LCG Minimum Deposit

LCG - Minimum Deposit

 

LCG Minimum Deposit

 

The LCG minimum deposit amount that LCG requires is $0.

LCG does not require a minimum deposit when opening a Classic Account, traders can transfer an amount of their choosing, as long as it covers the margin requirement for the trade the trader wishes to open.

 

Traders should take note of the different exchange rates when depositing funds, these can be viewed as follows:

  • 1 USD is equivalent to 17.66 ZAR
  • 1 CHF is equivalent to 18.22 ZAR
  • 1 GBP is equivalent to 21.61 ZAR
  • 1 EUR is equivalent to 19.33 ZAR

 

Conversions above have been done at the current exchange rate between the base currency options and South African Rand on the day that this article was written.

LCG is a UK-based broker which is authorized and regulated by two of the strictest and most demanding regulating entities namely FCA and CySEC, and as a regulated broker, one of the requirements is that client funds be kept in segregated accounts.

In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.

In addition to ensuring client fund security through segregated accounts, regulated brokers such as LCG are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.

 

Deposit fees and deposit methods

 

LCG only charges deposit fees of 2% when Credit Cards are used to make the minimum deposit.

 

Traders can use the following payment methods when funding their trading accounts:

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

 

LCG supports a few deposit currencies in which traders can fund their accounts including:

  • USD
  • EUR
  • CHF, and
  • GBP

 

Traders should take note that payments made in any other currency apart from the base currencies of the various accounts may be subjected to conversion rates charged by their payment provider. The base currencies are USD, EUR, and GBP.

 

Step by step guide to deposit the minimum amount

 

LCG does not require a minimum deposit.

 

Traders can follow these steps to fund their trading account with an amount that they prefer, keeping in mind the margin requirements when opening trades:

  1. Log into the Client Portal and select ‘Deposit’
  2. Select the deposit method along with the amount.
  3. After the trader has made their selection, they will be redirected to the payment processor page to confirm their deposit.

 

Pros and Cons

 

PROS CONS
1.      Withdrawal fees are not charged 1.      2% charged when using Credit Card payment
2.      No minimum deposit requirement
3.      Quick and easy depositing of funds

 

FAQ

 

What is the minimum deposit for LCG?

$0

 

How do I make a deposit and withdrawal with LCG?

You can make use of the following payment methods to deposit or withdraw funds:

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

 

Does LCG charge withdrawal fees?

No

 

How long does it take to make a withdrawal?

1 working day on all payment methods, depending on whether delays are caused by the banking institution, in which case LCG cannot be held liable.