Your day trading profession is a serious thing. It is all about your fantasies, efforts and naturally your cash. We have thus dug deep into the large industry of London Capital Group (LCG). Within this review, you will receive valuable information about the UK’s biggest online agent. Is LCG the ideal pick for you?
LCG was founded in 1996 and started out in financial holding. A couple of decades after, they ventured to the online brokerage market. Nowadays, they are among United Kingdom’s most seasoned online agents.
- Headquartered in London, but registered in England and Wales
- Regulated by Financial Conduct Authority (FCA)
- 50-100 people employed
In general, LCG retains a fantastic reputation among the stakeholders and clients. But, there was some criticism in recent years as a result of fiscal losses and also the fact that seasoned workers left the company. However, they’re one of Europe’s most commended online agents, famous for low rates and excellent support.
LCG supplies you with two platform options – LCG Trader and Meta Trader 4. Both choices have limitations and benefits. Which are your trading tastes and overall expectations? Are you likely to use a standard account, ECN account or Islamic account? Have you got any prior knowledge of one of these programs? Assessing all these, and similar, questions, can steer you toward the ideal platform for you.
Do not be fooled by the name above – LCG Trader is a branded version of cTrader. It is created by Spotware Systems and FxPro-traders likely recognize it. Yep, they use the same platform. And it is a great one. Look at a few of the advantages:
- 5000 distinct tools from 7 distinct assets categories
- A customizable charting package
- Optimized for a well-diversified portfolio
- Valuable attributes like client sentiments and depth of market
- Cheaper pricing
- Web-based and can be used as an app
The LCG Trader is a multi-asset platform good for ECN traders. According to their own site, it is developed and tailored to the requirements of traders. Thus, we’re not surprised that lots of day traders favor this over the MT4.
Meta Trader 4
The MT4 is well known for its high performance and reliability. It was designed by MetaQuotes Software Corporation and has been present in the marketplace for several decades. Why? MetaQuotes artwork isn’t merely popular– it is a standard in online brokerage.
What is positioning the MT4 from LCGs very own branded stage? Well, there are some benefits:
- Works for ECN, Classic and Islamic accounts
- Optional for trading with FX currency pairs, commodities and spot metals
- Quite user-friendly
- Beginners will likely have a smoother ride
Though the MT4 is among the greatest platforms on the market, many day traders often report some common problems (or rather runny ). Frequently it is about slow executions and the restricted number of niches.
LCG Asset / Markets
We have mentioned LCGs fantastic accessibility concerning markets, but it is worth mentioning yet again. You are going to receive access to over 7000 worldwide markets across 9 assets. That is fairly impressive. Everyone can find something that suits them:
- Interest rates
- Vanilla options
The specific number of niches you can trade in will vary determined by your own accounts. Ensure that you read all info about LCGs distinct choices.
Low Spreads And Commissions
LCG is an ECN/STP broker. They’re the matchmaker between you, your orders as well as the liquidity suppliers. This is only one of the chief reasons behind the reduced commissions and competitive spreads. When trading Forex, pip spreads majors starts from 0.8 (EURGBP) around 1.6 (GBPJPY) using an average of $ 1.45 pips for EURUSD.
The fees might vary, depending on what stage you use and what type of accounts you have. LCG will favour customers that are utilizing the branded cTrader, imposing twice as high commissions on the MT4.
A complete list of commissions and spreads are on the LCG site.
Maximum leverage for many Forex majors pairs goes to 1:500 (1:200 for EURCHF and USDCHF).
For EU traders, leverage has been capped at 1:30 for Forex and lower for commodities that are more volatile (1:2 for Crypto for instance)
Download MT4 or LCG Trader from Google Play or Apple Store and exchange on the move or track your portfolio.
The smartphone version works really well. You can make orders, use a few of the analytics programs and remain updated with your watch list. The apps aren’t meant to be a replacement for LCGs desktop variations. Rather it is a useful free tool, helping you with your own investments – regardless of your location. User interface is among the most crucial things and lots of businesses struggle with this moment. This isn’t true for LCG.
We all know too well about stiff online money transfers. Fewer restrictions equal better trading encounters and happier clients. LCG is a top performer concerning flexibility, accepting an assortment of safe deposit approaches:
- Bank Transfers for free
- Virtually all significant debit and credit cards (2 percent commission for deposits)
- E-wallets like Skrill and Neteller
- Withdrawals are free of penalties!
LCG Demo Account
LCG delivers a demo version and it is totally free. We particularly recommend it to novices. There are not any differences in contrast to the live versions and you’ll be able to make yourself comfy with features before you begin trading. Beginners may use it in order to get new skills and learn about every stage.
These are the steps to starting an account:
- Fill in your personal information.
