London Capital Group (LCG)
What is LCG?
London Capital Group, known as LCG, is the best London-based online trading services provider for beginners founded in 1996. This award-winning forex broker is a secondary London Capital Group company, having plc and is concentrated on its UK-based customer base.
Initiated as a financial holding company, LCG has since progressed into a full-fledged forex brokerage that offers a broad spectrum of financial products and markets to most of its users. The company has grasped several awards during the previous decade and is recently one of Britain’s most famous online forex brokers.
What is the London Capital Group?
As you might have estimated by the name, London Capital Group has a mostly UK-based clientele. They are accessible to the international audience, but not if you are grounded in Canada, Belgium, Australia, Singapore, New Zealand, or the USA.
Spread betting is only accessible to customers from the United Kingdom, so non-UK customers are reserved in their trading capabilities. The company doesn’t do a brilliant job at providing an international brokerage service, but it depends on its substantial British client base.
The total number of privileges is a testimony to LCG’s fortunate past. Since 2009, the company has won almost 12 awards, including several awards for the best mobile/tablet forex trading platform and two awards for one of the best social media use.
They won many awards for the best spread betting and CFD provider in the UK and the best forex fundamental analysis award. Even though LCG has slain behind the best forex brokers in the industry in the past few years, this long list of recognition should be quite enough to convince probing forex traders to check out this UK-based company’s offer.
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A single tier-1 regulatory body only manages the brokerage, the Financial Conduct Authority (FCA), which is not very magnificent since three tier-1 regulators drive most competing high-tier brokers. Although the company is very UK-focused, it's being controlled only by the UK’s highest financial regularity is not a big drawback.
Due to the reserved number of regulators, LCG knows to be an average-risk broker, although they have a substantial prestige without any scandals or crucial customer complaints. The company has tolerated some criticism due to financial losses in 2016 that resulted in layoffs and common distrust in the company’s stability, but customers weren’t harmed as a consequence.
LCG has made a great attempt to improve customer security so their users can sleep wisely at night, without the need to distress about losing their money. Users have a £50,000 coverage offered by FSCS, and their funds are stored in separate regulated bank accounts where they won’t be afflicted should the company go bankrupt.
Clients' values are also kept safe by LCG’s no balance protection, which means that your trading account balance can not go into zero. You can't get in circumstances where you owe the company money if you make some substandard trades.
Have you ever wished to be able to access over 7000 markets and trade nine asset classes with your online broker?
Yeah, who hasn’t?
That’s actually what LCG offers to its users, and it’s one of this company’s most remarkable qualities.
Some of these markets can only be approached through a premium account, but all clients have excellent access to a full range of offerings one might look for a high-tier forex broker. These include:
As a fresh client of LCG's services, you can select one of three live accounts, or if you want to dip your toes into this forex trading platform first wholly, you can easily open a free demo account to practice with.
The pricing is quite contended, especially if you’re a working trader who meets all the needs for LCG’s premium account, the ECN account. However, it is not the only broker with pretty much pricing and overall better service.
Brokers like IG and Oanda can relate to LCG's great pricing but probably have a much better offer in several departments. Have a look Iton these alternatives if you’re looking for a much safer broker with a top-notch pricing scheme; maybe you'll get something you like.
Another significant thing to keep in mind when looking at LCG’s prices is that trading price can be as much as two times higher on MT 4 than on its established platform, the LCG Trader.
Another crucial thing to keep in mind is getting a bonus based on your opening deposit. When opening an account, users avail a premium equal to 10% of their deposit, with the maximum compensation being €10,000. It is a welcome pushup for confident traders who want to be a big trades right off the bat.
The ECN account is equipped for day traders who like low commissions and much high-volume discounts. To license for this account, you need to maintain a minimum balance of $10,000 or more than this, but in return, you earn lowered commissions, rapid order execution, and access to more markets.
The ECN account will directly link clients to the market itself via MT4 or LCG’s proprietary LCG Trader platform. In essence, this account is a blessing for experienced, active forex traders who can make the most out of the minimum commissions.
The standard account is similar to the ECN in just about all respects, excluding pricing. There are no private fees to worry about, and the lower initial deposit is $0, so this account is a perfect option for users who don't meet the given ECN account’s $10,000 requirement.
