IG Binary Review

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Today, we are going to review a broker whose promoter company is well-established organization. We are talking about IG Binary, a binary trading arm of IG Group. Let’s understand the traits of the brokerage arm to acquaint ourselves.

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IG Binary Review

The IG Binaries offers mainly two types of trading platforms to their clients; “Binary” are traded through its renowned spread betting software whereas the ‘Sprints’ are dealt through the binary options trading style platform. Both the platforms, the binary and the sprints, provide access to a variety of options but has a fundamental difference. The binary platform provides a comprehensive list of an asset with expiry ranging from five minutes to one month, whereas, the sprint platform provides a trading opportunity of shorter tenure and ranging from 60 seconds to 1 hour. The ladder type digital 100 binary asks whether the asset will finish above or below, the one touch allows you to predict whether the asset will breach the predetermined target before expiry or not, the up or down option lets you trade the trend of an asset, and the targets asks whether the underlying will finish in the specified range. The sprint market does not allow the earlier closure of trade unlike the binary platform from IG.

As stated above, the sprint platform provides similar feel as the competitors with graphs and dealing panels. The bottom panel records the trading details and provides information regarding payouts, investment amount, and expiry countdown. It also has a history tab, which allows the traders to check their previous performance in just one click.

On the other hand, the binaries platform is similar to spread trading platform. The biggest advantage of the platform is that the trader can close their open position at any time before expiry allowing the trader to take profit or limit their losses. This platform works differently than the known binary trading platform and requires a little bit of practice to get acquainted.

IG Binary Main Page
IG Binary Main Page

The trading platform by IG provides numerous types of options to trade including ladder option, up or down, one-touch, target, tunnel option, 60 second or 1-minute expiry option, and the more traditional high/low option for the traders. The decades of experience in online trading has resulted in a platform to provide almost all kinds of choices to the dealers. The IG binary takes a lot of its strength from the experience of NADEX (the Northern American Derivatives Exchange), which is also floated by the same parents. NADEX is authorized to provide derivatives and binary options services to the United States residents.

The website is a professionally made and uses a black, white and maroon theme. The website requires a little practice to get used it, but once you are acquainted it’s as easy as it gets. The trading platform, not only allows traders to bet on indices, forex, currencies, and commodities, but it also allows dealers to play on the political outcomes and economic events. The non-farm payroll and the jobless claims are the most anticipated economic data, and IG provides an opportunity to trade this data. If the actual outcome is above your chosen figure, then you gain from the trade otherwise, you lose.

The free account or demo account requires a registration procedure to be completed before operating. The demo account replicates the actual platform and hence it is advisable to trade on demo first before jumping to real account. The broker allows you to start trading with a minimum deposit of $100 and depending on the deposit amount, it will allow accessing its tools and services. The broker also offers an exhaustive learning material to their customers including e-books, video tutorials, news and analysis, and webinars. Its pro account provides access to advanced charting and technical tools, meta-trading, and advanced FX trading amongst others.

The broker also provides a native mobile application for android powered devices and IOS devices. The mobile application provides a seamless experience to the traveling customer.

Deposits and Withdrawals.

The broker accepts deposits through debit or credit cards and wire transfers. It accepts debit cards of the VISA of the United Kingdom, Switch or Maestro, Solo cards, Irish Laser-cards, and cards of Electron. It is important to note that the broker charges 1.5 percent fees on the debit cards originating from other countries (other than the United Kingdom). It also charges similar fees on the credit cards of VISA or MasterCard. The company restricts the payment from the residents of the United States. IG also accepts the payment through android and IOS mobile applications. The broker has capped the minimum deposit amount to £100, while there is no cap on the maximum amount of deposits. The credit or debit card payment provides instant realization in the trading account, whereas, the payment through wire transfer is credited on actual realization of funds.

The company lets you withdraw your funds either through credit or debit cards and wire transfers. Though the broker accepts payments through MasterCard, it restricts withdrawals to the MasterCard issued outside the United Kingdom. The preferred withdrawal method is wire transfer and it takes only one day for the transfer to the United Kingdom based banks (CHAPS), and BACS takes 3 to 5 working days to transfer the funds. The broker charges £15 for the withdrawal of less than £100 and for International withdrawals. The broker has not put any limitation on the withdrawal amount and one can withdraw any available amount from his or her trading account.

IG Binary Steps to Trading
IG Binary Steps to Trading

Signup and Bonuses

The broker has started the binary options trading way back in 2003, when others were struggling to understand the binary, and hence, it has its own processes and follows a set of rules to provide services. If you are attracted towards the signup and deposit bonuses, then this broker is not for you as it does not offer any kind of giveaway to their customers.

Signup on the site requires the usual fields and is straight forward. It requires your name, e-mail, contact information, ID proof of the resident country and other generic information. The company strongly recommends the first timers to go through their policies before commencing the trading.

