[LCG - London Capital Group] - CFD Trading

Oct 3, 2016
12
0
11
#1
Hi everyone,

Because almost all posts are old (before the "revolution" of LCG from 2016-2017), I want to ask you some questions regarding this broker.

Currently, I have a (normal) CFD account (from 2014, when they were UK based company).

1. They have "moved" their bussiness in Gibraltar ... erm ... how credible is the company, now ? Because we know how many offshores and how many companies are "running" with our money in Gibraltar. Then, find them ...
And... Cyprus?! Something smells ...
London Capital Group Holdings plc (LCG Group) is a company registered in England and Wales under registered number: 05497744. LCGH plc is a member of the NEX Exchange. London Capital Group Limited (LCG) is a company registered in England and Wales under registered number: 3218125. LCG is authorised and regulated by the Financial Conduct Authority (FCA) under the company's registration number of: 182110. The registered address for LCG Group and LCG is: 77 Grosvenor Street, Mayfair, London, W1K 3JR. London Capital Group (CYPRUS?!?!?!) Limited (LCG CY) is a company registered in Cyprus under registered number: 356430. LCG CY is authorised and regulated by the Cyprus Securities and Exchange Commission (License Number:341/17). The registered address for LCG CY is: 205 Arch. Makarios Avenue III, Victory House, 5th Floor, 3030 Limassol.

The website www.lcg.com is operated by LCG. LCG and LCG (CY) are both wholly owned subsidiaries of LCG Group. LCG CY operates the website https://cy-my.lcg.com


2. The account was verified (meaning the ID + bank statement are verified). Can I encounter other problems when I withdraw? We know that a lot of brokers are trying to ... stop you: It's impossible, sorry. You haven't .... and ... and ... . Everything is ok, until they need to give you money.

3. Does the expression Losses can exceed deposits apply even for Guaranteed Stop Loss Order? In this case, the orders don't subject to gapping or slippage, so if you place a "right" GSLO you shouldn't be worry about ... any problems.

Thanks!
 

Kaeso

Active member
Oct 4, 2015
860
91
38
#2
Hi everyone,

Because almost all posts are old (before the "revolution" of LCG from 2016-2017), I want to ask you some questions regarding this broker.

Currently, I have a (normal) CFD account (from 2014, when they were UK based company).

1. They have "moved" their bussiness in Gibraltar ... erm ... how credible is the company, now ? Because we know how many offshores and how many companies are "running" with our money in Gibraltar. Then, find them ...
And... Cyprus?! Something smells ...
London Capital Group Holdings plc (LCG Group) is a company registered in England and Wales under registered number: 05497744. LCGH plc is a member of the NEX Exchange. London Capital Group Limited (LCG) is a company registered in England and Wales under registered number: 3218125. LCG is authorised and regulated by the Financial Conduct Authority (FCA) under the company's registration number of: 182110. The registered address for LCG Group and LCG is: 77 Grosvenor Street, Mayfair, London, W1K 3JR. London Capital Group (CYPRUS?!?!?!) Limited (LCG CY) is a company registered in Cyprus under registered number: 356430. LCG CY is authorised and regulated by the Cyprus Securities and Exchange Commission (License Number:341/17). The registered address for LCG CY is: 205 Arch. Makarios Avenue III, Victory House, 5th Floor, 3030 Limassol.

The website www.lcg.com is operated by LCG. LCG and LCG (CY) are both wholly owned subsidiaries of LCG Group. LCG CY operates the website https://cy-my.lcg.com


2. The account was verified (meaning the ID + bank statement are verified). Can I encounter other problems when I withdraw? We know that a lot of brokers are trying to ... stop you: It's impossible, sorry. You haven't .... and ... and ... . Everything is ok, until they need to give you money.

3. Does the expression Losses can exceed deposits apply even for Guaranteed Stop Loss Order? In this case, the orders don't subject to gapping or slippage, so if you place a "right" GSLO you shouldn't be worry about ... any problems.

Thanks!
I don't know what you are worried about

they are based in the UK anyway
 
Likes: tomorton

tomorton

Well-known member
Feb 28, 2002
6,995
897
173
62
Exeter
#5
I have withdrawn cash from LCG with no issues.
 

tomorton

Well-known member
Feb 28, 2002
6,995
897
173
62
Exeter
#6
Guaranteed SL orders are guaranteed to be honoured at the price you specify. But if you don't use a GSL, it is possible that losses can exceed your deposit. But this is unlikely to happen as the company would normally close your positions when your losses exceed your margin. They may or may not contact you to suggest an additional deposit, they don't have to.
 

Brumby

Well-known member
May 25, 2012
600
136
53
#7
Hi everyone,

Because almost all posts are old (before the "revolution" of LCG from 2016-2017), I want to ask you some questions regarding this broker.

Currently, I have a (normal) CFD account (from 2014, when they were UK based company).

