Is IG any good for trading cryptocurrency?

Is IG good for cryptocurrency investing?

Yes, we rate IG as a good cryptocurrency platform due it being a well-established broker, a listed company on the London Stock Exchange FTSE 100, as well as offering good pricing, excellent platforms and apps, plus one of the best suits of news, analysis and research available.

Pricing: 1.49% trading fees, they’re not five-star, but it’s certainly competitive.

Market Access: 55 cryptocurrencies means you can trade the most popular digital assets without getting drawn into the merky world of “alt or meme coins”.

App & Platform: intuitive and industry-leading.

Customer Service: live chat, email and dedicated dealers for active and premium clients.

Research & Analysis: – a huge range of analysis and news feeds on the platform, plus an award winning podcast and constaly updated social channels.

How do you trade crypto on IG?

To trade crypto on IG, just go to your dashboard that lists your share dealing, CFD, spread betting and MT4 accounts. At the bottom is a section labeled “Crypto”. You then have to go confirm that you are either a high net worth investor, or at least only planning on investing a small portion of your net worth. Once confirmed, you’ll also have to take a quiz proving that you understand the risks involved in cryptocurrencies. There are seven questions and you only get two chances, so if you fail twic,e your account is put on hold.

What does IG’s crypto trading platform look like?

It’s the same look and feel as the usual IG platform, but keep in mind that when you open an account, you’ll be in a  “cooling off period”. This is a requirement from the FCA to ensure that you’ve not got overexcited by spivvy crypto bros on social media, before you enter the wild west of cryptocurrency investing.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Is IG good for cryptocurrency trading?

Yes, IG is good for trading cryptocurrency CFDs if you have a professional trading account. In fact they were one of the first online trading platforms to introduce a cryptocurrency index where you can speculate on the top ten cryptocurrencies in one go, almost like a precursor to a Bitcoin or crypto ETFs.

IG recently stated in their interim results that they hold of £65m of cryptocurrency assets on cryptocurrency exchanges and in vaults.

The rise of Bitcoin has led to a wave of new crypto-based products, such as the Cryptocurrency Index. When an asset class exhibits impressive relative strength, it attracts attention and interest. Capital swiftly follows. Bitcoin’s rather large rally further whips up bullish sentiment. Those who missed the previous Bitcoin boom may be keen to participate in the next one.

With interest growing, Crypto-based indices could be a good way to gain exposure to the market. Lately, several spread-betting firms have been getting on the act on this aspect.

A crypto index is based on a basket of coins. Depending on the weighting of each coin, the index will fluctuate according to the  underlying constituents. For many traders, gaining exposure to a basket of coins is more preferable to buying just one single coin – simply because not all coins will move at the same rate.

IG Index, for example, provided a Crypto 10 Index to help its customers to bet on a diversified array of crypto coins. According to its website, IG’s Crypto 10 Index is based on the largest ten cryptocurrencies. The index is calculated and maintained by BITA GmbH.

Below, you can see a snapshot of the Index on IG’s website. The buy-sell spread is around 40 points, and margin around 50% (retail).

According to BITA’s website, Bitcoin and Ethereum made up around 50% of this Crypto 10 Index.