LCG (short for London Capital Group) is one of the older actors of the online Forex trading scene. Founded some 20 years ago, the operation is a well-regulated and seemingly well-oiled one.
Unfortunately, despite the long history and regulation, there’s quite a bit of negative feedback about it out there, coming from disillusioned traders, who allege fraud for one reason or another. The unreasonable increasing of spreads (to over 100 pips in some cases) during important market-moving events such as the NFP announcement, is only one such complaint.
Some traders have also alleged that the broker would simply not honor their withdrawal requests.
While there are positive user reviews available too, it is safe to say that the above-mentioned negatives certainly ring an alarm bell.
A while ago, LCG received a major injection of fresh capital, a move which was accompanied by a change in management. Under this new management, the operation has become noticeably more client-centric, so it may well be that the above-mentioned complaints only reflect the state of affairs before this rather radical change of direction.
As said, LCG is a regulated entity. London Capital Group Holdings Plc is the company behind the UK branch of the operation and it is licensed by the FCA, under license number: 182110. London Capital Group Limited is another company linked to LCG. Both companies are registered in England and Wales.
Furthermore, the brokerage has a Cyprus-based subsidiary as well, London Capital Group Cyprus Ltd, which is licensed by CySEC. The CySEC license number of the brokerage is 356430.
With the above in mind, it is safe to assume that LCG is indeed fully MiFID compliant, and as such, it is free to legally peddle its services in most EEA countries – unless expressly forbidden, of course.
Why would you make LCG your top trading destination though?
A publicly listed company, LCG does indeed command a certain level of respect and trust. Above and beyond that though, the fact that it covers more than 7,000 global markets across 9 asset categories, is certainly more interesting for traders.
The fact that its trading conditions are very competitive (with tight spreads and low margin requirements) is also a major part of the overall picture.
LCG have kept the account-type game as simple as possible. They only feature three account options, one of which is a free Demo account.
The other two accounts are a Standard account (which is obviously the entry-level option) and a Premium account (aimed at more serious traders).
In order to maintain a Standard account, traders only need to deposit enough to cover the margin requirements of their trades. Even through the Standard account, some 4,000 global markets can be accessed.
Those who want to move to the Premium level, need to make sure that they have more than GBP 25,000 in their trading accounts. Those who do, automatically qualify for Premium features/services.
The handiest option presented by the LCG trading platform selection is the LCG Trader, a proprietary platform which features more than 70 technical indicators, a fully customizable interface, one click trading and advanced trade protection.
MT4 is an option as well. The most popular (and arguably the best) trading platform can be downloaded from the LCG website. MT4 is the total package of trading: it comes with scores of preinstalled indicators and traders can code/buy and install their own. The same goes for EAs, the Expert Advisors which can be used to fully automate successful trading strategies.
Free tutorials are available for both trading platforms at the LCG website.
The Deposit option-selection supported by LCG is fairly standard: they accept credit- and debit cards, bank wire, as well as Neteller and Skrill. To be able to pay with a card, traders are required to register it first, by making a small transfer.
LCG cover Forex, Indices, Commodities, Shares, ETFs, Bonds, Interests and Vanilla Options. All-in-all, they provide access to some 7,000 tradable assets.
Interestingly, the broker has apparently not bought into cryptocurrency-based CFDs yet.
The LCG Customer Support is available 24/5. The support channels are email, telephone, and live chat is also supported.
Everything considered, LCG looks like a very safe trading destination these days. Its dubious practices are long in the rear view mirror, it is now more client centric than ever.
LCG looks like a trustworthy and safe trading destination. Its trading conditions are decent, its platform selection – though not overly generous – is more than satisfactory. It does not support scores of account-types, but it is rather flexible in this regard as well. Its reputation-related issues seem to have been addressed.