go for. Bitcoin spread bet is the first choice: this allows you to speculate on the potential rise (as well as decline) of Bitcoin prices simply and straightforwardly, and this particular product offers high liquidity as well as the chance to cash in any products without paying tax. The minimum spread for Bitcoin in this scenario is 38, and there is also a minimum bet level of £0.20. Contracts for difference, meanwhile, are available too: these innovative and modern derivative products are designed to let you bring the power of leverage into the equation and to create a scenario in which you can expand the value of your stake without having to put down the relevant amount. The minimum spread here is once again 38. You can also choose to trade Bitcoin through the MetaTrader 4 product offered by this broker: if you go for this option, the minimum spread bet you can opt for is £0.01. There's more information about what the MetaTrader 4 platform constitutes further down this page.
When it comes to pricing up the costs of trading Bitcoin, IG chooses to make things simple. On its website Bitcoin page, it starts with the assumption that Bitcoin costs $9,500 – and then calculates the rest of the potential prices from there. Usually, it can offer a spread of 40 on this sort of trade – although, as outlined above, this can vary depending on the exact product chosen. However, it does take an overnight funding fee of £5.21 for some transactions, calculated on a £1.00 per point figure – and this is excluding the fee on the spread. For a small fee, however, customers will be charged a fee of -£1.30, which in theory means that the customer receives the amount. There are more price-related variations which occur depending on what sort of account you choose to opt for, as outlined in the section above.
Various accounts are available with IG, and you’ll be able to choose the one that suits you best. The primary one is the standard account. There are lots of steps associated with the creation of this account, so you may need to set aside a decent chunk of time before you go ahead. You will need to fill out an online form, for example, and then you will need to upload some form of identification in order to ensure that you are fully defended against fraud. You will then need to go through what IG describes as an “appropriateness check”, a tool designed to ascertain whether or not the fairly unusual world of spread betting applies to your specific circumstances.
If you’re interested in opening an account with IG, but you feel that you need some additional time to get used to the platform and how it operates (or, indeed, if you feel that you need to learn how the Bitcoin market operates and to observe its volatility), you’ll be able to access the demo account – or, as IG points out, you can use the “interactive platform preview” without having to sign up for an account. Not all assets which IG offer traders are available here: share dealing, for example, cannot be experimented with in this way. Luckily for Bitcoin traders, crypto is compatible with this part of the IG offer.
There are many different trading platforms available for IG traders to use, so you’ll be spoilt for choice. MetaTrader 4, which is one of the most popular of anywhere on the web, is offered – and it provides plenty of benefits such as automated trading and chart customisation. An online trading platform created and maintained by IG also exists, and it offers its own advantages such as smart settings, breaking news feeds from respected providers such as Reuters, and much more. It also offers the chance to create your own alerts to find out what’s happening in the financial news. In terms of mobile trading, apps exist for mobile traders who are using one of the major device types. Security is a priority even for traders in the mobile space, with 256-bit SSL encryption on offer. For those traders who are advanced in their careers, it’s possible to use extra, high-end systems with Bloomberg terminal integration and other facilities.
The IG website is highly simple to use, and there are few complaints to be made about how it operates and what it can do. When heading on to the IG homepage, you can quickly see a range of options: link to the demonstration account are available, as are links to the live account. At the time of writing, there was a specific drop-down advert at the top of the page for cryptocurrencies – a move which reflects the high esteem in which crypto traders are held by this broker. This is in contrast to some other brokers in the sector, for whom crypto products can often seem like an add-on.
There are then links available for traders to choose from to learn more about the IG products on offer. From “Choose your trading platform” to “See our costs and spreads”, there is a page designed to explain all questions. If you've never traded Bitcoin before, the right-hand section is on hand to explain what you need to know. The bottom of the homepage, meanwhile, provides easy links to market performance data, news and analysis, and more. Perhaps the one negative point to mention is that the language or region switching tool is buried at the bottom of the page: if you need to move from one to the other relatively easily, you may not find the IG site to be too amenable to this. The website’s colour scheme might not be its most important feature, but it’s certainly clean and easy to read: that makes it less likely that your eyes will skim over some crucial piece of information which you require for placing your Bitcoin trade.
