Is IG Scam? | IG Safety and Reliability

Introduction

IG is one of the biggest forex and CFD brokers in the industry with over 45 years of experience since 1974 and about 239,000 clients worldwide. It has a long tracking record and is regulated by top-tier financial authorities like FCA, the Financial Conduct Authority in the UK. It also has over 17,000 products for trading including forex, CFDs, ETFs, commodities, and more. With free withdrawals and deposits, IG becomes one of the best choices for you to start trading on.

Is IG Regulated?

The IG broker is regulated by many financial authorities like:

• UK – Financial Conduct Authority (FCA)
• Germany – Federal Financial Supervisory Authority (BaFin)
• Switzerland – Swiss Financial Market Supervisory Authority (FINMA)
• US – Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA)
• Australia – Australian Securities and Investment Commission (ASIC)
• New Zealand – Financial Markets Authority (FMA)
• Singapore – Monetary Authority of Singapore (MAS)
• Japan – Japanese Financial Services Authority (FSA)
• South Africa – Financial Sector Conduct Authority (FSCA)
• UAE – Dubai Financial Services Authority (DFSA)
• International – Bermuda Monetary Authority (BMA)

Is IG a Scam?

IG Markets has a long tracking record of 47 years of trading experience. It’s originally located in London, UK., but it has offices around the world to help you. IG also has been regulated by a number of top-tier financial authorities and has been listed on the LSE (London Stock Exchange) and does its best to provide safety to its users.

IG was also awarded with several awards along its history that make IG reliable.

Client Protection

IG cares a lot about client’s safety and protection. That’s why it has client protection amounts for users in several countries as the table shows below.

IG Legal Entities Table

Clients also have additional asset protection through the Financial Services Compensation Scheme (FSCS), up to £85,000.

Negative Balance Protection

With IG. If your spread betting or CFD balance falls below zero, IG will bring it back to zero as soon as possible at no cost to you. Please note that this protection does not apply to professional traders who can still lose more than the balance on their account. This feature is also for the UK customers who apply for it.

Two-step Verification

Fortunately, IG has the two-step verification method while logging in.

IG Awards

Since its foundation in 1974, IG was awards like:

• 2020:
• Best Finance App in the ADVFN International Financial Awards
• Best Multi Platform Provider in the ADVFN International Financial Awards
• Best Stocks and Shares ISA Provider in the Online Personal Wealth Awards
• Best CFD Provider n the Online Personal Wealth Awards
• 2019:
• Best For Forex Trading by Investopedia in the Online Brokers Awards 2019

FAQs

1. How long does it take to verify my account?

• It takes about 2 to 3 business days to verify your IG account.

1. Can I open more than one trading account?

• Yes. You can open another account by Simply logging in to My IG. Click one of the ‘add an account’ links on the dashboard and then choose the account you want from the pop-up.

1. Does IG allow bot trading?

• Yes, IG allows you to use trading bots in order to trade on behalf of you.

1. Can someone else trade on my behalf on IG?

• Yes. You can allow someone else to trade on your CFD account by granting them power of attorney (POA).
• The person you nominate must also hold an account with us. If they don’t already, they can apply online.
• You can email the completed form to helpdesk.en@ig.com. IG aims to have the POA set up on the same day as received it, however it can take longer. Ensure all information has been filled out on the form, as this will help prevent delays.

1. Where is my money held?

• In segregate bank accounts

1. What happens to my money if IG goes into liquidation?

• In the unlikely event of this happening, all the clients would have their share of the segregated money returned, minus the administrators’ costs in handling and distributing these funds.

1. What happens to my funds if the bank which holds my funds goes insolvent?

• As all deposits lodged with us are held on trust for you in a regulated trust account, in such circumstances those deposits would attract all the legal protections afforded to trust money.

1. When trading forex, will you lose more than your initial deposit?

• Yes. All trading involves risk. Losses can exceed deposits.

1. Can I login to more than one account from the same computer?

• Yes, you can do such a thing by using the MT4 Multi Terminal.

1. Can I login to the same account through different devices?

• Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.

1. Does IG accept payments from third parties?

• No. Payments should be under your name.