LCG Review and Tutorial 2019

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Your daytrading profession is serious company. It’s all about your fantasies, attempts and naturally your cash. Since the daytraders number a site, we’ve dug deep to the large industry of London Capital Group (LCG). Within this review, you’ll get invaluable info about among the United Kingdoms biggest online brokers. Is LCG the ideal alternative for you?
Business Details
London Capital Group began of in 1996 as a financial holding firm. A couple of decades after they steered their boat towards other sharky oceans — going to get a starting position in online brokerage market. Now they’re among United Kingdoms most seasoned online brokers.
Facts and statistics
Headquartered in London
Registered in England and Wales
Regulated by Financial Conduct Authority (FCA)
50-100 workers
In general, LCG retains a fantastic reputation among the two stakeholders and clients. But, there’s been a criticism in recent decades as a result of financial deficits and also the simple fact that seasoned workers left the company. Nevertheless, they’re just one of Europes most utilized and commended internet brokers, known for low rates and higher excellent support.
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Trading Platforms
LCG supplies you with two stage options — both LCG Trader and Meta Trader 4. Both options include limitations and benefits. Prior to making a decision, you should consider your options. Which are your trading tastes and general expectations? Are you really going to use a typical accounts, ECN accounts or Islamic accounts? Have you got any prior knowledge in a few of these programs? Assessing all these, and related, questions, will steer you toward the ideal platform for you personally.
LCG Trader
Don’t be fooled by the name — the LCG Trader is a branded version of cTrader. It’s developed by Spotware Systems and FxPro-traders probably recognize it. Yep, they use the exact same platform. And it’s a good one. Look at some of the benefits:
5000 different instruments from 7 different assets classes
A customizable charting package
Optimized for a well-diversified portfolio
Valuable features such as Client Sentiments and Depth of Market — to mention a few
More favourable pricing
Web-based and applicable for mobile devices
The LCG Trader is a multi-asset platform suited for ECN traders. According to their own website, it’s developed and tailored for the needs of professional traders. Therefore, we are not surprised that many day traders prefer this platform over the MT4.
Meta Trader 4
The MT4 is well-known for high perfomance and reliability. It was developed by MetaQuotes Software Corporation and has been on the market for many years. Experienced day traders knows pretty much everything about the MT4. Why? MetaQuotes artwork is not only popular — it’s more or less a standard in online brokerage.
What’s making the MT4 different from LCGs own branded platform? Well, there are some advantages:
It works for both ECN, Classic and Islamic accounts
It’s optional for trading with FX currency pairs, commodities and spot metals
It’s very user-friendly
Beginners will probably have a smoother ride
Even though the MT4 is one of the best platforms out there, many day traders frequently reports some common issues (or rather frustrations). Often it’s about slow executions and the limited number of markets.
Asset / Markets
We’ve mentioned LCGs fantastic accessibility in terms of markets, but it’s worth mentioning again. You’ll get access to more than 7000 global markets across 9 asset classes. That’s pretty impressive. Even the most demanding investors would find what they need:
Forex
Shares
Commodities
Interest rates
Bonds
Vanilla options
ETFs
Indices
Cryptocurrencies
The exact amount of markets you can trade in will be depending on your account. Make sure you read all information about LCGs different options.
Low Spreads And Commissions
LCG is an ECN/STP broker. They are the matchmaker between you, your orders and the liquidity providers. This is one of the main reasons behind the low commissions and competitive spreads. When trading on Forex, pip spreads on majors starts from 0.8 (EURGBP) up to 1.6 (GBPJPY) with an average of 1.45 pips for EURUSD.
The charges may vary, depending on what platform you use and what kind of account you have. LCG tends to favour customers who are using the branded cTrader, imposing twice as high commissions on the MT4 platform.
A full list of all commissions and spreads are available on the LCG website.
Leverage
Maximum leverage for most Forex majors pairs extends to 1:500 (1:200 for EURCHF and USDCHF). On Forex minors, leverage ranges from 1:50 to 1:200. You can also trade with 1:100 for commodities and 1:40 for indices and shares.
For EU traders, leverage is capped at 1:30 for Forex and lower for more volatile products (1:2 for Crypto for example)
Mobile Apps
LCG deliver a slick mobile app, compatible for iOS and android. Download MT4 or LCG Trader from Google Play or Apple Store and trade on the move or monitor your portfolio.
The mobile version works very well. It’s possible to make orders, use some of the analytics tools and stay updated with your watch list. The applications are not intended to be a substitute for LCGs desktop versions. Rather it’s a useful complimentary tool, helping you out with your investments — no matter your location. User interface is one of the most important things and many companies struggle with this big time. This is not the case for LCG.
Payment Methods
We know too well about rigid online money transfers. Less restrictions equals better trading experiences and happier customers. LCG is a high performer in terms of flexibility, accepting a variety of safe deposit methods:
Bank Transfers for free
Almost all major credit and debit cards (2 % fee for deposits)
E-wallets such as Skrill and Neteller
Withdrawals are free from fees which is a big plus.
