LCG Review

Overall Rating

5/5

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Avatrade
2.
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3.
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Tickmill

 LCG (London Capital Group) Review

📅 Year founded

1996

📈 Multiple top-tier regulation

Yes

📍 Headquarters

London, United Kingdom

🌍 Country of regulation

Bahamas / United Kingdom

✅ Regulators

FCB / FCA

📈 Execution Type

Market Execution

💰 Minimum Deposit

No

🛡️ Negative Balance Protection

Yes

📉 Trading Platforms

MetaTrader4 / LCG Trader

 ☪  Islamic account

Yes

📉 Trading Instruments

Forex / Indices / Commodities / Shares / Bonds / Vanilla Options / ETFs / Spot Metals / Cryptocurrencies

📱 Mobile trading

iOS / Android / Windows

💳 Payment Types Accepted

Credit and Debit Cards / Bank Wire Transfer / Neteller / Skrill / UnionPay

🎮 Demo Account

Yes

 ⓒ Copy Trading

Yes

🎁 Bonus Offer

Affiliates

💰 Account Currencies

USD / EUR / GBP / CHF

📈 Minimum Trade

0.01 Lots

📈 Account Types

PAMM / MAM / ECN

📈 Margin Trading

Yes

📈 Trading fees

Low

📈 Inactivity fee

After 6 consecutive months

💰 Withdrawal fee

No

☎ Customer Support

24/6

💰 Max. Leverage

200:1

✔️ Hedging Allowed

Yes

✔️ Scalping Allowed

Yes

💰 Commission

Zero on Classic Account / $45 USD per $1 000 000 traded

💰 Spreads

From 0.8 pips on Classic Account  / From 0.0 pips on ECN Account

💰 Leverage

Flexible

💰 Currency Pairs (Total Forex pairs)

60 +

🔢 Number of clients

5 000 +

🥇 Instruments Offered

7 000 +

📙 Education

Trading Videos / Trading Guides / Glossary / Webinars

Click here ✅ Open a Trading Account

 

WHAT IS LCG?

 

Found in 1996, London Capital Group (LCG) is a respectable forex and CFD brokerage firm with its headquarters located in London, England. This online broker is regulated by the FCB and FCA.

At LCG, clients can trade a range of trading instruments including forex, indices, commodities, shares, bonds, vanilla options, ETFs, spot metals and cryptocurrencies.

The broker also offers a variety of trading platforms to its traders, including MetaTrader4 (MT4) and the LCG Trader.

 

INTRODUCTION

 

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 industry when it comes to this, as is showcased by the various wards they have won.

LCG has undergone innovations and rebranding over the years, the newest of which was done in the year 2016, and that was when they introduced their own proprietary platform, 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 platform is downloadable.

Unfortunately, their services are not available to traders in the US and a couple of other jurisdictions. Before continuing this review, a good starting point is to look at the broker’s basic pros and cons to gain an understanding of their offering.

 

PROS & CONS

 

PROS

  • The broker is higher regulated.
  • Protects customers trading accounts by segregating client funds.
  • Provides some trading incentives.
  • Available on different platforms.
  • Their proprietary platform is highly innovative.
  • A first-class trade connection in different platforms.
  • Availability of statistical and economic analytical tools.
  • Wide range of trading instruments are available.

 

CONS

  • Leverage is limited to only 200:1.
  • The ECN requires a minimum amount of $10 000 USD to qualify.

 

TRADING INSTRUMENTS

 

The broker has a wide range of assets that traders can choose from. As of the last count, there were well of 7 000 market instruments that are tradable, and these instruments cut across nine different markets. The number of assets are very impressive.

The most popular asset on the platform is forex. The other interesting assets on offer are as follows:

  • Indices
  • Commodities
  • Shares
  • Bonds
  • Vanilla options
  • ETFs
  • Bonds
  • Cryptocurrencies

 

Depending on what instruments you choose to trade, the leverage, commission and spreads will vary. The offering from LCG is truly one of the broadest in the industry.

 

TRADING PLATFORMS

 

A lot can be 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 considered the king in the financial market. They also have the special web-based LCG Trader, which is their proprietary platform.

These are great software platforms and there are many benefits to be derived from using this trading software.

With these platforms, you can trade all the account options available on LCG, which include the standard trading account, ECN account as well as the Islamic account. It is better that you choose a platform that you have previous experience with.

