IG Vs FxPro

Category: Broker Guides | Author: Trading Brokers | Date: May 27, 2024

Discovering the world of online trading has never been more exciting, and two major players in this domain are IG and FxPro. If you’re eager to explore the possibilities of these brokerage platforms, we have compiled a comprehensive comparison to assist you in making an informed choice. Uncover the key features, offerings, and distinctions between IG and FxPro as we guide you on your journey to finding the perfect fit for your trading aspirations.

Overview of IG

IG

IG

IG, a renowned trading platform, offers a comprehensive suite of features that cater to the diverse needs of traders worldwide. With a user-friendly interface, IG provides a seamless trading experience, allowing users to access a wide range of financial instruments including stocks, indices, commodities, and cryptocurrencies. Leveraging their extensive market expertise, IG equips traders with powerful tools such as advanced charting capabilities, customizable alerts, and real-time market data, empowering them to make well-informed trading decisions.


The platform’s robust risk management tools, including stop-loss orders and guaranteed stop-loss orders, provide traders with added protection and control over their positions. Additionally, IG offers an expansive educational resource library, featuring webinars, tutorials, and market insights, enabling traders of all skill levels to enhance their knowledge and trading strategies. With a global presence and a strong reputation, IG stands as a reliable and feature-rich trading platform, serving as a go-to choice for both novice and seasoned traders.

Pros of IG

  • Wide range of tradable financial instruments including stocks, indices, commodities, and cryptocurrencies.
  • User-friendly interface for a seamless trading experience.
  • Advanced charting capabilities and customizable alerts for informed decision-making.
  • Real-time market data and analysis tools to stay updated with market trends.
  • Robust risk management features like stop-loss orders and guaranteed stop-loss orders.

Cons of IG

  • Potential for high trading fees, especially for frequent and small trades.
  • Limited access to certain markets or instruments compared to specialized platforms.
  • Customer support may be occasionally slow or challenging to reach during peak times.
  • Limited options for automated trading strategies or algorithmic trading.
  • Lack of integration with third-party trading tools or platforms.
IG Logo

IG have an impressive selection of 18,000+ instruments including Forex, Stocks, Cryptos and Commodities. You can trade via easy to use platforms for desktop and mobile apps, with low trading costs and the peace of mind that you are using one of the most well-known brokers in the industry.

70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Overview of FxPro

FxPro

FxPro

FxPro, a prominent trading platform, offers a comprehensive array of features designed to meet the diverse needs of traders. With a user-friendly interface, FxPro provides access to a wide range of financial instruments, including currencies, stocks, indices, commodities, and futures. Traders benefit from advanced trading tools such as FxPro Quant, a powerful algorithmic trading platform, enabling the creation and implementation of automated trading strategies. FxPro also stands out with its multiple execution modes, including Instant Execution and Market Execution, allowing traders to choose the most suitable order execution method.

The platform’s risk management features, such as negative balance protection and customized margin requirements, provide enhanced control and protection for traders’ portfolios. Additionally, FxPro offers a comprehensive suite of educational resources, market analysis tools, and economic calendars to keep traders informed and up-to-date with market trends. With its diverse range of features and commitment to client satisfaction, FxPro remains a reliable choice for traders seeking a robust trading experience.

Pros of FxPro

  • Wide range of tradable financial instruments including currencies, stocks, indices, commodities, and futures.
  • User-friendly interface for a smooth and efficient trading experience.
  • Advanced trading tools like FxPro Quant for algorithmic trading and automated strategies.
  • Multiple execution modes, allowing traders to choose the most suitable order execution method.
  • Risk management features include negative balance protection and customized margin requirements.

Cons of FxPro

  • Trading fees may be relatively higher compared to some other platforms.
  • Limited access to certain niche markets or specialized instruments.
  • Advanced trading tools may have a steep learning curve for novice traders.
  • Limited integration with external platforms or third-party trading tools.
  • Potential for occasional platform glitches or technical issues affecting the trading experience temporarily.
FxPro Logo

FxPro is a regulated online broker that offers hundreds of tradable assets on multiple sophisticated platforms; cTrader, MetaTrader and FxPro Edge. They also offer trading tools, third-party analysis and trader education. However, the spreads and fees are not the lowest.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Comparing IG and FxPro

Here are some key features worth considering when choosing between IG and FxPro:

Regulation

IG ensures regulatory compliance through oversight from the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia. These reputable regulatory bodies ensure adherence to industry standards and provide a level of protection for traders. FxPro, on the other hand, is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. This multi-regulatory approach highlights FxPro’s commitment to maintaining regulatory compliance in various jurisdictions.

Trading platforms

IG offers a proprietary trading platform that is accessible on desktop, mobile devices, and web browsers. It provides a user-friendly interface with intuitive navigation, enabling seamless trading experiences across different devices. Additionally, IG offers MetaTrader 4 (MT4) for forex trading, which is a widely recognized and popular platform known for its advanced charting tools and automated trading capabilities.

