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LCG Account Types

LCG_Account types

 

Overall Rating

4.8/5

Rated #47 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

SCB
📱 Trading Desk
No Trading Desk
Crypto

Yes

📈 Total Pairs
60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

LCG provides two different account types, namely the Classic account and the ECN account, and both accounts can be used as a demo account or as an Islamic account and each account has its own set of conditions for commission, fees, margin calls, leverage, and minimum deposits.

LCG is an ECN and STP broker based in the United Kingdom that has been in operation since 1996 and which is strictly regulated and authorized by FCA, CySEC, and SCB in offering numerous traders with trading solutions and services.

LCG provides traders with the opportunity to trade over 7,000 financial instruments over numerous asset classes through MetaTrader 5 and LCG trading platforms.

LCG is a reputable broker that boasts around US Dollar 1 billion in client deposits and claims to have executed more than US Dollar 20 trillion worth of trades along with having won over twelve online broker awards.

Not only does LCG make provision for a dynamic and comprehensive trading environment, but the broker is also invested in ensuring that client safety and security are always ensured through the use of SSL technology as an industry standard.

LCG is also a member of the FSCS and the ICF in providing clients with further protection in compensation provided should the broker be unable to fulfill its financial obligations should the broker be declared bankrupt.

 

LCG Account Types

LCG provides three main accounts that each have their own unique trading conditions and serve the purpose of providing traders with a dynamic trading experience and environment along with being the best pricing schedule.

 

Account types offered by LCG include:

  • Classic Account, and
  • ECN Account.

 

LCG Classic Account

The features of the LCG Classic account include:

  • No minimum deposit.
  • EU-clients gain access to leverage up to 1:30 while higher leverage up to 1:500 is available for non-EU clients
  • Average spreads starting from 1.45 pips on EUR/USD.
  • Access to all financial instruments which can be traded either through MetaTrader 4 or the LCG trading platform.

 

LCG ECN Account

The features of the LCG ECN account include:

  • A minimum account balance of US Dollar 10,000 is needed to qualify for this account type and this balance must be maintained.
  • Spreads that start from 0.0 pips on EUR/USD with no requotes.
  • EU-clients gain access to leverage up to 1:30 while higher leverage up to 1:500 is available for non-EU clients
  • Access to forex liquidity is unparalleled.
  • Access to both MetaTrader 4 and LCG Trader in trading a wide variety of financial instruments and the ability to make use of the full sophisticated, comprehensive features of these trading platforms.
  • Price schedules and fees are transparent.
  • Commissions of US Dollar 10 per lot on the MetaTrader 4 platform and US Dollar 45 per US Dollar 1,000,000 traded on the LCG Trader.

 

Demo Account

LCG offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore LCG’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

LG’s demo account signs up is fully digitalized and hassle-free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trading platform designated for the demo account has been downloaded on either:

  • Desktop PCs that use Linux, Windows, or macOS, or
  • Mobile devices such as tablets and smartphones that run Android or iOS operating systems.

 

Alternatively, traders can easily access the trading platforms from their web browser and use their credentials to sign into their LCG Demo Account using the designated trading platform’s WebTrader.

 

Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law, which prevents its followers from paying any type of interest, such as overnight fees, which are seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

LCG offers the option of an Islamic Account on all account types offered to Muslim traders who follow Sharia Law.

 

To convert the live trading account to that of an Islamic Account, Muslim traders will first have to register either a Classic or an ECN account and fund the account before the request for conversion to an Islamic Account can be made.

Once the account has been funded, Muslim traders can contact LCG’s customer support team to request the necessary application to complete the account conversion.

 

Muslim traders who convert their live trading account to that of an Islamic Account need to acknowledge that there are holding charges applied and these charges depend on the financial instrument along with the period that the position is held open.

These charges vary from US Dollar 3 up to US Dollar 45 dollars and the periods before they are applied vary from a day on some instruments up to a maximum of 15 days on others.

LCG calculates these charges once a day for each day of the week when a position rolls over given that, to compensate for the weekend, holding charges are applied three times a week on a Wednesday night on Forex and Spot Metal products.

In the case of all other financial instruments, these charges are applied every Friday night.

LCG converts these charges automatically should the trader’s base account currency be in any other currency than USD. Should this be the case, traders are held liable for such conversion charges.

Brokers often charge additional fees on Islamic Accounts to compensate for the absence of overnight fees and whereas some brokers charge additional commissions or wider spreads, LCG provides a transparent and relatively cost-effective fee schedule for this.

 

The diversity provided by these accounts ensures that traders have access to a trading environment that is competitive and cost-effective in terms of trading and non-trading costs.

LCG traders are given the edge they need to facilitate their trading activities regardless of their level of skills, knowledge, and experience. 

