IG Group to Close South African Onshore Operations

IG Group is reportedly closing down its local South African business. However, the broker will allow South African clients to maintain their accounts under the group's offshore entities.

An email sent to South African clients of IG stated, "We regret to inform you that IG Markets South Africa has made the difficult decision to discontinue our domestic (onshore) trading accounts denominated in South African Rands (ZAR)." The communication served as a notice of termination of the contract, but clarified that this change "does not affect any international (offshore) accounts you may hold with IG based in the UK or elsewhere - all positions in your offshore accounts will continue unaffected." The specific reason behind the decision to close IG's South African onshore operations remains undisclosed.

The broker indicated it would cease the opening of new positions from May 29, 2025, and existing clients will have until 4 p.m. CAT on July 28, 2025, to close all open positions. The email added, "This decision wasn't made lightly, and our priority is supporting you through a smooth transition," noting an "extended notice period of 60 days to provide you with additional flexibility."

IG is noted as one of the largest retail brokers offering contracts for difference (CFD) instruments. Beyond South Africa, the brand operates under licenses in the United Kingdom, Germany, Australia, and Bermuda, and offers derivatives in the United States through its subsidiary tastyfx.