In a significant move that signals growing acceptance of digital assets in mainstream finance, IG Group, the London Stock Exchange-listed trading and financial services firm, has officially launched spot cryptocurrency trading for retail investors. This marks a considerable expansion from its earlier offering of crypto-based contracts for difference (CFDs), allowing users to directly buy, sell, and hold a range of digital assets.
Announced on June 2, the new service provides access to 31 cryptocurrencies, including market leaders Bitcoin (BTC), Ether (ETH), and XRP, as well as popular altcoins and memecoins such as Bonk (BONK). The integration of spot crypto trading represents IG Group’s firm commitment to capitalising on growing investor interest in digital assets and aligns with the broader regulatory developments shaping the UK’s crypto landscape.
Partnership with Uphold Enhances Compliance and Infrastructure
To ensure a secure and compliant launch, IG Group has partnered with US-based crypto platform Uphold. This strategic collaboration brings a robust regulatory framework and technical infrastructure to the offering, with Uphold handling all customer transactions and pricing data.
The crypto services are fully integrated within the IG trading platform and the IG Invest app, enabling seamless account switching between crypto and traditional investments like stocks. This unified platform aims to offer a user-friendly experience for both seasoned traders and newcomers venturing into crypto markets.
Michael Healy, Managing Director of IG UK, commented:
“This is a huge moment for IG and a major milestone in the UK’s crypto journey, with retail investors now able to buy, sell and hold crypto assets with a grown-up business.”
From CFDs to Spot Trading: A Strategic Shift
Until now, IG Group has only offered cryptocurrency exposure through CFDs—financial derivatives that allow traders to speculate on the price of crypto assets without owning them. While CFDs have their advantages, particularly for short-term traders, the new spot trading functionality enables retail clients to directly hold crypto assets, mirroring traditional ownership.
This strategic shift comes after IG had previously halted its retail crypto services in early 2021 following the UK Financial Conduct Authority’s (FCA) temporary ban on crypto derivatives for retail investors. With spot trading not falling under the same restrictions, IG’s re-entry into the retail crypto space reflects a maturing market and growing investor demand.
UK Crypto Regulation Gaining Momentum
IG’s launch comes amid the UK’s accelerating push to regulate the crypto industry. The FCA recently opened a public consultation on stablecoin regulations and crypto custody rules, while the government released draft legislation in April to establish a clear regulatory framework for digital assets.
These developments are part of a broader effort to protect consumers and encourage innovation within a regulated environment. Notably, the UK has seen a surge in crypto ownership over the past year, outpacing much of Europe, according to recent data from Gemini.
As regulatory clarity improves and major institutions like IG enter the market, the UK’s position as a global crypto hub appears increasingly solidified.
IG Group’s foray into retail crypto trading marks a significant step for both the company and the broader UK market. With strong regulatory backing, a secure partnership with Uphold, and an expanding product suite, IG is well-positioned to cater to the growing appetite for digital assets among retail investors. This move not only reflects changing investor behaviour but also sets a precedent for other traditional financial institutions looking to embrace the crypto economy.
