LCG (London Capital Group) – broker review and traders feedback

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LCG.com Review Visit site

About LCG.com

LCG is a forex broker. LCG offers the MT4 forex trading top platform. LCG.com offers over 60 forex currency pairs, cfds, commodities, shares, indices, gold, silver and oil for your personal investment and trading options.

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Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $1
Established: 1996
Address: 3rd Floor, 80 Cheapside, London, EC2V 6EE, United Kingdom
Contact: [email protected], +44 (0)20 7456 7020
Regional offices:
Regulators: CySEC #No. 341/17, FCA #FCA no. 182110
Prohibited countries:

Yes

Yes

Yes

Trading platforms: MT4, LCG Trader
Web Trading:
Mobile Trading:
ECN:
Currencies: (60+)
Cryptocurrencies:
CFD: (70+) Gold, Silver, Stocks, Bonds, Oil, Other Commodities

Yes

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
Scalping:
MAM:
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill, UnionPay

Live discussion

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LCG.com profile provided by LondonCapitalGroup, May 12, 2020

Company name: London Capital Group

Foundation date: 1996

Forex unit foundation date: 1996

Controlled by: FCA regulated and LSE listed

Commission: Our low commission charges are included in our FX spreads so there are no hidden fees.

Pip spread on majors: From 0.6 pips

Mini Account: n/a

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Minimal payment for Mini Account: n/a

Regular Account: Yes

Minimal payment for Regular Account: none

Services: LCG is a leading provider of online trading services providing execution in FX, CFDs and spread betting on 3,000 instruments on MT4 & other platforms (FX, indices, commodities, single stocks) . Our experienced team of industry experts connects retail and institutional clients to the markets worldwide through leading-edge trading technology, superior customer service and unparalleled insight. Up to ?7,000 welcome bonus for all new accounts (Ts&Cs apply).

Language: English, Spanish, French, Italian, Chinese, Arabic

LCG Review

While losing its publicly-traded status doesn’t help LCG’s credibility, LCG does offer reliable customer service. Service aside, LCG struggles to stand out when compared to industry leaders.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on LCG:

  • Founded in 1996, London Capital Group is regulated in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading. However, traders should be aware that LCG was publicly-traded until its shares were suspended due to an overdue regulatory filing in May 2020. The suspension caused the company’s stock price to crash to nearly zero.
  • Although it requires a $10,000 deposit, competitive pricing is available on LCG’s commission-based ECN account on LCGTrader (cTrader). LCG’s MetaTrader pricing is double the pricing found on the LCGTrader platform. Pricing aside, our testing found that LCG offers reliable customer service.
  • The range of advanced research tools is limited, and the desktop version of cTrader is not available, leaving MT4 the only alternative for algorithmic traders, despite the higher pricing.

Overall Summary

Feature LCG
Overall 4 Stars
Trust Score 81
Offering of Investments 4 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 4 Stars
Research 3.5 Stars
Mobile Trading 3.5 Stars
Customer Service 4 Stars
Education 3.5 Stars

Is LCG Safe?

LCG is considered average-risk, with an overall Trust Score of 81 out of 99. LCG is not publicly-traded, does not operate a bank, and is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). LCG is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.

Feature LCG
Year Founded 1996
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 1
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 81

Offering of Investments

The following table summarizes the different investment products available to LCG clients.

Feature LCG
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 61
CFDs – Total Offered 4759
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

For traders that can afford the $10,000 minimum deposit, LCG’s LCGTrader (cTrader) ECN account type offers, hands down, the best pricing at LCG. Trading through MT4 is very expensive at LCG.

Spreads: LCG’s spreads on its forex pairs vary widely, depending on whether you open a Classic or ECN account. For example, on the Classic account type, average spreads on the EUR/USD are 1.45 pips, while traders needing a more competitive spread can establish an ECN account with a $10 K deposit and have their all-in cost drop to 0.65 pips (0.2 average spread + 0.45 pip commission) after factoring the round turn commission of $4.5 per standard lot using the LCGTrader platform.

Account differences: Alongside far better pricing, the ECN account also provides more favorable margin rates in terms of maximum trade sizes than the Classic account, where the tiered margin levels are more restricted. Meanwhile, the round-turn commission on MT4 is more than double at $10.00 per 100K, and not as competitive as the rate on LCGTrader when it comes to the ECN account.

GSLO: In addition, the option to add a guaranteed stop-loss order (GSLO) for an extra three pip charge is only available on LCGTrader.

Active Trader: Premium services are available to traders with at least £25,000 on deposit at LCG, along with a rebate program for active traders. Rebates range from £4 to as much as £9 per million depending on the volume-based tier.