Similarly, FxPro provides its proprietary trading platform, ensuring a versatile and user-friendly trading environment across various devices. In addition to their proprietary platform, FxPro supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), giving traders access to a wide range of trading tools and features.

Pricing and fees

When it comes to fees, IG’s pricing structure is generally higher compared to FxPro. For instance, IG charges a commission of $10 for US stocks, while FxPro offers commission-free trading on stocks. Additionally, IG imposes an inactivity fee of $12 per month if a trader doesn’t engage in trading for two years. In contrast, FxPro does not charge an inactivity fee, providing flexibility for traders who may have periods of lower trading activity.


Broker Type

IG and FxPro are two different types of brokers. IG operates as a market maker, setting its own prices and acting as the counterparty to clients’ trades. It also offers direct market access (DMA) for select products, enabling direct trading with liquidity providers. On the other hand, FxPro functions as a no dealing desk (NDD) broker, forwarding clients’ trades to liquidity providers without taking the opposing side. FxPro provides various execution options based on account type and platform. Both brokers offer variable spreads, with IG boasting lower average spreads, particularly for forex products.

Leverage

Leverage is a key aspect of trading, and IG and FxPro offer different leverage options. IG provides leverage up to 1:30 for retail clients and up to 1:200 for professional clients. This allows traders to control larger positions with smaller capital investment. On the other hand, FxPro stands out by offering significantly higher leverage, reaching up to 1:500. While higher leverage can amplify potential profits, it also increases the risk of losses. Traders should carefully assess their risk tolerance and use leverage prudently to manage their positions effectively.

Asset selection

IG boasts an extensive range of tradable assets, including forex, indices, commodities, shares, cryptocurrencies, options, ETFs, bonds, interest rates, sectors, and IPOs. This diverse selection caters to the preferences of various traders and offers ample opportunities for portfolio diversification. Similarly, FxPro offers a wide range of assets, including forex, indices, commodities, shares, cryptocurrencies, futures, metals, and energies. This comprehensive asset selection enables traders to explore various markets and take advantage of different trading opportunities.

Social Trading

IG excels in social trading, offering a feature that fosters a community-driven trading experience. Through the platform, traders can connect with fellow participants, share trading ideas, and follow the strategies of successful traders. This interactive environment promotes collaboration and learning from others, making it particularly beneficial for novice traders or those seeking additional insights. In contrast, FxPro does not offer social trading functionality. Traders using FxPro rely primarily on their individual analysis and decision-making processes. While some traders may prefer independent decision-making, those who value community engagement and the opportunity to learn from peers may find IG’s social trading feature appealing.

Minimum Deposit

In terms of minimum deposit requirements, FxPro has a lower minimum deposit of $100 or equivalent for all methods, while IG requires a minimum deposit of £250 or equivalent for credit/debit cards and PayPal, with no minimum deposit for bank transfers.


Withdrawal and Deposit Methods

IG and FxPro differ in withdrawal and deposit methods. IG supports 6 base currencies: GBP, EUR, USD, CHF, AUD, and SGD, while FxPro supports 8 base currencies: USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR. IG accepts bank transfers, credit/debit card, and PayPal deposits, with no fees for bank transfers and credit/debit cards, but charges a 0.5% fee for GBP and a 1% fee for EUR or USD PayPal deposits. FxPro accepts these methods, plus Skrill, Neteller, and Union Pay, with no deposit fees. Both brokers process withdrawals within 1-5 business days, depending on the method used, with no withdrawal fees charged by either. FxPro offers more withdrawal and deposit options, supports more base currencies, has lower fees, and lower minimum deposit requirements compared to IG.

IG or FxPro: Which is Best for You?

When deciding between IG and FxPro, determining which platform is best for you depends on your specific trading preferences and requirements. If you’re someone who appreciates a wide range of tradable assets, including stocks, indices, commodities, and cryptocurrencies, along with the opportunity for social trading and a user-friendly interface, IG may be the better choice for you. On the other hand, if you prioritize higher leverage options, access to MetaTrader 5, and lower fees, FxPro might be the more suitable option. Consider your risk tolerance and trading style as well. If you prefer a community-driven environment and the ability to learn from other traders, IG’s social trading feature could be an advantage. Conversely, if you value independent decision-making and prefer to rely solely on your own analysis, FxPro’s more individual-centric approach may be more appealing. Ultimately, weigh the differentiating factors, such as asset selection, leverage options, social trading capabilities, and trading fees, to determine which platform aligns best with your specific needs and trading preferences.

Conclusion

In conclusion, both IG and FxPro are reputable trading platforms with distinct features and strengths. IG offers a wide range of tradable assets, a user-friendly interface, and the advantage of social trading, making it a preferred choice for those seeking a diverse trading experience and community engagement. On the other hand, FxPro stands out with its higher leverage options, lower fees, and access to MetaTrader 5. Ultimately, the best platform for you depends on your individual preferences, such as asset selection, leverage requirements, social trading aspirations, and trading fees. Consider these factors carefully to make an informed decision that aligns with your specific needs and trading goals.


Relevant Articles