Hi Yoosta!
I used to carry my Taurus Ultra Lite .38 Special (2" barrel) as my primary self defense weapon, and it worked very well in an ankle holster.
However, I've gathered this isn't the best way to carry a primary self defense weapon since it's awkward to get to, but it's handy at certain times and good for a backup weapon.
Since I got my Kimber Ultra CDP II .45, I carry IWB or in a belly band.
My ankle holster has a wide velcro strap for your ankle as well as a thin velcro strap the goes around your calf just below the knee. There is another adjustable strap that goes between the two, and it keeps the gun nice and snug when it's adjusted properly.
The holster itself is also adjustable with velcro and has a thumb break to keep the gun in place. It wasn't too expensive - I picked it up at a gun show and I'm guessing $20-$25.
The only other thing I'd be concerned about aside from the issue of trying to get to your weapon from an ankle holster is the weight of your gun, but maybe that's not an issue for you. I tried wearing my Kimber in an ankle holster, and after awhile it felt like I was dragging a brick around - my leg and back let me know they didn't appreciate it.
Hope that helps! I'm sure there are lots of other more knowledgeable folks who will have input as well.