Neither LCG or the FCA are very quick to respond to any kind of communication – nor it seems, are LCG quick to answer phone calls, while all the time the stock prices are moving. You definitely CAN NOT trust LCG – they are rogues, they will one day get their comeuppance. The call themselves LONDON Capital Group, but they have a registered address in Cyprus – no doubt to avoid taxes!! I have sought legal advise and have been advised that I could have a case for compensation against LCG.
The biggest selling points of this veteran broker are the LGC Trader platform, extended asset offer, and great tools complementary. This comes at the cost of having somewhat increased spreads which will avert fast trading traders.
All Accounts have the same asset range and no other differences except for the spread, leverage, and commission. In addition to representing clients involved in forex trading, London Capital Group also provides services in regard to financial spread betting, CFDs and metatrader investing. CFDs and spread betting represent riskier investments, according to the firm. Founded in 1996, London Capital Group is recognized in the United Kingdom as being a bona fide proprietary trading business. If you hold a classic account, then there is no minimum deposit.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Technical Analysis is available in the My LCG client portal and also inside the LCG Trader. The analysis on the website is presented on a slowly rolling bar with trading instruments.
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ECN trading is also available for forex, and you can even trade straight from the charts on all of your devices. Spreads are highly competitive and trading is available 24h/day. Traders also need to pay attention to the user rating as this broker has below average grades and most of the reports are similar. The main issue is the withdrawal denial for traders in substantial profit. Even the FCA regulation does not have a great effect here, any fine will not be a problem for a big broker like LCG. We cannot confirm this practice but the majority of similar reports leave a suspicion. Also, note that the company is restructured since it became privately held recently, management could have different policies that could affect to a better or worse for the trader.
Timeframes are not classical and the standard has M1, M2, M3, M4, M5, M10, M15, M30, H1, H4, H12, D1, W1, MN and the Tick variant has the range from 1 to 1000 ticks. The left toolbar side has the chart type selection with Bar, Line, Candlestick, Dots, Heaikin Ashi and HLC. Below is the Indicators selection, we have counted more than 60 indicators equally distributed into 5 categories, Trend, Oscillators, Volatility Volume, and Others.
Each time I asked to be taken off the list and not called, simply got a response I should not have signed up to be called. When I asked where and when I signed up, they couldn’t tell me. This company has called me three times now trying to sign me up. Even though they called me they were extremely rude during the phone call when I asked the name of their company and where they are based out of. They did not really seem to be able to provide me with a straight answer . By the way most of my trades are placed manually, only very few trades places by expert advisor and with small lot size, All the good profit came from the manual trades.
Chart data is displayed at the bottom left of the platform when the market snapshot tool is not activated. LCG’s proprietary Trader Platform software is widely regarded as a leading example of contemporary trading technology, having received multiple industry awards. Finally, we’ve listed some of the popular funding methods that London Capital Group offers its traders below. I was looking for a uk spread bet broker that’s offers the Ctrader platform, which I like. For example, that company refused to open an account to a clean trader who refused to provide personal data from his passport. Complete PrimeCFDS review which includes the best forex trading settings. Complete MaxCFD review which includes the best forex trading settings.
The stake size is then selected and a buy or sell order given and stop loss set if required. Navigating around the platform is intuitive with the menus and functionality easily accessible in-trade. To the top is the main toolbar, split between the left and right of the screen. On the left new charts and orders can be opened, chart mode changed, analytical tools accessed and chart and platform preferences altered. To start the process of opening an account with London Capital Group you can visit their website here. London Capital Group also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
Electronic Communication Account (ecn)
He has worked for some of the biggest brokers in Europe and Australia as an analyst, coach, and course creator. He has a wealth of experience in equities, currencies, commodities, and global macroeconomic issues. He has also published for prominent financial publications like SeekingAlpha, Forbes, Investing.com, and Marketwatch. Crispus graduated with a Bachelor’s of Science in 2013, an MBA in 2017, and is currently working on an MSc in Financial Engineering from WorldQuant University. When he is not trading and writing, you can find him relaxing with his son. For the more experienced traders, you can open LCG’s classic account by clicking on ‘Open Live Account’. The first one includes your contact details, preferred currency and trading platform, and the password of your choice.
In terms of what the broker offers, LCG hosts thousands of financial instruments that you can trade with ease. In the forex department, this includes dozens of trading pairs. London Capital Group – more commonly referred to as LCG, is an online broker that offers trading services to retail and institutional investors.
Minors forex pairs, again, have increased spreads comparing to other brokers. For example, NZD/JPY has 87 points spread, GBP/AUD 86 points, CHF/JPY 38 points, AUD/CAD 40 points, and GBP/NZD 138 points.
