Comparison of IG vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theIG vs Firstrade comparison!

Your expert: Alejandro Borja

IG

Your expert: Xavier Tarrasó

Firstrade

Main points

Fees

Average 3,4/5

Regulated

FCA, ASIC

Demo account

Yes

Low 4/5

Fees

FINRA, SEC

Regulated

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.0 – IG offers competitive spreads and a transparent fee structure for crypto CFDs. However, the inactivity fee after 24 months can be a downside for less active traders .

3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Average 3,4/5

Low 4/5

Brief explanation

IG’s commission structure for cryptocurrency trading primarily involves spreads and overnight funding fees. When trading CFDs on cryptocurrencies, IG charges a spread, which is the difference between the buy and sell price. This spread varies depending on the cryptocurrency being traded. For example, spreads for Bitcoin and Ethereum are typically lower due to higher liquidity, while smaller altcoins may have wider spreads. Additionally, IG charges an overnight funding fee if positions are held open past a certain time. This fee is based on the size of the position and the duration it is held. Unlike some exchanges, IG does not charge a direct commission per trade, making the spread the primary cost to consider. However, traders should be aware of the potential for overnight fees to accumulate if positions are held long-term. Overall, while IG’s fee structure can seem complex due to the combination of spreads and overnight funding fees, it remains competitive for those who trade actively and manage their positions effectively.

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

IG

Year Founded: IG was founded in 1974, giving it a long-standing reputation and extensive experience in the trading industry. This longevity demonstrates its stability and reliability as a trading platform.
Number of Users: IG serves over 239,000 clients worldwide, reflecting its widespread acceptance and trust among traders. A large user base often indicates a platform's credibility and reliability.
Security Methods: IG employs top-tier security measures, including two-factor authentication (2FA), encryption protocols, and segregated client funds, ensuring that user data and assets are well-protected.
Reputation and Reviews: IG has consistently received positive reviews and high ratings from users and industry experts alike. Its commitment to transparency, customer service, and innovative tools has earned it numerous awards and recognitions.
Regulation: IG is regulated by several top financial authorities, including the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). These stringent regulatory standards provide additional assurance of its legitimacy and trustworthiness.

Firstrade

Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.
Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.
Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.
Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.
Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

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Account Minimum

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And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

IG does not have a native token.

Firstrade does not have a native token.

Earns

IG does not provide staking or earning options for cryptocurrencies. It offers crypto trading primarily through CFDs .

Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

IG does not have an NFT marketplace.

Firstrade does not have an NFT marketplace.

Cripto/debit card

IG does not provide a card for its clients .

Firstrade does not offer a card for its clients .

Payment methods

Transfers

Yes, IG accepts bank transfers for both deposits and withdrawals .

Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

Yes, IG accepts Mastercard for deposits.

No, Firstrade does not accept Mastercard for deposits.

Wire transfer

Wise is supported as a payment method .

Wise is not mentioned as a supported payment method .

Card

Yes, IG accepts credit/debit cards (Visa, Mastercard) .

No, Firstrade does not accept credit/debit cards .

Comparative table

IG	Features	Firstrade
IG’s low minimum trade size makes it accessible for beginners looking to start small.	Minimum Trade	Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
While IG offers competitive spreads, its fee structure can be confusing and relatively high due to additional charges.	Trading and Transaction Fees	The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
IG provides a limited selection of cryptocurrencies, focusing primarily on major coins like Bitcoin and Ethereum.	Number of Cryptocurrencies	Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
The platform mainly supports crypto-to-fiat trading, with fewer options for trading between different cryptocurrencies.	Crypto-to-Crypto Trading Pairs	While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
IG excels in transparency, providing clear and detailed information about fees, regulations, and trading options.	Website Transparency	Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
IG does not provide a card for its clients .	Credit/Debit Card	Firstrade does not offer a card for its clients .
IG does not offer dedicated crypto wallets, as it focuses on CFD trading rather than actual cryptocurrency ownership.	Storage Offering	Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
There are no staking or reward programs for holding cryptocurrencies on IG.	Staking and Rewards	The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
Both the mobile app and desktop platform are well-designed, offering advanced trading tools and features.	Mobile App and Desktop	Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
IG provides responsive and helpful customer service through various channels, including phone, email, and live chat.	Customer Service	Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
IG offers multiple deposit and withdrawal methods, though some may incur fees, and processing times can vary.	Deposit and Withdraw	Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Key features

Analysis tools

IG provides advanced charting tools, technical indicators, and a highly functional mobile app. They also offer educational resources and risk management tools, including stop and limit orders .

Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, IG offers the IG Trading app, which is highly regarded and packed with features for both casual and advanced traders .

Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

IG is highly trusted and regulated by multiple top-tier authorities, including the FCA and ASIC. They offer robust security features such as two-factor authentication and SSL encryption. IG also provides negative balance protection, ensuring clients do not lose more than their account balance.

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Additional features

IG offers a broad range of cryptocurrencies for trading via CFDs. Their platform includes robust charting tools, various order types, and 24/7 customer support. IG is regulated by top-tier authorities, ensuring a high level of security and reliability. However, their services might not be available to all regions, and they do not provide direct ownership of cryptocurrencies .

Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

IG requires personal identification and verification documents for account opening, thus not supporting anonymous accounts .

Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

IG offers trading in cryptocurrency CFDs. The available cryptocurrencies are Ripple (XRP), Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), NEO, Stellar (XLM), and EOS.

Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more.

User-friendliness

IG’s platform is well-regarded for its usability, offering a straightforward interface for trading cryptocurrencies. The platform provides access to various educational resources and customer support, making it easier for new traders to get started. IG’s robust regulatory framework and security measures also contribute to a trustworthy trading environment .

Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

IG provides excellent value for money with competitive fees and a wide range of tradable cryptocurrencies. However, its fee structure can be complex, and occasional traders may find some charges, such as inactivity fees, to be less appealing.

Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders.

Countries of operation

United Kingdom, European Union, Australia, United States, Singapore .

United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

IG is suitable for traders who value a well-established, regulated platform with a range of educational resources. It’s best for those who prefer trading cryptocurrency CFDs and are looking for a comprehensive trading experience with robust security measures.

Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets.

Account

Trading

IG provides a robust platform for trading crypto CFDs, offering a variety of cryptocurrencies with leverage options. It is well-regulated and provides excellent trading tools, making it suitable for serious traders.

Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

IG offers free deposits and withdrawals through bank transfers, credit/debit cards, and PayPal. The process is quick and efficient, with most transactions processed within a few business days.

Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

IG offers a smooth and fast account opening process. Users fill out an online application form, provide personal and financial information, and submit verification documents. Accounts are usually approved within a day.

Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

KYC verification is compulsory at IG. Users are required to submit identification documents and proof of address before they can start trading.

Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

IG offers comprehensive customer support available 24/5 through phone, email, and live chat. The support team is known for being efficient and knowledgeable, making it easy for users to get assistance.

Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I would recommend IG for its robust and secure trading platform. IG’s long-standing reputation, coupled with its strong regulatory oversight, makes it a reliable choice for cryptocurrency trading. The platform’s user-friendly interface and comprehensive educational resources are perfect for beginners, while the advanced trading tools cater to more experienced traders. However, it’s important to be aware of the complex fee structure and limited selection of cryptocurrencies. Overall, IG is a solid option for those looking to trade cryptocurrencies through a well-established broker.

Xavier Tarrasó

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

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How do we review crypto exchanges?

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of IG vs Firstrade [ 2024 ]

IG

Firstrade

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

IG

Firstrade

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives IG and Firstrade