Read our full LCG review below.
WHAT IS LCG?
Found in 1996, LCG is a respectable forex and CFD brokerage firm with its headquarters located in London, England. This online broker is regulated by FSA.
At LCG, clients can trade a range of trading instruments, such as Forex, Shares, Commodities, Metals, Oil and Spread Betting.
The broker also offers a variety of trading platforms to its traders, including MT4 and the LCG Trader.
The acronym LCG stands for London Capital Group. It is a financial market broker founded in the year 1996. Since its inception, the broker has continued to keep pace with the trends and technology, and they are at the top of the competition.
This company has been undergoing innovations and branding over the years, and the newest of the branding was done in the year 2016, and that was when they introduced the LCG Trader. This trading platform is web-based, and it is almost like the cTrader platform.
Apart from this web-based platform, the broker also uses the versatile MT4, which currently dominates the industry. This one is downloadable.
Apart from that, they also make available a highly functional mobile application. The truth about this broker is that they offer a wide range of products and these cover more than 9 markets. If you are a US trader, likely, you would not use this platform once you are based in the US.
It is not available in all parts of the world, but you can participate in many other countries of the world. They offer different kinds of trading account.
PROS & CONS
- The broker is higher regulated
- Protects customers trading accounts
- Provides some trading incentives
- Available in different app versions
- The platform is highly innovative
- A first-class trade connection in different platforms
- Availability of statistical and economic analytical tools
- Is not compatible with third-class tools
- It does not make for an automated trading
- Clients are not allowed from some countries
dukascopy Broker Review
The broker has a wide range of assets that traders can choose from. As of the last count, there were well of 7000 market instruments that are tradable, and these instruments cut across nine different markets. The number of assets is very impressive.
The most popular assets in the platform include forex. The other interesting assets are as follows:
- Interest rates
- Vanilla options
You can open an account with them and trade all the options available. However, you must read all the information to know how best to use them or a combination of them.
A lot was said about the available trading platforms and that is because they offer the most useful, and highly functional trading platforms which include the most popular MT4. This platform is the king in the financial market. They also have the special web based LCG Trader. This one is peculiar to the organization.
These are great software and there are benefits you can derive from using this trading software. You can weigh the benefits and difficulties associated with them before you begin to use these platforms.
With these platforms, you can trade all the account options available on this broker which include the standard trading account, ECN account, as well as Islamic account. It is better that you choose a platform that you have previous experience with how they work.
If you were used to cTrader, you would see that the LCG Brand is the same as this one. This software was recognized by Spotware systems, as well as FX professional traders. This trading platform provides five thousand trading instruments and that is from nine markets they currently cover.
Furthermore, it comes with a customizable package for charting. It comes with other great features. You can see from the analysis above that this is a unique platform, and it is specifically meant for traders.
This is the best trading platform. It is well regarded because it is highly reliable, and it remains the best performing platform so far. Since its development, it has continued to lead the market for years. If you are an experienced trader, you will use this platform very well.
As far as online dealing is concerned, this platform has taken the center stage, and it is currently the standard in the financial sector. It has certain advantages in almost all the trades such as ECN, Classic, as well as Islamic trading accounts.
If you want to trade in many financial markets, it is optional to use. The system is also user-friendly, and beginners would not find it hard with the system.
LCG makes available different account types that traders can choose from. Before you start to use the broker, you should study all these to know which account type you want to start from. The account types available with this platform includes the following
Standard which is also known as a classic account
These are the three options available to you and they come with their benefits as well as their limitations. After studying the benefits, you decide on which one you are going to choose. It comes with strategies and you can make a choice based on your expectations from the system.
ECN stands for Electronic Communication Account. This option is the best for the day trader. It is better because of good pricing and easy liquidity connections. Here are some of the reasons some traders choose the option.
- It makes for faster order execution
- The broker connects you directly to the market and this means that there are no market makers.
- The charges are lower when compared to *the other account types.
Standard or classic account
This is the second account, and it offers almost the same possibility as the one reviewed above, but the difference lies in the spreads which are always higher. It does not come with any hidden fees and it comes with commissions in its spread. Those who do not meet all the ECN requirements can start with this one.