Investor’s Champion Limited is a company registered in England and Wales under number whose registered office is at Fourth & Fifth Floor, Lower Grosvenor Place, London, England, SW1W 0EX. Investor’s Champion offers objective, incisive and forthright comment on quoted companies and personal finance. Our content addresses what we believe are the key issues in helping make your money go further. LGC support is not 24/5 but opens from 6 am to 8 pm UK time Monday to Friday. As we are informed they will soon introduce 24h customer service. The chat service requires a minute or two to receive a reply and any subsequent query will also leave you unattended for a few minutes more. It is also integrated into the LGC Trader platform The staff is knowledgeable and willing to help, even for more demanding tasks they will not refer you to write an email.
I wanted the trade closed at the price I had requested on the 27th July., which would have been break-even. I am sure if they had paid me a large profit in error they would soon have reclaimed it without hesitation!! They take over two weeks to respond to email and yes some can come across as rude – not how you would expect if they were a reputable professional company. We don’t have our own personal experience with London Capital Group. However, because the broker is regulated by the FCA, there is a high chance that it is not a scam. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Due to regulatory restrictions, the bonus may not be available in all locations. London Capital Group started of in 1996 as a financial holding company. A few years later, they steered their ship towards other sharky waters – heading for a pioneering position in online brokerage industry. Today, they’re one of United Kingdoms most experienced online brokers. The commisions and spreads displayed below are based on the minimum spreads listed on London Capital Group’s website. The colour bars show how competitive London Capital Group’s spreads are in comparison to other popular brokers featured on BrokerNotes. To open a live account, you’ll need a minimum deposit of at least €0.
Trading Terminal is showing all trading costs and other relevant data. Execution times were 114ms on average with very small deviations, rarely going up above 117 ms. We are met with the default layout, with four major forex charts without visible One-click trading buttons. The client version is the latest and set to defaults with the LCG physical address in London not mentioned on the website. The default 4 forex pairs are not open for trading by default as they belong to symbols that are closed for trading and this may confuse first-time users.
When it comes to withdrawals, LCG charges a £20 fee if the request is for less than £1,000. Once again, this illustrates that the broker favors those that are willing to trade much larger amounts. The minimum withdrawal amount is £50, which is reasonable. As we briefly noted earlier, the trading fees that you pay at LCG will vary depending on the type of account that you hold. Fees will also depend on the specific asset that you wish to trade.
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This is also true for PLN, NOK, HUF, CZK, TRY, SGD (also AUD/SGD), PLN (also CHF/PLN), MXN, and SEK. Others are available with the USD like USD/CNH, USD/HKD, and USD/RUB. Spot Gold quoted in the USD has -11.8 points for long and 3.4 positive swaps for a short position. For the cryptocurrencies category, the swaps are calculated in points too but tripled on Fridays. The long and short position swap is the same, for the BTC/USD is -469.34 points or in other words $4.6934 per traded Bitcoin per day. Stops level is zero for almost all forex currency pairs, the exception being the GBP based exotics like GBP/ZAR with 150 points stop level.
- Building a watchlist of most traded instruments on the mobile app is the first recommended step, giving convenient mobile access.
- However, since trading with them, I’ve got no complaints.
- The cost for the Debit/Credit cards is 2%, LGC does not accept some VISA Electron cards and American Express.
- The chat service requires a minute or two to receive a reply and any subsequent query will also leave you unattended for a few minutes more.
- Also, note that the company is restructured since it became privately held recently, management could have different policies that could affect to a better or worse for the trader.
Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site. The most important factor that you need to consider prior to joining a new broker is whether or not your money is safe. Regarding the former, LCG holds multiple regulatory licenses, including that of the FCA. When it comes to reputation, LCG has been active in the UK brokerage space since 1996, so it has a long-standing track record to boast of.
Accounts Offered:
ECN account details.The ECN Account has a bit lower leverage than Classic under the BSC regulation but still high enough. ECN Account has a commission charge and spreads from 0 pips for Forex instruments, no requotes and is classified as a Direct Market Access type. Islamic Account or Swap-free is also available upon request.
Spot Gold and Silver is stated to have a 0.1 lots minimum trade size although what we have seen in the MT4 platform is 0.01 lots. Indices have 0.1 lot minimum except for Nikkei 225 which has 0.01 lit minimum trade size. LCG proprietary platform is one of the best web-accessible platforms in the industry. The platform is also available for mobile devices running on Android and iOS.
They were the primary financial spread betting company that gives a white label solutions to a respected brand. The clients with the premium service were given the access to the market commentary on a regular basis from the team and the award-winning portal in terms of trading. LCG also offers a demo account to novice traders who want to practice trading on their platform.
Spread Betting Account
LCG established the LCG Trader platform and holds the license for the MetaTrader 4. MT4 Multiterminal version is offered for managing multiple accounts and usually used for MAM. Upon installation, MT4 showed 4 LCG servers, LCG-Live 1 and 2 and LCG-Demo 1 and 2, all with around 54ms latency.
