InvestEngine or IG Index – which is better for UK traders 2024? Compare InvestEngine and IG Index in this detailed breakdown of their platforms, features and fees.
InvestEngine was founded in 2019 by the founders and CEOs of Gumtree and Ramsey Crookall, a successful independent wealth management firm. The company is regulated in the UK by the FCA and has planted itself as a strong competitor within the retail stock trading space, offering managed and DIY investment portfolios and access to more than 550 global ETFs.
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.
71% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Pros
We were impressed by the company's provision of analytics reports and strategy advice, as well as top product picks and a detailed blog
Hands-on investors can benefit from completely free access to InvestEngine's services, only paying for any dealing charges
We think the firm's investment platform is intuitive and impressive, making the whole experience simple and stress-free
InvestEngine clients have a wide choice of investment and savings accounts to tailor solutions to their goals
Managed portfolios provide professional advice and expert picks for a commission of only 0.25%
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
Cons
Any clients looking for long-term gains from individual company stock investments must look elsewhere as InvestEngine limits its products to ETFs
Despite offering several account types, the firm does not support Lifetime ISAs or Self Invested Pension Pots (SIPPs)
No tiered services for high-net-worth investors
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
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
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
Android App Rating
4
Margin Trading
No
Yes
Margin Rate
2.5%
MetaTrader 4
No
Yes
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
Yes
eSignal
No
No
Trading Central
No
Yes
STP Account
No
No
ECN Account
No
No
DMA Account
No
Yes
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
Yes
No
Robo Advisor
Yes
Yes
Negative Balance Protection
No
Yes
Market Maker
No
Yes
P2P Trading
No
No
Spot Trading
Yes
Yes
Auto Trading
Yes
Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime
Copy Trading
No
No
Social Trading
No
No
Trade Signals
Yes
VPS Hosting
No
Yes
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
Yes
Yes
Custodial Account
No
No
Guaranteed Stop Loss
No
Yes
Inactivity Fee
$12
Islamic Account
No
No
Account Currencies
GBP
USD
EUR
GBP
CAD
AUD
JPY
ZAR
SEK
DKK
CHF
HKD
SGD
Commodities
Gold
Oil
Silver
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.