Feature LCG
Minimum Initial Deposit $0.00
Average Spread EUR/USD – Standard 1.45 (as of Oct 19)
All-in Cost EUR/USD – Active 0.65 (as of Oct 19)
Active Trader or VIP Discounts Yes

Platforms & Tools

Platform suite: LCG offers traders access to both MetaTrader 4 (MT4) and cTrader (branded as LCGTrader). Overall, the LCGTrader platform boasts several key advantages, including ease-of-use and pricing (see Commissions above), making LCGTrader our recommended platform choice.

MetaTrader: LCG offers both MT4 desktop and MT4 WebTrader, which is the web-based version of MT4.

cTrader: LCGTrader is the branded version of the cTrader web platform for LCG (LCG does not offer the desktop version). Compared to MT4, cTrader is easier to use and comes with more charting indicators (64 vs. 51).

Algorithmic trading: Given the desktop version of cTrader is not provided, MT4 is the only alternative for algorithmic traders, despite the higher pricing.

Research

Overall, LCG’s research is respectable, providing an experience that is slightly above the industry standard. That said, integrating tools such as a screener, heat mapping, and more technical analysis posts about forex would help boost the LCG’s research offering.

In-house content: LCG’s research offering includes content from an in-house team of analysts that provides technical and fundamental analysis in the form of videos and written articles covering multiple asset classes. There are also weekly webinars in which LCG staff conduct market analysis, helping to keep traders up to date on developments.

Third-party content: Complementing LCG’s own research is content from third-party providers such as FXStreet to help power its economic calendar. For traders with Premium Client status, LCG offers Trading Central, which provides technical analysis, chart patterns, trade recommendations, and signals.

Video content: It is worth noting that aside from the Week Ahead weekly video posts, the LCG Market Insight section is not very active.

Mobile Trading

LCG offers both MT4 and cTrader for mobile trading. With no proprietary mobile app offered, the mobile experience is just average.

Account types: At LCG, the MetaTrader mobile app can be used with either Classic or ECN accounts.

Preferred app: The LCGTrader (cTrader) mobile app is highly versatile and brings a consistent theme with the web-version, thanks to its responsive design. In other words, nearly all the features available in the web version of the platform are in the mobile app, including syncing watch lists. Compared to its MetaTrader mobile app, LCG Trader would be my preferred choice.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: th (22 brokers)

Final Thoughts

LCG brings two decades of experience as an online broker rooted in the UK with EU-passports from its FCA-regulated entity. That said, the firm’s future is on rocky grounds. LCG shares suspended trading on the NEX Exchange in late May 2020 when its market capitalization fell to £0.8m. LCG is, therefore, no longer a publicly-traded company. As of now, LCG is still providing service to traders despite its delisting. As we learn more, we will update the review accordingly. In terms of customer support, LCG continued its streak placing Best in Class for the third year in a row in 2020.

About LCG

Founded in 1996, London Capital Group Holdings Plc (LCG) was an early pioneer in the online trading industry.

In 2006, the LCG went public on the AIM section of the London Stock Exchange (LSE), and at the end of 2020, the trading of its shares moved to the NEX exchange under the ticker symbol LCG. Unfortunately for shareholders, LCG’s stock suspended trading on the NEX exchange in late May 2020.

LCG Trading Features

Feature LCG
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader Yes
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

LCG Research Features

Feature LCG
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

LCG Mobile App Features

Feature LCG
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

LCG – London Capital Group Reviews

17 • Average

Write a review

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Reviews 17

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I got so unlucky trading with them but…

I got so unlucky trading with them but was still lucky enough to meet an expert(address above) who helped me recover my funds back 100%.

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I can’t explain how it feels to be a victim of scam brokers but with the help of Mrs Sofia Williams I got all my lost funds back. Click on my profile for her email address

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Do not deal with this company

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 (huge red flag for me).
One person said it was about crypto currency, another said it was share trading. 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.

Cryptocurrency recovery

Do not totally believe everything you hear or say, I fell a victim, I invested some money all on my own with the believe that account managers today are scam and most of all the broker I would have used I deviated to using IQ option only to be scammed I was devastated but I still took the blame, well am past all those now I have a trusted and reliable account manager who has experience and have been so kind to always help me with my trading and transaction, he also helped me recovery some of my lost funds of course not everything also I recommend olmpy trade. Need advice and help you can trust again email:[email protected] .Com

That company is strongly suspected to…

That company is strongly suspected to have a blacklist of people in order to impede them to open an account.
This is illegal, discriminatory and abusive.
For example, that company refused to open an account to a clean trader who refused to provide personal data from his passport.
Processes of that company are absolutely delirious and must be sentenced by a court.
Several complaints will be lodged soon.
Here is the kind of hallucinatory email that company dares to send to people blacklisted with no reason:
“Thank you for your email. As we wrote in our previous email we cannot onboard you anymore as you are blacklisted by our Compliance department.”

