IG SOUTH AFRICA
THE TOP ONLINE BROKER FOR 2017 is an international business and highly CFD focused — it is probably the world leader in CFD trading. Globally it has 185,800 active trading clients and offers a wide range of exposures through CFDs, including cryptocurrencies.
IG South Africa is not a registered stockbroker but operates under a financial services licence. The firm does not offer advice but does provide comprehensive market analysis, research and tools.
An interesting development is the introduction of limited-risk accounts, where clients cannot lose more than their initial deposits. This will attract those who are put off by the “you can lose more than your deposit” disclaimers usually associated with CFD and other derivatives trading. The firm also launched the IG Academy trading app to help educate traders across the spectrum.
It has its own online trading platform and mobile apps. Sophisticated traders have access to the more advanced DMA platform called L2 Dealer. The firm offers clients two third-party platforms as well.
IG writes its own CFDs and uses its own money for hedging. It does not pass client money to hedging counterparties or to any part of the business as working capital. The firm’s core market segment is active day traders and it invests heavily in these clients. It has 400 in-house developers to deliver enhancements such as client activity and sentiment indicators, trading signals, interactive mobile charts and technical analysis alerts.
Clients are satisfied — they describe the trading platform as outstanding, with information always readily available. Half rate the quality of service as “excellent” and 85% would recommend the firm.