IG Group Closes South African Business, Halts New Position Openings Effective Today

IG Group, a leading global retail CFD broker, has announced the closure of its South African operations. Effective today, clients under its South African unit will no longer be able to open new positions. 

In an email sent to its South African clients earlier, IG Group confirmed the “difficult” decision to discontinue its domestic (onshore) trading accounts denominated in South African Rands (ZAR).

However, the broker will allow South Africans to maintain accounts under the group’s offshore entities. “We are hereby providing notice of termination of the contract between us. 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,” said the company.

IG Group has announced a deadline of 28 July 2025 (4 p.m. Central Africa Time) for existing clients to close all open positions. However, the broker has not provided a specific reason for the closure.

“This decision wasn’t made lightly, and our priority is supporting you through a smooth transition,” IG added in its email. “We have decided to offer an extended notice period of 60 days to provide you with additional flexibility in determining when you want to close out your open positions.”

Beyond South Africa, IG Group holds regulatory licences in the United Kingdom, the United States, and Singapore.