IG is one of the most trusted brokers worldwide while eToro is a specialist broker focusing on their social trading niche. While these are very different CFD brokers we compared them based on spread, trading platform and features.
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eToro is a forex broker that focuses on social trading via its trading platform. This innovative social trading feature eToro offers can lower the barrier for new traders since it allows you to take advantage of the wisdom of the crowd by following and copying successful traders. IG Markets is a more traditional forex broker with (mostly) commission-free trading, an impressive range of products, and trading platforms.
Both eToro and IG Markets are well-established blue chip CFD brokers with a range of services that will appeal to forex traders.
eToro is a popular social trading platform with unique, modern features built around its social network, appealing to a more technology-savvy generation of users. IG Markets, on the other hand, has been a broker to multiple generations of traders, with trust firmly rooted in its pedigree and history.
To find out which one offers the best overall trading experience, we put both forex brokers to the test across several key areas of usability, speed, and reliability. Below you can find our detailed comparison, updated for 2023.
Read more about our testing methodology here. David, one of our writers at CompareForexBroker breaks down the similarities and differences between eToro and IG.
Trading costs and all types of fees are an important consideration when choosing a forex broker, as they can have a significant impact on your overall profitability. Taking a closer look in the tests we ran and research collected across eToro and IG Markets, there are differences in the costs and fees associated with trading on each platform, and it mostly comes down to how you trade.
The table below makes it immediately obvious where some of the key differences are.
| eToro | IG | |
|---|---|---|
| Average Spread | 4.2 pips | Standard - min 0.6 pips (avg 1.6 pips) |
| Commission round-turn per 100,000 | None | None |
| Inactivity fees | Yes. USD 10 per month after 12 months |
Yes. EUR 10 per month after 12 months |
| Minimum deposit | 50 USD | None |
| Withdrawal fees | USD 5 per withdrawal | None |
Our Verdict
eToro offers a no-commission account, which can be attractive for traders looking to minimise their trading costs. However, it’s worth noting that eToro sets its minimum spreads higher than other comparable brokers who do charge a commission. Our tests revealed a standard average spread of 4.2 pips for eToro, which is significantly higher than IG’s average spread of 1.6 pips.
In addition to higher spreads, eToro also charges a withdrawal fee of USD 5 per transaction. This can be a disadvantage for traders who need to withdraw funds frequently or in smaller amounts.
On the other hand, IG offers competitive trading costs and fees, with no minimum deposit and no withdrawal fees. IG charges a standard minimum spread of 0.6 pips (with an average spread of 1.6 pips), which is significantly lower than eToro’s average spread.
Another factor to consider when it comes to trading costs is inactivity fees. Both eToro and IG charge inactivity fees of USD 10 or EUR 10 per month after 12 months of inactivity, respectively. While this may not be a concern for active traders, it’s worth noting for those who may not trade frequently.
Overall, in terms of trading costs and fees, IG emerges as the more cost-effective option. With no minimum deposit or withdrawal fees, and lower average spreads compared to eToro, IG is a great choice for traders looking to minimise their trading costs.
Ross Collins our Chief Technology Researcher tested the spreads for 20 standard accounts to see which broker has the best average spreads. While we’re yet to test IG and eToro in this particular case, we found that IC Markets came out on top with an average spread of 1.03 pips.
Just keep in mind this 1.03 pips is the average across 6 major currency pairs, it is lower for EUR/USD.
Both eToro and IG stand out as good choices if you are a beginner trader. Both platforms offer no-commission accounts (aka Standard accounts), which is a convenient option for users who want to try their hand at trading without the complexity of commission fees.
We looked into the type of trading execution the brokers offer and we found that both use a market marker execution model, which means the broker is the counterparty to your trades. IG appears to use a price-matching model where spreads are aggregated among a large pool of liquidity providers which is in line with the spreads being offered in the market. eToro doesn’t explain how they source their spreads but they will be wider since there are costs involved with paying the signal providers for copy trading. On the plus side, you won’t get slippage when you copy a signal provider.
We tried opening an account with eToro and to do so you will need to make a minimum deposit of USD50. When we tried to open an account with IG, there was no requirement to make a deposit. We could even start using a demo account without providing funding details.
eToro is known for its social trading feature that allows users to copy the trades of other successful traders. This feature can be helpful for new traders who want to gain insights and learn the ropes from like-minded traders.
