IronFX or IG Index – which is better for UK traders 2024? Compare IronFX and IG Index in this detailed breakdown of their platforms, features and fees.
IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.
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.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Pros
Alongside MT4, the broker continues to offer several additional services, including copy trading, a VPS solution, and PAMM/MAM accounts
Fixed and floating spread accounts are available, making IronFX a good choice for both beginners and experienced traders
Traders get access to the popular Trading Central research tool, which offers automated AI analytics and 24/7 support
IronFX is an established firm and is regulated by several reputable bodies, including the CySEC, FCA and FSCA
The broker frequently offers trading competitions with cash prizes, as well as welcome bonuses for new clients
The IronFX Academy delivers some excellent educational tools for beginners through to advanced traders
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
It’s a shame that the broker doesn’t offer any additional software such as MT5 or TradingView to give experienced traders more choice
Commissions start from $13.50 per lot in the zero-spread accounts, nearly double the industry average
Compared to the leading brokers, IronFX offers a relatively small selection of share CFDs
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 Online Trading Platform (2019)
Best Broker of the Year (2019)
Most Trustworthy Forex Broker Global (2019)
Best Online Trading & Financial Services Company (2020)
Best Online Forex Trading Platform (2021)
International Online Currency Trading Platform of the Year (2021)
Most Outstanding Online Trading Partners Program (2022)
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
Yes
Yes
Margin Rate
2.5%
MetaTrader 4
Yes
Yes
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
Yes
Yes
eSignal
No
No
Trading Central
Yes
Yes
STP Account
Yes
No
ECN Account
Yes
No
DMA Account
No
Yes
MAM Account
Yes
No
PAMM Account
Yes
No
LAMM Account
Yes
No
Demat Account
No
No
AI / Machine Learning
No
No
Robo Advisor
No
Yes
Negative Balance Protection
Yes
Yes
Market Maker
Yes
Yes
P2P Trading
No
No
Spot Trading
Yes
Yes
Auto Trading
Expert Advisors (EAs) on MetaTrader
Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime
Copy Trading
Yes
No
Copy Trading Platform
The TradeCopier service allows aspiring investors to copy the strategies of top traders in real-time. The tool is a great way for beginners to learn from more experienced investors, whilst strategy providers can earn performance fees.
Social Trading
Yes
No
Trade Signals
Yes
Yes
VPS Hosting
Yes
Yes
Tournaments
Yes
No
Demo Competitions
No
No
Ethical Investing
No
Yes
Custodial Account
No
No
Guaranteed Stop Loss
No
Yes
Inactivity Fee
3%
$12
Islamic Account
Yes
No
Account Currencies
USD
EUR
GBP
AUD
JPY
PLN
CZK
USD
EUR
GBP
CAD
AUD
JPY
ZAR
SEK
DKK
CHF
HKD
SGD
Commodities
Cocoa
Coffee
Copper
Corn
Cotton
Soybeans
Sugar
Oil
Wheat
Natural Gas
Gold
Silver
Platinum
Palladium
Gold
Copper
Oil
Palladium
Silver
Sugar
Coffee
Wheat
Natural Gas
Soybeans
Orange Juice
Nickel
Steel
Iron
Precious Metals
Aluminium
Lithium
Cannabis
CFD
IronFX’s asset list of 300+ instruments covers forex, stocks, commodities and index CFDs. Maximum leverage from 1:30 to 1:1000 is available depending on account location. Traders can access superb technical analysis features, including 30 pre-integrated indicators and 9 charting time frames.
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.
IronFX continues to offer a strong selection of 80 currency pairs. You can trade through the market-leading MT4 platform with a range of forex market research tools. That said, commission charges in the zero-spread accounts are high, starting from $13.50 per lot.
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.