By: George Sweeney | Updated: 2nd February 2021.
IG are establishing themselves as a top choice for traders worldwide. Their share-dealing account offers active investors cheap commissions and an incredible choice of investments. Designed for more experienced investors, there’s a wide range of tools available on the platform. They also provide access to an excellent selection of investment information and resources. It really is a one-stop shop for investing, in my opinion.
The IG Share Dealing Account gives access to a huge range of investments and resources. The platform has the ability to cover the different needs of many types of investors in a practical and functional way. The commission and fee structure really benefits those who are fairly active on a consistent basis. There’s no deposit or withdrawal fees, so moving money in or out won’t cost you.
I’m well studied in the field of personal finance and investing, holding a Level 4 Diploma for Financial Advisors (DipFA) from The London Institute of Banking and Finance. On top of my academic qualifications, I’m obsessed with helping people. Especially when it comes to money. I started my own personal investing journey almost ten years ago and use everything I’ve learnt to educate and encourage others. I love to meticulously scrutinise and assess. Once I’ve done the research and legwork, sharing what I’ve learnt with like-minded people is my mission!
The commission structure for IG is reasonably good value depending on how active you are. For people making two or fewer trades per month, the commission price is £8 for UK shares and £10 for US shares. If you make three or more trades per month, the commission drops to £3 for UK shares and £0 for US shares during the following month. Other international shares available have a €10/A$10 minimum online charge and 0.1% commission per trade.
IG’s fees can take a while to fully wrap your head around so it’s worth being aware of them. If you make less than three trades in a quarter, there is a £24 quarterly custody fee for holding investments.
It’s also important to know there are charges for dealing over the phone: £40 for UK shares, £50 for US shares, €50 for European shares, A$50 for Australian shares. So it’s much cheaper to use the website or the IG app.
When trading in international shares, IG use the best available bid/offer exchange rate at the time of execution plus 0.5%. For same-day bank transfers under £100 there is a £15 fee.
There’s also an inactivity fee of £12 per month if you don’t use the account to deal for over two years.
You can fund your account using a bank card or PayPal, which is usually processed immediately. Or you also have the option to do a bank transfer, but this can take a few days to process.
There is a massive selection of over 10,000 investments available. This covers shares and funds both in the UK and abroad. IG also provides access to lots of other assets like forex markets, commodities, and cryptocurrencies. For access to some of these markets, you need to have a leverage account, which is something we don’t advocate here at MyWalletHero.
No withdrawal fees make it easy and straightforward to remove any funds and you also have the ability to use an ISA or SIPP as part of your account.
The platform itself is very detailed and functional, both on the website and the app. It may take some time to fully get to grips with everything, but there are lots of resources available to help.
On the website’s share dealing interface, there is a simple alphabetical menu for searching through available investments. It separates all the shares available by country and the exchange they’re listed on. It’s helpful if you know the ticker symbol for what you’re looking for in order to find things quickly. Otherwise you have to select the exchange, then the letter, and then scroll until you find what you want.
There are some pre-defined watchlist categories for certain investments, which can make it easier to find popular options. You do have the ability to customise the interface to a certain extent and create your own watchlists quite easily. This can make it easier to track companies or markets that interest you.
The app is more easy on the eye compared to the website, whilst still being robust and practical.
This is where the platform really shines. IG does a great job of providing lots of educational resources to investors. The IG Academy means that users can learn more about investing and trading.
There’s also access to demo accounts, so you can get comfortable before using real money in the live market. The ability to easily access lots of market news and updates directly through the IG platform is also a bonus. When you search for an investment, you’re then able to check out market data, news, and price charts all at the click of a button.
It’s worth understanding IG’s fee structure and becoming comfortable with their platform using their learning resources before diving into trading. There are also a lot of options to trade derivatives and CFDs but it’s really important that investors understand how leverage and borrowing money works when investing, since it can lead to losing more than was originally invested. For experienced investors, having complete access to a full set of tools can be an advantage, but here at The Motley Fool, we would not advocate trading in leveraged CFD positions or cryptocurrencies.
Although there’s no minimum deposit for bank transfers, PayPal and bank card deposits require a £250 minimum.
The account opening process is very painless and just requires some basic information. IG gives customers access to community forums, along with educational resources, and FAQs. For issues, they have a live chat option available 24 hours a day from Monday to Friday, a non-urgent email address, and a telephone number for more urgent enquiries. Some users have highlighted that customer service response times could be better.
If you’re an active trader who wants complete access to as many markets and trading instruments as possible, IG could suit you well. Although IG does a great job of providing plenty of resources and learning materials, it can be a lot to take in if you’re a new investor looking to get started. Efforts are made to accommodate new investors but really the IG platform is best used by experienced traders who already have a good amount of knowledge and practice within financial markets.