PS: The broker charges fees of £12 each month on the accounts which have been inactive for the past 24 months.

Payouts and Trading

The payouts, in this case, is not as straight as some other broker offers. In the case of IG, the binary has only two outcomes, either zero or hundred and the payout depends on the difference of premium and outcome. For instance, if you want to buy an option then you will have to pay a premium to broking house and if your bet turns out to be true then your payout will be 100 minus the premium amount. Otherwise, you will lose your premium amount. The platform offers an exhaustive list of options for the traders to cater to all categories. For the short term traders, it offers options for assets expiring from 60-sec to 60 minutes through its ‘Sprint’ platform, while, for long traders, it offers expiry ranging from 5 minutes to 1 month, through its ‘Binaries’ platform.

Along with, long and short term options, the broker offers all types of binary options to suit your requirements. It offers ladder, target, 60 second, high or low, and one touch amongst others. The company offers an array of assets including indices, stocks, currency pairs, commodities, economic data, and political event outcomes to the traders. The trading platform is optimized for the mobile devices and offers a mobile application for the client on the move. It caters to the most popular mobile platforms; the android and the IOS. The mobile applications, not only allow real-time trading, it also offers money management. Both the applications are available in their respective app stores.

The minimum trade amount required varies from asset to asset and the range is 50p to £ 10. The trading amount requirements are informed to the client before the transaction is confirmed and call the “Margin Amount”.

Customer Support

The broking house connects with its client in all the modern connectivity options like phone, e-mail, live chat, and social sites like Facebook, Twitter, LinkedIn, and Google plus. The customer support is available from 8:00 am Sunday to 10:00 pm Friday. On Saturdays, it is available from 9:00 am to 5:00 pm.

The disheartening aspect of customer support is that it is available only in the English and hence, people speaking other than the English language may find hard to resolve their complaints. Also, the internet search has resulted in the varied view from the customers. Some arguing that it is the best while others are complaining – specifically regarding how it handles the spread transactions.

The Organization

IG Binary is promoted by a company called IG Index Ltd. a sister concern of IG Markets Ltd. The IG Index Ltd was established in 1974, and since then it has been providing trading services. The company has been registered in England and Wales under the license number 011 909 02. The IG Markets Ltd. is registered in England and Wales under the license number 040 089 57 and has a trading name called IG. Both the company, IG Markets Ltd. and IG Index Ltd., has been authorized and regulated by the FCA (the Financial Conduct Authority) with the license number 195 355 and 114 059, respectively.

The parent company is known as the IG group and is a global leader in the online trading. The parent company also owns a retail derivative exchange called NADEX for the US clients. In 2014, the binary trading was rolled out, initially, in the UK and the Ireland.

IG Also Provides Forex Trading
IG Also Provides Forex Trading

The Verdict

The review of IG Binary provides detailed insight into the platform. The review makes it clear that it is one of the oldest binary brokers and provides services to a gamut of trader base. The professionally designed platform provides comprehensive trading options to meet the requirements of the entire trading community. The solid customer support along with faster withdrawal process adds to the charm. The most disheartening part is that it does not offer any bonuses which are very common in the binary industry. Though the broker provides state of the art trading platform, it requires a practice to understand and grasp the nitty-gritty of the platform.

The most disheartening fact is that it is not regulated. Though many review site indicates that it is regulated by FCA, the fact is that the IG binary is not regulated by the FCA rather it is licensed by the Gambling Commission (you read it right, the gambling commission). And hence, the concern, that after so many years of operation, the binary broker has not been approved by any exchange authorities.

Although the IG offers some distinct advantages like, being one of the oldest brokers and offers to trade into the political and economic outcome, we would recommend you to stick with the well-established names. The Banc De Binary, IQ Option, and Option Robot have earned their reputation with their state of the art platform and solid customer service. These brokers have well-laid policies and procedures, and they are consistent in their services to the dealers. These brokers also offer a complete suite of binary options to cater to all categories of customers. They are also consistent with their withdrawal procedures and has been making timely payments to their clients. Also, the Banc De Binary and IQ Option are regulated by CySEC, whereas, the Option Robot is associated with brokers who are regulated by CySEC.

Considering all the above aspects, the IG offers distinct advantages and has a solid platform to cater to traders, but it does not hold a license from an exchange authority. Therefore, we would recommend you to trade with either Banc De Binary, IQ option or Option Robot due to their market standing.

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References and Further Reading

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  5. The forex trading course: a self-study guide to becoming a successful currency trader
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  10. Comparative study of FOREX trading systems built with SVR+ GHSOM and genetic algorithms optimization of technical indicators
  11. How does the Occurrence of Stock Price Reversals Following End-of-the-day Price Moves Differ in Bull and Bear Markets
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Author: Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.