IG offers a broader range of educational resources, including webinars, online courses, and trading guides. It’s better known for its access to institutional and credentialed experts rather than the grassroots social wisdom of crowds that eToro cultivates.
We found eToro and IG Markets are both excellent platforms for beginner traders and useful for many experienced traders with complex workflows. We determined this by testing each broker from the perspective of both personas.
eToro and IG Markets offer no-commission accounts, a wide range of trading instruments, and user-friendly interfaces. If you want lower tighter spreads, then consider a broker with an ECN account. With spreads from 0.0 pips, you will save even when you pay a commission on top of the spread.
| eToro | IG | |
|---|---|---|
| Market Maker | Yes | Yes |
| Dealing Desk | Yes | Yes |
| Execution Type | Market Maker with STP price matching. Uses Market Execution | Market Maker or DMA |
| Demo Account | Yes with 100k of virtual funds that does not expire | Yes |
| Standard Account | Yes | Standard Account |
| Commission Account | No | DMA Account (pro traders only) |
| Fixed-spread Account | No | No |
| Swap-free Account | On request | No |
| # of Base Currencies | USD only (but portfolio values can be displayed in 8 currencies) | 5 |
| Maximum Forex Leverage | 1:30 to 1:500 | 1:30 or 1:500 |
Our Verdict
When it comes to choosing a forex broker, costs are a significant consideration for traders of all levels. Both eToro and IG offer commission-free trading accounts, which is especially useful for traders wanting a simple cost structure (like beginners and discretionary traders). However, there are noteworthy differences in the spreads offered by the two platforms, which can have a significant impact on the overall trading costs, depending on the type of use.
IG’s standard average spread of 1.6 pips is a definitive advantage over eToro’s standard spread of 4.2 pips. This difference can add up to a significant amount, especially for high-frequency traders who place many trades daily.
In addition to the spreads, there are other costs to consider when choosing your forex broker, including overnight fees, account fees, and withdrawal fees. Both eToro and IG have competitive fees in these areas, but traders should be aware of the complete stack of costs before choosing a broker.
Overall, while both eToro and IG have their advantages and disadvantages, we prefer IG’s slightly lower overall trading costs.
When it comes to available trading instruments, both eToro and IG offer a comprehensive selection of products and markets, including forex, commodities, stocks, and cryptocurrencies. However, there are differences in the range and variety of products available on each platform.
| eToro | IG | |
|---|---|---|
| Forex trading | 49 | 110 |
| Cryptocurrency trading | 79 Cryptos 14 crosses |
13,000+ |
| Share CFD trading | 3,000+ (across 15 global exchanges) | 13 plus Crypto10 Index |
| Commodities CFD trading | 26 hard and softs | 11 Metals 7 Energies 23 Softs |
| ETF CFD trading | 300+ | 2000+ |
| Indices CFD trading | 20 | 130 |
| Bonds/Treasuries CFD trading | 0 | 14 |
| Real Stocks | Yes (selected countries) | In selected markets (i.a Australia, UK) |
| Other Products | Customer Index Baskets | Spread Betting Options Trading Furtures Trading Binary Trading Interest Rates Sectors |
Our Verdict
Both eToro and IG have something for every type of investor, but eToro consistently outperformed IG in terms of breadth of markets available.
One area where eToro outperforms IG is in the range of cryptocurrencies available. With 79 pairs and 14 crosses, eToro is a top choice for crypto enthusiasts looking to trade in this market.
On the other hand, IG offers a more diverse range of products across different asset classes, including forex, stocks, commodities, and bonds. IG also offers a wider range of markets, including some hard-to-find products such as options and interest rates. This can be an advantage for traders who want to access a wider range of products and markets.
When it comes to traceable products, both eToro and IG offer a range of products that can be easily tracked, including stocks, commodities, and ETFs. This is an important consideration for traders who want to monitor their investments closely and make informed decisions based on market trends and data.
