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.
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.
Editor’s Note: 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.
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.
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 the 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.
Should I Open An Account With Libertex?
This broker 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 open a 200 bucks position (trade). It’s basically 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 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 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. 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.
The Company’s registered office is at 134 Agia Fylaxeos & Amisou, ANISSA COURT, 4th Floor, 3087, Limassol, Cyprus. Their postal address is Karaiskaki 21 street, office 31, Limassol 3032, 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 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, 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, 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 huge 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 in 10 languages and the trading platform is available in 16 but finding any information is a pain, so your options are either to contact live chat (by the way, the 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.
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 up to 1:600 for Professional clients (conditions apply to become a professional client). Cryptocurrencies have lower Multipliers. The spread is presented in the form of a commission which will be shown on the trading platform (right on the trade ticket) so make sure you are aware of it
Fees And Support 15/20
Inactive accounts will be charged a fee of 10 EUR per month after 180 days of inactivity. 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 some analysis from Trading Central are the main extras available.
Libertex Overall Ratings (74) + Regulated (+3) = 74/100