IG Mobile App Review
IG is a reputable brokerage that has been providing the British public with investment opportunities since 1974.
The organization is publicly listed, and it is a FTSE 250 constituent. The international side of IG’s brokerage business belongs to IG International Limited, a member of the IG group. The organization has an operating license from the Bermuda Monetary Authority.
What should you know about IG before downloading the mobile app of the brokerage and starting trading?
- The broker keeps its traders’ deposits in segregated accounts with regulated banks.
- IG never mingles its own funds and assets with those of its traders.
- Should the brokerage go into bankruptcy for whatever reason, its creditors won’t be able to get to traders’ deposits.
- The brokerage does not use deposited money for business activities, including hedging, or as margin for its trades.
IG aims to follow the decades-old business model that has allowed it the success it now enjoys. It wants to build long-term relationships with its clients. At the core of its business philosophy, it observes a handful of principles:
- The interests of the clients represent the centerpiece of the IG business model.
- The broker wants its clients to be profitable. That said, many CFD traders lose money.
- The organization makes most of its money from the spreads.
- The mobile apps offer traders a rich selection of tools that allow them to be profitable.
- IG may also make some money from FX conversion fees, inactivity fees, overnight fees, and commissions it charges on shares CFDs.
User Interface
The user interface of the IG mobile apps is as simple as it could possibly be. The Android app displays a default selection of tradable assets against a white background as part of the trading app’s dashboard.
The app features a selection of ready-made watchlists that users can access at a tap. These watchlists cover major FX pairs, indices, popular markets, commodities, and recently traded assets.
Users are free to compile their own watchlists.
Functionality and Features
The app allows users to set trading alerts and track the intraday lows, highs, and percentage changes of markets.
The charting function of the app is decent, though not as powerful as the charting a desktop-based app can provide. Users can access many time frames, scores of technical indicators, and several drawing tools.
There is a function that allows dealing directly from the charts. Traders can perform fundamental analysis directly from the charts. IG is one of the few brokers that combine technical and fundamental analysis seamlessly. Different chart layouts are also available.
Stop losses and take profits grant traders additional control over their investments.
IG has made available a great Demo version of the app to traders who want to test the waters before they dive in. The Demo account comes preloaded with 10,000 units worth of virtual currency.
Performance
The IG mobile apps are quick to load and take around a minute to install. Trade execution is excellent. The app allows traders to keep an eye on and manage their trades. Closing open positions is as simple as tapping a button.
The charting features work well. Indicators appear instantly, allowing traders to spot patterns and execute their trades in the blink of an eye.
Privacy and Security
The broker uses the personal information traders provide primarily for verifying identities. IG may also give out users’ personal information to the authorities if served with the appropriate subpoenas.
Data analysis, marketing, internal business purposes, surveys, and user profiling, are also purposes for which the broker may use its traders’ personal details.
Customer Support
Traders using the mobile app can request support directly through the app. The support section of the app provides access to relevant articles. Those who can’t find the information they need through the articles can contact the IG support staff by email at helpdesk.uk@ig.com.
The support phone number is 0800 409 6789.
The IG support staff is knowledgeable and quick to respond.
Pros and Cons
Many traders who usethe IG mobile apps have used other mobile trading apps before. Most think the IG apps are superior to other mobile trading apps. Here’s what traders also like about the IG mobile trading apps:
- The graphs and trade alerts are excellent.
- Traders love that they can react to news directly from the charts.
- People like the generous selection of stocks to trade.
- Mobile traders like the chart visuals, including the trade entry points, stop losses, etc.
- The quick, same-day withdrawals are among the most appreciated features of the app.
There are plenty of complaints about various shortcomings of the apps.
- Some traders have noticed bugs in how the apps display charts on iPads.
- Other traders find the spreads and the trading fees too steep.
- Some have complained about their trade alerts turning off automatically.
- Others have not been receiving their notifications for some reason.
Conclusion
The IG mobile trading apps are well put together, and with the exception of some bugs, they work as they should. The broker is a well-known and established UK entity. Some traders have found its trading costs to be steep.