IG is one of the biggest names in the share and CFD trading market. Depending on which is greater, you’ll pay as little as $5 or 0.05% of each trade in brokerage costs if you've traded three times or more in the previous month, which is quite low compared to other share trading platforms. Along with the transparent pricing (which increases to $8 or 0.1% if you don't trade that frequently), traders will appreciate the easy to use platform, numerous independent broker reports and market data resources. Plus, you can enjoy other benefits, including no commission on international shares.
When you trade with IG, you’re trading with one of the biggest names in the industry and one of the most popular share and CFD trading brokers in Australia, providing access to more than 11,000 shares from markets all over the world.
While there’s usually an extra layer of complexity when trading overseas shares in Australian dollars, IG gets around the usual currency conversion problems and associated fees by denominating all indices in AUD.
Brokerage costs have been kept low: $8 for trades under $8,000 ($50 if done by phone) and 0.1% commission for trades greater than $8,000. While these numbers are very good compared to other platforms, there’s also a monthly fee of $16.67 ($50 per quarter) which makes IG a bit pricier than its seems at first glance.
That said, the fee can be waived if you trade three times per quarter using either your share trading or CFD account, or if you hold no open positions in your share trading account at the end of the quarter.
There are a few extra perks on offer too. Buying and selling US and UK shares comes with no fee, while frequent traders who have traded three or more times in the previous month will receive a fee discount (a $5 or 0.05% commission on all domestic shares).
You’ll also be glad to know that IG’s customer support service is available around the clock to handle any problems or inquiries you might have. And the website features a number of resources to help you get your head around trading if you’re a beginner and some pretty comprehensive market analysis tools that the more seasoned trader will appreciate.
As for signing up, you’ll be asked to fill out a registration form (which should take little more than five minutes), and provide basic identification details and proof of residence (e.g. a bank statement or utility bill).
IG would suit beginner and experienced traders alike, but you’ll get the most value out of it the more you trade, given that the monthly fee is waived once you make three trades per quarter using your share trading account. And if you’re looking to trade both Australian and overseas stock, IG is one of the more popular options available.
If you’re making a trade over the phone, you should know that brokerage costs can run quite high — $50 per trade to be precise.
And while this review covers the share trading platform on IG, you might have noticed plenty of mention of CFDs across the website. If you’re tempted to venture into CFD trading, you should know that it comes with a pretty big risk. CFDs are leveraged products, meaning that just a small deposit will get you much large market exposure. Because of this, there’s always the chance you could lose more than your initial deposit.
This product is not currently reviewed.