Overall, both eToro and IG offer a comprehensive range of products and markets, but the choice will depend on individual trading preferences and goals. Traders need to consider which platform more sufficiently captures the basket of currencies or assets they wish to trade.
| eToro | IG | |
|---|---|---|
| MetaTrader 4 | No | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | No | No |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| Other Platforms | eToro trading platform | ProRealTime IG Trading Platform L2 Dealer (DMA) |
Our Verdict
It’s great when our trading platform provides a suite of useful features, but there are certain options that feel like must-haves, and if the basics aren’t there, gaps can quickly become obvious.
eToro’s lack of access to Metatrader can make their trading tools feel incomplete. IG offers access to both its proprietary trading platforms as well as MetaTrader 4, ProRealTime (good for charts and automation) and L2 Dealer (for DMA trading), giving traders more flexibility and options to tailor their trading experience to their specific needs and workflow.
eToro lets you social trade using MT4 signals (assuming you’re using that platform). Automation is also available via expert advisors (EAs) and the ProRealTime Trading Platform provides a type of automation, copying other trades.
Ultimately, it comes down to your bespoke needs as a trader. While IG may have the edge in terms of offering a more robust set of features and tools, eToro’s social trading capabilities make it an appealing choice for many traders.
The trading tools that a broker offers are an integral part of the overall user experience, second only to the trading platform itself. They have the greatest impact on day-to-day usability and can greatly influence the success of your trading strategy.
It’s essential to choose an online broker that offers the most appropriate resources for your specific needs. Whether you have a specific strategy in mind or prefer a particular niche style of trading, having access to the right tools can make all the difference. By carefully considering the available trading tools and features, you can ensure that you have everything you need to achieve your goals as a trader.
| eToro | IG | |
|---|---|---|
| Social trading | eToro platform is built for social trading | MetaTrader Signals with MT4. MT5 |
| Copy trading | Yes | Possible with social trading |
| Automated Trading | No | Expert Advisors with MT4, MT5 |
| Scalping Allowed | No | Yes |
| Guaranteed Stop Loss | No | Yes |
| Execution Speed | N/A | Limit Order 171 Market Order 141 |
Our Verdict
Both IG and eToro stand out for their variety of order types, but we found eToro the most comprehensive in terms of useful trading tools.
One thing we would note is that guaranteed stop loss is a key risk management tool-you pay a small premium, and can’t lose more than you’re prepared to due to slippage–and its absence feels like a gap in eToro’s offering.
Since we like the capacity to automate our trading, eToro stood out for its easy-to-use social and copy trading tools.
The SmartPortfolio option had even our die-hard technical traders intrigued, finding it to be a unique solution in some instances.
Trading with a regulated broker is an essential aspect of mitigating risk when trading online. As mentioned earlier, trading carries inherent risks, but the risk of losing your funds to fraud or broker insolvency can be significantly reduced by working with a broker who has a Tier-1 regulatory licence.
You can significantly reduce the risk associated with trading online by choosing a broker licensed by a Tier 1 regulator, such as the UK’s Financial Conduct Authority or the Commodities Futures Trading Commission and National Futures Association in the US. These regulatory bodies impose stringent requirements on brokers and other financial service providers to safeguard customer funds and prevent fraudulent activities.
| eToro | IG | |
|---|---|---|
| Tier 1 regulators* | ASIC FC |
ASIC, FCA, BaFIN, FINMA, NFA/CFTC/NADEX |
| Tier 2 regulators | CySEC MFSA |
DFSA, CySEC, FMA, MAS |
| Tier 3 regulators | FSA (Seychelles) GFSC (Gibraltar) |
JFSA BMA FSCA |
| Negative Balance Protection | Yes | Yes |
| Trust Score | 63/100 | 95/100 |
Our Verdict
eToro holds licences from the Australian Securities & Investment Commission (ASIC) and the Cyprus Securities Exchange Commission (CySEC). ASIC is responsible for regulating Australia’s financial services sector and enforcing laws to protect consumers, investors, and creditors. Similarly, CySEC regulates the financial markets in Cyprus, but is suitable if you are based anywhere in the EU territory, ensuring the fair and transparent operation of the industry.
On the other hand, IG is licensed by several Tier-1 regulators, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, the National Futures Association (NFA), and the North American Derivatives Exchange (NADEX). The FCA is considered one of the most stringent regulators in the world and requires brokers to meet strict financial requirements and abide by strict rules and regulations.
In addition to its Tier-1 licences, IG also provides negative balance protection, which means that clients will not lose more than their account balance, even in the event of extreme market volatility or unexpected price gaps.
