IG Markets Account Types: List & Characteristics (2022)

filippo ucchino Filippo Ucchino calendar Last Updated: September 2022 timer 8 Min Read

IG Markets is a leading online trading broker that offers various account types for both beginners and experienced traders, to invest or speculate on a variety of markets and products. This guide will explore the different account types offered by IG Markets to access the various products offered. However, if you want to know more about IG Markets from a birds-eye view, we suggest reading our in-depth IG Markets Review.

Table of Content

IG Markets Account Types

IG Markets offers a wide range of trading account types for its wide range of products, such as CFDs, spread betting, options, shares and professionals.

Demo Account

A demo account is a practice account loaded with virtual funds. Using a demo account is an excellent way to learn the basics of trading new markets or products, without risking any money. In order to open an IG Markets demo account, you have to simply go to the IG Markets’ website and click the “create a demo account” button. Then, when you feel ready, you can move on to trading with real money. Demo accounts are also free of charge, and you’re able to use them for as long as you require, and there is no obligation to open a live account.

The demo account is designed to replicate real market conditions which is important since you’re trying to determine if you should trade with this broker or not. In fact, demo accounts play such an important role in selecting a broker to trade with, which is why we have written a stand-alone guide to address IG Markets demo accounts.

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether can afford to take the high risk of losing your money.

IG Trading Account

The basic IG trading account is available worldwide, but some conditions vary depending on the jurisdiction. For example, negative balance protection is not available everywhere; it’s only available in the UK and EU. However, other countries are offered a “limited risk account” instead. Another characteristic that varies depending on location is the minimum deposit, which starts from $250 but differs depending on region and currency. With the IG Markets trading account you can trade 17,000 markets and trade forex on spreads starting at 0.6 pips.

IG Limited Risk Account

The IG Limited Risk account is the same as the IG basic trading account but with some differences. According to ESMA and FCA rules, this IG Markets account type is essentially a solution for non-EU and UK clients who aren’t eligible for negative balance protection. The IG Limited Risk account offers a range of low-risk markets, guaranteed stop losses and a negative balance protection mechanism.

IG Spread Betting Account

Spread Betting accounts are usually offered by FCA regulated forex brokers. The IG Spread Betting account allows you to place spread bets on more than 17,000 assets with very tight and competitive spreads, generally starting at 0.1 pips. IG Markets is one of the most popular spread betting brokers on the market, but others are worth considering.

IG Options trading Account

The IG Options trading account is only available for EU clients. This account offers barrier options and vanilla options on forex, indices and commodities markets. Barrier options trading has a fixed amount of loss, making this product a good starting point for newer traders. Vanilla options only have a fixed amount of risk only if you’re buying options contracts, whereas if you’re selling an options contract, then the risk is not limited.

IG Turbo24 Trading Account

The IG Turbo24 trading account can be considered the European alternative to spread betting. The Turbo24 account is not exactly the same as spread betting, as it also shares many similarities with barrier options. The product you trade with this account is called a turbo warrant. This account is available in only Germany, France, Spain, Italy, Sweden, Netherlands, and Norway.

IG Share Dealing Account

The IG Share Dealing account is for buying and selling stocks, ETFs and other investments. In total, there are more than ten thousand different shares, and funds on offer and commissions start from $3. This account is not available in all regions, but it is available in the UK and Australia.

IG Markets Swap-free account

Traders who practise the Islamic faith can use the IG Markets Swap-free trading account to trade forex without being concerned with rollover fees derived from interest rates. The trading account is available to traders registered under the UAE entity of IG Markets, which accepts account applications from anywhere, meaning you can open the account even if you’re not a UAE resident.

Although no swap-fees are charged other additional fees may be applied, and some assets may not be available when trading with this account. A swap-free trading account can offer fewer products. It’s crucial to pay special attention to what the broker is offering under this type of trading account. To save you some trouble,

IG Markets Professional Account

If you’re able to meet the requirement necessary to identify yourself as a professional client, you’ll be able to access higher leverage, and restricted products, such as Digital100 binary options.

