Are you thinking about becoming an IG client? This article explains the various account types and how to open a trading account with IG. Opening an account with IG offers several unique benefits to enhance your trading experience.
IG overview
Founded in 1974, IG is a trusted FTSE 250 company having 313,000 + clients worldwide as of today. IG provides users access to trade in markets such as forex, shares, indices, cryptocurrencies, options, and more. IG is the world’s No.1 choice for CFD trading.
IG is trusted by millions of users worldwide due to its robust regulatory compliance and diverse product range. If you are a trader looking for a simple, sophisticated, and innovative trading platform with a highly secure environment and an extensive range of CFD products, IG is for you.
A trading account with IG is largely preferred for a few main reasons such as:
- Easy and flexible access to more than 17,000 global markets with reliable execution.
- Operated under multiple regulatory oversights, such as eight tier-1 countries, two tier-2 jurisdictions and one tier-4 jurisdiction.
- Regulated by FCA-UK, BaFin-Germany, FINMA-Switzerland, MAS-Singapore, DFSA-Dubai, FSCA-South Africa, JSDA-Japan, ASIC-Australia, BMA-Bermuda, CFTC & NFA.
- Lower spreads and commissions and no charges for CFDs on forex and shares.
Account types
IG allows users access to the financial markets through several types of accounts. Depending on the objective of the trade, such as available periods of activity, markets, experience, and risk appetite, investors can choose the appropriate account types for them. IG offers both demo and live accounts for the users.
IG demo-trading account
Users recreate the experience of real trading with the help of IG’s demo trading account, which is a simulated market environment. The only difference between the demo and real trading is the risk of losing actual money.
- As soon as a trader opens a demo-trading account, he will get immediate access to a demo online platform along with a pre-set balance of $20,000 in virtual funds.
- If the user prefers more advanced software, he can get an MT4 demo account as well.
- IG allows demo users to practice stock and forex trading and also CFD trading for free.
IG live accounts
The types of live accounts can be categorized into two broad kinds in terms of leverage. The below points provide detailed information about the account types.
1. Leveraged accounts
Leveraged accounts mean you can open a position with a small deposit (margin) instead of paying the full value of your position. This is a high-risk trade as profits and losses are calculated based on the full position size and can substantially overweigh your margin.
Spread betting account
This account allows speculating on a wide variety of markets such as forex, indices, shares, commodities, bonds, and other asset classes with no capital gains tax on profits.
CFD account
CFD account is a spread betting account with a more traditional approach to trading. Profits can be balanced against losses as tax deductions.
2. Non-leveraged accounts
Share-dealing account
Allows investing in shares, ETFs, and investment trusts. Since short positions are not possible in share-dealing, this suits medium-to-long-term investors.
ISA account
Enables investing up to a certain amount per tax period in shares, ETFs, and ETCs, without paying tax on profits or income.
IG smart portfolio account
Allows investing in a diversified, fully managed investment portfolio that is built to suit the risk appetite. These are long-term passive investments, where investors don’t need to buy and sell assets and the portfolio managers do instead. The 4 types of portfolios are namely, conservative, balanced, growth, and aggressive.
IG smart ISA portfolio account
Allows investing up to a certain amount per tax period into an IG smart portfolio – that is also tax efficient.
Premium account services
IG offers premium account services for the unique needs of its customers by assigning a personal account manager. Premium users can enjoy an array of exclusive privileges such as access to IG’s qualified market analysts and preferential pricing. The key benefits of premium services include:
- Personal and dedicated account manager to support the users’ trading needs with priority phone service
- Potential access to exclusive higher volume-based rebates
- Exclusive pricing and insights including first-in-class trade ideas by market analyst
- Exclusive invitations to join IG events
- Access to advanced educational seminars and workshops
- Priority access to new IG product and platform launches
IG’s premium services are available only by invitation. In order to qualify as a premium client, a user should trade one or more of the following volumes on a monthly basis:
| Markets | Volumes |
| Indices, commodities, and other markets | $20M notional value per month |
| Forex | $50M notional value per month |
| Shares | $5M notional value per month |
How to open an account with IG?
Opening a trading account with IG is as simple as creating an email ID. Tech-savvy traders appreciate the advanced technology and online application process that makes it convenient to start trading with IG. Generally, it takes 1-3 days to have your trading account up and running.
How to create a CFD trading account?
- Visit the IG website.
- Fill in a simple form that gets details about your trading knowledge.
- Get your identity verified which may take a maximum of 2 days. Passports, driving licenses, and national ID cards are the most commonly accepted forms of proof of identity.
- Submit proof of address such as utility bills, bank statements, internet bills, rent agreements, credit card statements, voter cards, and any other financial statements.
- Pick an account that suits your needs.
- Choose your preferred base currency from the multiple options in IG such as USD, GBP, AUD, EUR, SGD, and HKD. If you fund your trading account with the same currency as your bank account, you do not need to pay a conversion fee.
- Once your account is verified successfully, you can fund your account by card or bank transfers to start trading.
How to Open a Smart Portfolio Account?
- Traders having CFD trading or spread betting accounts can open a smart portfolio account just by using the “add an account” option in the dashboard.
- Then select the “Add IG Smart Portfolio” option where the account opening process will be guided thereafter.
- Users can create multiple IG smart portfolio accounts based on their financial goals.
- The documentation and identity verification process for opening a smart portfolio account involves running electronic checks, the failure of which may lead to manual processing. Generally, IG ensures, that smart portfolio accounts are opened the same day users apply.
Choose deposit methods
- IG users can add funds to their accounts by debit cards or bank transfers, where the investments can be made on the same day if the market is open.
- If users prefer to set standing orders from their bank, a minimum of 50 Euro per month is required and that will be credited within 3 working days.
- If a user deposits a non-GBP currency, he will be charged a forex conversion of 0.5%.
- IG does not accept deposits through credit cards.
- There is no minimum deposit for bank transfers while $50 for card payments is charged.
- Currency conversion fees apply only when you make a deposit in a different currency or trade assets denominated in different currency. You can avoid conversion fees by opening a multi-currency bank account at a digital bank.
Why open a trading account with IG?
- IG does not require users to maintain a minimum account balance in their trading account.
- IG conducts the entire application process online which makes it more convenient for the traders.
- It also provides clear guidance throughout the application so that users can be aware of the information they give.
- IG often verifies customer identity quickly and responds to user inquiries promptly and timely.
- IG facilitates users’ opening of demo accounts so they can have a trial trade.
Support and contact
IG offers robust customer service including live chat, and phone support to assist users with any issues.
| Account opening | Contact |
| New individual account | Call +44 (20) 7633 5430 available 24×6 except from 6 am to 4 pm on Saturday (UTC+8) Email – sales.en@ig.com |
| Premium trading account | Call +613 9860 1754 Email – premium.en@ig.com |
| Corporate account | Call +44 (20) 7633 5430 Email – accountopening.en@ig.com |
Conclusion
It is evident from our analysis that IG offers a simple and straightforward account opening process and quick user identification. IG attracts customers with its simple processing methods of account opening, deposits and withdrawals, learning, and much more.
Opening an account with IG is generally easy, transparent, and straightforward and hence we do believe, that users find the account opening process more efficient and user-friendly. We would recommend traders, either beginners or experienced, to start with a demo account to practice their trading skills in real market conditions and to get a grip on the trading platform.
Pro Tip
The simpler the account opening process of a broker is, the easier the trader trusts the broker to start his wealth journey. Explore the reviews of our trusted forex brokers to enhance your trading experience. Also discover more diversifying investment options such as crypto, CFDs, stocks, and much more.
