IG Markets Singapore: An overview from fees to safety

Warning: CFDs are complex leveraged investment instruments, intended for experienced investors. There is a high risk of losing money, and losses can exceed deposits. Read the Risk Disclosure Statement and Risk Fact Sheet at IG.com.sg before you consider investing in CFDs. The information in this article is informational and does not constitute investment advice

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IG Markets was established in 1974 and has become a key online and mobile trading platform with access to 17,000+ markets worldwide. This guide covers all you need to know about how to use IG Trading Singapore.

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📝Table of contents:
What is IG and how does it work? IG Singapore fees Is IG safe? Opening an IG account in Singapore How to fund your IG account in Singapore

What is IG and how does it work?

IG Markets¹ is an online and mobile trading platform which allows users to buy and sell a range of investments across thousands of different markets. IG’s specialty is CFD trading - a complex leveraged investment type which is best suited to experienced investors. IG also hosts a lot of educational resources including demo account options so you can simulate trading without staking any money at first.

The IG Markets online and mobile platform lets users get an overview of market prices and trends, set orders to buy and sell, including stops, limits and alerts to reduce risk of losses. Trades are executed in an average of 0.014 seconds - important when you’re working in markets which move by the millisecond.

IG Markets has accounts for individual investors and also for corporate and institutional investors trading at higher volumes. When you sign up for an account you’ll need to provide information showing you understand the processes and risks involved in CFD trading to proceed. IG is a global company, and the products, fees and features available do vary according to where you are in the world.

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CFD trading

CFD stands for contracts for difference². In CFD trading an investor agrees on a contract with a CFD broker based on their expectation of an asset’s value changing. The CFD trader and the investor agree to exchange the difference in value of the asset between the time the contract opens and closes. Essentially in CFD trading, clients place bets on whether the price of an asset will rise or fall, and can profit from the difference when they close their trading positions.

CFD trading is a way of speculating on financial markets without buying and selling assets. That means it can be a more accessible way to earn from an asset as you don’t need to buy it outright. However, there are also significant risks as it is a leveraged product. This means you could ultimately lose more than you stake, making CFDs suitable for experienced investors only.

It’s also worth knowing that CFD trading is not legal in some countries. It’s banned in the US and Hong Kong for example - check the rules applied wherever you are in the world before you open an account.

IG Trading - tools to analyse and learn

One of the stand out features of IG Markets is the range of tools available for clients to learn more about CFD trading, investing and the opportunities out there. There are guides, glossaries, support with investment strategies, market news and seminars available to learn all about maximizing your investments. You’ll also be able to create a demo account to understand more about how the platforms and trades work, before you start to risk your own money.

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IG Singapore fees

IG Markets may not be the cheapest option available if you’re looking for a simple investment platform. However, IG excels in the breadth and depth of the offer available, with huge numbers of markets and sophisticated investment instruments which means it’s still an interesting proposition for many experienced investors.

❗The IG Singapore cost structures are complex due to the sheer range of options available, so you’ll need to double check all the fees which may apply to your account before you sign up. Here’s a rundown of some of the key costs to be aware of.

Service	IG Singapore fee³
Account opening	Free
Commission or spread on trades	Commission/spread varies by market - for example there may be a 0.3 point spread on gold, but a 1 point spread on major indices like the FTSE 100
Overnight funding - applied if you keep cash positions open after cut off time	Fees vary based on market and trade type
Guaranteed stop premium	Varies by trade type - 0.3% for shares, for example
Live share price fees	Depending on the market you may need to pay a monthly fee for access to live trading data
Inactivity fee	SGD25/month, applied if account is dormant for 2 years or more
Currency conversion fee	0.5% if your account is set to auto convert to your base currency

Is IG safe?

IG Markets is regulated locally by the Monetary Authority of Singapore (MAS), and keeps client funds secure. IG is also regulated in other jurisdictions where it operates around the world. It’s a well established trading platform and global leader in CFD trading.

It’s important to note that although IG is safe, CFD trading does come with inherent risks you’ll need to understand before you get started.

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Opening an IG account in Singapore

You can open an IG Markets live account or demo account online. If you’re a Singapore citizen or Permanent Resident you can create your account through MyInfo, and avoid uploading any details or documents. IG will simply access everything required through the Myinfo platform.

Here’s the process to follow:

• Go to the IG Markets Singapore website
• Click Create account
• Select the option to use MyInfo if you are a Singapore citizen or PR, or the regular account opening process if not
• Complete the form provided about your investment preferences and understanding
• If following the regular process, enter your personal details and upload ID documents for verification
• Fund your account once verified and begin trading

If you’re using MyInfo your account may be instantly verified. If not, it’ll take a day or two before you can get started.

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How to fund your IG account in Singapore

You can add funds to your IG Markets account in the following ways⁴:

• Credit card
• Debit card
• FAST transfer
• Bank transfer
• Telegraphic transfer
• Bill pay
• Cheque

It’s good to know that you can’t use a bank transfer from a Standard Chartered account to fund your IG balance, and your card or linked bank account must be in the same name as your IG account.

IG Markets - minimum and maximum deposit limits

There are some limits on how much you can add to your IG account, based on the payment methods you choose. Your own bank or card issuer will also usually impose limits on the maximum transfer amount you can make on a daily or monthly basis. Here’s what you need to know⁵:

• Cheque deposits - no limits applied
• Bank transfers - maximum of 50,000 SGD per transaction
• Paynow - maximum of 200,000 SGD per transaction
• Card deposits - minimum of 450 SGD per deposit

Withdrawing your investment funds in foreign currencies? Get Wise

As we have seen, IG Markets may apply a currency conversion charge to your payments if you allow them to be auto converted back to the base currency of your account.

However, you may be able to change this setting within your account to simply hold your earnings in a range of foreign currencies. Withdraw your funds to a low cost multi-currency account without changing currencies, so you can select the best currency conversion option out there for your money, rather than the one automatically applied by IG.

That’s exactly where Wise comes in. If you’re investing in foreign currencies, you could protect your profits when you withdraw funds, by using the Wise multi-currency account. Get local receiving accounts in 9 currencies, to withdraw like a local in USD, GBP, EUR and more. Hold, convert and manage 50+ currencies all in the same account, and get a linked debit card to make accessing your money, withdrawing and spending easy wherever in the world you happen to be.

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Investing can be a good way to grow your savings and improve your financial security in the long term. However, as with all investments, there are also risks involved which you’ll need to understand from the outset. If you plan to use IG Markets Singapore to invest in CFDs, use the resources available to educate yourself in advance, and don’t forget to check out the Wise multi-currency account for when you need to withdraw your money.

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Sources:

1. IG Singapore
2. IG Singapore - CFD Trading | What is CFD Trading and How Does it Work?
3. IG Singapore - Our charges and margins
4. IG Singapore - How do I deposit funds into my account?
5. IG Singapore - What's the minimum/maximum that I can deposit?

Sources checked on 27 August 2021