Libertex Video Review
VIDEO
Investor Protection & Regulations “Libertex offers investor protection via regulation, privacy protection and security protocols on its website. There is also access to the investor protection fund of CySEC.”
Libertex is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company has implemented client fund segregation and also has Secure Socket Layer (SSL) certificates on their websites and platforms to provide a secure environment on its website for clients.
Libertex is the trading name used by “Indication Investments Ltd”, a Cypriot investment company which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 164/12. Details of the regulation can be found here .
Libertex has implemented these procedures in order to ensure privacy and security of their investors:
Client Funds Segregation:
As part of the CySEC regulation, broker funds are separated from traders’ funds. So, traders’ deposits are kept in different bank accounts from that of Libertex. This is done in order to protect the investor’s money even if the broker goes bankrupt.
Investor Compensation Fund (ICF)
Libertex is also a contributory member to the Investor Compensation Fund (ICF), which insures traders’ deposits to the tune of €20,000 if the brokerage becomes insolvent. If that happens, the ICF will pay each investor back his deposit up to €20,000 per client.
Website and Platform Security
In order to further protect investors from cyber criminals, Libertex has protected their website and platforms with a 128 bit Secured Socket Layer (SSL) encryption. This ensures that all data is encrypted before transmission over the internet.
Tradable Products “There are about 49 currency pairs, 100 stocks, 41 crypto assets, 5 metals, 18 indices, 6 Agricultural products, 5 Oil/Gas instruments and 10 ETFs available for trading on the platforms.“
The assets available for trading are as follows:
*The above list was obtained from www.libertex.com and is correct as at the time of this review.
Account Opening “Libertex offers only the “Demo account” and the “Real Account”. A minimum of $10 is required to open the Real account, and the account opening process is quite simple and takes about 5-10 minutes.“
Libertex does not offer multiple account types to suit trader capital, experience or style. Rather, they only have one Real account and Demo Account.
Real Account : To open a real account is very easy. Just fill a very short form and the account is opened. But, to deposit money, more information will be required by the broker. The minimum deposit required to open a real account is $10. Traders are encouraged to use at least $100 in order to qualify for a bonus. Also, you cannot open a position that is more than 10% of your balance. So, to open a $10 position, you need at least a balance of $100.
Demo Account : This is a practice account provided for experimental purposes. The demo account is credited with $50,000 in virtual money. This account is available for both web and mobile platform. To open a demo account, the same form is used as a real account. It is easy to switch from a real account to demo account and vice versa.
Just fill the form and click on “Register an Account” and the demo account will be created. You can begin demo trading immediately with the web based platform. If you choose mobile trading, the platform can be downloaded and installed.
Libertex does not offer its services to clients resident in the US/Australia/New Zealand/Belgium/British Virgin Islands/Guam/Lebanon/United States Minor/Outlying Islands/Northern Mariana Islands/Uganda/Philippines/Sri Lanka/Kuwait/South Africa/Azerbaijan/Canada/Armenia.
Deposit & Withdrawals options “Major credit/debit Cards, Bank Wire transfer, e-wallets like Skrill, Neteller are accepted means of payment. Bank payment solutions like Sofort, Trustly, GiroPay, iDEAL, P24, Multibanco, and Rapid Transfer are equally accepted for deposits. KYC must be completed before a withdrawal request is processed.“
A deposit must be made before real trading can begin. The deposit must be made from the same name as the name used in opening the Libertex account. There are no deposit charges. Before a withdrawal can be approved, the client must have undergone all the verification processes which include “Know Your Customer” (KYC). The following payment options are available on the Libertex trading platform.
Visa/Master Card: The Major credit/debit cards are accepted. Deposits are processed instantly. The minimum deposit is $10 and the maximum is $5,000. For withdrawal to cards, the processing time takes 1-5 days and €1 is charged.
Bank Wire Transfer: This method of payment takes 3-5 days for processing. The deposit range is from $10 to $100 million. The withdrawal charge is 0.5% of the withdrawal amount, minimum of €2 and maximum of €10.
Skrill: Deposits are instant but withdrawals can take up to 24 hours. The minimum deposit is $10 while the maximum is $1,500. There are no commissions on Skrill transactions.
Neteller: Deposit is instant and free but withdrawal is charged a fee of 1% and the processing times take up to 24 hours. The minimum deposit is $10 and the maximum is $5,000.
Sofort/Trustly/GiroPay/iDEAL/P24/Multibanco/Rapid Transfer: These are all bank payment solutions from different banks across Europe. They can all be used for deposits only. The transactions are instantly processed and there are no processing fees.