- Select your favorite platform – Meta Trader 4 and LCG Trading platforms are both available
- Choose GBP, USD, EUR or CHF.
- Get prepared to roll.
Notice: You can only use the classic account in the demonstration mode.
$5000 is a great deal of cash. And that is just how much it is possible to get out of LCGs welcome bonus. All new dealers earn 10% additional cash from the deposit. As a result of regulatory constraints, the bonus might not be available in most places.
Regulations and Licensing
Both FCA and CySec in Cyprus regulate LCG Ltd. This amount of law ensures that the ESMA guidelines are adhered to– that restricts leverage ensures negative balance protection and reinforces ‘Know Your Client’ protocols. For many dealers, this amount of security is stifling and not mandatory — if this is the situation, traders are able to apply for’ Professional’ status. This requires proof of trading expertise and funds – but may mean greater accessibility to leverage and extra investment types.
LCG Account Types
There are 3 Distinct accounts to pick from:
- ECN Account
- Standard (Classic) Account
- Islamic Account
All these options have benefits and limitations. Which to pick? It is all dependent on your tastes, strategies and general expectations.
Electronic Communication Account
Generally, day traders choose to register for LCG’s ECN account. More active dealers turn to ECN agents because of favourable prices and direct links to liquidity suppliers. If you intend to deposit $10.000, an ECN account is a better choice.
- Many dealers undergo rapid implementation of orders
- No market manufacturers – LCG is going to connect you just to the marketplace
- Reduced charges compared to standard accounts and quite low spreads
Standard (Classic) Account
This account will frequently provide you with the very same chances as an ECN accounts, but the average spreads are greater. There are no hidden charges because the commission is included in the spreads. This is a great alternative if you don’t fulfill all prerequisites for your ECN account.
LCG’s Islamic accounts is a swap-free alternative for Muslim day traders, made to follow principles and duties from Sharia Law.
- No fees or overnight funding expenses.
- No upfront commissions or growing spreads
Islamic accounts get precisely the very same conditions as other accounts.
- Reputed, controlled and dependable.
- LCG provides a fairly secure atmosphere. The negative balance security ensure traders never to lose over the remainder of the sum of their accounts.
- Top fiscal trading tools for all sorts of traders.
- LCG provides low-cost trading solutions without sacrificing on quality.
- Almost two times as high commissions on MT4 ($10.00 per $100.000), in comparison to LCG Trader ($45.00 per $1.000.000).
- Trading big volumes can prove to be difficult.
LCG Trading Hours
Sunday 21:00 – Friday 22:00 (GMT). Trading programs may vary because of holidays and official times of the entire world financial markets. LCG will essentially be accessible as soon as the markets are available, counting international forex markets.
Contact Details / Client Support
Quick and helpful. We found the service staff to be considerate and knowledgeable.
- UK OFFICE – CUSTOMER SUPPORT, opening on Sundays 22:00 (GMT), closing on Fridays 22:00 (GMT); +44 (0) 207 456 7020; [email protected]
- UK OFFICE – SALES SUPPORT, opening on Mondays 08:00 (GMT), closing on Fridays 20:00 (GMT); +44 (0) 207 456 7072; [email protected]
- UK OFFICE – DEALING DESK, opening on Sundays 22:00 (GMT), closing on Fridays 22:00 (GMT); +44 (0) 207 456 7010
- CYPRUS OFFICE – CUSTOMER SUPPORT, +44 (0) 207 456 7020; [email protected]
Security and safety
Some online brokers believe in responsibility and transparency. LCG is just one of these, using negative balance protection. The NBP ensures your Forex accounts never goes into negative equilibrium – shielding you from debt.
An organization’s use of NBP needs to be just one criterion when novices are choosing between distinct online agents.
You’ll also possess FSCS on your own side in the event of an improbable bankruptcy. The Financial Services Compensation Scheme might be regarded as an insurance provider that protects clients deposits. The protection at LCG is up to 50k GBP.
LCG is most likely among the very best ECN/STP online agents on the market – regardless of your abilities. The business is highly controlled and retains a fantastic rep from decades of exceptional care of clients on the stock exchange.
The reduced commissions and tight spreads provided to LCGs customers place the business in a fantastic position. Day traders can opt to invest in several markets and create a fantastic profit. Stocks, place stocks, metals, indices and possibly even cryptocurrencies – there is a plethora of options.
LCGs excellent selection of trading platforms has advantages. The two LCG Trader and MT4 are strong instruments, starting up over 7000 markets across 9 strength classes. Enjoy one of the best online trading platforms in 1 place. Together with the user-friendly software, you can always remain on top, wherever you’re.
Last but not least the customer service is superb.
LCG only accepts traders from the United Kingdom.