LCG offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
LCG at a Glance
| 🔎 Broker's Name | LCG |
| 🏛️ Headquarters | London, UK, Bahamas, and Cyprus |
| 📅 Year Founded | 1996 |
| ⚖️ Regulating Authorities | FCA, LCG BHS and CySEC |
| 🌐 Countries not accepted for trade | Australia, Belgium, Canada, New Zealand |
| ☪️ Islamic account (swap-free) | Singapore, and United States |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | Yes |
| ⬆️ Maximum Leverage | No fixed leverage |
| 💰 Minimum Deposit | No minimum deposit requirement |
| 💳 Deposit Options | Visa MasterCard UnionPay Southeast Asia Real-time Banking Skrill Moneybookers Neteller |
| 💳 Withdrawal Options | Visa MasterCard UnionPay Southeast Asia Real-time Banking Skrill Moneybookers Neteller |
| 📊 Platform Types | MetaTrader 4, LCG Trader |
| 📶 OS Compatibility | PC, Mac, web, Android, iOS |
| 📈 Tradable assets offered | Forex, Indices, Shares, Commodities, Spot Metals, ETFs, and Cryptocurrencies. |
| 💬 Languages supported on Website | English, German, French, Indonesian, Turkish, Norwegian, Italians, Arabic, Tieng Viet, Spanish, Polish, Chinese, Portuguese, Russian, Swedish, and more |
| 💬 Customer Support Languages | Multi-lingual |
| ⏲️ Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit USD 0 Regulators SCB, FCS, CySEC Trading Platform MT4, LCG Trader Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
📍Choose your quick section of our LCG Islamic Account below.
LCG Islamic Account – 12 key points quick overview:
LCG at a Glance- LCG Islamic Account – 12 key points quick overview:
- LCG Overview
- What exactly is an LCG Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an LCG Islamic Account?
- What are LCG’ spread costs on an Islamic Account?
- What other features does LCG’ Islamic Account have?
- LCG Customer Reviews
- LCG Pros and Cons
- Conclusion
- Frequently Asked Questions
📍 Here is our overview of the LCG Islamic Account as well as the features that are offered, for Islamic traders.
LCG Overview
London Capital Group (LCG) is a UK-based online trading brokerage with a history that spans over 20 years. It was established in 1996.
The broker is both an STP and ECN broker that offers competitive spreads on over 7 000 products which stretch across 9 asset classes that include Forex, Indices, Shares, Commodities, Spot Metals, ETFs, and Cryptocurrencies.
LCG is not only a reputable broker but is also committed to providing prices that are compatible with advanced technology and services which are professional.
Its headquarters are in London, UK with offices in Cyprus and the Bahamas. This means the broker is authorized through three authorization entities, namely the FCA in the UK, LCG BHS in the Bahamas, and CySEC in Cyprus.
It complies with the strict regulations of these bodies and client funds are kept in segregated accounts apart from that company funds. LCG is prohibited from using clients’ funds for operational, or any other, reasons.
LCG makes use of SSL, a technology that encrypts all data transmissions to LCD servers. This prevents internet fraudsters from accessing or intercepting any of the data.
The broker is also a member of the FSCS along with the ICF which provides compensation of up to £ 85 000 per client should LCG become insolvent.
Clients in the Cyprus region covered by CySEC are eligible for up to € 20 000 ICF compensation if LCG becomes bankrupt.
Customers from Australia, Belgium, Canada, New Zealand, Singapore, and United States are not accepted as clients.
What exactly is an LCG Islamic Account?
An Islamic Account is offered by most brokers and is not a standalone account, although some brokers do dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
📍 There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:
Riba, and
Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Which financial activities are restricted and prohibited by Sharia law?
📍 Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are affected greatly:
Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.
Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.
Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by the Sharia law.
Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
What are the steps involved in opening an LCG Islamic Account?
Islamic Swap-Free accounts are only offered to clients of Islamic faith and it is subjected to LG’s approval.
To apply for a swap-free account with LCG, clients need to complete the online registration as if registering for any account type.
Clients are then requested to send an email request to LCG’s customer support team.
Your request will be reviewed, and you will receive a reply within a couple of working days.
What are LCG’ spread costs on an Islamic Account?
This information is only available to clients that have approved Islamic accounts. The swap-free costs are, however, available on the broker’s website.
What other features does LCG’ Islamic Account have?
📍 When making use of LCG’s Islamic account, traders can expect the following key features:
Interest is not charged on contracts that are held for more than 24 hours. There is a consistent zero rollover interest.
There are no additional rollover commissions where contracts are held for longer than 24 hours.
Traders have access to Expert Advisors, which allows for automated trading.
Direct execution on trades.
Traders should take note that markets open on Sundays at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
Min Deposit USD 0 Regulators SCB, FCS, CySEC Trading Platform MT4, LCG Trader Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
LCG Customer Reviews
I enjoy using the MT4 platform on LCG
I enjoy using the MT4 platform on LCG. Everything works perfectly on the Demo system. I had no problem loading a custom indicator. I was pleased that the feed didn’t ‘drop out’ at busy times as happened often on another company I tried. I also liked the fact that I can start trading at 10p per pip and don’t feel pressured to bet too high too soon. I’m quite happy with the whole experience.
I have been with LCG for many years
I have been with LCG for many years. I must admit that general customer service is a little slower than other providers. However, Damian who helped me in recent months is always given a response in 5 minutes and helped me with all my queries straight away. Damian should earn 5 stars. But as a general, I gave 4 stars to the company.
LCG leads the way
I have traded spread betting for over 20 years now and I can honestly say that LCG is one if not the best company to trade with.
Why? many reasons. Their spreads are the lowest I have come across. The tighter the spread the more money you make.
They have an excellent variety of trading platforms, e.g. web trader, MT4, and mobile apps with great features and fast execution.
If you are a beginner/new to trading besides trying a demo account you can have a live account with as little as saying £180 and trade for just 10p per point.
The larger firms require around £875 to trade their minimum stake on my chosen instrument.
Also, their customer service is 2nd to none, I have to mention my account manager Damian Reed who has been very helpful over the years in setting things up and addressing any questions. I get a courtesy call/email every few months which none of the other major companies have ever done.
LCG Pros and Cons
| ✔️ Pros | ❌ Cons |
| Competitive trading conditions offered | Clients Australia, Belgium, Canada, New Zealand, Singapore, and United States not accepted |
| Low commission charges | ECN trading limited to traders with more than $ 10 000+ capital |
| MetaTrader 4 offered | No fixed spread accounts offered |
| No deposit or withdrawal fees charged | |
| Segregated client funds used | |
| Transparent fee schedule | |
Conclusion
LCG offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
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Frequently Asked Questions
Can traders from South Africa open an LCG Islamic account?
Yes, South African traders of the Muslim faith are allowed to open an LCG Islamic account
What spreads can I expect with LCG?
You can expect spreads that start from 0.0001 on EUR/USD.
Does LCG charge a commission?
LCG charges low commissions but it is not clear what the commission structure is.
Are there additional charges on the Islamic account?
Not that can be seen on LG’s website.
What is the overall rating out of 10 for LCG?
6/10.
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