It is a swap-free option, and it is perfect for Muslim day traders. The system is meant to follow the standard of sharia law. This does not attract any charge overnight
There are no widening spreads and no up-front commissions. Apart from these, it contains the same conditions as you can see in other trading accounts from the platform.
HOW TO OPEN AN ACCOUNT
It is not difficult to open an LCG trading account. The process is completely digital. The online application is always completed easily, and you provide the information required from you such as personal details, your contact details as well as questionnaire completion as regards your trading experience.
When you supply the information, the system will check the information you provide and work on your identity as well as your address. It is for security reasons, and when they approve the account, you would be required to deposit the fund to the live trading account, and you can commence your live trading account.
Before you start the live trading account, it is always advisable to start from a demo trading account. The platform provides a demo trading account, and it is free. This is good for beginners to master the system.
It introduces you to those things you are supposed to know, and within a short time, you will become versatile with those things, and you would be able to execute trades on your own. There is not much difference between this and the live trading version. Use this for practice and gain more skills before you begin to trade with your real money.
Open the demo account is also not difficult. It is a question of supplying your personal data and other information. It is available in the two prominent platforms which include MT4 and LCG Trader. As a bonus, the system is generous enough to offer your free five thousand dollars for the demonstration account.
When you fund your account then you can now start to trade live.
SOCIAL TRADING AND COPY TRADING
Social trading and copy trading are now becoming the order of the day and many brokers are using them across different markets. It is a system that allows traders to align and copy from experienced traders.
The system monitors the traders you are following and copying from. It is such that when such a trader enters a trade, you enter, and he exits the trade the copied trader will also exit.
COMMISSIONS & FEES
LCG provides different kinds of markets and it is known for its tight spreads as well as low commissions. This is available in most of the markets and applies to margin requirements. The charges available here are available on the spread. When the trader makes use of guaranteed stop loss, then they are charged a premium on their account.
This may not be the cheapest spreads, but it remains competitive. Depending on the trading platform you use, you can get it cheaper with the ECN platform.
Most of the forest majors’ leverage is always 1:500 for certain pairs. When it comes to the forex minors the leverage ranges between 1:50 to 1:200.
Additional there is a provision for 1:100 and this for commodities and for indices and shares it is 1:40. The platform can equally use the dynamic leverage model and not the fixed leverage models. The leverage model applies to LCG Trader and MT4.
WITHDRAWALS AND DEPOSITS
The company also provides different methods of depositing funds to the system and for money withdrawal from the system. There is a minimum deposit. It is recommended to make deposits that can cover margin costs when you are trading.
When it comes to deposits, the company accepts different deposit methods, and these include the following:
- Southeast Asia Real-time banking
- Skrill Moneybookers
There are no charges on deposits but when you pay with credit cards could attract about 2 percent commission when you deposit through credit cards. Payments done through credit cards would always reflect in your account within the next thirty minutes of making the deposits. This makes it faster than other systems.
When it comes to withdrawals, the company does not have any withdrawal fee. The fees are always made by the providers and traders must know of this and they can contact their providers for that when they have any doubt about the fees.
Withdrawal’s time varies and it depends on the method you choose. Most of them can take up to one business working day for the money to hit the account.
When there is procession delay it is associated with the provider and not with the broker.
The system provides different methods of contact. You can contact them through email support and telephone chat, and live chat. The chat system is available on trading days which are Mondays to Fridays. When there is a need for that, the customer can always call the dealing desk.
The company representative is always available to discuss with you once you call them within business hours. They are quick and they do not waste time. you will like the quality response from the team. This is because the team is highly knowledgeable about the likely questions you ask them.
SAFETY AND SECURITY
When it comes to the security and safety of your investment, you are well secured here. This is because the broker is well regulated in all the places, they are in operation such as Cyprus.
The level of regulation means that your investment is one hundred percent secured because the regulators would ensure that the company complies strictly with the regulations and laws guiding their operations. These all translate to the safety and security of your fund.
Some of the measures in place like limiting average, negative balance protection as well as know your customer’s protocols are some of the measures put in place to secure your balance and your account.