Standard account users have an approach to fewer forex markets than ECN users, but that means they still have several markets to trade on, so it's not that big of a deal. If you want to check out LG's full pricing scheme, it’s best to take a look at the live forex price ticker on their website.
The Islamic account is explicitly made for investors who want to trade inlined with Shaira Law. What makes this account differential is that it's swap-free, which means there’s no rollover interest on clients’ overnight sites. Aside from this, the Islamic account offers similar terms to the standard account.
Want to work out before investing a ton of money? No worries. LG's demo account is specifically useful to beginners as it permits you to trade with virtual money for free. The demo account provides users a simulated trading experience on both LCG’s platforms, MT 4 and LCG Trader.
All the given platforms’ features are available with the demo account, so fresh users can use their time to avail themselves of their preferred platform before they start trading for real. You can only take advantage of the standard account in demo mode, but that's exceptionally fine since the real standard account in the next logical step anyway.
Opening a demo account is relatively quite fast and straightforward. You need to enter your data, select your most preferred trading platform, and select the currency you want to use: GBP, USD, EUR, or CHF. After that, you're quite right to go, and you can start exploring LCG's forex trading capabilities.
The demo account initiates with 10000 of whichever currency you want to use. Moreover, anytime through live chat, you can require LCG’s representatives to add or improve funds from your account so you can have the exact amount of balance you want to practice with.
For most forex pairs, the highest leverage goes up to 1:500. EUR/CHF and USD/CHF have a 1:200 leverage, and the leverage starts from 1:50 to 1:200 for forex minors. The leverage is restricted at 1:30 for EU-based traders, and for volatile products like crypto pairs, the leverage can be as minimum as 1:2.
Make sure to Keep in mind that this is just a fundamental overview of their vast selection of products. Have a look at the full leverage schedule on LCG’s website if you want to take a look at their offer in much detail.
Funding and drawing out money from your online brokerage account can turn into a real headache as you'll often run into transaction fees and delays. If you don't need to be disturbed by these restrictions, LCG’s pliability and availability will be an entirely pleasant experience.
When you start funding your account, all direct bank transfers have no cost, and most debit and credit cards suffer a 2% transaction fee. There are almost no fees for withdrawals above £1,000, which is always quite good to hear, and the lowest withdrawal is £50.
Withdrawals less than £1,000 incur a fixed £20 fee, which means it’s not a better idea to withdraw small amounts of money frequently. Another brilliant perk that’s not very common with other brokers is that users can fund their accounts from their Ewallets like Neteller and Skrill.
You can also open your account for £0, but you need to watch out for inert fees. If you haven't placed any other order or closed trade in 180 calendar days, you will be charged a hefty price in whatever currency you have on your account.
If your account is considered inactive, you will suffer a monthly fee of either 15 GBP, 20 USD, 18 EUR, 75 PLN, or 20 CHF. You will only be imposed a fee if you have money in your account, Although an inactive account may be deactivated if its balance is quite a minimum than the monthly payment.
London Capital Groups provides users the industry-standard MetaTrader 4, as well as LCG trader, a much-branded version of cTrader. The final is superior to MT 4 in common as it has a more intuitive UI and much better pricing, making it an acclaimed trading platform if you’re one of an LCG client.
LCG Trader is the latest web-based platform, whereas MT 4 provides a desktop side. That means that MT 4 is the only best option for tech-savvy traders involved in algorithmic trading. Still, their MT 4 can be as much as two times higher; that is why most users opt for LCG Trader.
MT 4 is one of the standard-setting platform used by many online brokers because of its credibility and performance. Experienced traders have likely used MT 4 in the past and know it inside and out, which is one better reason why so many brokers include this well-known platform in their services.
MetaTrader 4 has significantly much higher prices than LCG Trader, but it also has several advantages. Users often criticize MT 4 for its lower-order execution and some other minor issues. You really can’t go messed with MT 4, but LCG Trader is usually considered a much better option for most LCG users.
LG's offer of educational resources is quite good up to a certain level. New traders can get an excellent grip on one of the necessary forex trading concepts from the written and video tutorials but scarcely anything more than that.
City Index has a pretty good demo account you can practice with, as well as a complete set of well-produced lessons that can turn a starter into an intermediate-level trader. Not only that, but the brokerage is recently considered to be one of the best forex education offers in the country.
We have ended with London Capital Group (LCG).