London Capital Group (LCG) is a UK-based brokerage firm known for its multi-asset portfolio and seamless trading platforms. Founded in 1996, the broker holds multiple regulations worldwide. The firm allows its clients to trade 9 major classes of assets, including forex, commodities, shares, bonds, indices, spot metals, vanilla options, and ETFs. The ECN trading model enables the broker to ensure competitive spreads along with instant trade execution. Besides offering advanced risk management tools, such as stop-loss, guaranteed stops, and negative balance protection, the broker also holds registration with the Financial Services Compensation Scheme (FSCS). Research and educational resources, demo accounts, and round-the-clock customer services make the broker a competitive choice for forex and CFD traders. In this LCG review, we discuss various aspects of the broker in detail.
The broker is registered and fully authorized by the following regulatory bodies;
- Securities Commission of Bahamas (SCB) – the Bahamas
- Cyprus Securities and Exchange Commission (CySEC) – Cyprus
- Financial Conduct Authority (FCA) – UK
Opening LCG Trading Account
For each class of investors, LCG offers a customized trading solution with its three types of accounts including;
- ECN Account
- CFD Trading Account
- Islamic Account
Signing up with LCG is quick and easy. Clients can follow the given below steps to open an account of their choice with LCG in less than a few minutes.
Step 1: Click on the open live account button available on the top right of the LCG’s homepage.
Step 2: Enter details on the registration form, including email address, country of residence, mobile phone number, account preferences, and password.
Step 3: Verify the security code received on your registered email ID or mobile phone.
Step 4: Complete the KYC process by submitting proof of your identification, such as a National ID Card, Driving License, or Passport.
Step 5: Deposit funds in your account using the available payment options.
Step 6: Login to your trading account to start placing trades.
Let’s have a quick look at the services and features offered at LCG in each of the account types.
- CFD Trading Account: LCG offers clients to trade more than 7000 financial instruments across 9 major classes of assets with its CFD trading account. With no minimum deposit restriction, clients can get started with LCG by depositing the least amount needed to cover the margin requirement of various assets. Access to trading analysis tools and live webinars are the prominent features offered in the CFD account.
- Islamic Account: Considering the need of all stakeholders, LCG offers swap-free accounts for Shariah practicing traders. Clients do not have to pay rollover interest on holding positions overnight. After completing the registration process with LCG, traders have to generate an email to customer services at LCG to subscribe to the features available for Islamic Account holders.
- ECN Account: Unlike standard or Islamic accounts, traders need to deposit a minimum balance of $10,000 to open the ECN account. LCG claims to offer un-parallel liquidity with the lowest spreads to its ECN account holders. Transparent pricing, reliable execution of trades, and anonymity are some top features available in the ECN account.
LCG Deposit & Withdrawal
With multiple deposit and withdrawal options, LCG makes the payment process fast. Clients can use the given below payment methods for making and receiving payments;
- Debit Cards/ Credit Cards
- Master Card
- Union Pay
- Bank Transfers
- Wire transfers
- Southeast Asia Banking
LCG does not charge a deposit or withdrawal fee on any of the payment methods except for credit card and wire transfers. Clients need to pay a 2% fee on all payments made using a credit card. The broker charges an additional 25 (GBP/CHF//EUR) on wire transfers.
All deposits and withdrawals take up to 24 hours to get processed at LCG. However, wire transfers may take a few days. Not to mention, the broker also charges a £15 as an inactivity fee on all accounts that remain inactive for more than six months.
Spread with LCG
Being an ECN broker, LCG ensures competitive pricing by offering a low spread across all financial instruments. Starting from 0.0 pips in ECN accounts, the broker charges a spread between 0.8 pips (EURGBP) and 1.6 pips (GBPJPY) on cross currency pairs in Standard Account. Clients can expect an average spread of 1.45 pips while trading with LCG. Not to mention, the trading cost may vary depending upon the account type and the platform you chose to trade. The broker doubles the amount of commission for traders using MT4 as compared to the LCG cTrader platform.