Libertex has partnered with the major banks in Europe to safeguard clients’ deposits. Since their over 20 years of operation, there have not been reports of stolen or unaccounted trader funds.
Web & Desktop Trading Platforms “Libertex’ trading platform is the only platform available and it runs on the web browser making it available on all devices.“
Libertex provides its own proprietary trading platform known as “Libertex”. This platform is web-based and so, no downloads are required as it can run on any operating system. It features a simple to use interface with charting, easy trade placements and fast execution times.
Mobile Trading Platforms “The proprietary Liberty app is available on iOS and the android mobile devices. It features order management, news, charts, technical analysis and account management.“
The Libertex proprietary trading platform is also available for mobile devices. It is designed for smartphones and tablets that run on the iOS or android operating systems. The apps can be downloaded from the Liberty website or from the respective app stores.
Here are some of the basic features of the Libertex mobile app:
Simple, Clean and User friendly.
Easy order placement, preorders, stop loss, take profit and live quotes.
Technical analyses are featured.
Trading signals and recommendations to assist the trader.
News from ‘Trading Central’ and ‘investing.com’ are delivered directly on the app.
Account management: Switch between demo and real account with one tap. Fund and withdraw from your account on the app.
Trading Features “The Libertex trading platform has order management features, charts, indicators and timeframes which are used for technical analysis. “
The Libertex proprietary platform is user-friendly as no special training is required to be able to use the platform. It is available in 16 languages. Below are some of the features of the Libertex trading platform:
The platform features 9 timeframes from 1 minute to 1 month.
43 Indicators which includes 22 trend, 13 oscillators and 8 Volatility indicators.
Order Management: You can view live quotes for every available instrument provided that the liquidity market is active. A favourite list can be customized to include only your most traded assets in order to effectively manage the price movements. Order history, Wallet balance, TP, SL and pending orders are all available.
Live trades section announces the trading activities of other Libertex traders.
Charts: Technical analysis can be performed using the provided charts, indicators and timeframes.
Commissions & Spreads “Libertex only charges commissions on trades: no spreads are charged on trades, which is an industry first.”
For every trade placed on the Libertex trading platform, a commission is charged. They do not feature a spread like most brokers. The commissions charged vary from asset to asset and also varies during a trade. Find below the commission charged on some of the popular trading instruments:
TRADING INSTRUMENT AVERAGE COMMISSION (%)
FOREX
EURUSD
0.008
AUDUSD
0.0085
GBPUSD
0.011
USDJPY
0.0055
GBPJPY
0.0114
AUDCHF
0.0435
EURTRY
0.142
USDSGD
0.0236
USDRUB
0.0947
CRYPTOCURRENCIES
ETHUSD
0.475
LTCBTC
2.5612
BTCUSD
0.2684
ETHUSD
0.5169
BTGUSD
2.1685
BCHUSD
1.2427
METALS
XAUUSD
0.0153
XAGUSD
0.0512
INDEX
NASDAQ100
0.0335
SPAIN35
0.0391
S&P 500
0.027
DOW JONES
0.0139
NKD
0.0286
STOCKS
GOOGL
0.1897
ORCL
0.0777
DROPBOX
0.1938
BAC
0.1371
MASTERCARD
0.1583
TM
0.0996
CAT
0.2655
EBAY
0.1095
DIS
0.0893
AT&T
0.2295
VFC
0.1152
OIL AND GAS
WTI
0.2145
BRN
0.0607
HO
0.1391
AGRICULTURAL PRODUCTS
SUGAR
0.0801
WHEAT
0.1689
COCOA
001289
ETFs
EWZ
0.1128
EWG
0.1879
VGK
0.1144
The maximum leverage is 1:30 on Forex trading but it can be increased when the account is a Professional account.
Pro Account holders can trade with a leverage of 1:600. To be eligible as a Pro account holder, you have to provide evidence of significant trading over the last one year. Alternatively, financial professional experts with at least one year experience are also eligible.
*The above list was obtained from www.libertex.com and is correct as at the time of this review.
Bonus & Promotions “The 100% deposit bonus is to compensate new clients up to $10,000” The Gold, Goldplus and Platinum status levels attracts discounts on commissions.“
100% compensation bonus is given to all new clients only on their first deposit. The minimum deposit amount to be eligible for this bonus is $100. The minimum amount required to open a real account is $10 but only first deposits of $100 and above gets the 100% bonus. The maximum bonus amount is $10,000.
