IG vs eToro: Which Trading Platform Is Better For You?
Updated October 28, 2024
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- What Are eToro and IG?
- IG vs eToro: Products and Markets
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- eToro vs IG: Getting Started
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- eToro vs IG Trading: Fees
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- IG Trading vs eToro: Customer Service and Security
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- How to Choose Between eToro and IG?
- Frequently Asked Questions
- Final Thoughts
Whether you are a new or experienced trader, finding the best trading platform is a key component of successful investing.
In this article, you can find out some of the key differences between the eToro and IG Markets trading platforms and use this information to decide which trading platform is better for you.
What Are eToro and IG?
eToro was founded in Israel in 2007. A pioneer in social copy trading, today it is one of the market-leading options for social trading and multi-asset brokerage.
You can use eToro to trade stocks, commodities, ETFs (exchange-traded funds) and cryptocurrency.
eToro’s USP is its accessibility and social-centered trading experience.
You can also use it to trade high-risk CFDs (contracts for difference).
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
IG was founded in 1974.
It was originally known as the IG Index (Investors Gold Index).
Since then, IG has amassed more than 200,000 global clients and has share dealings in 19 international exchanges.
It is listed on the London Stock Exchange and remains one of the most popular CFD and spread betting brokers in the world.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG vs eToro: Products and Markets
What Can You Trade on Each Platform?
IG and eToro offer similar features when it comes to trading. You can use both platforms to trade the following:
- ETFs
- CFDs. However, US eToro users do not have access to CFDs; only real crypto assets are available
- Stocks
- Forex
- Commodities
You can also use eToro to trade cryptocurrency.
On IG, you can only trade cryptocurrencies via a CFD account.
Both IG and eToro offer automated trading, but IG has a wider selection of CFDs.
At the time of writing, trading binary options is not possible on either platform.
Stocks and Shares ISA
You can use the eToro app to open a Stocks and Shares ISA with Moneyfarm.
With IG, you have two options to invest in a single Stock and Shares ISA.
You can either use the share dealing account or open an IG Smart Portfolio.
Self-invested Personal Pensions (SIPPs)
You cannot open a SIPP (self-invested personal pension) with eToro.
With IG, you can opt to invest in a SIPP using the share dealing platform bor by opening an IG Smart Portfolio.
Social Trading
eToro is the biggest social trading network in the world.
You can use the platform to chat with other investors and learn from experienced traders. This is known as social trading.
You can also use eToro for copy trading, which means you can copy the actions of experienced traders.
If you are already an experienced trader, you can receive perks in exchange for sharing your strategies.
IG is not a dedicated social trading platform, but it does offer features that can help you enjoy the benefits of social trading. These include an online trading forum (IG Community), a trading signals function and market sentiment indicators.
Cryptocurrency
Both platforms offer cryptocurrency trading. IG offers the most popular cryptocurrencies, including Bitcoin, Ethereum and Litecoin.
In the US, eToro offers 25 cryptocurrencies, including Dogecoin, Tezos, Compound and Chainlink.
eToro vs IG: Getting Started
Opening an Account
Opening an account on eToro is easy. Simply navigate to the eToro website and choose Sign Up.
You just need to enter your personal information, read and agree to the terms and conditions and click Create Account.
As a new account holder, you will be required to upload evidence of your identity and residential address. This will need to be in the form of your passport or government-issued ID and a recent utility bill or bank statement.
After completing these steps, your account should be verified and ready to use within 14 days.
You can access eToro via the website using your computer or through the mobile app (available for both Android and iOS devices).
If you want to try the eToro platform before depositing any money, you can set up a Demo account.
Initial deposits are low, and there are plenty of resources for beginners; therefore, eToro is a good option for novice traders.
eToro's award-winning CopyTrader system can be used to replicate experienced investors' positions, and the easy-to-navigate platform offers many social features to help you learn more about trading.
IG is highly regulated, so there are strict rules in place when it comes to opening an account.
Here is an overview of the key points:
- You must be 18 years of age or older
- You must provide evidence of your identity and home address
- You must pass a broker’s assessment to show you understand spread betting, CFD trading, share dealing and the risks of participating. This is a regulatory requirement when opening an account with IG.
- If you want to open a spread betting account, you must live in the UK or Ireland
- If you want to pen an IG stocks and shares ISA, you must be living in the UK
It can take up to a week for all of the necessary checks to take place. However, you can still browse the platform and start to learn your way around while you are waiting for your account to be verified.
IG offers access to a variety of trading platforms depending on your trading style and preferences.
