IG Index or Freetrade – which is better for UK traders 2024? Compare IG Index and Freetrade in this detailed breakdown of their platforms, features and fees.
Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
Freetrade is a London-headquartered investing platform that offers zero-commission trading on thousands of UK, European and US stocks and ETFs through a beginner-friendly platform. Open a standard investment account, a self-invested pension or a stocks and shares ISA and start building a portfolio from as little as £2.
71% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Pros
IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for trading
The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
FCA-regulated brand with FSCS cover for investors
Thousands of US and UK stocks and hundreds of ETFs to choose from
Very competitive pricing vs competitors with low fees and zero commissions
Earn interest on uninvested cash with competitive rates
Transfer/move ISAs from other accounts
News and blog feed updated regularly
Built-in customer support via live chat
Fast revenue withdrawals
Dividends on stocks
Cons
Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
IG has discontinued its swap-free account, reducing its appeal to Islamic traders
Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
Competitors have larger selection of assets
Trading platform lacks deep analytical tools
Less suitable for active, high-volume traders
Many countries not accepted
No leveraged trading
No demo account
Awards
Best Customer Service 2022 - Online Money Awards
Best Spread Betting Provider 2022 - Online Money Awards
Best Platform for the Active Trader 2022 - ADVFN International Financial Awards
Best Multi Platform Provider 2022 - ADVFN International Financial Awards
Best Finance App 2022 - ADVFN International Financial Awards
Best Online Trading Platform 2020 - British Bank Awards
Best Share Trading Platform 2019 - British Bank Awards
People’s Choice 2019 - Good Money Guide
Best New Investment Service 2019 - Consumer Investment Awards
IG offers a superb all-round trading app. One of the pioneers of mobile trading, the application has been developed and refined over many years, meaning it is now among the best trading apps. Quick response, user-friendly layout, access to full charting and a stable and reliable application. It also offers guaranteed stops – an important risk management tool not available on many apps we’ve tested.
iOS App Rating
4.6
4.3
Android App Rating
4
4.3
Margin Trading
Yes
No
Margin Rate
2.5%
MetaTrader 4
Yes
No
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
Yes
No
eSignal
No
No
Trading Central
Yes
No
STP Account
No
No
ECN Account
No
No
DMA Account
Yes
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
No
Robo Advisor
Yes
No
Negative Balance Protection
Yes
No
Market Maker
Yes
No
P2P Trading
No
No
Spot Trading
Yes
No
Auto Trading
Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime
Copy Trading
No
No
Social Trading
No
No
Trade Signals
Yes
VPS Hosting
Yes
No
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
Yes
No
Custodial Account
No
No
Guaranteed Stop Loss
Yes
No
Inactivity Fee
$12
Islamic Account
No
No
Account Currencies
USD
EUR
GBP
CAD
AUD
JPY
ZAR
SEK
DKK
CHF
HKD
SGD
Commodities
Gold
Copper
Oil
Palladium
Silver
Sugar
Coffee
Wheat
Natural Gas
Soybeans
Orange Juice
Nickel
Steel
Iron
Precious Metals
Aluminium
Lithium
Cannabis
CFD
IG offers a huge selection of 17,000+ CFDs, providing more trading opportunities than most CFD brokers. Traders can go long or short on popular markets like stocks, currencies, commodities and cryptos, while custom price alerts and the IG Academy continue to enhance the trading experience.
Leverage
1:30 (Retail), 1:222 (Pro)
FTSE Spread
1.0
GBPUSD Spread<
0.9
Oil Spread
2.8
Stocks Spread
0.02
Forex
IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