Customer support is an important part of the offer which has been developed by IG. Whether you have a question that is related to your account or you want to know something specific about your own trading portfolio, the team at IG is on hand. Between Monday and Friday, the customer service lines are staffed on a 24 hours per day, seven days per week basis – so there will always be someone available who can assist you, provided you speak to them within what constitutes for most assets the trading week.
The first thing to do is to head over to the IG contact us page on the website. From there, you will be able to navigate to the existing help and support pages which the team at IG have produced: answers to these questions may well provide answers to your own questions, which in the long run could cut down on the amount of your time that is used on finding answers. If that’s not the case, though, your next step could be to talk on live chat with one of the IG team: usually, the live chat box on the IG contact page will be green, but if it’s not then you may have to wait a moment or two. Other customer support options also exist, such as an email form, some phone numbers, a peer support system and a Twitter account.
There are several different ways in which a person can fund their account with IG. The first option is to use a debit card: there is usually no cost involved with this, especially if you choose to use MasterCard or Visa. This is an optimal option, because the deposit takes place instantly and allows your account to be credited within moments.
Other modes of payment are more complex, and hence may not be quite so positive. If you are making a bank transfer, for example, the country you’re in is likely to play a significant role in everything from the fees you will be charged to the timeframe in question. Transfers to an account in Hong Kong, for example, are likely to take a maximum of three working days, as is the case in Australia. No matter what method you choose, meanwhile, you will still be bound by some key requirements: transfers must be initiated and made from the same account holder who is specified as the holder as part of the IG account.
IG goes the extra mile to ensure that traders who use its systems are able to get the most out of their trading experience. There are all sorts of learning opportunities available under the “Learn to trade” section of the website’s menu option, including tutorials which offer explanations of how to manage risk, how to increase the chances of trading success, how to be strategic and more. Seminars are also available, as are video guides and tests which give you a chance to range over the topic.
The format of these resources can vary. Sometimes, the appropriate option is a webinar in which you can ask leading names from the Bitcoin field what they think about a particular aspect of crypto trading. If you’re committed to the process of your trading education, you can also choose to find out more and even enrol in the IG Academy for maximum information transfer. In short, you will never be short of learning opportunities with IG.
There are all sorts of regulations which IG follows, so you’ll be able to trade with them secure in the knowledge that your cash is protected. Regulated banks are used by IG to hold cash, and the cash is split across two different accounts – one for business operations and expenses incurred by the broker for those, and one for client funds. Cash deposits are also ring-fenced, which means that anyone who lends money to IG will not be able to access your deposits in the event of IG entering financial difficulties. IG Markets Ltd is regulated by the Financial Conduct Authority, and its registration number there is 195355.
IG has scooped a number of prominent awards in recent years, meaning that you can guarantee the broker’s trustworthiness thanks to the acknowledgements of the industry. The ForexBrokers.com annual review in 2019, for example, described IG as the number one overall broker. At the Only Personal Wealth Awards in the same year, meanwhile, IG was named Best CFD Provider. The ADVFN International Finance Awards were also a big deal for the broker, with the firm receiving the Best Spread Betting and CFD Education Tools prize as well as the Best Multi-Platform Provider prize in those awards. It is also worth pointing out that IG has received 2,216 reviews on respected brand scrutiny platform Trustpilot, which means that it has a four out of five-star rating.
IG is a popular choice: Bitcoin traders who find themselves with this broker rarely live to regret it. There are a range of payment methods on offer, and there’s sure to be one which suits your own wallet. It’s a highly regulated broker, too, and faces some of the strictest standards in the world from the Financial Conduct Authority. It’s also got a whole host of awards behind it, so you won’t run the same risks that you might if you find yourself choosing a less well-known and less scrupulous broker. With platforms designed for every persona including advanced trader, on the go trader and desktop-based casual trader, you’ll soon find the right piece of kit for your needs.
IG is not totally perfect. Transfer times when setting up an account in places such as Hong Kong can be annoying, especially if you’re keen to enter the Bitcoin market as soon as possible to take advantage of a particular period of volatility. However, there’s a lot to be said for a long-established broker with a range of happy customers, and IG certainly is such a brand. By trading with IG, you’re likely to have a long and happy trading career as the broker helps you go the distance with your Bitcoin trading.
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