There is no doubt that the UK, or more precisely, London, produces the majority of Forex broker companies. The United Kingdom is definitely one of the most fertile grounds for capital investments. The Forex industry has grown into a no-borders community where everyone has the right to participate. London remains the center of attention as a capital market giant who attracts people from all parts of the world. London Capital Group is also one of the big fish in the Forex sea who are the bait for many different national and international traders. London Forex companies are usually very popular since the UK market is considered as one of the most trustworthy markets.
Forex Brokers We Recommend
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The Background Check
LCG is not one of the brokers who appeared out of nowhere making large promises which they cannot keep. The broker has been in the market since the 1990s and earned its reputation through consistent work and experience. The broker has been there when the first online platforms appeared, when the world went through a global crisis, and when the world got out of the crisis. This is already reason enough to give the broker a fair shot. The company started to offer Forex services from 2006 under its acronym LCG. Another plus for the broker is the operating license which LCG earned and obtained from the UK FCA. Everyone who has ever researched the Forex market must have come across the great Financial Conduct Authority and what it does for the market. The FCA counts to some of the strictest regulators which grant its license only when the brokers meet the highest industry standards. The most important requirement is a separate account for the company’s operations and traders. In addition, the FCA is an efficient regulator which has great power and the right to ban, fine and suspend all subjects of its regulation if they fail to meet their obligations. LCG is a broker with an impeccable record who has never had any issues with the FCA.
Platform
As an ECN broker, the LCG broker opted for the universal Meta Trader 4 platform which is convenient for both, market making and access to the ECN network. The MT4 is the golden standard of the industry, and you will rarely come across a broker who does not offer the MT4 platform. The platform can be considered as a universal from-bottom-to-top model since it is fitted out for all categories of traders. Once traders start trading, they enjoy the simple settings and easy navigation, and, when they gain some trading experience they shift to using the more sophisticated auto-trading features and options. The broker also offers a self-designed browser platform, the LCG Webtrader. The platform gives access to 5000 assets and is specifically customer-oriented. LCG made sure to give an all-around trading experience by providing the accompanying LCG mobile app which can be easily downloaded for free to all smartphone devices.
Account Types
The LCG accounts include individual, corporate and joint account types. Traders can either open an account with the LCG Webtrader or with the MT4 platform. There is no minimum deposit since the broker allows registration without an initial deposit. However, once you want to start trading, you will have to deposit eventually. If you want to know how much you have to deposit, you need to find out how much you need to cover the margin requirement. That can be done with the assistance of the Market Information pages where you can calculate the margins. The maximum leverage is 1:300, but it can be lower which depends on the asset choice. As an ECN broker, LCG offers very competitive spreads starting from 0.6 pips. What sets this broker apart from the others is that the commission fee for ECN services is already incorporated in the spread so that you do not have to think about the commission amount. As far as Forex is concerned, the broker offers 60 tradable pairs.
LCG Bonus Policy
If you register with this broker, you will be pleasantly surprised with the LCG welcome bonus which adds additional 10% to your deposit and can go as high as $5000. The broker also offers 50 GBP as a no-deposit bonus.
Payment Options with LCG
As a broker of the highest rank, LCG tries to cover as many payment methods as possible, and so far it offers the following:
- Wire transfer
- Credit Cards (avoid MasterCard)
- SEPA
- BACS
- Faster Payment
- CHAPS
The broker processes withdrawals very quickly and when the transferred money will appear in your account depends on the payment method. For example, CHAPS payments show instantly in your account. The minimum withdrawal amount is 50 GBP since every amount below 50 GBP is not worth the transaction fees which the broker usually pays.
Customer Support
The customer support is available in multiple languages, like English, French, Italian, Spanish, Arabic, and Chinese. The staff is available around the clock via phone, e-mail or live chat.