If you’re from the UK or EU and can achieve two of these three requirements, you can qualify for the IG Markets professional account.

  1. Have made an average of 10 transactions of significant size per quarter in the past year
  2. A Financial instrument portfolio of over €500,000 (in your bank or trading account)
  3. Possess a required amount of experience in the financial services sector

Besides getting access to some restricted products, you can also increase your trading account leverage up to 1:222. The downside of a professional account is losing negative balance protection.

IG Markets Select Account

The IG Markets Select account is only available to professionally certified UK and EU traders. The requirements are more relaxed than those of the above-mentioned IG Markets Professional account.

To be eligible, you have to meet two requirements:

  1. Have a gross yearly income of at least €75,000
  2. Have savings exceeding €100,000

IG Markets Account Opening

Live Account Opening

Once you’ve decided which of the many IG Markets account types is right for your trading and investment objectives, it’s time to open your live account. This is a significant milestone as you’re sharing a lot of sensitive personal data and potentially transferring a substantial amount of money. The IG Markets minimum deposit is $300

Account Verification

Account verification with IG Markets is usually completed swiftly. The information required to open your account varies depending on the country you reside in. In the UK, EU (excluding Switzerland) and USA, you will probably need a proof of identity, such as a passport or government-issued ID and a proof of address, such as a bank statement or utility bill. In Switzerland, South Africa, Singapore, Dubai, and Japan, you’ll only need proof of identity documents. In Australia and New Zealand, electronic verification is enough to complete verification.

Account Funding

IG Markets supports many of the most reliable account funding methods and allows you to deposit in various currencies. You can deposit and withdraw via bank transfer, major credit and debit cards such as Visa & MasterCard and popular e-wallet PayPal. The available currencies are EUR, GBP, USD, CHF, JPY, ZAR, and others.

Minimum Deposit

The minimum deposit with IG Markets is generally $300, but it depends on a few factors, such as your location, the currency you’re depositing and the IG entity you’re trading with.

European entities:

  • United Kingdom: 250 GBP
  • European Union: 300 EUR
  • Switzerland: 2500 CHF

Asian entities:

  • Japan: 35,000 JPY
  • Dubai: 300 USD
  • Singapore: 450 USD

Other entities:

  • Australia: 450 USD
  • USA: 250 USD
  • South Africa: 4000 ZAR

Account Currency

IG Markets offers EUR, GBP, and USD base currencies for trading accounts.

IG Markets Account Bonus

Like many brokers these days, IG Markets does not offer trading account bonuses.

IG Markets Account Deposit & Withdrawal

Depositing to your IG Markets trading account is typically free of any additional charges, but some fees may be charged depending on the currency you’re depositing and the country you deposit from.

When depositing to your trading account, you might incur costs if conversion fees are applied when depositing a currency that does not match your account base currency. Also, there could be wire transfer commissions of your bank. For example, there could be up to 2.3% fee for Singapore residents or up to 1% fee for New Zealand residents.

When you make a deposit, you can use the same payment method for withdrawals. It’s often required to use the same payment method as part of the AML policy.

Withdrawals can take up to 48h to process and are typically free of charge. However, just like making a deposit, some fees may still be charged depending on the method you’re using and the country you’re withdrawing to. In the US, you can expect to pay a wire transfer commission of $25, in Singapore, up to a 2.3% fee and in New Zealand, up to 1% fee.

IG Markets Account Management

IG Markets Account Inactivity

If you have a demo account from IG Markets, you’ll be pleased to know it does not expire. However, with a live account, an inactivity fee is charged after 24-months of no trading activity. This fee is not charged for demo accounts, no matter how long you don’t use them for.

IG Markets Account reactivation

Inactive accounts can always be reactivated. To do so, you might have to provide fresh documents, such as a recent proof of address or an updated proof of identity if your ID expired while you were inactive.

How to close IG Markets account

Closing your IG Markets account is relatively straightforward; all you need to do is withdraw your funds and contact the customer support team to inform them of your decision to close the account.

About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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