Libertex is a prominent online CFD and FX broker, operated by Indication Investments Ltd, which is a company regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 164/12. Their registered address is Karaiskaki 21 street, office 31, Limassol 3032, Cyprus and they also list the address 134 Agia Fylaxeos & Amisou, ANISSA COURT, 4th Floor, 3087, Limassol, Cyprus.
Libertex is part of Forex Club Group, which is a multinational brand, established in 1997. They can be contacted via phone +357 22 025 100 and email: [email protected]
The legal documentation available on their website shows that the company you will be dealing with is FOREX CLUB INTERNATIONAL LIMITED, located at the Financial Services Centre, P.O. Box 1823 Stoney Ground, Kingstown, VC0100St. Vincent & the Grenadines, I.B.C. No: 1529 СTD 2014.
Is Libertex A Scam?
This is a regulated brokerage, part of a group with over 20 years experience, so I can say we are on the safe side. They show transparency on their website, by providing an address and the name of the owning company… but that’s where information stops because their website is somewhat lackluster. Basically, all I could see was the trading platform and very limited other features. This is not a sign of a scam, but I definitely hope they improve the website. Also, depending on the part of the world you access the website from, you will get different information regarding the owning/operating company.
Editor’s Note: Why Libertex Doesn’t Suck In 50 Words
They’ve built their proprietary platform, which has a lot of technical analysis tools: oscillators, momentum indicators, moving averages, trend lines, Japanese candles and much more. I like that and I believe that all brokers should offer at least some technical tools like these. On top of that, they also offer Meta Trader 4 and 5 and cryptocurrency trading.
Why Libertex Sucks In 50 Words
The website could use some work. They offer a lot of info about assets but not much about the other stuff and also, the testimonials take a big part of the space. I don’t believe that client testimonials should be in the center of attention, and I would like to see more info about their products.
Should I Open An Account With Libertex?
The brokerage was launched in mid-2015, but I must say this information doesn’t come directly from them, simply because I couldn’t find it so I had to search other parts of the internet to get it. The platform is proprietary and I believe they’ve done a good job with it but you can also use Meta Trader 4 or 5 if you like those platforms better.
They offer an interesting type of trading, very similar to FX/CFDs: you first select your amount and then the Multiplier. If you trade 100 bucks with a multiplier of 2, you will basically control 200 bucks. It’s similar to the leverage used in FX/CFD but you can change it for every trade, it is not set in advance by the platform. After setting the amount and the Multiplier, you choose the direction and the trade is open. It’s up to you to decide when to close it because there’s no expiry time.
Education is lackluster, but you will get live news and trading advice from Trading Central right on the platform. You’ll also find lots of technical indicators (moving averages, oscillators, etc.) so overall I like this platform but maybe newbie traders will find it a tad too complicated.
They don’t have a “classic” account structure and a live support rep told me that there’s no minimum investment, meaning that I can deposit how much I want. Another one told me that minimum “replenishment” is $10 and that an account manager would contact me if I wanted. I couldn’t find a list of perks that I’ll get if I deposit more. They just say that I can open a bigger account but why would I? Do I get faster withdrawals, higher leverage/multiplier… something? Anyway, Demo accounts are also available, which is always a good thing.
Overall I am not very impressed with this broker. I’m not saying it’s bad, but it could get a bit complicated for newbies and the platform is more complex than usual. However, if you’re feeling “adventurous” and in the mood to try something new, go use their Demo. It might grow on you.
We couldn’t find major complaints online, in fact, most of the user reviews were positive, so I don’t think there’s any fear of a huge scam here. We will update as necessary.
Libertex is regulated by CySEC and does not offer a Bonus, due to the regulator’s advice, expressed through Circular C168.
Information was hard to find but finally, I managed to get to a section of the website that explains withdrawals: processing time is usually 3 – 5 days for wires, 1 – 5 for credit cards and one business day for e-wallets (Skrill and Neteller). The fees are 1 Euro for credit cards and 0.5% (up to a max of 10 EUR) for wires.
I like the fact that Libertex is part of the Forex Club Group, which has been active for a long time and I also like their platform. I know I said previously that it’s more complicated than a regular binary options platform but that doesn’t mean it’s bad. Also, I believe that every platform should offer technical indicators and until they all do, this will remain an extra.
Trading Bitcoin With Libertex
They offer a very large selection of cryptocurrencies, including but not limited to Bitcoin, Ethereum, Dash, Zcash, Stellar, Iota and many more. However, they don’t offer a lot of information regarding trading conditions or at least I wasn’t able to find it, which means that if it exists, it should be presented in a better, more accessible way.
User Friendliness 13/20
The website is translated into 11 languages and the trading platform is available in 7 but finding any information is a pain, so your options are either to contact live chat (by the way, first time I’ve tried, they didn’t answer) or sift through tens of pages of legal documentation. Not very user-friendly! Demo accounts and mobile apps are available, which is a plus.
Number of assets and expiry times 16/20
With Libertex you can trade literally hundreds of assets, including currencies, commodities, indices, shares and a lot of cryptocurrencies, but you won’t find any type of expiry time because like I’ve mentioned earlier, their trading style is a mix between FX/CFD and binary options. Basically, you can open a trade and close it when you see fit.
Commissions, Support and Effective Return 15/20
The commission for each trade will be shown on the trading platform so make sure you are aware of it. Inactive accounts will be charged a fee of $5 per month after 90 days of inactivity. Third-party fees (transfer fees) will be paid by the client. Live Chat support didn’t answer at all during my first visit but I came back a day after and I managed to speak to a rep. He answered my question fairly quick and straightforward but if I were a client with a pressing concern, I wouldn’t want to wait a day to get an answer. The effective return depends on the duration of your trade, market volatility and how much leverage (multiplier) you’ve used. The maximum multiplier is 200 for currencies and lower for other assets classes.
Deposit, Payment and Bonus 14/20
Deposits can be made through credit/debit cards, Skrill, Neteller, and wire transfers; withdrawals can be made through the same methods. Libertex doesn’t offer a Bonus.
Website Extras 15/20
Technical indicators right on the trading platform and some analysis from Trading Central are the main extras available.
Libertex Overall Ratings (73) + Regulated (+3) = 76/100