ForexBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure

LCG Review

Steven Hatzakis

Steven Hatzakis | September 2nd, 2019

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

The ForexBrokers.com annual forex broker review (three years running) is the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

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

In 2006, the company was listed on the AIM section of the London Stock Exchange (LSE), and at the end of 2017, the trading of its shares moved to the NEX exchange where it continues to trade today under the ticker symbol LCG. Unfortunately for shareholders, the stock has continued to struggle and currently trades for less than £1, market capitalization of just £1.2 million as of March 2019.

LCG offers traders access to multiple asset classes, including 62 forex pairs and over 4,000 CFDs on its MetaTrader 4 (MT4) and LCGTrader (cTrader) platforms, providing a multi-asset solution to traders via its UK-based FCA-regulated entity, LCG Ltd.

Review Summary

Rank: 14th (of 28)

While a shaky status on the publicly traded markets doesn’t help LCG’s credibility, the broker does offer great customer service and competitive pricing, specifically with its LCGTrader (cTrader) ECN account offering.

Benefits

  • LCGTrader (cTrader) web and mobile platforms are a good alternative to MT4.
  • Excellent customer service.
  • Respectable range of tradeable instruments beyond forex.
  • Competitive pricing with specifically the commission-based ECN account through LCGTrader.

Considerations

  • High minimum account balance required for ECN account.
  • Commission is twice as high on MT4 than LCGTrader.
  • Lack of resources for advanced research tools.

Is LCG Safe?

help 85
Trust Score

LCG is considered low-risk, with an overall Trust Score of 85 out of 99. LCG is publicly traded, does not operate a bank, and is authorised by one tier-1 regulator (high trust), one tier-2 regulators (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.

Regulations Comparison

FeatureLCG
Year Founded1996
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses1
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score85

Commissions & Fees

Rank: 26th (of 28)

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.

Benefits

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

Considerations

  • 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.
  • 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.

Gallery

Further Reading

Fees Comparison

FeatureLCG
Minimum Initial Deposit$0.00
Average Spread EUR/USD - Standard1.45
All-in Cost EUR/USD - Active0.850
Active Trader or VIP Discounts Yes

Platforms & Tools

Rank: 14th (of 28)

LCG offers traders access to both MetaTrader 4 (MT4) and cTrader (branded as LCGTrader). Given the pricing difference (see Commissions above) and ease of use advantages of LCGTrader, it is the best choice.

Benefits

  • LCG offers both MT4 desktop and MT4 WebTrader, which is the best-based version of MT4.
  • LCGTrader is the branded version of the cTrader platform for LCG, which also comes as both a web-based version and desktop download. Compared to MT4, cTrader is easier to use and comes packaged with more charting indicators (64 vs 51).
  • The cTrader suite includes related trading applications from the developer, such as the cAlgo and cMirror platforms, where cAlgo is used for automated trading and cMirror is a social copy-trading platform.

Considerations

  • LCG is at an advantage by being able to provide traders both MT4 and cTrader. That said, it’s LCGTrader (cTrader) platform boasts several advantages, including more favorable pricing and features such as the Guaranteed Stop Loss Order (GSLO), making LCGTrader our recommended platform choice.

Gallery

Further Reading

Tools Comparison

FeatureLCG
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 Fields7
Order Type - Trailing Stop Yes

Customer Service

Rank: 4th (of 28)

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 8 / 10
  • Average Professionalism Score: 5 / 10
  • Overall Score: 7.2 / 10
  • Ranking: 4th (23 brokers)
  • View Infographic

Research

Rank: 15th (of 28)

Overall, LCG’s research is respectable, providing an experience that is slightly above the industry standard.

Benefits

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

Considerations

  • It is worth noting that aside from the Week Ahead weekly posts, the LCG Play and Market Insight section are not very active.
  • Integrating tools such as a screener, heatmapping, and more technical analysis posts about forex would help boost the LCG’s research offering.

Gallery

Further Reading

Research Comparison

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

Mobile Trading

Rank: 19th (of 28)

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

Benefits

  • At LCG, MetaTrader mobile can be used with either Classic or ECN accounts.
  • The LCGTrader (cTrader) mobile app is highly versatile and brings a consistent theme with the web-version, thanks to its responsive design. This means nearly all the features available in the web version of the platform are in the mobile app too, including syncing watch lists.

Considerations

  • No proprietary mobile app offered.

Gallery

Further Reading

Mobile Apps Comparison

FeatureLCG
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 / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Offering of Investments

Rank: 13th (of 28)

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

Offering Comparison

FeatureLCG
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)82
CFDs - Total Offered4759
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Final Thoughts

Rank: 14th (of 28)

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 as the company barely maintains its publicly-traded listing.

Overall, traders looking for a multi-asset solution, including 62 forex pairs and over 4,000 CFDs, will find more competitive pricing on the firm’s ECN account offering which requires at least $10,000 to be established, compared to the Classic account where spreads are higher but can be opened with any amount (no minimum).

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 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.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

arrow_drop_upBack to top