These include an easy-to-use web trading platform for CFD trading and spread betting, ProRealTime (PRT) for CFDs and regular spread betting, MetaTrader 4 for spread betting and CFD trading, Progressive Web App for spread betting and CFDs, and L2 Dealer for advanced trading.
You can use the IG broker platform on both Apple and Android mobile devices. You use it for CFD trading, share dealing and spread betting.
IG offers a range of free educational resources, which makes it a good choice for both entry-level and experienced traders.
eToro vs IG Trading: Fees
| eToro fees | IG fees | |
| Sign up fee | Free | Free |
| Minimum Deposit | $100 USD minimum deposit, $500 USD minimum bank transfer deposit. | No minimum deposit for bank transfers. Minimum deposits for card and PayPal deposits vary by currency. |
| Deposit fee | $0 | $0 |
| Currency conversion fee | 0.5% for UK users (charged on every deposit, but not charged if transferring money from your eToro money account) | 0.5% if you are buying shares in a different currency to your base currency. This is on top of the standard exchange rate. |
| Minimum withdrawal | $30 | £100 to bank account, card or Paypal. If account balance is under £100, can withdraw the available amount. |
| Withdrawal fee | $5 per withdrawal | $0 |
| Inactivity fee | $10 per month after one year of inactivity. | £12 per month after two years of inactivity. |
What Currencies Can I Trade on eToro?
eToro offers 52 currency pairs, including major currency pairs like GBP/USD, USD/JPY and EUR/USD and minor currency pairs like USD/ZAR.
What Currencies Can I Trade on IG?
IG offers more than 80 currency pairs, including major currency pairs like EUR/USD, GBP/USD and USD/JPY and minor currency pairs like SGB/JPY and CAD/CHF.
What Payment Methods Can I Use on eToro?
You can deposit funds to eToro in a number of ways, including:
- Debit card
- Bank transfer
- eToro Money
- Trustly Online banking
- Klarna/Sofort
- E-wallet (Neteller, Skrill, etc.)
To deposit funds, go to the platform and choose Deposit Funds.
You can then choose how much you want to deposit and your preferred currency. After that, simply select your payment method from the drop-down menu.
What Payment Methods Can I Use on IG?
On IG, you can deposit funds to your account in the following ways:
- Credit card
- Debit card
- Paypal account
- Bank transfer
If you have a corporate account, you can only make a deposit via bank transfer.
What are the Minimum and Maximum Deposit Limits on eToro?
The minimum and maximum deposit limits on eToro vary according to your method of making the deposit.
Here is an overview:
The minimum deposit is $10 ($500 for bank transfers).
If you are depositing funds through eToro Money, the maximum amount for a single deposit is £250,000.
If you have a Black Card, there is no maximum deposit amount.
If you are using a debit card, the maximum single deposit is $40,000.
If you are using Skrill or Neteller to make a deposit, the maximum single deposit is $10,000.
Bank transfer deposits on eToro are unlimited.
What are the Minimum and Maximum Deposit Limits on IG?
For bank transfers, there is no minimum or maximum deposit limit on IG.
If you are using a different method to deposit funds, limitations are in place. These also depend on the currency you wish to make the deposit in.
Here is an overview:
Paypal and Card Minimum Deposits (Per transaction)
- £250 GBP
- €300
- $50 USD
Paypal Maximum Deposits
- £25,000 GBP
- €30,000
- $30,000 USD
Debit Card Maximum Deposits
- £99,000 GBP
- 99,000 EUR
- $99,000 USD
Credit Card Maximum Deposits
- £30,000 GBP
- €40,000
- $50,000 USD
Maximum deposits are per day. These are reset at midnight.
IG Trading vs eToro: Customer Service and Security
Choosing a trading platform that is regulated is the best way to ensure you are using a reliable and trustworthy broker.
Both eToro UK and IG are regulated by the Financial Conduct Authority (FCA).
eToro AUS Capital Limited is regulated by the Australian Securities and Investments Commission (ASIC), and eToro (Europe) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec).
eToro (Seychelles) Ltd is regulated by the Seychelles Financial Services Authority.
Using a regulated broker offers better protection for traders.
Regulated brokers must comply with the strict rules and regulations set out by the regulatory authority.
Customer Service – eToro vs. IG
eToro customer service is offered through live chat and email support. Phone-based customer service support is not available. Customer services are not offered 24/7, so you will need to bear this in mind if you need urgent support.
