Best US FOREX Broker 2023 - Pros and Cons of IG Group as a Forex Broker
In this video I give my personal review on IG Group as a forex broker for US forex traders. I explain all the pros and cons of using IG.
0:00 - Intro
0:39 - The Broker I Use
1:02 - The PROS of IG Markets
3:27 - The CONS of IG Markets
6:03 - Conclusion
PROS
Been open since 1974
regulated (meaning your money is safer)
No commission fees charged
They have phone customer support
Its a publicly traded company
Good low spreads on certain pairs
Mt4 and Mt5 compatible, which allows the use of EA’s
CONS
Only 50:1 max leverage for US customers (example $20K needed to open one 10 lot trade) vs a 500:1 leverage broker you would only need $2k to open one 10 lot trade.
No hedging meaning you cannot open a buy trade and a sell trade on the same pair at any time.
You always have to close the first position opened first
You cannot set different Take Profit or Stop Loss levels on each leverage trade. (Example if you have 3 GBP/USD trades open you have to use the same TP and SL levels for all three. This really sucks for swing traders.
My personal opinion is that IG is a great and safe broker and I use them because my EA’s trading system works well with it and because I feel that my funds are safer, but for my personal manual swing trading I have to use another broker.
Im here to help you find the light at the end of the forex trading tunnel!
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Disclaimer#1: I’m not a financial advisor. You should always do your own research and make your own financial decisions. This video is for entertainment purposes only.
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