 

LCG Trader

If you have traded on cTrader, you would see that the LCG Trader platform is very similar to it. This software has won international awards and is loved by traders who have had the chance to utilise it.

Furthermore, it comes with a customisable package for charting as well as other great features. You can see from the analysis above that this is a unique platform, specifically meant for traders.

 

MT4

This is the best trading platform in the industry. It is well regarded because it is highly reliable and it remains the best performing platform so far, even since the introduction of its upgrade, MT5. Since its development, it has continued to lead the market for years. Beginners and experienced traders alike will love using this platform.

This platform offers various features to traders and combined with LCG’s great offering as a broker, this platform is even further improved.

Copy trading is available on this platform through the use of features such as EAs.

 

ACCOUNT TYPES

 

LCG provides multiple different account types to its traders.  The account types available with this broker include the following:

 

Standard Account

All instruments offered by LCG are available on this account and leverage of up to 200:1 on forex pairs can be accessed. Spreads start from 0.8 pips on this account type and from what we can see on the website, no commissions are charged on this account as they are built into the spread.

There is no minimum deposit required, however traders must obviously first deposit funds before they can start trading.

 

ECN

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 spreads offered are lower when compared to other account types.

 

The drawback on this ECN Account, is that traders must have $10 000 USD in their account to qualify for this offering. Spreads start from 0.0 pips while only $45 USD is charged per $1 000 000 USD traded.

 

Islamic account

This account type is to ensure that LCG’s Muslim clients have access to an account that adheres to the principles of Sharia Law, by not charging swap fees on this account.

 

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 a questionnaire completion as pertains to 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 once they approve the account, you would be required to deposit the funds to the live trading account, whereafter you can begin live trading.

 

DEMO 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 free of charge. This is good for beginners to get to know the platforms that they will be trading on and is also helpful for experienced traders who want to test out new strategies.

The demo account at LCG aims to simulate real-life market conditions so that traders can practice in circumstances that are very similar to what they would face once they have their own money on the line. Using a demo account before starting to trade is always highly recommended.

Opening the demo account is also not difficult. It is a question of supplying your personal data and other information. It is available on both the two prominent platforms,MT4 and LCG Trader. The demo account is loaded with virtual funds for traders to experiment and learn with.

 

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.

While LCG does not provide its own copy trading software or systems, it is not prohibited by the broker and can be accessed via the MT4 platform which is famous for its wide range of EAs.

 

COMMISSIONS & FEES

 

LCG provides different offerings when it comes to spreads and commissions.

On the Standard Account, the spread starts from 0.8 pips and any commission charges are built into the spread. This means that you will not pay any commission on top of your trades. Of course, swap fees will still be applicable when positions are held open overnight and on weekends.

On the ECN Account, spreads are lower, starting from 0.0 pips and commissions are charged on top of that. Commissions differ depending on the trading instruments used, but on forex pairs it is generally around $45 USD per $1 000 000 USD traded.

There are inactivity fees applicable if your account is inactive for a period of 6 consecutive months.

 

LEVERAGE

 

Leverage offered by LCG is flexible and can easily be adjusted on your account settings. The leverage offered by this broker goes up to a maximum of 200:1, but once again this depends on the currency pairs traded or the trading instruments used. Since the broker is also regulated across various jurisdictions, it may also depend on the jurisdiction you chose to trade from.

 

WITHDRAWALS AND DEPOSITS

 

The company also provides different methods of depositing funds to the system and for money withdrawal from the system. There is no minimum deposit, although the ECN Account requires a minimum of $10 000 USD to be available. 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:

  • UnionPay.
  • Visa / Mastercard.
  • Neteller.
  • Skrill.
  • Bank wire transfers.

 

There are no charges on deposits but when you pay with credit cards, it could attract about 2% 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 deposit. This makes it faster than other systems.

When it comes to withdrawals, the company does not charge any withdrawal fee. The fees are always charged by third party providers and traders are encouraged to contact their providers / financial institutions to learn more about their fees.

Withdrawal times vary depending on the method you choose. Most of them can take up to one business day for the money to hit your account, which is fairly quick compared to other brokers.

 

CUSTOMER SERVICE

 

The system provides different methods of contact. You can contact them through email support, telephone chat and live chat on their website. 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 which is available as the team is highly knowledgeable about the likely questions you ask them.