Demo Account
Not ready to open a live account yet? No problem. LCG offers a demo version and it’s completely free. We especially recommend it to beginners. There are no differences compared to the live versions and you can make yourself comfortable with all features before you start trading. Beginners can use it to gain new skills and learn all about each platform.
Getting access to the demo account is a simple process:
1. Fill in your personal data.
2. Choose your preferred platform — both Meta Trader 4 and LCG Trading platform are available in demo mode.
3. Decide which currency to use. Select GBP, USD, EUR or CHF.
4. Be ready to roll.
Note: You can only use the classic account in the demo mode.
Bonus
$5000 is a lot of money. But that’s how much you can get from LCGs welcome bonus. All new traders gets 10 % extra money from the first deposit. Due to regulatory restrictions, the bonus may not be available in all locations.
Regulations and Licensing
London Capital Group Ltd are regulated by both the FCA in the UK and CySec in Cyprus. This level of regulation ensures the ESMA guidelines are adhered to — this limits leverage, ensures negative balance protection and strengthens ‘Know Your Customer’ protocols. For some traders, this level of protection is stifling and perhaps not required — where this is the case, trader can apply for ‘Professional’ status. This requires proof of trading experience and capital — but can mean increased access to leverage and additional investment types.
Account Types
Before you start trading at LCG there are three different accounts to choose from:
ECN Account
Standard (Classic) Account
Islamic Account
All of these three options has advantages and limitations. Which one to pick? It all depends on your preferences, strategies and overall expectations.
Electronic Communication Account (ECN)
In general, day traders prefer to sign up for LCGs ECN account. More active traders turn to ECN brokers due to favourable pricing and directly connections to liquidity providers. If you plan to deposit at least $10.000, an ECN account is a better option.
Many traders experience fast execution of orders
No market makers — LCG will only connect you to the market itself
Lower charges compared to the standard account and very low spreads
Standard (Classic) Account
A standard account will often give you the same possibilities as an ECN account, but the average spreads are higher. There are no hidden fees as the commission is included in the spreads. This is a good option if you don’t fulfill all prerequisites for your ECN account.
Islamic Account
LCGs Islamic accounts is your swap-free option for muslim afternoon traders, made to follow principles and duties from Sharia Law.
No fees or overnight funding expenses.
No upfront commissions or Growing spreads
Islamic accounts has exactly the Very Same requirements as another accounts
Benefits
Reputed, controlled and dependable.
LCG provides a fairly secure atmosphere. The negative balance security ensure traders not lose over the balance of the accounts.
Top financial trading tools for all sorts of traders.
LCG provides low-cost trading solutions without sacrificing on caliber.
Drawbacks
Almost two times as substantial commissions on MT4 ($10.00 percent 100.000), in comparison to LCG Trader ($45.00 percent 1.000.000).
Trading big volumes can prove to be difficult.
Trading Hours
Between Sunday 21:00 — Friday 22:00 (GMT). Trading program may vary because of holidays and days of the entire world financial markets. LCG will essentially be accessible as soon as the markets are available, such as worldwide forex markets.
Contact Details / Customer Support
Speedy and Useful. We found the service team to become considerate and educated.
UK OFFICE — CUSTOMER SUPPORT Opening Sundays 22:00 (GMT)
Final Fridays 22:00 (GMT) 44 (0) 207 456 7020 customerservices@lcg.com
UK OFFICE — SALES SUPPORT
Opening Mondays 08:00 (GMT)Closing Fridays 20:00 (GMT) 44 (0) 207 456 7072 sales@lcg.com
UK OFFICE — DEALING DESK
Opening Sundays 22:00 (GMT)Closing Fridays 22:00 (GMT) 44 (0) 207 456 7010
CYPRUS OFFICE — CUSTOMER SUPPORT 44 (0) 207 456 7020 customerservices@lcg.com
Safety and Security
LCG says that 8 from 10 non-professional traders shed money when trading using CFDs. Happily, some internet brokers believe in responsibility and transparency. LCG is just one of these, with negative equilibrium protection. In reality, that the NBP ensures your Forex accounts goes into negative equilibrium — shielding you from trades.
A firm ‘s use of NBP ought to be just one criteria when novices picking between distinct online brokers.
You’ll also possess FSCS in your side in the event of an improbable bankruptcy. The Financial Services Compensation Scheme might be regarded as an insurance provider that protects clients deposits. In LCG the security is up to 50.000 GBP.
Total Verdict
LCG is most likely among the ideal ECN/STP online brokers on the market — regardless of your abilities and degree. The business is highly controlled and retains a fantastic standing from decades of exceptional solutions on the stock exchange.
The reduced commissions and tight spreads provided to LCGs clients places 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 — that the options are only restricted by insufficient imaginations.
LCGs excellent option of trading platforms has advantages. The two LCG Trader and MT4 are strong instruments, starting up over 7000 markets over 9 strength classes. Love one of the niches finest online trading platforms at 1 area. Together with the user-friendly software you can always remain ahead, wherever you’re.
Last but not least the customer service is superb.
Accepted Countries
LCG only prevents traders in United Kingdom.