Hey fellow traders,

Hey fellow traders,

I was looking for a uk spread bet broker that’s offers the Ctrader platform, which I like. Hey presto, LCG.

Their ratings on here aren’t great and they are a bit shaky financially but I gave them the benefit of the doubt so I opened an account.

Luckily, the problems started early, when I tried to make a deposit. I selected the deposit option and was presented with three options (Bank transfer, taking 5 days if you are lucky), and two third party wallets.

I selected one of the wallets, and then realised I needed to have an account with them, and was a bit concerned that there was no mention of the fees for the deposit. So I backed out, and clicked on cancel.

Hey presto, the option to pay by debit/credit card then popped up (not previously there). Seem a bit dodgy? Perhaps just a bug in the software but too much for me, so I closed the account. Can’t take any chances in the Forex World.

Avoid.

cold called me. Claimed to be Interactive Investor. And then used my name, number and email to sign me up to all sorts of things. They clearly have no problem in hiring sociopaths. No-one deserves this. Avoid.

Bad customer service stay clear

They are not reliable in returning your money

They are not reliable in returning your money and it is a disgrace the way they charge you every night for your bets. Stay clear of this company. Very bad spreads and lousy online platform for iPad

THIS COMPANY ARE THIEVES

THIS COMPANY ARE THIEVES – they steal your money and will not give it back!! I was running a trade at the end of July but wanted to close it on the Friday evening (27th July 2020) as I knew that I was not going to be able to get internet access or phone signal for a few days and would be unable to monitor the trade. I was unable to close the trade on the platform itself, so I called LCG on the number on their website – there was no answer – I tried for approx. 10mins while my trade was running against my wish, so I then emailed them requesting they close my trade at a certain price – this did not happen – they let the trade run, it went into a reasonable profit around 6am on the following Monday morning (30th July 2020) after being locked in all weekend and incurring charges that should not had been incurred if I had been allowed to close my trade on the Friday previous as I wanted, (they did not close the trade here with me in profit) it then turned around and subsequently went against me, (I found this out when I was able to get internet access again) when you get to a point of 50% margin their system is set to cut the trade size and of course takes a sizeable share of your bank, this goes on and on until in my case they cleaned my bank out. I had left the trade running as I could not get internet access due to the nature and geography of my job and I knew this was going to be the case on the 27th July, that’s why I had tried to contact them. (LCG also knew this as I had explained to them on the phone when I was finally able to speak with someone there) I wanted the trade closed at the price I had requested on the 27th July., which would have been break-even. I emailed several times while the trade was running to ask why my trade was not closed at my request on the previous Friday night, and received not even one reply let alone an acceptable explanation as to why this happened – how ignorant. Two weeks later, once all my bank had been demolished I eventually spoke to an account manager who told me they do not act on emails and that I should have called in, after, as it turned out pretending to listen to my complaint – but from subsequent communication, I see he did not listen at all just putting across his point of being in the right. So first I can not close the trade on their platform, then I call them and there is no answer so I email several times with no response, then they call me and tell me that I should have called – rock and hard place spring to mind -as far as this company is concerned it is not the client that is always right, it is LCG that are always right – they do not want to even offer anything in the way of a good will gesture as there is no goodwill about them, let alone do the right thing and return my bank to the figure of 27th July 2020 – even though it was their error, but it was or course in their favour. I am sure if they had paid me a large profit in error they would soon have reclaimed it without hesitation!! consequently I have not traded with them since and I am still trying to get my refund of that trade – they are not wanting to keep clients – well they don’t need to as they manipulate the platform and steal clients funds. 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.
There are plenty of fair trading stock brokers out there and some have not been affected by the new ESMA rules either, although I am trading with a broker that I have traded with for many a year and they have imposed the new ESMA rules, but I am finding it quite advantageous – personal choice of course – In the last 2 months, I have steered 15 prospective traders away from LCG – small fry to them I know, but it all adds up to how much they can steal. No doubt the FCA will take the side of LCG as I and a friend have had dealings with the FCA and a large financial institution before, the FCA just listened to and supported the financial institution – they are not there to help the individual member of the public that has been scammed by one of these companies – they are there to support these thieves!! 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. They cant even get the facts of my complaint right! 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.
I wanted to give them minus stars but obv this site minimum rating is one star. :(

Move away from those FAKES

Move away from those FAKES ! A COMPLAINT to FCA for discrimination and illegal process is gonna be lodged. This company is a joke! I trade for over 15 years and i’ve never seen a poor broker who refuses prepaid cards but accept SKRILL (prepaid card!) , who suspects and discriminates customer like this company does. The customer service is also stupid and a joke. They become quickly arrogant and unpleasant when you explain them that their process is abusive. The platform is a basic one you can find in many others better brokers. Move away. They are so many better CFD companies. LCD was not there when i started trading. I laugh too much when i see that kind of clowns that FCA must sentence.

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