This is a policy that is in place by brokers to entice their customers and new customers. When you invest at certain times and when you trade at certain times, you are given some incentives. It may be a way of rewarding their loyal customers and so on.
The company offers research resources that can help traders make a successful trade prediction. There is a need for the traders to get connected to the market and this research platform makes it easy. If you are weak on your own in determining the future market movement, these research resources are all you need.
The research team of the company consists of well-talented individuals and they provide market commentary. It is easy to link this with the technical market movements and the economic and market calendar.
Even beginners would find these educational or research resources useful because it educates them on what they should know as well as what they should expect from the market movement. The research resources are available in the form of articles. There may be videos and charts.
Even traders with advanced knowledge and skills must need research resources that help them to further their skills. If you want to do well in the market, then you require a good research tool, and this is what the company has actually made available to you. Moreover, you are informed of the latest news together with the economic calendar.
You can derive the information home with the accompanying video analysis and the technical analysis. When you combine all the resources, you will be able to place a profitable trade. The research resource will help you with planning and other things.
Furthermore, when it comes to educational tools, the broker makes available different educational resources through blogs and other publications which can bring further insight into the trade and the market.
There is also a support guide and knowledge base which beginners and experienced traders can visit from time to time to improve their skill and knowledge about the market.
Topics covered here are wide and it covers different aspects of the market. you will know some of the things you should do to avoid making trade mistakes. These likely mistakes cover both the technical and fundamental aspects of the market.
Moreover, the broker makes available trading as well as a market glossary and this is accompanied by the currency trading terms and others. Most importantly, there is the frequently asked questions section, and this can be considered part of the educational tools because it takes care of lots of topics especially those related to training and other strategies that can assist beginners.
The educational resources are also available in videos as well as in articles in blogs. These educational resources cover forex trading and other forms of marketing such as the CFD. There is also some helpful background information, and this also relies on the LCG educational resources.
These educational resources are of the highest quality. You can gain from it whether you are using this broker or any other brokers because it comes with information that is useful for all traders of different markets.
There are also how-to-do videos that can teach you everything that you need to know about the market and how to place your trade and exit from the market when it is going against you.
This company has in the past won several awards and these awards cover different markets, and it has to do with technology and other innovative interventions the company introduced to the industry. The awards include the
- Spread betting provider for the year 2009
- The best financial betting operator for the year 2010
- The best CFD provider for the year 2011
- The company equally won the best online trading platform for the year 2012
- They also won the best mobile and tablet application award for the year 2013
- The best platform in terms of capital spreads 2014
- The best of social media for the year 2015
- They also won the best forex innovator for the year 2015
- This company was awarded the best use of social media award for the year 2016
- The best forex fundamental analysis provides for the year 2016 as well as the best tablet and mobile trading application for the year 2016.
The company has certainly been winning awards over the years and that shows the confidence people have in the system.
From time to time the company also offers promotions. This is to attract new customers and make their current customers have real value for their money.
In the same way, contests are organized, and this covers several markets they offer their services in. Customers are advised to be visiting here for the offers and benefits from them when they are available.
SAFE OR SCAM?
LCG is not a scam. It is completely legit and easy to do business with. This is because this company is highly regulated by at least three authorization bodies. They are regulated by the commonwealth of Bahamas and they are regulated in the country.
Furthermore, the company is registered in London and this means that their services are monitored by the FCA in England and Wales. In the same way, they are regulated in Cyprus.
Since this broker complies with all the rules and laws put in place in those places, they are safe and secure. You will not regret any investment you make with them. Besides the client’s funds are separated from the company fund. It means that the possibility of using your fund to run the day-to-day administration of the company does not arise.
Furthermore, the back office of the company can be visited at any time. The founders of the company are known, and you can chat and interact with them. They are real and not fake.
If you want a trusted and reliable broker you can do business with, you can think of this company today. They are highly regulated in different parts of the world.
The services they offer cover different aspects of the world market and you would always find a profitable portfolio that you can invest your money on. They are reputable and sincere to do business with.
The company offers its services in different parts of the world. Their market terms and spreads are the best. In the same way, when it comes to fees and commissions, they offer the fairest terms in the market today.