The customer service is available 24/6 and is offered in a variety of different languages.

 

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 and across multiple jurisdictions, which is always a good sign of a safe broker.

The level of regulation means that your investment is 100% secured because the regulators would ensure that the broker complies strictly with the regulations and laws guiding their operations. These all translate to the safety and security of your funds.

LCG also offers negative balance protection, which means you can never lose more money than what is in your trading account, this is especially key once you utilise tools such as leverage. Additionally, the broker keeps clients’ funds segregated from their own, meaning your funds are never used by the broker.

 

PROMOTIONS

 

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. At the moment, there are no promotions on offer, but it may be wise to check LCG’s website every once in a while to see if that has changed.

There is, however, an affiliate program in place whereby you can earn up to $800 USD when new clients use your link to sign up and start trading.

 

RESEARCH

 

LCG offers research resources that can help traders make successful trade predictions. There is a need for traders to get connected to the market and this research platform makes it easy. If you are inexperienced, then these research tools can be of great assistance to your future trading endeavours. Even experienced traders will make use of these resources.

The research team of the company consists of talented individuals and they provide market commentary. It is easy to link this with the technical market movements, the economic calendar and the market calendar.

Even beginners would find these research resources useful because it educates them on what they should know as well as what they should expect from the market movements. The research resources are available in the form of articles, videos and charts.

Even traders with advanced knowledge and skills need research resources that help them to further their skills and gain deeper insights into the market. If you want to do well in the market, then you require a good research tool, and this is what LCG has made available to you. Moreover, you are informed of the latest news via the economic calendar.

 

EDUCATION

 

Furthermore, when it comes to educational tools, the broker makes different educational resources available through various trading guides, trading videos, a glossary and by hosting webinars where traders get the opportunity to learn from more experienced traders and professionals.

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.

The educational tools made available by LCG are wide ranging and cover a whole host of different topics that new traders need to learn about. For anyone starting in the industry, it is highly recommended that you work through the training materials available on the broker’s website in order to gain a deeper understanding of how the market works and moves.

 

GLOBAL AWARDS

 

This company has in the past won several awards and these awards cover different markets. The range of awards showcase their embrace of technology and other innovative solutions the company introduced to the industry. The awards include:

  • Best Spread Betting Broker (2017) – City of London Wealth Management Awards.
  • Best Mobile / Tablet Trading Application (2016) – Shares Awards.
  • Best Forex Fundamental Analysis Provider (2016) – UK Forex Awards.
  • Best Use of Social Media (2016) – Online Personal Wealth Awards.
  • Forex Innovator of the Year (2015) – UK Forex Awards.
  • Best Use of Social Media (2015) – Shares Awards.
  • Best Platform (2014) – Online Personal Wealth Awards.
  • Best Mobile / Tablet Trading Application (2013) – Money AM Awards.
  • Best Mobile Trading Platform (2012) – Money AM Awards.

The company has won over 13 important awards in the trading industry, highlighting their quality and innovation in the industry.

 

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 across multiple jurisdictions, including in the Bahamas and the United Kingdom.

The broker has been in operation for a long period of time, over 27 years and over this time, they have built an exceptional reputation in the trading industry. Quick google searches on this company will also show that they have made their financial reports available in the past, indicating the transparency of LCG.

Additionally, client funds are segregated from the broker’s funds, meaning that even in the event of bankruptcy, your funds will be protected as they are not used in the day to day running of the business.

As LCG is registered in the UK, any clients based in the UK will also enjoy protection of their funds up to GBP 85 000.

 

CONCLUSION

 

If you want a trusted and reliable broker you can do business with, look no further. They are highly regulated in different parts of the world and have developed a reputation for transparency and trust among their clients and the trading industry as a whole.

LCG has developed their own proprietary trading platform, showcasing their ability to innovate and adapt to the ever changing demands of the market.

The only drawback of this broker would be that to qualify for an ECN Account, a trader must have $10 000 USD available in their trading account, providing a rather big barrier to entry for most retail traders. However, their Standard Account is easily accessible and represents very good value for money.

They offer a wide variety of trading instruments at a low spread and very reasonable trading costs, something any trader would be happy with. After conducting the above review and analysis on LCG, the team at Brokersuggest.com highly recommends this broker to traders who are both inexperienced or professionals.

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