Overall, while both eToro and IG have Tier-1 regulators backing them up, IG has a more extensive regulatory presence and offers additional protections for some types of accounts. Therefore, in terms of risk, IG may be the better choice for traders who prioritise safety and security, with eToro a close runner-up.
| eToro | IG | |
|---|---|---|
| Application required? | Yes | Yes |
| Approval time? | 24 Hours | 4-8 hours |
| Funding methods | Bank transfer Cerdit Card Debit Card Paypal E-wallet (PayPal, Skrill, Neteller) Klarna / Sofort |
Bank transfer Cerdit Card Debit Card E-wallet (PayPal) |
| Customer Support | 24/5 | 24/7 |
Our Verdict
The process of opening a trading account can be a significant factor for many traders when choosing between online brokers. Both eToro and IG require an application to be filled out before gaining access to their trading platform. The process is relatively straightforward and can be completed within minutes.
In both cases, we were able to open an account with minimal blockers or confusion during our testing. We give IG a slight edge, however, as our attempts to reach customer support with questions yielded much faster responses than with eToro.
We also succeeded in communicating with IG in French, Italian, and English, whereas eToro reps seemed to struggle with other languages.
eToro and IG have different approval times for opening an account. eToro claims to process applications within 24 hours, which is impressive compared to many other leading online brokers. IG has not stated any specific approval time on its website, but we found that the process was relatively quick, taking only a few hours in most cases.
Best known for its social trading and copy trading tools, this online broker made a name for itself democratising the stock market, making everyday trading more accessible to retail investors. More recently, eToro has been one of the few traditional market brokerage platforms to thrive in the cryptocurrency space.
eToro has a user-friendly interface and offers a wide range of assets to trade, including stocks, commodities, and cryptocurrencies. eToro’s cryptocurrency trading platform allows users to buy and sell popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, among other more legitimate crypto projects.
While there’s not a strong focus on forex trading on eToro, their offering is still robust and attuned to forex trader requirements.
eToro’s unique feature of social trading allows users to follow and copy the trades of successful traders, making it easier for beginners to learn and gain experience in trading.
With a strong emphasis on community and education, eToro has become a popular choice for both new and experienced traders looking to diversify their portfolios. Overall, eToro’s innovative approach to trading and commitment to accessibility has helped establish it as one of the leading online brokerages in the industry.
Headquarters: Tel Aviv (Israel)
Global Offices: Tel Aviv, London, Sydney, Limassol, Hoboken (USA),
Year founded: 2007
IG Markets is a globally renowned online trading platform that has been a staple in the financial industry for almost five decades. Established in 1974, IG Markets was a trailblazer, offering one of the first-ever trading services of its kind.
Over the years, IG Markets has built a reputation for providing its clients with access to a diverse range of financial markets, including forex, shares, indices, commodities, and cryptocurrencies. With over 17,000 markets to trade on, users can easily diversify their portfolios and take advantage of market fluctuations to maximise their returns.
But IG Markets is more than just another platform to trade on. They have invested heavily in creating a user-friendly interface that caters to both novice and experienced traders, with embedded help and tooltips. The platform provides a range of tools and resources that enable users to stay informed about market trends, analyse trading patterns, and make more informed investment decisions. Their customer support team is also available 24/7 to provide assistance and answer any questions users may have.
IG Markets’ long-standing reputation, diverse range of financial markets, user-friendly platform, and exceptional customer support make it a top choice for traders looking to do business with a trusted and reliable platform.
Headquarters: London
Global Offices: 10 offices including London, Sydney, Chicago, Krakow, Frankfurt, Paris, Dubai, Singapore, Sydney, Melbourne, Tokyo
Year founded: 1974
Choosing between eToro and IG Markets for forex traders is about understanding your goals, social trading appetite, and preferred trading style. While both platforms offer a range of features and important tools for forex trading, there are some factors that may make one platform more suitable for your specific trading needs than the other.
In short:
eToro is an excellent choice for those interested in low-cost trading of stocks, CFDs, forex, and cryptos on an outstanding mobile app. This platform offers free stock and ETF trading, easy account opening, and one of the best crypto selections in the industry. eToro also offers a user-friendly platform that is intuitive and easy to navigate, making it simple to place trades and manage your portfolio. However, it’s important to note that eToro’s forex selection is more limited than that of IG Markets.
IG Markets offers a wider range of trading instruments and competitive pricing, giving traders more control and flexibility over their trades. This platform also offers advanced charting tools that can be particularly useful for experienced traders. Additionally, IG Markets provides fast execution on a huge range of markets, with reliable execution, and a natively designed, award-winning trading app for trading on the move.
