Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
How to Open an IG Trading Account: A Step-by-Step Guide
Ruby Layram
20th Dec 2024
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IG is a popular online stock brokerage that offers 0% commissions on US, EU and AU stocks, access to advanced trading tools and an excellent range of educational guides and resources. If you’re thinking of stepping into the world of trading and fancy dipping your toes into something a little bit more complex, IG stands out as one of the top platforms to consider.,
But let’s be honest, opening a trading account for the first time can seem a bit complex. Opening a trading account with a platform like IG comes with various forms, and identity checks and requires you to navigate a completely new dashboard.
To make things a little less daunting, in this guide, I will break down the process of signing up to the IG trading platform as a UK trader. By the end of this guide, you’ll know exactly how to set up a trading account and be ready to start exploring the markets with confidence.
Why is IG a Good Trading Platform?
Before we dive into the how-to, let’s take a moment to understand why you’d choose IG in the first place (because chances are, you haven’t used them before!).
IG is one of the most established online trading platforms, with nearly 50 years in the game. Not only do they have a wide range of assets such as stocks, commodities, forex, and more, but they also offer a host of learning tools and resources – my personal favourite part of the platform.
The platform also stands out as being a solid option for both beginners and experienced traders. This makes it a great option if you are hoping to improve your skills over time and eventually venture into advanced trading strategies.
IG also has a reputation for offering excellent customer support. They offer a 24-hour emergency support service to cater to the most urgent requests. They also offer both a web trading platform and a mobile app, so you can trade on the go or from the comfort of your laptop.
Before You Sign Up
Like any financial decision, opening a trading account should be approached with careful planning. So, here are a few things that you should do before you start the registration process.
Do your research
Research is key to make informed investment decisions. IG is a well-regarded platform, but it’s always wise to understand exactly what you’re signing up for. Have a look at IG’s website and read up on their range of products, fees, and available markets. There are also plenty of online reviews and forums where you can get a feel for what other traders think of IG.
Know your trading goals
Next, it’s helpful to know exactly how you’re planning to trade before you get started. This will ensure that you pick the right services and trading options from the get-go.
Are you interested in day trading or looking to build a portfolio over the long term?
Maybe you’re keen on foreign exchange (also called forex), or perhaps it’s the stock market that you’re interested in.
Whatever your goals, having a clear sense of what you’re aiming for will help you choose the right account type and trading style.
IG offers various types of accounts, so knowing your goals will make the setup process smoother.
Speak to the team about your goals and experience
IG’s customer service team is more than willing to guide you through the setup process, especially if you’re new to trading.
I recommend reaching out to customer support before you sign up. This will give you space to ask any questions that you have about the process and the features that IG offers. Plus, it’s a great way to verify the quality of customer service that is available!
What Do You Need to Create an IG Trading Account?
To open an account with IG, you’ll need a few things ready. Here’s what they require:
Two forms of ID
For security reasons, IG will ask for two forms of ID. Typically, this includes a government-issued photo ID (like a passport or driving licence) and a document that confirms your UK address, such as a utility bill or a bank statement.
Make sure these are up-to-date, as IG won’t accept documents with old addresses.
A valid email address and phone number
These will be used to open your account, so it’s important to provide a personal email and phone number that you have access to.
IG will use these details to send important account notifications and to verify your identity for security purposes.
A UK bank account
You’ll also need a UK bank account to fund your trading account. Make sure your bank account is active and in your name, as this will be used for deposits and withdrawals.
It’s also worth noting that the name on your bank account needs to match the name on your IG account.
How to Set Up an IG Trading Account
Once you have all the essentials ready, it’s time to get your account set up. Follow the steps below to create an account and get started with IG.
Fill out the registration form
To start the process, head over to IG’s website and click on the option to open an account. This will bring up a registration form, where you’ll be asked to provide a few details.
You will need to enter your name, email address and create a password at this stage. I recommend keeping a note of your password – you will need this to access your account down the line.
Personal details
Here, you’ll need to provide your full name, date of birth, address, and contact information.
Make sure everything matches your ID and bank account details to avoid any bumps in the verification process.
Remember to use a secure internet connection when setting up a trading account. This will ensure that your personal information is kept private!
Finances questionnaire
At this stage of the process, IG will ask a few questions about your financial situation, including your income, net worth, and trading experience.
This is to ensure that trading on their platform is suitable for you and to comply with financial regulations.
Don’t worry, they’re not prying—they just want to make sure you understand the risks.
It’s important to be honest here. IG caters to all types of traders and offers a low minimum deposit of $50 for card deposits and $0 for bank transfers. This makes it accessible for all budgets.
Experience questionnaire
Next, IG will ask about your trading experience. Don’t panic if you’re a beginner, they’re simply gathering this information to tailor your account features accordingly.
If you’re new, you’ll still be able to trade, but IG may suggest educational resources to help you get started.
Choose an account type
IG offers several types of accounts, including a standard trading account, an ISA, and a SIPP.
Each type has different benefits and tax implications, so take a moment to consider which one aligns with your financial goals.
For example, if you’re looking to invest long-term, an ISA might be a good option. Whereas, if you’re looking to implement a short-term trading strategy, a standard trading account might be your best bet.
IG also supports CFD trading and spread betting. These are advanced trading strategies that are best suited for experienced traders who are comfortable with a bit more risk!
Provide proof of identity
Once your registration form is complete, IG will ask you to upload your two forms of ID.
Make sure your documents are clear and up-to-date, as this will speed up the verification process. IG may take a day or two to verify your identity, so be patient and check your email for updates.
Fund your account
Once your account has been verified, you will be able to add funds to your trading account.
The most straightforward way to do this is to link your UK bank account and decide on an initial deposit amount. It’s wise to start with the minimum deposit until you feel comfortable with the trading platform.
Before you jump in and add funds to your account, spend some time exploring the platform to familiarize yourself with the different features and tools that are on offer. IG offers a free demo trading account which is perfect for this.
Explore the trading platform and educational resources
Once you feel comfortable with the trading platform, you can start exploring the different assets and investment options that are available.
To search for an asset that you would like to trade, simply enter the ticker symbol into IG’s search feature.
Top Tips for Staying Safe When Opening a Trading Account
Although IG is a reputable trading platform, it is important to keep a few important safety procedures in mind when opening an account.
Use a private internet connection
Always use a secure, private connection when accessing your trading account. Avoid logging in over public Wi-Fi, as these networks are more susceptible to hacking attempts.
If you want to trade on the go, consider using a VPN to add an extra layer of security.
Set up 2FA
Two-factor authentication (or, 2FA) adds an additional layer of protection by requiring a code sent to your phone or email each time you log in.
Most platforms, including IG, offer 2FA, and it’s highly recommended. It may take a few extra seconds, but it’s well worth the added security.
Don’t invest more than you can afford to lose
Finally, always remember that trading is risky, and there is no guarantee that you will see returns. Never invest more money than you can afford to lose, especially when you’re just starting.
Start small, get comfortable, and increase your investments over time.
After reading this guide, I recommend heading over to the official IG trading website and familiarising yourself with the platform. It is free to sign up to IG and you can use the demo trading account to explore the platform before putting any money at risk.
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Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. When investing your capital is at risk.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA, a SIPP or an IG Smart Portfolio can fall as well as rise, which could mean getting back less than you originally put in.
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