RECOMMENDED FOREX BROKERS
LCG is a no-brainer. If you have the funds and the ambitions, we believe that LCG is the place to be. All the rest is up to users’ own preferences! Read the review for all the important details!
London Capital Group (LCG) is the parent firm at paly here, and as the name suggests, it is located and regulated in the UK. The FCA is at play here, meaning that this broker is legit as one can get!
The FCA is one of the most revered brokers in the industry, and rightfully so! It has established a long-lasting regulatory framework that is matched few, and is always on the verge of innovation. It abides by the everlasting beliefs of a fair market participation by anyone wishing to do so. Security and safety are the other points of constant scrutiny. The FCA has also the full power to enforce the law when need be, which discourages scammer and market frauds!
Moreover, the British watchdog requires from all of its brokers a minimum of €730 000 in net tangible assets, as well as segregated bank accounts, not to mention negative balance protection schemes for all users! There is also the matter of the Financial Services Compensation Scheme (FSCS), allowing for users to be reimbursed should their FCA-licensed broker become insolvent. The FSCS cover a maximum of £85 000.
LCG is a fully regulated broker that provides safe and fair trading conditions.
We have taken all of the trading and payment information from the demo account because we did not register a live one. The reason for this was that in order to open a live account, users must really be serious about trading and must endure a long and scrutinous registration process; something that is pretty normal for licensed brokers.
Through the demo account, we were able to access a very interesting web trader, from which we got the following trading conditions. The EUR/USD spread indicated was 0.7 pips on average- an excellent cost of trade, might we add- while the leverage is capped at 1:30, as per a decree by ESMA. The available financial instruments are forex currency pairs, bonds, commodities, ETFs, cryptocurrencies, indices, and shares- a large selection thereof.
However, the website reveals that the average EUR/USD spread is in fact 1.4 pips, leading us to question the accuracy of the demo account trading conditions. In the case of LCG, we will trust the website with the spread.
A side note: clients can apply for a Pro status where users can take advantage of a much higher leverage amount, however, the requirements to turn Pro are incredibly difficult to cover and only very few users have what it takes.
LCG seems to be focused on more advanced users, as evidenced by its two available trading accounts: Islamic and ECN.
The website of the broker is available in English, German, Chinese, Spanish, Russian, French, Italian, Polish, Malay, Indonesian, Arabic, Thai, Japanese, Turkish, Vietnamese, Portuguese, Swedish, and Norwegian.
The main focus here is a proprietary web trader that is one of the best ones we have seen ever!
There is an enormous amount of things to do here and see, not to mention learn!
Some of the most useful features are time frames, stop-loss, take-profit, a live news fees, a calendar, superb chart customization tools, depth of market tool, and so much more. It is available only as a web-based terminal, but in no way is it limited by this.
If users wish to stick to something more classic, there is nothing better than the MT4 in this regard. LCG makes the MT4 available on tablets, mobile devices, and on all desktops (not available as a web trader). The MT4 offers customizable charts, EAs, fast and reliable pricing and execution technology, pending orders, indicators, time frames, and tons more.
LCG MINIMUM DEPOSIT
The FCA guarantees the safety and security of all funds.
The ECN account type is activated only after a minimum deposit of $10 000 has been transferred. As for the Islamic account, a minimum deposit has not been revealed.
The available base currencies are USD, GBP, EUR, and CHF.
There is a 2% fee on credit card deposits.
LCG WITHDRAWAL METHODS AND FEES
The presence of the FCA is your shield against any problems with withdrawals.
The minimum withdrawal amount via bank is $50.
Processing times for withdrawals tend to be between 1 and 5 working days.
All withdrawals are free from any charges and commissions.
LCG is just a solid and on-point broker. It seems that it focuses on bigger whales, and there is not much room for newbies here, although once a trader turns pro, we highly recommend this broker!