Social trading is clearly the hero feature that makes eToro stand out allowing traders to follow and copy the trades of successful investors. This can be an excellent resource for those who want to learn from others and expand their knowledge of the markets.
IG Markets offers a deeper trading capacity with more markets and greater access to expert financial news and analysis, which can be beneficial for those who prefer to conduct their own research and analysis.
In terms of fees, both platforms provide a similar spread of fees for forex trading. However, as with any trading activity, it’s important to carefully read the fine print on any forex contract to ensure that you fully understand the potential fees and charges associated with your trades.
Our testing showed clear advantages depending on your style, risk appetite, and outlay, but traders should carefully consider the features and services offered by each platform, as well as their own financial goals and risk tolerance, in order to make an informed decision about which platform is the best fit for their needs.
For those who are new to the world of trading, it can be overwhelming to choose a suitable broker. Fortunately, both eToro and IG are excellent choices for beginner traders. They offer easy-to-use platforms that are intuitive and user-friendly.
Both brokers have educational resources such as video tutorials, webinars, and topical blog articles to help traders learn the basics of trading.
One of the standout features of eToro is its social trading aspect. This allows users to follow and copy the trades of other traders on the platform, which can be a helpful learning tool for beginners. By following experienced traders and observing their strategies, beginners can gain valuable insight into the market and develop their own trading strategies.
On the other hand, IG also provides a range of useful tools and features for beginners, such as demo accounts, which allow users to practise trading without risking real money. Additionally, IG has a low minimum deposit requirement, making it accessible to those who may not have a large amount of capital to start with.
Both eToro and IG are excellent choices for beginner traders. However, eToro’s social trading feature may be particularly beneficial for those who are just starting out in the world of trading and looking to learn from others.
For experienced traders, there are several factors to consider when selecting your platform. It’s essential to assess the features and services offered by both brokers to determine the best fit for your trading goals and preferences here.
One significant advantage of eToro as a forex broker is its user-friendly platform. For experienced brokers, it can mean fewer clicks, an easier-to-navigate workflow, and valuable seconds saved confirming a trade. The platform’s interface is intuitive and straightforward to navigate, making it easy to place trades and manage your portfolio. In addition, eToro offers a social trading feature that allows traders to follow and copy the trades of successful investors. This can be an excellent resource for even old hats who want to learn from others and expand their knowledge of the markets.
On the flip side, IG Markets offers a variety of advanced charting tools that can be particularly useful for more experienced forex traders. These tools allow you to analyse market trends and make informed trading decisions based on your analysis. Additionally, IG Markets provides a wide range of trading instruments and competitive pricing, giving you more control and flexibility over your trades.
While both eToro and IG Markets have their advantages, the best forex broker for an experienced trader will ultimately depend on their individual trading style and preferences. Some forex traders may prefer the social trading feature of eToro, while others may prioritise advanced charting tools and a wider range of trading instruments offered by IG Markets. It’s crucial to research and compare different forex brokers with your end goal in mind to determine which one aligns best with your needs as a trader.
As a forex trader, it’s essential to consider the advantages that each platform offers for your specific style, assets, and markets.
IG Markets provides fast execution on a wide range of markets, with flexible access to over 17,000 global markets. This allows you to trade reliably and with confidence, no matter where you are. Additionally, IG Markets’ award-winning trading app allows you to trade seamlessly on the go. As a trusted provider with 48 years of experience, IG Markets offers a market-leading service that provides peace of mind to forex traders.
Likewise, eToro is an excellent choice for forex traders interested in low-cost trading of stocks, CFDs, forex, and cryptocurrencies on an outstanding mobile app. The platform offers free stock and ETF trading, easy account opening, and one of the best crypto selections in the industry.
eToro’s user-friendly platform and competitive pricing make it an attractive choice for forex traders who value simplicity and cost-effectiveness.
Ultimately, the decision of which platform is better for a forex trader will depend on individual preferences and priorities. It’s important to consider the advantages of each platform carefully, do your research, and make an informed decision based on your trading style and goals.
Both eToro and IG Markets offer a similar spread of fees for their CFD trading platform. However, it’s important to note that these fees are subject to change based on variables such as market volatility, liquidity, and trading volumes.
As a result, it’s crucial for CFD traders to carefully read the fine print on any CFD contract before trading. This will ensure that they understand the potential fees and charges associated with their trades and can make informed decisions based on their financial goals and risk tolerance.
