LCG is a safe and reliable choice when it comes to Forex trading. With over two decades of trading history, the fact that they are listed on the London Stock Exchange and regulated by both the FCA and CySEC is a huge plus. The website is informative, and you will find it easy to open an account and to find the answers to the questions that you might have using their FAQ section. They also offer an excellent mobile trading experience using one of the most popular platforms available.
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LCG or London Capital Group as the name suggests are a UK based company. Their holding company began trading in 1996. In 2005, their CFD trading operation, LCG was born. They quickly grew and became well established and respected and today offer an extensive range of assets.
As a publicly-traded company listed on the London Stock Exchange, the company are required to hold capital that is higher than those who aren't listed. Coupled with the fact that they are also FCA regulated, this makes them a reliable and safe choice when it comes to depositing your funds.
If you are considering LCG as your choice of CFD broker, you will no doubt have questions. These can include whether the company offers you the best experience, if they are competitive with others and why you should choose this broker over others. We have reviewed the key aspects of opening an account and trading to help you reach a decision.
While some brokers offer a tiered package of accounts with names like standard, silver, gold, platinum, VIP, and pro to name but a few, it can take time to decide which account to open. LCG offer one live 'Classic' account in addition to the demo account. An Islamic Account and an ECN account are also available.
When choosing a new broker, one of the standard requirements is a demo account. You want to be able to try the platform before you risk your funds. Even if you are sure that this is the broker for you, it is still good to be able to use the demo account to get familiar with trading. Using virtual funds before you go ahead and risk your own money can save you both wasted time and money.
The ECG Classic Account is open to all traders regardless of experience. To open an account requires a deposit of funds to cover margin requirements, other than this there are no deposit requirements. No deposit is in contrast to many brokers who can ask for a deposit from any amount starting at $10. With a classic account maximum leverage of 1:500 is available although the leverage afforded to you if you are trading small amounts will be much lower.
An ECN Account is for those that prefer a faster execution with direct trading, and that plan to deposit at least $10,000. In return, you will benefit from speedier trade execution, lower spreads and more favourable commissions.
The Islamic account is also known as a swap-free account as it has no rollover interest on overnight positions as required under Sharia law.
Trade Features And Payouts
When trading CFDs, there are some standard trading features of which you need to be aware. While often similar between brokers, they can be what makes a broker stand out from the rest. While some offer more leverage than others, others may offer tighter spreads and higher or lower commissions. Another critical factor to look for is the trading platform – whether it is mobile-friendly and what sort of software they operate.
The maximum leverage with a Classic Account is 1:500 while the maximum available with an ECN version is 1:200. Often leverage will start at 1:5 and will depend on the funds you have in your account, and how much you are trading. Remember to only leverage what you can afford.
Spreads can vary extensively between brokers. While some don't have any, LCG offer spreads as low as 0.8 pips which are competitive with others in the market. These spreads vary depending on the asset and whether they are major or minor.
Guaranteed stop loss, advanced orders and partial position closing are all available tools to help you minimise losses and maximise profits. With the 'advanced order', it enables you to profit targets, or you can move your stop loss to break even automatically.
There are two platform types available. First is the LCG Trader, which is a powerful web-based trading platform. You will open the LCG platform directly in your browser on either desktop or mobile devices, meaning you don't have to download any software. The other is the MT4 which is a popular CFD platform. MT4 is available to download on desktop and mobile via an app on iOS or Android.
Bonuses And Promotions
There is no mention on the site of any welcome bonuses or deposits which is not uncommon with an FCA regulated broker. With no minimum deposit required to open an account, you can deposit what you wish and trade.
While there is evidence of previous welcome deposit bonuses, there do not seem to be any at this current time.
If you are going to trade CFDs, then it is highly likely that you want to execute your trades on the move. The good news is that LCG offers an excellent mobile trading experience, whether it be using the LCG Trader platform or the MetaTrader 4. There are apps available for both on App Store and Google Play, and the site is mobile optimised and launches in a browser using the LCG Trader.
When you download the app, you can take control of trading on the move. Manage your positions directly from your mobile and use a range of tools and indicators to find new opportunities. The charting package, built for mobile-first, means that you get an experience specifically designed for trading on the go. With an intuitive interface, LCG makes trading easy; however, you choose to do it.
LCG is a safe and reliable choice when it comes to CFD trading.
Deposits And Withdrawals
It is easy to fund your account, and there is no minimum deposit requirement. You can deposit funds using bank transfer, credit or debit card and e-wallets. There are fees for bank transfers, but withdrawals are free, which is an advantage of using LCG. You can deposit funds in either euro, GBP or US Dollars which means that in many cases you won't be subjected to currency conversion fees.
As long as you have confirmed your identity when opening your account, withdrawals are quick and easy and processed within 24 hours.
One unique feature of LCG is that they send out daily emails with market commentary and analysis to prepare you for that day's trading. They also offer negative balance protection which means that you can't lose any more than the balance of your account.
LCG pride themselves on quality trading without the hefty fees and commissions. If you are new to trading, a demo account allows you to practice.
LCG offer a live chat assistant which pops up when you land on the site. If you are on the website for a while, it will keep coming up to ask if you need any assistance. The UK office is contactable by telephone between 10 pm on Sunday and 10 pm on Friday. There is also a Cyprus customer support number.
If you have a question or enquiry, alternatively you can send an email. The customer support team are fast and knowledgeable, so you can be confident that your query will be dealt with effectively and efficiently. If you want to find answers to specific questions, they have a comprehensive FAQ section as well.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
LCG is a safe and reliable choice when it comes to CFD trading. With over two decades of trading history, the fact that they are listed on the London Stock Exchange and regulated by both the FCA and CySEC is a huge plus. The website is informative, and you will find it easy to open an account and to find the answers to the questions that you might have using their FAQ section. They also offer an excellent mobile trading experience using one of the most popular platforms available.
With 39 market assets, including majors and minors, the spreads are competitive, and the leverage available is high. You can use the demo account to get to grips with the platform and practise trading before committing your funds. With no minimum deposit requirement, you don't have to deposit to use the demo platform. All in all, the broker offers an excellent all-round CFD trading platform that will tick all of your
Our Review Rating System (More Info)
To ensure our readers know how our experts get to their conclusions, we feel it's essential to be transparent about the rating system we use. All our ratings focus on seven key factors which are shown below. Some of these factors carry more weight than others due to their importance. The importance of a factor has ultimately been decided by our readers and years of their feedback.
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Frequently Asked Questions
Is LCG legit? Will they scam me?
With licensing from both the FCA and CySEC plus the fact that they are LSE listed, this broker, with many year's experiences, is a safe and reliable choice.
Do they have a decent mobile or tablet app?
There are two platforms to choose from, both available to download as apps on both iOS and Android devices. You can also trade from the browser on the move.
What bonus do they offer for new traders?
There is no mention of a bonus for new traders as this current time. No reward is not unusual among UK brokers; however, it is worth regularly checking for other promotions.
Can I start trading on a free demo account?
With no minimum deposit required to open an account, you don't even need to deposit funds to use the demo account. You can use it until you feel comfortable.
What's the min deposit and ideal trade amount?
As previously mentioned, there is no deposit required; however, you should have enough funds in your account to cover your positions.
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Emily has written for us for 2 years, and with an education and career in economics, markets are something she understands. Working as a consultant for various financial institutions gives Emily the ability to devote a certain amount of her time to the site.