*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.
“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: email@example.com and firstname.lastname@example.org.
- 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.
“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’.
“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.
“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.
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 €100 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.
“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 €100 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 €100 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.