ForexQuick pick: Pepperstone: FCA-authorised too, with raw pricing, MT5, cTrader and TradingView; Interactive Brokers: larger trades at 0.20 bp commission, plus a broad multi-asset account.
IG alternatives compared
| Broker | Why consider it | Min deposit | Platforms |
|---|---|---|---|
| Pepperstone | FCA-authorised too, with raw pricing, MT5, cTrader and TradingView | $0 (minimum top-up $10) | Pepperstone platform, MT4, MT5, cTrader, TradingView |
| Interactive Brokers | Larger trades at 0.20 bp commission, plus a broad multi-asset account | No account minimum | Trader Workstation, IBKR Desktop, API |
| OANDA | For US traders, or anyone who wants TradingView with MT4 and MT5 | None in the US, UK and Australia | OANDA platform, TradingView, MT4, MT5 |
| FxPro | FCA-regulated UK company with MT4, MT5, cTrader and TradingView | Not confirmed in its own documents (Elite programme $30,000) | MT4, MT5, cTrader, TradingView |
Why people look for IG alternatives
MT5 and cTrader are not on its platform list, so EA traders who need MT5 should look elsewhere. If that matters to you, one of the brokers below may suit you better. If it does not, see our full IG review.
The alternatives in detail
Pepperstone
Why consider it: FCA-authorised too, with raw pricing, MT5, cTrader and TradingView.
Regulation: ASIC, FCA, CySEC, SCB, DFSA, CMA, BaFin. EUR/USD: Razor from 0.0 pips (avg 0.1) + $3.50 per lot per side.
Watch out: TradingView is offered on the Razor account only.
Pepperstone review · Pepperstone vs IG
Interactive Brokers
Why consider it: Larger trades at 0.20 bp commission, plus a broad multi-asset account.
Regulation: FCA, Central Bank of Ireland, ASIC, CIRO and others. EUR/USD: From 0.1 pips + 0.20 bp of trade value ($2 minimum per order).
Watch out: The $2 minimum commission makes small trades relatively expensive, and the platforms have a steeper learning curve.
Interactive Brokers review · Interactive Brokers vs IG
OANDA
Why consider it: For US traders, or anyone who wants TradingView with MT4 and MT5.
Regulation: CFTC/NFA (US), FCA, ASIC, CIRO. EUR/USD: From 0.6 pips, spread-only (UK).
Watch out: Pricing is spread-only on standard accounts, so very active traders may find raw-plus-commission accounts elsewhere cheaper.
FxPro
Why consider it: FCA-regulated UK company with MT4, MT5, cTrader and TradingView.
Regulation: FCA (UK company), SCB, FSA. EUR/USD: From 0.4 pips on cTrader + commission.
Watch out: We could not confirm a standard minimum deposit in its own documents, so check before you apply.
FAQ
What is the best alternative to IG?
It depends on why you are leaving. For lower costs on frequent trading, look at raw-pricing brokers; for stronger protection, choose a company licensed by the FCA, ASIC or an EU regulator; in the US, OANDA and FOREX.com are the CFTC/NFA options we review. Our shortlist: Pepperstone, Interactive Brokers, OANDA, FxPro.
Is there a broker like IG for US traders?
Among the brokers we review, OANDA and FOREX.com accept US retail forex clients.
How do I switch brokers?
Open and verify the new account first, close positions or let them expire at the old broker, withdraw your balance to the same method you deposited with, and keep statements for tax records.
Related
IG review · Is IG regulated? · Compare all 11 brokers · Broker finder
Forex and CFDs are leveraged products and most retail accounts lose money. Forex Awards may earn commissions from some links; see our affiliate disclosure. General information, not financial advice.