IG Group has closed its South Africa office, including the lay-off of its local staff, FinanceMagnates.com has learned from an industry source. Although the number of staff made redundant remains unclear, the broker once had around 90 employees there.
IG’s Full Exit from South Africa
The closure of the South Africa office came nine months after the London-headquartered broker stopped offering services under its local unit. IG gave its local South African customers the option to move their accounts to other offshore entities.
FinanceMagnates.com understands that IG operated only a marketing hub from South Africa. The closure of the local office after the exit appears to be a natural step.
The broker also gave up its ODP licence in the country, which has become mandatory for offering contracts for difference (CFD) trading there.
Although IG declined to share details on the latest office closure, it told FinanceMagnates.com that “the business was proposing the closure of its South Africa office for operational efficiency reasons” after the mid-2025 commercial operations exit.
“The consultation has placed all remaining roles in South Africa at risk,” the IG representative added. “We cannot confirm any further details until the consultation period has ended.”
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IG’s New Business Direction
IG is one of the largest retail brokers offering contracts for difference (CFD) instruments. Apart from South Africa, the brand operates under licences in the United Kingdom, Germany, Australia and Bermuda. It also offers derivatives in the United States through its subsidiary tastyfx.
Interestingly, IG has exited several other operations and investments in the recent past, which include Spectrum Markets, Brightpool, Raydius, BadTrader and Small Exchange.
Meanwhile, the broker is now eyeing the crypto market and has rolled out spot crypto trading through a third-party partnership. It has also acquired a crypto exchange and plans to offer “crypto propositions” in the Middle East and Asia Pacific.
This article was written by Arnab Shome at www.financemagnates.com.
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