“Status levels” grant commission discounts to clients and direct access to online chat with customer service. The levels are:
Gold Status Level: To maintain this level, clients are required only to make deposits of €250 for a lifetime. The reward is trading with commission discount of 3%.
GoldPlus: A Lifetime deposit of €1,450 is required and a trading commission discount of 4% is the reward.
Platinum: A Lifetime deposit of €1,500 is needed to get 20% discount on commissions as well as priority withdrawals.
The VIP: 30% trading commission discounts is obtained by making lifetime deposits of €5,000. VIP status clients get premium support.
Customer Support “Multilingual customer support is available via phone, email and a web form, giving traders several options to reach the customer support team.”
The first port of call is the knowledge base which should answer the majority of customer questions. Then there is a page for customer support. The customer support is available in 11 languages.
Email: info@libertex.com and help@libertex.com.
Phone: +357 22 025 100
Social Media: facebook.com/libertex; twitter.com/@libertex_europe
“Ask a question” form is available on the website.
There is no Live Chat available. The support assistants by way of email are swift and ready to help. I received an email back with an hour which answered my question about professional trading accounts. The social media platforms are not regularly updated as there are little or no activities on the platforms. The last tweet on twitter was in 2017.
Research “Market research comes in the form of technical analysis and a news bar, provided on the mobile app by Trading Central and Investing.com “
News is featured everyday on the website. There are quite a few features published with in depth analysis on the various markets. Well worth a read. The blog hasn’t been updated since October however. There are no other research tools like economic calendar, calculators or technical analysis.
On the downloadable app, news is provided almost every hour by ‘trading central’ and ‘investing.com’.
Trader Education “A basic, beginner level educational suite comes in the form of introductory videos, and these are available on the web and trading platform.”
The training available is what they called ‘a beginner’s course’. It is made up of about 15 videos. On the website, login is required after the first 5 videos. The full videos are accessible from the platform. The training is just for a new trader to understand a few concepts featured by the Libertex platform and not to introduce Forex and CFD Education to a novice. The videos are short, clear and professionally made with animations and quality audio.
Trading Experience “Libertex is an award winning broker that offers quality services. But, the brokerage is best suited for simple traders or new traders. “
Libertex has operated since 1997, making it one of the oldest brokers in the retail FX business.
However, Libertex is best suited for beginner or intermediate traders without a complex trading style or without a huge trading capital. Expert traders that perform a lot of technical analysis will not find the Libertex platforms as useful or complex as the MT5. Traders who create and use Expert Advisors (EAs) and VPS will find Libertex brokerage grossly inadequate.
FAQ Some of the Frequently Asked Questions about Libertex are enumerated below:
Where is Libertex based?
The Libertex broker firm is based in Cyprus.
How does Libertex make money?
Libertex makes money from commissions which they charge for every trade.
How do I deposit in Libertex account?
The payment options accepted are: Bank Wire Transfers, Credit/Debit cards like Visa/Mastercard and e-wallets like Skrill and Neteller. Bank payment solutions like Sofort/Trustly/GiroPay/iDEAL/P24/Multibanco/Rapid Transfer are equally acceptable for deposits only.
What is the min. deposit for Libertex?
The minimum deposit is $10 for the real account.
What is the maximum leverage in Libertex?
Maximum leverage is 1:600 exclusively for Pro traders.
How do I open an account with Libertex?
Fill the online form by clicking the “Log in” button on the top right side of the official Libertex website and then fill the form.
Does Libertex use MetaTrader?
No, they only offer the Liberty proprietary trading platform.
Conclusion “Libertex is an experienced broker that has been in the business for over 20 years. It offers a wide selection of assets on its proprietary web-based platform. The brand is regulated by CySEC and requires a mere $10 minimum deposit to start trading.”
Over the years, the brand has grown into a global broker with millions of clients from over 100 countries. The company is authorized and regulated by the Cyprus Security and Exchange Commission (CySEC). Clients’ funds are kept in separate bank accounts and insured in case of broker insolvency.
Over 200 trading instruments are offered on the Libertex proprietary platform, which is a web-based platform. Libertex trading platform has android and iOS apps which can be used for trading, account management and technical analysis.
Only $10 is required to commence trading on a live account. 100% bonus is given to new clients on deposits starting from $100.
On the downside the broker does not offer the MT4 or MT5 platform, only their proprietary platform which for many traders that prefer using the MetaTrader comes as a distinct disadvantage.
Another negative is the fact that the education section is almost non existent. If you are looking for a broker that will help you get educated, this is not the one.