 

Overall Rating

4.8/5

Rated #47 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

SCB
📱 Trading Desk
No Trading Desk
Crypto

Yes

📈 Total Pairs
60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

LCG designs each account based on the needs of different types of traders

Now that you know what to expect in terms of the account types offered by LCG, let’s look at some of the pros and cons of trading with them.

 

Pros and Cons

✔️Pros ❌Cons
Strictly regulated by three different entities Fixed Spread Accounts not offered
Over 7,000 financial instruments offered ECN trading limited to traders with a capital of US Dollar 10,000 and more
Powerful trading platforms provided LCG services restricted to certain countries and jurisdictions
Competitive trading conditions Commissions and fees are not the lowest in the industry
Demo account and Islamic Account option offered High holding charges on the Islamic Account

 

LCG provides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders despite their level of understanding and expertise.

To conclude this article, here is a brief overview of LCG containing all essential information:

 

LCG at a Glance

Broker’s Name LCG
Headquartered United Kingdom
Year Founded 1996
Regulating Authorities FCA, CySEC, SCB
Countries not accepted for trade United States, Australia, Belgium, Canada, New Zealand, Singapore
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts No
Maximum Leverage 1:500 for non-EU clients and 1:30 for EU clients
Minimum Deposit US Dollar 0
Deposit Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • UnionPay
  • Southeast Asia Real-time Banking
  • Skrill, and
  • Neteller
Withdrawal Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • UnionPay
  • Southeast Asia Real-time Banking
  • Skrill, and
  • Neteller
Platform Types MetaTrader 4, LCG Trader
OS Compatibility Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, spot metals, indices, shares, commodities, bonds and interest rates, vanilla options, ETFs
Languages supported on Website English, German, Simplified Chinese, Spanish, Russian, French, Italian, Polish, Malaysian, Indonesian, Turkish, Vietnamese, Portuguese, Swedish, Norwegian, Arabic, Thai, Korean
Customer Support Languages Multi-lingual
Customer Service Hours 24/5

 

Conclusion

LCG offers two flexible account types that accommodate the needs of all styles of trading and these accounts can also be used as demo accounts or as Islamic accounts.

To find out more about LCG, read one of the articles below.

 

Good luck with your trading!

 

You might also like: LCG Sign up Bonus

You might also like: LCG Demo Account

You might also like: LCG Fees and Spreads

You might also like: LCG Minimum Deposit

You might also like: LCG Islamic Account

 

FAQs

Trading Environment

How many instruments can I trade with LCG?

You can trade the following instruments:

  • Forex
  • Spot Metals
  • Indices
  • Shares
  • Commodities
  • Bonds and Interest Rates
  • Vanilla Options, and
  • ETFs

Which platforms are supported by LCG?

MetaTrader 4 and LCG Trader.

Does LCG offer leverage?

Yes. Traders in EU areas qualify for leverage of up to 1:30 when trading Forex while traders residing in other countries have access to leverage of up to 1:500 depending on the financial instrument being traded.

What spreads can I expect with LCG?

Spreads from as little as 0.0 pips on the ECN Account.

Does LCG charge commission?

Yes. Commissions of US Dollar 10 per lot on the MetaTrader 4 platform and US Dollar 45 per US Dollar 1,000,000 traded on the LCG Trader.

Are there additional charges on the Islamic account?

No. LCG, however, charges holding charges which depend on the financial instrument and the duration that the position is held open.

Is LCG regulated?

Yes. LCG is LCG is regulated by FCA, CySEC, and SCB.

Is LCG a recommended forex trading broker for experts and beginners?

Yes. LCG caters for both beginners and experts.

What is the overall rating out of 10 for LCG?

9/10.

 

Accounts

What is the difference between a demo and a live trading account?

A Demo Account is a risk-free account that is funded by virtual money and allows traders to either practice trading, explore the broker’s offering, or test trading strategies in a mimicked live trading environment.

Does LCG offer a demo account?

Yes.

For how long is the demo account valid?

The generally accepted validity of the demo account is 30-days.

Does LCG offer the option of an Islamic Account?

Yes. The option for converting a live trading account is available on all account types offered by LCG.

Which live trading accounts does LCG offer?

LCG offers the following trading accounts:

  • Classic Account
  • ECN Account

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • CHF
  • GBP

 

Deposits and Withdrawals

What is the minimum deposit for LCG?

US Dollar 0.

How do I make a deposit and withdrawal with LCG?

  • Bank Wire Transfer
  • Credit/Debit Cards
  • UnionPay
  • Southeast Asia Real-time Banking
  • Skrill, and
  • Neteller

Does LCG charge withdrawal fees?

No.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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