LCG London Capital Group Review – Is it Reliable and Trusted?
LCG London Capital Group Review, when investing your funds with a broker, there are multiple things you need to check and be aware of. The table below will list some key facts about LCG London Capital Group in order to better illustrate what you need to know about the broker.
The most important takeaway here is that the company is currently licensed by two Tier 1 regulators, which is essential in order to build trust and ensure cooperation in the long term.
LCG was founded in 1996 and has more than two decades of online trading behind it. As you can see, LCG has headquarters in the UK but also operates in the Bahamas (LCG BH) and is regulated by the UK and the Bahamas’ respective regulatory institutions.
It used to operate in Cyprus as LCG Cyprus Ltd and was regulated by the Cyprus Securities and Exchange Commission (CySEC) but the license was withdrawn due to the broker failing to comply with requirements regarding employees.
LCG offers a broad selection of CFDs and spread betting instruments across several different asset classes as well as transparent insight into clients’ funds. In the following sections, the LCG London Capital Group Review will provide a detailed analysis of the operation of this broker and discuss all the perks of doing business with it.
In addition, we suggest you check out these licensed brokers’ reviews Orbex, Interactive Brokers, and Trade Nation.
|Headquarters||5 North Buckner Square, Olde Towne Sandyport, Sandyport Marina Village, West Bay Street, Nassau, Bahamas & 3rd Floor, 80 Cheapside, London EC2V 6EE, UK|
|Regulations||Securities Commission of Bahamas (SCB), UK’s Financial Conduct Authority (FCA)|
|Platforms||LCG Trader, Meta Trader 4|
|Instruments||ETFs, CFDs, spread betting (UK only), shares, bonds and interest rates, indices, commodities, spot metals, Forex pairs, vanilla options|
|EUR/USD Spread||1.45 pips|
|Base Currencies||EUR, USD, GBP|
|Education||News, expert analysis, tutorials, seminars|
LCG London Capital Group Regulation and Security
LCG London Capital Group is regulated by Tier 1 regulatory bodies – the FCA and the SCB. Hence, it offers protection for clients’ accounts. FCA is the main regulatory agency in the UK where LCG is based and is revered for its strict approach to ensuring that market practices are fair for both clients and businesses. Funds are kept in Tier 1 banks.
In other words, having a regulation issued by a government-backed agency significantly contributes to the company’s credibility and reputation. Trading in markets always carries numerous risks but knowing that your money is not in jeopardy is extremely important.
However, as of late, the company is at major risk of losing its FCA license due to failing to file appropriate reports to the authorities in the past 12 months.
The company can also boast multiple awards such as the Best Online Trading Platform in 2012 and the Forex Innovator of the Year in 2015. However, LCG London Capital does not accept US clients.
Accounts Type Offered by LCG
According to the broker’s website, LCG offers three types of accounts, namely:
- Classic Account
- ECN (electronic communications network) account
- Islamic Account, also known as a “swap-free account.”
It also has the option to allow you to choose from a live account or a demo one. The ECN account requires you to submit a request in order to open it. One of the benefits in comparison to the classic account it brings is tighter spreads.
Trading Platforms Overview
As mentioned, the LCG broker provides clients with two trading platforms, the good-old Meta Trader 4 and its very own LCG Trader.
For the former, it is widely considered the leading platform in the business along with its successor, Meta Trader 5. It contains advanced tools and enables a full and enjoyable trading experience.
When it comes to the latter, i. e. LCG Trader is a unique and exclusive platform that the company utilizes to facilitate trading. Available on nearly any device you can get a hold of, LCG Trader is truly among the best online trading platforms in the world. Wherever you may find yourself, you can trade any asset offered by LCG easily.
Additionally, LCG Trader protects its users from market gaps risks by providing guaranteed market stop losses.
Bear in mind that there are differences between LCG Trader and Meta Trader 4, most notably in spreads, product offerings, and commissions (LCG Trader is more costly).
