IG Cryptocurrency Trading Review: A good crypto offering for professional traders
Is IG good for cryptocurrency trading?
Yes, IG is good for trading cryptocurrency 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.
Pros
- Tax-free profits on crypto spread betting
- Established UK broker
- Tight pricing
Cons
- Limited crypto universe
- Only for professional traders
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Pricing
(4.5)
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Market Access
(4)
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Online Platform
(5)
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Customer Service
(5)
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Research & Analysis
(5)
Overall
4.7
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
