159
Reviews
Can't Believe i could be refvNd back
My deposit problem
I deposited 10k and when I wanted to withdraw the money, it was blocked. When I contacted customer service, I was told that I had to deposit the other 16k to withdraw the money. The company is criminal.I will complaint to FCA for discrimination and illegal process is gonna be lodged.
I was recommended by profile picture name to file a complaint which saves my coins.
I registered a trading account with LCG and began trading; after a short while, the account was locked and required a fee to be paid to unlock it. a poor attitude towards a company's legacy.Lost a significant amount of time and money due to this subpar platform. Only thinking about their personal advantages.I already direct all of my funds to a more reliable and trustworthy website called "Calmo “shub”. THEY ARE RIGHT NOW THE BEST OF THEIR KIND.
They locked the account and ask to pay a deposit for unlock it. Fortunately i didn't loose money, only time.
I was concerned that I may have trouble getting my money back, but I need not have worried. I had their phone number, called them and received my money the next day, no issues .
I have been trading with LCG for many years and have had a few problems, but stuck with them as I liked their platform. Customer service has never been brilliant. Now however, they are advising clients that they must close out their positions as they are changing their business model to an 'Introducing Broker'. This means, all their clients who are holding postions that are presently in a negative state, will have their positions automatically closed and the client will suffer a loss and LCG will gain a profit. Its no good complaining, they just say, (in a standard template reply), that as you are in a losing position it's not their fault and you can open another account and open another position! They know full well, a losing position can turn into a profitable position in the blink of an eye - thats the nature of the game they are in! I've personally been holding 2 positions in Silver since 2021, paying LCG charges to keep the positions open, as I believe silver will increase in value significantly in the near future. Now however, LCG are closing these positions after all this time, before I have had the opportunity to realise a profit. This seems like a good little number for LCG as they are making a profit from all negative accounts (the majority of accounts) by closing them automatically. They should at least bring accounts to zero before closing rather than profiting from it. I'm now considering the Ombudsman route.
I can’t get them on the phones. Have been trying for two weeks. They have over £20k of my money and are not answering emails I send them as well. They are behaving as if they were not regulated by the FCA. The telephone number the FCA gave me for them is unobtainable. They say they are partnering with IG but IG say they no nothing about it. Extremely angry and worried. An IT outage doesn’t stop you answering emails and phone two weeks later.
I deleted my recent one Star review, as I think it's only fair based on my experiences of 5 years and then the last few days when various situations were rectified. LCG warned us weeks ago that they were going to an introducer role and asking everyone to move to IG, which I have done. I had had problems last week accessing my account and moving my fund, with some rather poor comms initially from LCG around the system outage. Well, that is all fixed now and I have been in contact with them directly via email and everything was sorted quickly. Funds received back and now transferred over to IG with minimal delay. After 5 years of the LCG trading platform, I am not enjoying the IG platform that much. LCG's was much slicker and better integrated, with the "one view" of positions and chart on a nice big screen really great for assessing your overall positions. No doubt IG is customisable (hopefully) and with time, I'll get used to it, but the LCG trade window was "the best" with easy setup. Thanks to Damian over the years and Cian specifically for the last few days for sorting things.
Their outage has been ongoing for a week and the site does not allow you to trade shares. I received one letter from customer service informing me the site would be up and running on Monday 26th June for deposits and withdrawals but this has not happened. I have been in touch with FCA to help me reclaim my funds.
MT4 is finally up and running. But apparently everyone will have their accounts closed by 28th July. so if you have losing positions and need time....tough! They claim to now be an "introducer" for IG. But in reality have given up the business for £0. I can open an IG account without you lcg. I don't want an IG account thanks. What an amazing business model. take something that works and destroy it.
Please please give me an answer? for well over a year now i have been contacting the Bahamas office as the instant debit card and credit card facility has been withdrawn!! i cant believe that in the 21st century i have to send a bank transfer that takes 4 days to credit my account! and never get a reply as to why LCG are running their business in such an unprofessional way? Come on guys the markets move very quickly and all your clients will be stopped out! then there will be no business and no wages! The only way to trade with no sleepless nights is to keep enough margin money on the account- which i do, but saying that the majority of customers havent got enough capital behind them to do this, Today i switched on my computer to find no trading platform! please guys get your act together or close down the Bahamas office and call it a day
The platform is down since 9PM of 19th June 23. Tried calling the helpdesk as well as emailed customer support without any reply. Stay away from this company
Always had good service form Damian and most others up until the lockdown. Since Damian is still very helpful but I am not getting replies to my email queries about platform problems I have and am experiencing. Last night after shutting down as usual without logging off, when I attempted to go back in asked for log in details, which I entered and received message "technical issue try again later". Since then I have tried dozen of times to contact via email and phone number without success. On phone told busy feel free to try again later, never had this before. Emails go unanswered. I have many open positions and am unable to manage. Very disappointed adn disturbed. Cannot even get complaints page to open. Regards Dave
It's been one week and they still didn't process the withdrawal request of 6.000 EUR. I will update my review if things change, so far very disappointing.
I opened a trading account with LCG and started trading. After I made few nice trades there was an withdrawal made from my trading account with a note TP Adj, I thought it was a hacking but no, LCG erased all my positive trades (+30 trades) and let me with only negative trades. They accused me of some latency trading without any evidence. I have achieved nothing by complaining to them. LCG UK blames LCG Bahamas, even though they are the same company. Perhaps LCG afford frauds and dirty games to their retail clients outside the UK... LCG robbed me for more than 14,000 EUR. Stay away from this scammers!
They say they are now sending all new clients to IG??? Seriously? I am leaving a 2 star as IG is not great. I had account with them
I have read the 1* and 2* reviews here and I am a little surprised. Yes, withdrawing for the first time from LCG UK can be a pain. They need your bank details - a bank statement, and photo of the front of a debit card. And yes, customer services do not contact you if there is a problem. But I have been using them since they were Capital Spreads (10+ years ago) and I have found their Order Fills and Dealing Desk personnel (Bahamas and UK) to be efficient and fair. On the odd ocassion that there has been an issue it has been resolved, albeit slowly. You may ask why do they have UK and Bahamas companies? It is all down to the ESMA rules which dictate that for an FCA regulated Spread Betting/CFD company you need to deposit £1800 to bet just £1/point on the DOW (!). In the Bahamas it is £180 to bet £1/point. This off-shoring, which has CGT Tax implications for us brits, is not what the Spread Betting companies wanted but they felt forced into it as only well-heeled Clients can afford to bet £10/point on a UK-based provider. These ESMA rules. in my opinion, have created more problems than they have solved. I only hope that post-Brexit the UK Government relax them somewhat, especially around Margin. So yes, LCG Customer Service gets 3 out of 10.- but they are not scamming, they are just understaffed or have bad processes But the Trades themselves and the Dealing Desk get 9 out of 10 from me.
27 March 2023 Damian from LCG contacted me today and has eased my concerns! The reason for my review was because of me being uable to contact them to resolve my account being set to CLOSE positions only, and not being contacted with an explanation. I have used LCG for years and have never had an issue before. Depending on future experiences I will review again and hopefully increase my rating! The below is my initial Review! Tried to contact them but all lines are busy. My account is set to Close positions only. Have been using them for years but now wondering if they are legitimate!