Trading Instrument Available
In its abundant offer, LCG London Capital enables you to choose from a wide range of trading instruments, some of the most prominent ones being:
- Forex Pairs – EUR/USD, GBP/USD, USD/JPY (min. spread 1 for each), etc;
- Indices – UK 100, Wall Street, Germany 40, Japan 225, etc;
- Spot Metals – Spot gold, SLV US iShares Silver Trust, ETFS Physical Silver, etc;
- Bonds & Interest Rates – BOBL, Schatz, Euribor, etc;
- Commodities – Brent crude, US crude, spot gold, US coffee, world sugar, etc;
- ETFs – iShares Core S&P 500 ETF, ETFS Physical Gold/Jersey, Vanguard Small-Cap ETF, etc;
- Individual Stocks – Barclays, BMW, Lloyds, etc.
In regard to spreads, they may be different and vary according to the traded instrument and the platform used. The average for EUR/USD is 1.45 pips. For leverage, since the broker is regulated, it must comply with certain standards and limitations such as a maximum leverage level of 1:30 for major Forex currency pairs, 1:20 for minor ones, 1:10 for Commodities, etc.
With regulations in place, everything that LCG offers from spreads to leverage and trading assets can be considered favorable, especially for beginners.
Deposits and Withdrawals Process
Payments are made based on two account types that LCG offers – the CySEC account and the FCA account. Both include the possibility of payments via bank transfers, VISA/MasterCard, and Skrill, but the CySEC one also accepts Neteller. Deposits take up to 30 minutes except with bank transfers, which may take up to one working day.
When it comes to withdrawals, it takes one working day for the FCA account and 2-5 working days for CySEC. All withdrawals and deposits are free except for deposits via credit cards (2%).
One of the benefits worth outlining is that LCG does not require a minimum deposit, thus is an excellent choice for novices to start their trading journey.
LCG Customer Support
LCG offers high-quality customer support available 24 hours Monday through Friday. Customer Support available via chat, email, or phone calls. The service responds fairly quickly and is ready to help you solve any problem that has appeared. Furthermore, the entire FAQ section on the website is outstanding and well-organized.
LCG London Capital Group Pros and Cons
Of course, LCG has a lot of pros but it is not perfect and there are still cons. But, all things considered, it is safe to say that the pros outweigh the cons and that this broker is definitely trustworthy and reliable. Keep in mind that it is always possible for issues to pop up, and should that happen, you can contact us for assistance.
- The broker regulated by respectable authorities such as the FCA and the SCB;
- It offers a variety of instruments and favorable conditions for beginners;
- Customer support is doing a great job of keeping things running;
- LCG offers protection from negative balance and guaranteed stop losses on LCG Trader;
- Incentives are available for high-volume traders.
- The website requires maintenance due to outdated information and broken links;
- The broker does not accept US clients;
- There are differences between the company’s flagship LCG Trader and the Meta Trader 4 it offers. LCG Trader has higher costs.
LCG Overall Summary
- LCG London Capital Group a regulated broker founded in the UK;
- Licensed by the FCA and the SCB;
- Customer support is amazing and available 24/5;
- Wide range of instruments with nice spreads and regulated leverage;
- The company has its very own trading web-based platform in LCG Trader while also offering Meta Trader 4;
- There is no minimum deposit necessary.
FAQs About LCG London Capital Group Broker
Is the LCG a Reliable Broker?
LCG is a reliable broker and regulated by Tier 1 regulators such as the FCA.
How Long Does an LCG Withdrawal Take?
It takes one working day when using the FCA account and 2-5 working days when using the CySEC account.
Does LCG Have a Live Chat Feature?
The Broker offers a live chat feature that can be launched within the LCG Trader.
What Is the Minimum Deposit at LCG London Capital Group?
LCG London Capital Group does not require a specific amount as a minimum deposit.
Does LCG London Capital Group Offers Mobile Trading?
LCG London Capital Group does offer mobile trading for its very own web-based LCG Trader platform.