Why Libertex Sucks In 50 Words
The trading style is different than some of us might be used to. The leverage is not set by the platform but instead, the trader will have to choose a Multiplier (up to x500 for currencies). I am not even sure this is a bad thing because after all, you have the possibility to adjust leverage on every trade, but it’s definitely something that needs some attention, especially from new traders because it may lead to mistakes upon opening trades.
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 cryptocurrency trading.
Is Libertex A Scam?
This broker is 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. Furthermore, Libertex’s owning company is regulated by 2 major financial watchdogs: CySEC and FCA, which adds extra confidence.
Should I Open An Account With Libertex?
Libertex is a prominent online CFD and Crypto broker, operated by Indication Investments Ltd, which is a company regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 164/12 and EEA Authorised by the British Financial Conduct Authority, with reference number 584522.
Libertex is part of Forex Club Group, which is a multinational brand, established in 1997. Depending on the part of the world you are accessing the broker from, you may be dealing with FOREX CLUB INTERNATIONAL LIMITED, (registration number: 1529 СTD 2014) or Indication Investments Ltd.
According to their website, Libertex operates since 1997 and offers a proprietary platform, which is feature-rich and user-friendly at the same time but you can also use Meta Trader 4 if you like that platform 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 open a 200 bucks position (trade). 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 and it is displayed in a different form. 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 covers the basics such as what is Multiplier, how to open a trade, setting Stop Loss, etc. and 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 at first.
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. It’s worth noting that the more you deposit, the higher your “account status” goes. For example, for deposits between 250 EUR and 1,449 EUR, your status is Gold, and above 5,000 EUR, you will become a VIP (these are lifetime deposits, thus all your deposits accumulate to gain a higher account status). The perks of a higher tier account include commission discounts and priority withdrawals. Demo accounts are also available, which is always a good thing.
Overall this is an okay broker, 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.
The Company’s registered office is located at Iacovou Tompazi 1, Vashiotis Business Center, 1st Floor Office 101, Neapoli 3107, Limassol, Cyprus.. They can be contacted via phone +357 22 025 100 and email: [email protected]
Some of their users have complained about account verification procedures (KYC) taking weeks, others that support reps never give a clear answer. On the other hand, we also found lots of positive reviews, so I don’t think there’s any fear of a huge scam here but caution should be used as always.
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 business days for wires, 1 – 5 for credit cards and one business day for e-wallets (Skrill and Neteller). The fees are 1 Euro for cards, 0.5% (up to a max of 10 EUR) for wires, and 1% for Neteller.
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 (BO platforms are known for their barebones structure). Also, Libertex offers Trading Central analysis right on the platform, which is another plus.
Trading Bitcoin With Libertex
They offer a huge selection of cryptocurrencies, including but not limited to Bitcoin, Ethereum, Dash, Zcash, Stellar, Iota and many more. The Multiplier for crypto assets goes up to x50, which is a lot considering that most brokers offer 5:1. However, keep in mind that your max Multiplier depends on the client categorisation (Professional clients can use higher Multiplier than Retail clients).
User Friendliness 14/20
The website is translated in 8 languages and the trading platform is available in 10 but finding information is relatively difficult for new traders, Demo accounts and mobile apps are available, which is a plus. US traders are not accepted.
Range Of Markets, Spreads, And Leverage 16/20
With Libertex you can trade literally hundreds of assets, including currencies, commodities, indices, shares, and a lot of cryptocurrencies. Leverage is presented in the form of the Multiplier that I talked about earlier and goes up to 1:30 for Retail clients and higher for Professional clients (conditions apply to become a professional client).
Cryptocurrencies have lower Multipliers. The spread is presented in the form of a commission that will be shown on the website, so make sure you are aware of it.
Fees And Support 15/20
Deposits are free through all methods. Credit card withdrawals are charged 1 EUR, wires are charged 0.5% (up to a max of 10 EUR) and for Neteller transaction incur a 1% fee.
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.
Deposits And Withdrawals 15/20
Deposits can be made through credit/debit cards, Skrill, Neteller, wire transfers and a few other online payments systems that differ depending on client’s location; withdrawals can be made through the same methods. Deposits are usually instant (except for wires which take up to 5 days) and withdrawals take between 1 and 5 business days.
Website Extras 15/20
Technical indicators right on the trading platform and analysis/signals from Trading Central are the main extras available.
Libertex Overall Ratings (75) + Regulated (+3) = 78/100