Platform LCG Trader, MT4
Minimum account size $0
Minimum lot size 0.01
Tradable assets 7,000+
Maximum margin 1:500
Spread on EUR/USD 1 pip
Payment methods Debit/Credit Cards, Bank Transfer, Skrill, Neteller
Demo account Yes
Support Phone, Email, Live Chat
The financial landscape has been drastically different back in 1996 when London Capital Group (LCG) was founded. After recently celebrating 20 years of trading, the company has built up quite a reputation in the world of online trading. Based in London, they are now operating with a license from the Financial Conduct Authority in the UK.
This LCG review will analyze how its offer compares to competitors in 2020. Is trader experience comparable to the industry standards or should you consider other broker options? Continue reading this review to find out.
There are two platforms on offer. Those who have been trading for a long time will no doubt find Meta Trader 4 as a tried and tested solution. There is also a standalone web-based trading platform developed in-house: LCG Trader. They are all available on desktop and mobile. We have to commend the new platform for its customizability and the added advantage of advanced charting. The offer of professional trading tools is also praise-worthy.
MetaTrader 4 was introduced fairly recently. It is meant to cater to those who are looking for institutional-grade services. It is also available on both iOS and Android trading apps.
LCG offers a demo version free of charge for traders with little experience or for those who want to test out the platform. There are no differences when compared to the live versions, so traders will feel comfortable switching to live accounts. In order to get access to the demo account you will need to complete a few steps:
- Fill in personal info
- Pick your preferred platform – Meta Trader 4 (MT4) or LCG’s proprietary platform
- Select preferred currency – USD, GBP, EUR or CHF
- Get started
London Capital Group Ltd is regulated by both CySEC in Cyprus and the FCA in the UK. This ensured regulations and protocols like leverage limits, negative balance protection, and KYC are being adhered to. While some traders won’t care about all of this, these definitely contribute to the status of the brokerage, making it appear more professional in the eyes of the public. UK traders have protection in the amount up to £85,000 according to FSCS, while EU Traders’ accounts are protected up to €20,000 under ICF.
There are three basic live account types, in addition to a demo account that comes free of charge and is funded with $10,000of virtual money. All accounts allow traders to operate with minimum micro lot sizes of 0.01. Here is the account breakdown with all the relevant features:
Classic CFD Trading Account
There is no limitation for deposits, and you can trade with over 7000 assets divided into nine different classes. Pricing seems reasonable enough, and you can access market analysis and research material to help you develop trading strategies.
Electronic Communication Network (ECN) Account
There is a minimum deposit of $10,000 to open this account. Spreads start from 0 pips and there are no requotes on prices. However, you will need to pay a commission for each trade, dependent on the transaction size.
This account is specifically for Muslim traders who wish to comply with Sharia law. There is also a holding charge each time you hold overnight positions for more than a certain amount of time.
Withdrawal & Depositing
This part of the LCG review will focus on the different deposit and withdrawal methods. Luckily there is no minimum deposit to open a trading account. However, all traders must know that their initial deposit should be large enough to cover margin costs for the markets they are trading.
LCG accepts these methods of payment:
- Credit Card
- Southeast Asia Real-time Banking
There are no fees on deposits, but credit card payment will include an additional 2% commission. In practice, all methods are speedy, normally taking a day or two to fully execute.
LCG does not charge any withdrawal fee. However, you might encounter some from your payment providers, so it is advisable to contact them and check in advance. When it comes to speeds, they can vary depending on the payment method. While most withdrawals take 2,3 working days, some can take up to a full week.
Education & Research
There are plenty of educational tools on offer. LCG Blog provides a variety of coverage on the world of trading. Support guides are here to address trading knowledge of beginners with topics ranging from introduction to more complex material. The education center also provides videos on common trading mistakes, different types of analysis, and several others. There is also the FAQ section that covers all training-based questions that can be helpful to beginners.
In addition to educational tools that help newcomers, Research tools are here to help traders with more intermediate and advanced skills. LCG provides traders with analysis videos, latest news, and the economic calendar that can help traders to develop and execute more complex strategies.
LCG provides its traders with telephone support and dealing desk which is available 24/5. Over the weekend you can leave a message via live chat or email. Although, you shouldn’t expect a speedy reply. For those with questions that need an immediate response, you can always go to the FAQ page which will cover most of the common problems beginner traders will face.
Through years of reputation and regulation by one of the world’s toughest watchdogs, LCG has become a reliable broker that can provide a safe trading environment. A diverse set of tradeable assets will attract many types of traders. There is no doubt that the absence of a minimum deposit amount gave the chance for LCG to build its customer base, especially in those early years at the beginning of the millennia. Even today it remains beginner-friendly with its comprehensive set of educational tools meant to push newcomers towards a career in trading. This LCG review finds very little negative, as the brokerage seems to remain on the top of its game despite all the competition. There are no wild claims and no eye-catching features, but LCG does everything just good enough for most traders.