IG customer service is offered 24 hours per day (Monday to Friday). You can contact the customer service support team by phone, email or using the live chat function on the IG website.
Customer Reviews – IG vs. eToro
eToro Trading Review
According to Trustpilot, the eToro trading platform is rated 4.4/5 by eToro users (based on around 24,000 reviews).
IG Trading Review
According to Trustpilot, the IG trading platform is rated 3.9/5 by IG users (based on around 6300 IG review reports).
How to Choose Between eToro and IG?
When choosing a trading platform, there are several important factors to consider. These include account fees, customer service support and educational materials available to traders.
In addition to the information above, you should also carefully consider the following points when choosing between the eToro trading platform and the IG trading platform.
Step 1. Existing Investment Knowledge
If you are new to trading, you will need to find a trading platform suitable for beginners.
eToro offers various educational materials suitable for novice traders, so you may find this a better option if you are still learning the ropes.
On the other hand, IG offers telephone customer service support, which you may find useful as a new trader.
Step 2. Investment Preferences
You will also need to decide what you want to trade in. If you want to trade cryptocurrency, eToro is probably going to be the better option.
If you want to invest in options, this is only possible using IG.
As a new trader, it is important to conduct thorough research on the risks and benefits of the different investment options before making a decision.
Step 3. Available Capital
Think carefully about how much money you want to invest.
If your available capital is limited, it might be best to choose IG since there is no minimum deposit. If you have more money to invest, you might prefer eToro.
Step 4. Platform Features
Both eToro and IG offer demo accounts. These are useful ways to get to know the platform and see how it works.
Before deciding on a platform, it is wise to set up a demo account on both options to see which one you prefer.
This depends on the payment method. For example, if you are withdrawing funds to eToro Money, withdrawals are instant.
If you want to withdraw funds to your debit card or bank account, it can take up to 10 days for the withdrawal request to be processed.
You can find full details on the eToro website.
Short-selling CFDs can be an effective way to make money when the market is down. If you want to short on eToro, you will need to follow these steps.
First, navigate to the official page of the stock you want to sell. Click the Trade button and then choose SELL (not BUY).
Choose an option that enables you to input the amount and rate.
If you wish, you can also define a stop loss amount here. After you have completed these steps, your account is ready for short selling.
Just click on the Open Trade option and manage the position in your portfolio in the usual way.
The eToro platform is covered by two-factor authentication for customer accounts. Any money deposited in eToro is covered by FCA, ASIC and CySEC regulations and stored securely in top-tier banks.
All customer personal information is protected under SSL protection. However, you should always remember that any form of trading involves an element of risk.
Leverage is the term used to describe an investor strategy that allows traders to multiply their buying power by investing in particular derivative financial products. This involves opening a position with a broader exposure to the market using a smaller amount of invested capital.
Although leverage improves potential returns on investment, it can also magnify losses.
You should always consider these risks before using leverage as part of your trading strategy.
If you want to trade on IG, the first step is to set up an account. This is free and easy to do on the IG website.
After that, you will need to gain knowledge of how trading works, research the markets available to you and get to know some of the associated risks.
When you feel ready to start trading, you can use a free demo account to practice. This allows you to gain a better understanding of trading without risking any real money.
You will be able to trade £10,000 of virtual funds using the IG practice account.
There is no minimum deposit for IG trading if you are depositing by bank transfer. If you are using Paypal, a debit card or a credit card, the minimum deposit is £250 GBP/300 EUR/$50 USD.
IG trading is a popular online trading platform for CFD, stockbroking and spread betting.
Final Thoughts
Every trader is different, so it is important that you choose a trading platform that works for you.
Generally speaking, eToro is one of the best UK trading platforms for new traders.
It is very user-friendly and designed to appeal to traders of all skill levels.
However, it does not offer MetaTrader platforms.
One of eToro’s main USPs is its focus on social trading, which allows you to interact, follow and copy the trading activities of experienced investors.
You can use eToro to trade various stocks, commodities and cryptocurrencies, and it offers a wealth of educational features, including market analysis, tutorials and webinars.
For experienced traders, you can use it to access useful real-time charting tools and indicators.
You can use eToro on both desktop and mobile devices, which makes it easy to keep track of your trades on the go.
IG is a great option for experienced traders.
It is a highly regulated UK-based trading platform with over 10,000 instruments available to trade, and it has a strong focus on analytics and research with insights and news from market experts.
Accessible via a user-friendly MetaTrader 4 platform, it offers 24/5 customer service support via phone, live chat and email.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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. Take two mins to learn more.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
