IG's online brokerage platform is a good option for those seeking to make CFD trades. While it is not the lowest cost option for CFD trading, several of its features may be of interest to certain individuals. For example, IG provides a few unique features that allows traders to manage their risk. Additionally, IG Academy offers CFD education and gives new traders a risk-free account to practice with simulated trades. Finally, IG users earn KrisFlyer Miles, which may be an attractive incentive for traders that like to fly with Singapore Airlines.
|Summary of IG's Online Brokerage|
|Slightly Higher Commission Fees Compared to Other CFD Trading Platforms|
|IG Academy: Educational Materials & Demo Accounts|
|Market Access: Indices, Forex, Shares, Commodities, Crypto and more|
|Singapore Airlines Promotion: Users Earn KrisFlyer Miles|
|Promotions: Receive S$168 when you open a new account with IG during the promotional period (7th Dec 2022 to 28th Feb 2023), make a one-time initial deposit of at least SGD5,000 and place one trade during the promotional period.|
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What Makes IG Stand Out to Traders
IG online brokerage is a solid option for individuals that would like to trade CFDs. The platform isn't the least expensive for CFD trading, but does have some attractive features. First, IG gives traders the ability to limit their exposure in unique ways. For example, IG lets users trade fractions of a contract (e.g. 0.5 contracts of spot FX EUR/USD). IG's Knockout CFDs are also unique and allow traders to select their maximum losses before entering a position. These CFDs automatically adjust their margin requirements based on the trader's preferred "knockout level".
IG online brokerage also offers a comprehensive CFD education platform through IG Academy, which helps new traders learn the fundamentals of CFD training. IG users can also open a demo account, with which they can practice making CFD trades, without actually using their own funds. Both of these factors make IG worth considering for relatively inexperienced CFD traders that would like to gain expertise without undue risk. Lastly, IG online brokerage offers a loyalty program in which users can earn KrisFlyer Miles on each trade. For those that fly Singapore Airlines, this can be a nice bonus.
|Monthly Aggregated Contract Value (USD)||Monthly Bonus KrisFlyer Miles Payable||Total KrisFlyer miles after 1 year for each tier|
Trading Opportunities at IG Online Brokerage
IG online brokerage is one of a few platforms in Singapore that allows individuals to trade CFDs. The platform has great market access, and allows users to trade indices, foreign exchange, currency, shares, commodities and cryptocurrency CFDs. However, IG's fees are slightly higher than its competitors, which means IG is usually not the lowest cost option.
|IG||City Index||Saxo Markets (Bronze Plan)|
|CFD Commission for Stocks & ETFs:|
|Index CFD Spread:|
|US SP 500||0.4||0.4||0.4|
|US Tech 100||1||1||1|
|Hong Kong 50||5||10||5|
Trader Eligibility Requirements
IG Online Brokerage Required Application Information
- Full Name
- Date of Birth
- Residential Address
- Email Address
- Mobile Number
Once registered, users will be able to trade within 1-2 days.