Want to Learn More About an ECN/STP Broker? Read our LCG Broker Review
LCG stands for London Capital Group, and if you’ve read a certain other review you’ll know it is one of the names connected with InterTrader. It is actually a subsidiary of London Capital Group Holdings Plc, which is listed on the London Stock Exchange. Its speciality is offering online trading in Contracts for Difference (CFD), and foreign currencies (Forex), or retail traders. LCG is licensed and regulated by the FCA (Financial Conduct Authority), from its registered address at 1 Knightsbridge, London SW1X 7LX. We should warn you at this point there are a number of other online brokers who claim to have an affiliation with LCG, but these are in fact cloned firms. Great care should be taken to ensure you are trading with the genuine article. The best way to do this is to contact the switchboard number listed in the FCAs register.
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2 main platforms offered with LCG
London Capital Group offers clients a choice between two trading platforms. There is a standalone web-based trading platform developed in house, called the LCG Trader, along with the tried and tested MetaTrader 4. With LCGs own trading platform, traders can access the financial markets through their own desktop or using a mobile device. The platform is easily customized and also has the added advantage of an advanced charting package and top of the range trading tools. Enabling LCG traders to keep on top of their game. Recently, LCG underwent a few changes, which included the launch of a dedicated MT4 trading platform which is aimed at catering to the needs of those looking for institutional grade services and products. Both trading platforms support iOS and Android trading apps, which are available for download and installation on most mobile devices.
Two accounts for traders – Standard and premium
LCG offers new clients a choice. Either opt for the standard account which has no minimum deposit, or a premium account which requires a much more substantial initial investment, with a minimum account balance of £25,000. Trading with a standard account means a trader only needs to deposit the required amount to cover their own margin requirements. The standard account provides access to more than 4000 different markets.
A premium account offers a much more personalized trading experience, but it does require a sizeable investment. A balance of £25,000 is not for the average Joe. Should you be able to invest this sort of amount it will give you access to a variety of trading tools, superior market analysis, and the services of a dedicated personal account manager.
LCG offers new and regular customers great bonuses
New clients who decide to open an account with LCG are able to take advantage of their 10% bonus offer. Fund the account with at least £500 and new customers are entitled to a 10% bonus, up to £10,000. It is not a cash bonus, but takes the form of trading credit. Certain terms and conditions apply to this offer, and they can be found on the LCG website. For regular customers there is a cashback programme that is currently running. LCG rewards loyal customers with rebates for high trading volumes, providing you are able to meet monthly notional volume requirements for indices, commodities, and Forex. There are three tiers with a £50 million minimum. Tier 1 has a notional volume of 0-200 £M, which will earn a £5 rebate. Tier 2 has a notional volume of 200-300 £M, with a rebate per million of £7. Tier 3 has a notional volume of more than £300M, and earns a rebate of £9 per £M.
Commissions and spreads
London Capital Group is a fully fledged ECN/STP broker, which means the spreads offered to traders are the most competitive interbank rates. We aren’t able to give you precise figures, as it all depends on the asset being traded. But let’s give you some kind of idea. The minimum spreads on major currency pairs start at 1 pip, while the minimum spread for market indices starts at 0.2 pips. Leverage also varies, and can range from 1:40, right up to 1:300.
A professional support team is available for any problems
LCG has a great team of support staff that can be contacted on weekdays, by phone, email, live chat or via a contact form. However, many of the most common questions are answered on the company FAQ page. Education takes the form of a number of informative video tutorials. Covering everything you’d need to get started, right up to advanced fundamental analysis. Possibly not as much educational material as many other brokers, but still enough for most traders.
In conclusion, we have to say that LCG have come on in leaps and bounds, from the early days when the focus was mostly on spread betting. Today they have a lot to offer retail traders, including top quality service, low costs and dedicated support. And let’s not forget the security that comes with dealing with a regulated broker.