Leverage with LCG
To enhance clients’ market exposure, LCG offers a leverage of up to 1:200 on most major currency pairs. Clients who wish to trade minor currency pairs can use leverage between 1:50 to 1:200. Leverage for commodities is capped to 1:100. Shares and indices are available to trade with a leverage of 1:40. For EU Clients, the broker has capped leverage to a maximum of 1:30 on forex pairs and 1:2 on digital currencies.
LCG User Experience
Starting from the account opening process to trade execution and profits withdrawal, LCG offers a streamlined user experience. Tailoring the needs of individual traders, the broker offers multiple types of accounts with customized trading solutions. Clients have the option to trade a wide range of financial instruments on industry-standard trading platform, MT4. The broker also offers a user-friendly cTrader with a low commission cost.
Traders can either access the trading platforms offered at LCG online or have them installed on their PCs. LCG custom-built trading platform cTrader can be used on different browsers, including Chrome, Safari, Opera, Firefox, or Internet Explorer. Similarly, the MT4 trading platform is available to download on a PC with an operating system Windows 7 or above.
Easy to navigate trading platforms with advanced trading and risk management tools help traders to explore trading opportunities with full confidence. Multiple order types and instant trade execution with no slippage issues offer clients pleasurable trading experience.
Without making traders compromise the need for mobility, LCG offers mobile trading platforms supported for both android and mac based mobile phones and tablets. Featuring one-click trading, the broker also ensures to offer maximum features on your mobile screen to help you trade the market on the go.
Clients can get started with the broker soon after the verification of their accounts. The broker offers a quick verification process along with multiple deposit methods to facilitate clients and help them start immediately. Unlike other brokers, LCG ensures clients have real-time access to their funds as and when needed. To ensure the confidential data of its clients, the broker has advanced security protocols in place, including SSL web encryption, and two-step authentication factors. FCA regulations make the broker even more secure.
As far as the research and educational resources are concerned, the broker meets the industry standard. Multiple video tutorials cover the basic and advanced learning concepts, while detailed articles on diverse topics help traders to learn and grow fast. Lastly, LCG ensures excellent customer support round the clock.
Who LCG broker is for:
Having a user-friendly trading interface, quick account setup, diverse risk management tools, and range of asset portfolio, LCG appears to be a fit for all classes of traders. Being one of the major forex brokers in the UK, LCG is well-known for its next-level security protocols and FCA regulation. Cutting-edge trading platforms, super-fast trade execution, and unlimited expiry of demo accounts make the broker a perfect choice for beginners. High volume traders may wish to sign up for an ECN account. LCG swap-free accounts can be the best option for shariah practicing Muslims.
LCG Customer Support
Although LCG claims to have a customer-centric approach, still customer services at LCG seem a bit slower. Clients can contact customer support agents via all communication channels including, telephone, email, and live chat. However, LCG live chat most of the time remains unavailable. We also had hard luck with telephone calls made to the broker. The broker was quick to respond via email though. Setting apart the efficiency constraint, the broker customer support staff is well behaved and professional.
After having a detailed LCG review, we hereby conclude that the broker is a competitive choice for both beginners and professionals. Even though the spread cost is a little higher at LCG, it still competes with the average industry standards. Easy-to-use trading platforms, rich asset portfolio, multiple regulations, availability of swap-free accounts, and friendly customer support leave no reason for traders to avoid signing up with the broker.
Countries that LCG is NOT available in:
Listed below are the countries where LCG does not offer its services:
- United States
- Saint Vincent And Grenadines
- North Korea
- United States Outlying Islands
- American Samoa
- Russian Federation
The minimum deposit accepted at LCG is the amount needed to cover the margin requirement for a position you wish to trade. That means, you can start with even $100.
The maximum leverage available at LCG is up to 1:200