IG markets demo account is the most popular in Australia with three platforms available including:
- The IG markets web and app based platform
- Level 2 (L2) Dealer
- MetaTrader 4
The IG demo account review below looks at these three forex trading platforms and their demo options to test these trading environment.
IG Markets Trading Platform (Web Based)
No Downloads Required
The flagship platform offered by IG markets is their own web-based platform. Unlike most Australian forex broker platforms which require you to download their software, this platform can be used on any desktop device globally. This can be great for Australian traders who are on-the-go and want to trade in environments where a download isn’t suitable.
Apps For Any Mobile Device
Mobile devices could use the web based option but a superior option is the apps offered by the platform. These apps are a native design that work across both tablet and mobile devices. These update periodically to suit these devices and provide enhancements to maximise trading experiences. These apps (including the demo) have no costs associated with downloaded and are secure with 256-bit SSL encryption. All analysis live prices and market data are available across these apps.
The Ability To Trade More Than Currency
The web and app based platform is popular amongst currency traders within Australia but it offers a lot more. This includes the ability to trade CFDs, Commodities, Indices and even from 2016 shares both domestically and abroad. This means you don’t need multiple Australian forex brokers and/or platforms to trade different financial products.
Charting & Direct Market Access Plugins
There are a range of options across the web and app platforms included the ability to opt for direct market access (DMA). This provide institutional forex liquidity, low latency through the Equinix LD4 facility and low spreads. The only element to consider when choosing the DMA option is that commissions are charged on trading (this if often offset by the reduction in spreads).
Charting is the other add-on with the standard IG charts at no extra cost with 100 indicators and the ability to trade through the charts. For those looking for more advanced options can choose the ProRealTime charting package.
IG Markets Demo Account Option
Full access to the platform can be provided with an IG markets demo account with $20k with of funds loaded. This also allows traders to access the tablet and mobile apps as well as the charting feature of the platform. It’s critical note that demo accounts are not impacted by interest, slippage, out-of-hours movements or dividend adjustments. Trades also won’t be rejected and charting packages will have no charges for usage.
MetaTrader 4 (MT4) is the most popular Australian forex broker trading platform. This is also the case worldwide for a number of reasons including:
MT4 isn’t the prettiest forex trading platform around, but it’s functional and fast. There are no third-part bridges allowing ultra-fast trading and superior execution. There is also a free option of using IG’s VPN service to further increase speed. The only requirement is to keep a funding exceeding $10k in the account.
2) Virtual Private Server
MT4 allows Export Advisors (EAs) for automated trading. This can even occur when a computer and/or platform is shut down. Individuals can build their own trading algorithms that can back-test their strategies. They can also exchange EAs and import them from other overseas and Australian forex traders.
3) Spreads And Fees
MT4 has tight spreads on over 70+ CFD markets. Below shows some of the minimum and average MT4 spreads over four weeks ending the 5th of August 2016.
4) Advanced Charting
MT4 is known for their large range of charts that show a plethora of indicators. There is also the option to create an indicator to suit your requirements. There is also the opportunity trade straight from the charts within MT4. If these options are not enough, you can add Autochartist. This offer pattern recognition to find market trends and enhanced indicators.
MT4 IG Markets Demo Account Option
You can download MT4 for free by opening a trading account. It’s worth noting though that these IG demo accounts have limited funds and duration so you should test our the platform from the time you download it. The IG Markets demo account also won’t have some potential issues such as slippage which can occur on the live platform. Trades won’t be rejected in volatile markets so it’s worth noting this so your not surprised when you move the real money.
Level 2 trader (L2) as an advanced platform to get direct forex market and/or share access. This means there is no dealer intervention and access to liquidity of major providers. Overall, the key benefits include:
i) Improved pricing and liquidity
As highlighted above, L2 traders get access direct to market and some of the largest MTF dark pools and primary exchanges. This helps build market depth with order books shown in an aggregated window or individual displays. Smart routing for orders is a standard automatic feature to source the best price from trading venues.
ii) Expert Order Control
There are several order control options such as fill or kill, pegged, eliminate and execute. There is also ‘Iceberg’ facilitates that allow traders to break larger share orders into smaller sizes.
iii) Efficient, optimised share trading
L2 focuses on shares just as much as forex with the platform highlighting no need for dealer-referred tickets or requotes. Traders can make orders through excel which as a compatible ‘watch-list pro’ feature. This excel features can also allow traders to make automatic algorithmic trades or ladder trading to speed up buy/sell orders. Another feature to speed up trades includes ‘one-click’ trading tools that integrate with markets alters. Both news feeds and charts are available.
L2 IG Demo Account
The L2 IG Markets demo account provides full features of L2 with a limit of $10k in practice funds. While full features are available, the account has limitation as it can’t factor in all market situations and risks such slippage and orders not getting filled.
Overall IG Demo Account Viewpoint
There are six main key features that are applicable for all three forex trading platforms offered by the Australian forex broker. Demo accounts are a key way to become familiar both with the platform and IG to see if they suit your forex trading style and needs.