CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

IG
9.8 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT IG
CMC Markets
9 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT CMC MARKETS
Pepperstone
9.3 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT PEPPERSTONE
About

IG is regulated by the Financial Conduct Authority and ASIC. IG have provided forex, spread betting, CFD, and stock trading services since 1974.

CMC Markets is regulated by the Financial Conduct Authority, NFA and ACN. CMC Markets have provided Forex trading services since 1989.

Pepperstone is regulated by ASIC. Pepperstone have provided Forex trading services since 2010.

Why choose them?
  • Yes Over 44 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 29 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by ASIC
Headquarters London, UK London, UK Melbourne, Australia

TRADING SERVICES OFFERED

Forex (CFD) Yes Yes Yes
CFD Yes Yes Yes
Spread Betting Yes Yes Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 90 32 61
Commodities Offered 34 0 12
Stocks Offered 8000 9000 300
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes No No
Dow Jones Yes No No
Dax Yes Yes Yes
Nikkei Yes No No
ETFs Yes No No
IPO Yes No No
See all instruments

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

See all instruments

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See all instruments

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No Yes
MT4 Mac Yes No Yes
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No Yes
Sirix No No No
cTrader No No Yes
PAMM No Yes No
Custom Platforms ProRealTime & L2 Dealer Next Generation No

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No No No
Available Languages

English, French, German, Spanish, and Portuguese

English, German, French, Polish, Spanish, Swedish, Italian, and Norwegian

English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic

See platform & features

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

See platform & features

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See platform & features

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by IG and CMC Markets

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account No No No
Standard account Yes Yes Yes
ECN Account No No No
Islamic account No No Yes
Zero spread account No No No
VIP account Yes No No
Fixed spreads No No No
Variable spreads Yes Yes Yes
See account options

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

See account options

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See account options

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No Yes
Direct market access Yes No Yes
STP broker Yes No Yes
Market maker No Yes Yes
Min trade £1 Varies 0.01 Lot
Max trade Variable Varies None
Min deposit $250 $200 $200

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading Yes Yes Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal Yes No Yes
Neteller No No Yes
Skrill No No Yes
Payment processing time Varies 1-5 business days Varies
Withdrawal processing time Varies 1-2 business days Varies
See all funding options

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

See all funding options

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See all funding options

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

DETAILED INFO

Excluded countries US US KR,IR,IQ,SY,JP,US,ES
Contact email Send Email Send Email Send Email
Phone number 44 20 7633 5300 +1300 303 888 61 3 9020 0155
Live Chat Yes No Yes
Website http://www.ig.com/ https://www.cmcmarkets.com https://pepperstone.com/
Spreads:
EUR/USD (Average: 0.7 pips) 0.6 pips + $1.00 0.7 pips + $0.00 0.09 pips + $5.00
GBP/USD (Average: 1.1 pips) 0.9 pips + $1.00 0.9 pips + $0.00 0.38 pips + $5.00
USD/JPY (Average: 1.1 pips) 0.7 pips + $1.00 0.7 pips + $0.00 0.19 pips + $5.00
AUD/USD (Average: 0.8 pips) 0.6 pips + $1.00 0.9 pips + $0.00 0.17 pips + $5.00
USD/CHF (Average: 2.3 pips) 1.5 pips + $1.00 1.5 pips + $0.00 0.35 pips + $5.00
USD/CAD (Average: 2.9 pips) 1.7 pips + $1.00 1.7 pips + $0.00 0.27 pips + $5.00
NZD/USD (Average: 3.6 pips) 2.0 pips + $1.00 2.0 pips + $0.00 1.1 pips + $5.00
EUR/GBP (Average: 2.4 pips) 0.9 pips + $1.00 1.1 pips + $0.00 1.0 pips + $5.00
View all spreads

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

View all spreads

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

View all spreads

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

FEES

Inactivity Fee Yes Yes No
Commission Yes (0.1%) Yes, 0.10% Yes
Deposit Fee Varies Varies No
Withdrawal Fee No Varies No
View All Fees

71% of retail investor accounts lose money when trading spread bets and CFDs with this provider

View All Fees

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

View All Fees

78.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

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Last update

All information collected from http://www.ig.com/. Last updated on 01/07/2021.

All information collected from https://www.cmcmarkets.com. Last updated on 01/07/2021.

All information collected from https://pepperstone.com/. Last updated on 01/07/2021.

Company

Founded in 1974, IG are one of the largest and most respected brokers in the world. With over 125,000 traders, low margins and spreads, and a range of platforms, they're a popular choice for traders looking for a reputable broker that also offers a good range of markets and trading options.

IG are also one of the few brokers that offer experienced traders the chance to upgrade to an elective professional status. For more information about trading with IG, we have put together an indepth IG review with all the pros and cons about this broker.

CMC Markets were founded in 1989 and are one of the leading CFD and spread betting providers. The main differentiator about CMC Markets is their bespoke award-winning trading platform. CMC Markets also offer very reasonable spreads and offer a wide range of instruments.

For more information about trading with CMC Markets, we have put together an indepth CMC Markets review with all the pros and cons about this broker.

Pepperstone provide a trading platform for retail and institutional investors looking for a broker that provides fast execution, reliable technology, award winning customer service all at superior competitive pricing.

Pepperstone was founded in 2010 to provide a solution to traders frustrated by slow trade execution, excessive spread and poor customer service from other online brokers. Pepperstone are a perfect choice for traders with spreads start from as low as 0 pips and combined with their use of leading technology platforms including MetaTrader 4 and cTrader.

For more information about trading with Pepperstone, we have put together an indepth Pepperstone review with all the pros and cons about this broker.

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Popular comparisons feat. CMC Markets

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IG or CMC Markets?

Access to MT4 or?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, IG is likely a better fit. However, if

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider IG and CMC Markets to be equally reliable. We’ve broken down why below:

Who are they regulated by?

IG is regulated by Financial Conduct Authority and ASIC, while CMC Markets is regulated by Financial Conduct Authority.

As the Financial Conduct Authority are one of the most stringent regulators in the world, both IG and CMC Markets will have very strict guidelines to follow to ensure they protect their retail trader clients.

Pepperstone are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

IG has been around for 47 years, while CMC Markets have been around for 32 years. Our third alternative broker, Pepperstone, have been around for 11 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both IG and CMC Markets use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on IG or CMC Markets in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

IG is more popular with over 178,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both IG and CMC Markets are public limited companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Both IG and CMC Markets are based in London, UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both IG and CMC Markets offer forex trading. IG have a slightly larger variety of currency pairs with 90 pairs, compared to 32 offered by CMC Markets. Also, if you’re looking to trade cryptocurrencies, IG offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both IG and CMC Markets allow you to trade commodities like gold, silver and crude oil.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. IG, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

IG does allow scalping and hedging. While CMC Markets also allows scalping and hedging. You can trade with EAs (expert advisors) on IG but you can't trade EAs (expert advisors) with CMC Markets.

In terms of risk management tools, neither IG or CMC Markets offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

IG also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

IG accept Paypal while CMC Markets accept Payoneer.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, IG charges 0.60 points, while CMC Markets charges 0.70 points. Therefore, IG is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: IG or CMC Markets?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, CMC Markets is more reliable based on our criteria above. CMC Markets has a wider range of instruments to trade. IG offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.