1. They have "moved" their bussiness in Gibraltar ... erm ... how credible is the company, now ? Because we know how many offshores and how many companies are "running" with our money in Gibraltar. Then, find them ...
And... Cyprus?! Something smells ...
London Capital Group Holdings plc (LCG Group) is a company registered in England and Wales under registered number: 05497744. LCGH plc is a member of the NEX Exchange. London Capital Group Limited (LCG) is a company registered in England and Wales under registered number: 3218125. LCG is authorised and regulated by the Financial Conduct Authority (FCA) under the company's registration number of: 182110. The registered address for LCG Group and LCG is: 77 Grosvenor Street, Mayfair, London, W1K 3JR. London Capital Group (CYPRUS?!?!?!) Limited (LCG CY) is a company registered in Cyprus under registered number: 356430. LCG CY is authorised and regulated by the Cyprus Securities and Exchange Commission (License Number:341/17). The registered address for LCG CY is: 205 Arch. Makarios Avenue III, Victory House, 5th Floor, 3030 Limassol.

The website www.lcg.com is operated by LCG. LCG and LCG (CY) are both wholly owned subsidiaries of LCG Group. LCG CY operates the website https://cy-my.lcg.com


2. The account was verified (meaning the ID + bank statement are verified). Can I encounter other problems when I withdraw? We know that a lot of brokers are trying to ... stop you: It's impossible, sorry. You haven't .... and ... and ... . Everything is ok, until they need to give you money.

3. Does the expression Losses can exceed deposits apply even for Guaranteed Stop Loss Order? In this case, the orders don't subject to gapping or slippage, so if you place a "right" GSLO you shouldn't be worry about ... any problems.

Thanks!
A couple of comments that I can offer.

1)Jurisdiction can become important when it comes to legal dispute because it can determine who has legal oversight.
2)Guaranteed stop may be excluded under a force majeure clause. There are usually escape clauses. You should read the fine print.
 

Kaeso

Active member
Oct 4, 2015
860
91
38
#8
A couple of comments that I can offer.

1)Jurisdiction can become important when it comes to legal dispute because it can determine who has legal oversight.
2)Guaranteed stop may be excluded under a force majeure clause. There are usually escape clauses. You should read the fine print.
hi brumby im interested to know what broker/s you're using if you don't mind sharing? I currently use Interactive Broker and City Index for spread bet
 
Oct 3, 2016
12
0
11
#11
I am very sorry! I messed up with another broker. Intertrader was GB. I have "mixed" them (because I used to work with both brokers).
 

hobbie

New member
Oct 23, 2018
1
0
1
#12
I started to trade with them before new ESMA rules implimitation.
Before LCG tried IG and CMC. A few advantages sticked me with LCG.
1. I really loved the platform more. IG's looked a bit too simple for me (and their new platform became even more simple) while CMCs looked quite complicated, LGCs platform is a golden mean on my opinion.
2. No minimum deposit amount (same for CMC, but IG has 300 USD minimum). Sometimes it starts to be important if you already lost your first deposit, microdeposit still may help you to get back to trading in case if...
3. Possibly highest leverage in industry. LCG gives 1:500 leverage on major indices (same for CMC, but IG gives only 1:200). I'm talking about leverages before ESMA rules implimitations (and they're still possible if you trade using offshore subsidiaries of these cfd providers). As i said, after bad start and loosing your first (usually quite big) deposit, you'll still have a chance to be back with micro deposits mutiplied with just 0,2% margin requirement. By the way, if you love to trade on individual stocks, LCG also gives highest leverage on some low volatility stocks, which is 1:33. IG and CMC give 1:20 maximum (though i got to admit last two have more to offer if talk about quantity of offered stocks, but still i believe that LCG is not lower than number 3 on such ranking)
4. LCG actually is the only provider (among those three) who lets their clients to withdraw on card not only amount of deposits, but also a profit (a major advantage comparing to CMC). Though there's still a rule that first you have to withdraw all deposits back to source, but after that you may choose any payment method you want.
5. Trading with LCG was just more successful (more emotional thing). I lost deposits in IG and CMC, and actually in LCG also, but with LCG I had some good trades before loosing it all, while didn't have any meaningfull good trades with IG and CMC at all. So I decided to chase a revanche with LCG :)
6. I had no issues at all with withdrawing money from LCG UK, though i had no withdrawing experience with CMC, but had a very bad experience with IG. When I wanted to withdraw a bit back from IG to the card turned out that there's no possibility for the to withdraw to MC cards. That was really frustraiting, cause they simply not warning people about it.
7. Unlike some other providers (not sure about CMC and IG though), when you request a withdrawal, that amount in a few second is been put on hold. So there won't be cases when you already lost the withdrawal amount at the moment when your request is to become processed.
And here're some cons.
1. Unlike IG and CMC, which offers trading using their australian subsidiaries for those who doesn't want to be affected by ESMA rules, LCG may offer for those clients only a Cayman subsidiary. And that is as you all understand is not an advantage.
2. Had some disputes (when I was already trading with Cayman subsidiary) about withdrawals on amounts of rebates of my micro deposits (if you guys make lots of micro deposits i suggest you to keep your own records on made deposits and processed rebates in excel file). But all been solved in few days. After that had no problems with profit withdrawals (well, sometimes thay just process them next day).
3. Unlike IG and CMC, LCG is a relatively small cfd provider and they had a few years of net loss. This actually always was a cause of worry for me. But happily they managed to become profitable this year and stable revenue growth showed from one half-year report to another makes me believe that this is not such a big cause for worry as it used to be.
Good luck with trading!
P.S. Why is this thread not in Spread Betting & CFDs forum ?
 
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