With IG crypto you can trade in 8 different cryptocurrencies, including bitcoin, ripple and litecoin. Alternatively, traders can opt for the crypto 10 index, which allows you to access the 10 largest coins in a single trade, meaning you don’t have to rely on the value of one single currency.
In our IG review, we found their crypto trading options and educational materials to be very helpful for beginners, even if IG is not a crypto broker where you can directly buy the assets. This is a necessary element for us when reviewing a broker as trading cryptocurrencies is risky due to the unpredictable and volatile market.
With IG you have two options when it comes to crypto trading (depending on your jurisdiction); CFD trading and spread betting. With both of these trading types, you don’t ever actually own the underlying asset, which is where trading differs greatly from buying crypto on an crypto exchange. In essence crypto trading involves buying and selling to currencies at the exact same time. If the value goes up you make a profit, if it goes down you make a loss, which means that prediction and speculation are key to making your trades work. Fortunately, in most jurisdictions, IG offers negative balance protection, meaning you’ll never lose more than your deposit.
This IG review is focussed primarily on crypto trading, however their other options are certainly worth a mention here. With IG you can trade forex, indices, shares and commodities as well as cryptocurrencies.
IG are an award winning Forex provider with access to over 17,000 global markets and 90 currency pairs. IG offers over 80 indices for traders to take a position on, and traders can also benefit from their deep liquidity, which increases the chances of trades being accepted.
When it comes to shares with IG, clients have the option to invest in shares as well as trade, which is good news for those who prefer to play the long, more stable game and actually own the underlying asset. For commodities trading, IG currently offers 27 major commodity markets with no fixed expiries.
As we mentioned in the previous section of our IG review, their platform supports two different trading methods; spread betting and CFDs. Both ways of trading are similar in that you don’t actually own the underlying assets with either. Spread betting is a popular trading method in the UK and Ireland as profits are tax free.
Overall, we’ve scored this platform highly for having low fees in this IG review, however there is one exception, as their stock CFD fees are pretty high, however so are those of their competitors.
The biggest plus point of this IG review is that there are no deposit nor withdrawal fees, meaning you can get started and withdraw your funds free of charge. The trading fee structure is transparent and made easily available on IG’s website. Their trading fees are built into the spreads and shares fees come in the form of commission. Generally, these fees are average, however the good news for European customers is that their forex fees for all EUR/GBP/CHF currency pairs are among the lowest we’ve found on the market.
IG does charge an inactivity fee of $12 per month, however dormant accounts only start getting charged after 2 years of inactivity as opposed to the industry standard 12 months.
IG is available in a number of countries across the world, however capabilities and restrictions for account holders vary depending on the trading laws of the host country. They are available in all European countries, including the UK and Switzerland. Elsewhere in the world, IG has bases in Australia, South Africa, Singapore, New Zealand, Dubai, Japan & the USA, however they’re also available in numerous other countries throughout the world. Their global reach as a big contributing factor to the overall positivity of this IG review.
IG is one of the only top UK registered brokers to have the USA within its jurisdiction, however US clients are restricted as they can only create a basic trading account and only have forex trading functions.
In terms of regulation, IG is authorised by numerous tier 1 regulatory bodies that cover all of the countries mentioned above. These include the FCA in the UK, ASIC in Australia and the NFA in the USA.
In this section of our IG review, we’ve provided a step-by-step guide of how to trade cryptocurrencies:
1. Decide how you want to trade
Decide if you want to trade via spread betting or CFDs. Spreading involves speculating on the price and betting on a position. With a CFD, you have a contract where you agree to exchange the price of a cryptocurrency from your opening to closing position.
2. Learn the market
It’s very important to learn about crypto markets as they’re different from other markets and more volatile. IG provides plenty of tools to help you study as well as a demo account option.
3. Create your IG account
When conducting our IG review, we found creating an account to be fairly straightforward and it can be done within minutes, however the ID verification process can take upto 3 days.
4. Build a trading plan
Your trading plan should include your strategy, risk management and market analysis methods. The volatility of the crypto market is both what makes it attractive and scary as it can fluctuate quickly and steeply, so it’s important to go in with a plan.
5. Choose your platform
With IG, you have the choice of the third party MT4 platform and their own award winning platform. As we mentioned earlier in this IG review, we recommend using their own platform.
6. Start trading!
As you don’t own the underlying assets with crypto trading, there’s no need for a wallet and you can therefore start trading as soon as your account is open.