The best alternatives to IG are
- XTB - Global CFD and forex broker
- eToro - Global social trading broker
- City Index - Global CFD and forex broker
Let's see in a bit more detail how the IG alternatives compare to IG and each other:
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| Overall score | 4.5 | 4.6 | 4.6 | 4.6 |
| Fees score | 3.0 | 4.0 | 4.0 | 4.0 |
| Account opening score | 4.0 | 5.0 | 5.0 | 5.0 |
| Deposit and withdrawal score | 5.0 | 5.0 | 3.0 | 4.0 |
| Web platform score | 5.0 | 4.0 | 4.0 | 4.0 |
| Markets and products score | 3.0 | 3.0 | 4.0 | 2.0 |
|
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68% of retail CFD accounts lose money |
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75% of retail CFD accounts lose money |
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75% of retail CFD accounts lose money |
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72% of retail CFD accounts lose money |
Why are these brokers considered good alternatives to IG? There are many areas based on which IG can be compared with others. When we say a given online broker is a good alternative to IG we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
IG alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- IG is recommended for traders of any experience level looking for an easy-to-use trading platform
- XTB is recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service
- eToro is recommended for traders interested in social trading (i.e. copying other investors’ trades)
- City Index is recommended for forex and cfd traders looking for low forex fees and great research tools
Important factors of finding IG alternatives
So far Brokerchooser has reviewed 57 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether IG or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts IG charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than IG.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at IG, this might not be the case at its alternatives.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given IG alternative is a must.
Now let's dive into the details of how IG and its alternatives perform in the most important areas!
IG alternatives
IG
IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.
IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.
Recommended for traders of any experience level looking for an easy-to-use trading platform
| Pros | Cons |
|---|---|
| • First-class web trading platform | • High stock CFD fees |
| • Superb educational tools | • Limited product portfolio |
| • Great deposit and withdrawal options | • Poor phone support |
Fees
IG has low fees for stock index CFD, while forex fees are average to low. There is no fee for withdrawal and the inactivity fee is charged only after 2 years. On the negative side, the stock CFD fees are high.
| Pros | Cons |
|---|---|
| • No withdrawal fee | • Inactivity fee |
| • Low index CFD trading fees | • High stock CFD fee |
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| S&P 500 index CFD fee | $2.1 | $2.0 | $2.4 | $2.1 |
| Europe 50 index CFD fee | $1.6 | $2.2 | $2.7 | $1.6 |
| EURUSD benchmark fee | $16.9 | $15.0 | $19.6 | $12.8 |
| GBPUSD benchmark fee | $15.1 | $11.1 | $16.2 | $9.4 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stock and $20k for FX
Account opening
IG's account opening is seamless and fully digital. There is no minimum deposit for bank transfers and a low, $300 minimum deposit for credit/debit cards and PayPal. On the other hand, account verification takes around 3 business days, which is slower than at some other brokers.
| Pros | Cons |
|---|---|
| • Fully digital | • Slower account opening |
| • Low minimum deposit | |
| • No minimum deposit for bank transfer |
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| Minimum deposit | $0 | $250 | $200 | $0 |
| Time to open account | 1-3 days | 1 day | 1 day | 1 day |
Learn more about IG minimum deposit here.
Deposit and withdrawal
IG offers free and fast deposit and withdrawal. There are various options for funding your account, including traditional methods such as bank wire and credit card funding, as well as PayPal.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | Yes | Yes |
| Electronic wallets | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $25 | $0 |
Web trading platform
IG's web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Clear fee report | |
| • Two-step (safer) login |
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| Web platform score | 5.0 | 4.0 | 4.0 | 4.0 |
| Mobile platform score | 5.0 | 4.0 | 5.0 | 4.0 |
| Desktop platform score | - | 4.0 | - | 3.0 |
Learn more about IG's web trading platform in the detailed IG review.
Markets and products
At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. Residents in the UK and some other countries can also trade with real shares. Other popular assets, like mutual funds or bonds, are not available.
| IG | XTB | eToro | City Index | |
|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | No |
| Forex | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No |
| Bond | No | No | No | No |
| Options | Yes | No | No | No |
| Futures | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes |
Verdict
IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.
IG has one of the best web trading platforms Brokerchooser tested. The deposit and withdrawal conditions are great. You can also educate yourself with great educational materials.
On the other hand, there are some drawbacks. The stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs, and options. The phone customer service has also low quality.
Feel free to test IG's first-class trading platform since there is no minimum funding amount for bank transfers and you can easily open a demo account too.
| IG | |
|---|---|
| Summary | IG is a CFD and forex broker. It is listed on the London Stock Exchange and regulated by several authorities globally, including the top-tier FCA. |
| Fees score | 3.0 |
| Recommended for | Traders of any experience level looking for an easy-to-use trading platform |
IG alternatives
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.
XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fee for stock CFD |
| • Free and fast deposit and withdrawal | • Limited product portfolio, mostly CFD and FX |
| • Easy and fast account opening | • Poor email support |
Fees
XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High stock CFD fees |
| • Low non-trading fees | |
| • No withdrawal fee |
| XTB | IG | |
|---|---|---|
| Apple benchmark fee | $17.9 | $31.9 |
| Vodafone benchmark fee | $20.9 | $25.7 |
| EURUSD benchmark fee | $15.0 | $16.9 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | IG | |
|---|---|---|
| Minimum deposit | $250 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in XTB minimum deposit, this overview will help you.
Deposit and withdrawal
XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | IG | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | Yes |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| XTB | IG | |
|---|---|---|
| Web platform score | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 |
| Desktop platform score | 4.0 | - |
Learn more about XTB's web trading platform in the detailed XTB review.
Markets and products
XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| XTB | IG | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | Yes |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange.
On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
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IG alternatives
eToro
eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.
eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).
eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.
eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for traders interested in social trading (i.e. copying other investors’ trades)
| Pros | Cons |
|---|---|
| • Free stock and ETF trading in the EU | • High forex fees |
| • Seamless account opening | • Withdrawing money is slow and expensive |
| • Social trading experience | • Only one account base currency |
Fees
eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees and withdrawal fees are high.
| Pros | Cons |
|---|---|
| • Free stock and ETF trading in the EU | • High non-trading fees |
| • Low CFD fees | • High forex fees |
| • Withdrawal fee |
| eToro | IG | |
|---|---|---|
| Apple benchmark fee | $6.3 | $31.9 |
| Vodafone benchmark fee | - | $25.7 |
| EURUSD benchmark fee | $19.6 | $16.9 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening at eToro is seamless and very fast.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| eToro | IG | |
|---|---|---|
| Minimum deposit | $200 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in eToro minimum deposit, this overview will help you.
Deposit and withdrawal
Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • High withdrawal fee |
| • No deposit fee | • Only one account base currency |
| • User-friendly | • Slow withdrawal - over 3 days |
| eToro | IG | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | Yes | Yes |
| Electronic wallets | Yes | No |
| Withdrawal fee | $25 | $0 |
Web trading platform
eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| eToro | IG | |
|---|---|---|
| Web platform score | 4.0 | 5.0 |
| Mobile platform score | 5.0 | 5.0 |
| Desktop platform score | - | - |
Learn more about eToro's web trading platform in the detailed eToro review.
Markets and products
At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
| eToro | IG | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | Yes |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.
It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts.
Overall, we would recommend eToro for its social trading feature and cheap stock trading.
Risk disclaimer
eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Past performance is not an indication of future results.
| eToro | |
|---|---|
| Summary | eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC. |
| Fees score | 4.0 |
| Recommended for | Traders interested in social trading (i.e. copying other investors’ trades) |
IG alternatives
City Index
City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS).
City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders looking for low forex fees and great research tools
| Pros | Cons |
|---|---|
| • Low fees for forex and index CFDs | • Limited product portfolio |
| • Fast and smooth account opening | • High stock CFD fees |
| • Diverse research tools | • Not user-friendly desktop platform |
Fees
City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • No withdrawal fee | • High stock CFD fee |
| • Low stock index CFD fees |
| City Index | IG | |
|---|---|---|
| Apple benchmark fee | $21.9 | $31.9 |
| Vodafone benchmark fee | $25.7 | $25.7 |
| EURUSD benchmark fee | $12.8 | $16.9 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
City Index account opening is fully digital and there is no minimum deposit. It took us one day to have an approved open account.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| City Index | IG | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in City Index minimum deposit, this overview will help you.
Deposit and withdrawal
City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Problem with credit card withdrawal |
| • Free withdrawal | |
| • No deposit fee |
| City Index | IG | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | Yes | Yes |
| Electronic wallets | Yes | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types |
| City Index | IG | |
|---|---|---|
| Web platform score | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 |
| Desktop platform score | 3.0 | - |
Learn more about City Index's web trading platform in the detailed City Index review.
Markets and products
At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
| City Index | IG | |
|---|---|---|
| Stock | No | Yes |
| ETF | No | Yes |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | Yes |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.
On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.
As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.
| City Index | |
|---|---|
| Summary | City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low forex fees and great research tools |
IG alternatives
Bottom line
Based on our analysis, there are several good alternatives to IG. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| IG | Global CFD and forex broker | Traders of any experience level looking for an easy-to-use trading platform |
| XTB | Global CFD and forex broker | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
| eToro | Global social trading broker | Traders interested in social trading (i.e. copying other investors’ trades) |
| City Index | Global CFD and forex broker | Forex and CFD traders looking for low forex fees and great research tools |
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