Before you open your first trading account, you need to do some research a reliable CFD broker that can provide you the necessary tools and services to operate an online trading account. If you’re looking to find out what is Libertex, their markets and products, fees and commissions, trading platform, regulation and more, then you should read this review.
What is Libertex?
Founded in 1997, Libertex is an online broker, offering the trading of currency pairs and CFD contracts via online trading platforms. The broker executes orders based on ‘Market Maker model’ and does not offer an ECN/STP connection.
Libertex is a brand for brokerage division of Indication Investments Ltd, which is part of the Forex Club Group based in Russia. The broker has offices located in Cyprus, Russia, and Belarus and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct (FSC).
Pros and Cons
Markets and Products
Libertex offers a modest selection of 213 instruments categorized into forex, indices, stocks, commodities (metals, energy, and agriculture), ETFs, and cryptocurrencies. When compared to other CFD brokers in the industry, Libertex offers a low number of financial assets.
Here’s the full instruments’ list at Libertex:
- Forex – Major, minor, crosses, exotics
- Stocks (shares) – Medical cannabis, automobile industries, consumer good, consumer services, healthcare, finance, energy, industrials, luxury, telecommunications, technologies, materials, and potential trading assets.
Metals – Gold, silver, palladium, platinum, and copper.
- Indices – 15 global indices from different regions across the globe: North America, Europe, Asia, the Middle East, and South America.
- Cryptocurrencies – A selection of 40 crypt coins pairs including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
- Agriculture – Corn, wheat, soybean, coffee, sugar, and cocoa.
- Oil and gas – Brent crude oil, light sweet crude oil, natural gas, WTI crude oil, and heating oil.
- Exchange-Traded Funds (ETFs) – A selection of 10 ETFs.
Libertex doesn’t really offer any distinct features as compared to other CFD and forex brokers in the marketplace like AvaTrade. Having said that here are some of the trading features offered by the broker.
In addition to the Libertex in-house trading platform, the broker offers the popular MetaTrader4, which includes an automated trading system. The MetaQuotes Language 4 (MQL4) is a programming language for automated trading through MT4, enabling traders to develop trading robots, technical indicators, scripts, and function libraries.
➡️Top rising and top falling instruments on the day
The broker offers a list of 10 top rising and 10 top falling instruments on the day as part of the Libertex trading platform.
Libertex states on its website to serve 2.2M clients and 40 countries covered (clints from 120 countries). We could not find a list of countries whose residents are allowed to open a trading account.
Libertex, however, does not accept clients from the following countries: United States, European Union, Japan, Afghanistan, Azerbaijan, Bosnia and Herzegovina, Brazil, Guyana, Iraq, Lao PDR, Yemen, Vanuatu, Uganda, Quebec of Canada, Syria, Ethiopia, Sri Lanka, Trinidad and Tobago, Tunisia, Iran, and North Korea.
The broker offers the ability to filter between seven languages on its website: English, Spanish, Malay, Portuguese, Russian, Thai, and Chinese (simplifies and traditional)
The Libertex in-house trading platform is available in 9 languages: English, Spanish, German, Indonesian, Malay, Portuguese, Russian, Thai, and Chinese (simplifies and traditional).
Libertex offers a proprietary in house trading platform which is available as a web-based platform and on a mobile device. The platform is compatible with Mac and Windows and as a mobile application on iOS and Android. Apart from its in-house trading platform, Libertex provides the popular MetaTrader4 trading platform.
The broker offers a demonstration account of $50,000 and a leverage ratio of 1:30.
Libertex In-House Trading Platform
Libertex offers its own proprietary in house trading platform. The broker allows easy access to the platform through the Libertex’s website.
The platform is user-friendly and easy to use, however, in terms of trading features and trading tools, the Libertex in house trading platform is a very basic platform. Do not expect to find advanced technical indicators and the ability to open multiple charts and instruments windows.
On the positive side, the platform includes a news feed section and a useful top menu of various markets, popular, top rising and falling instrument on the day.
The second trading platform offered by Libertex is the MetaTrader4, one of the most popular trading platform for CFD traders. The MT4 is available as a mobile application on the Apple Store and Google Play and has some of the best trading features including but not limited to economic news, Expert Advisor (automated trading), trading signals, advanced technical indicators, and an extensive selection of plugins.
Fees and Limits
Fees and Commission
Libertex offers a commission structure which is different than what is currently practiced by other CFD brokers in the industry. The broker charges additional commission such as inactivity fee, withdrawal fee, and transaction fee while offering a zero spread trading.
Here are the additional fees charged by Libertex:
Transaction fee – Libertex charges a commission based on the monetary value of the trade for every transaction.
Withdrawal fee – The broker charges a withdrawal fee depending on your withdrawal method. Note that most brokers in the industry do not charge a withdrawal fee.
Inactivity fee – Libertex charges a fee of 10 EUR for inactive accounts for 180 days with a balance of less than $10,000.
Rollover/overnight fees – Rollover fee is taken at the end of a trading day at 9 pm GMT as an interest, which may be either positive or negative. Take note that for CFD instruments, the rollover will be triple when rolling over a position from Friday to Monday.
Here’s an area where Libertex excels. The broker offers a zero spread model for all CFD products, meaning you can trade with no gap between the bid and ask price. Though it can be beneficial for some traders, we highly recommend our readers to evaluate the cost of the transaction fee, which can be even more pricey.
Deposit and Withdrawal fees
Unlike Alvexo and other CFD broker in the industry, Libertex charges a withdrawal fee. Here you can find the fees that may incur when you withdraw your funds from Libertex:
Minimum Deposit Requirement
Libertex has a low minimum deposit requirement of 10 EUR for the standard account if you fund your account with a credit card or Skrill e-wallet. The broker also offers the Professional account which requires a financial instrument portfolio of over €500,000 (including cash savings and financial instruments). The maximum amount you are allowed to withdraw is $5000.
Note that the maximum leverage ratio offered by Libertex is 1:30 which is relatively low compare to other forex brokers in the industry.
Libertex only has one live account type and a demo account and there’s no option to choose an account type based on your initial deposit and other significant factors such as execution model (ECN/STP), spreads, Islamic (swap-free) account, etc.
The broker is also offering a Professional account that requires a financial instrument portfolio of over €500,000, relevant experience in the financial services sector, and sufficient trading activity in the last 12 months.
How to Sign Up and Trade on Libertex
Opening an account with Libertex is a simple and quick process. There is no need to download the platform, you can simply trade in your web browser. Follow the next steps:
- On Libertex homepage, click on the ‘Log-In’ button at the top-right corner of your screen. You will be transferred to Libertex in-house trading platform. Note that you are not yet connected to your account.
- Click the Sign-Up button on the registration window and fill in the required details.
- Click the fund your account and choose your preferred payment method.
- Start trading
How to Configure Your Libertex Account
Libertex in-house trading platform is not very customizable and lacks essential trading tools and features. Yet, the platform is easy to use and the configuration is quite simple. Here are some of the basic steps in order to configure your Libertex trading platform:
Form a favorite list – Click on the star next to a certain instrument in order to add it to favorites.
Chart Settings – Change the chart’s style to candlestick and open a full screen in order to add technical indicators such as Moving Average, RSI, and Fibonacci.
Security and Regulation
Libertex is regulated by two regulators, the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 164/12 and in South African under Libertex Pty. by the Financial Sector Conduct (FSC) with the following FSP Number: 47381.
In terms of safety of funds and clients’ security, we could not find much information except the Investor Compensation Fund (ICF) which ensures traders a coverage of €20,000 if the brokerage becomes insolvent.
Deposit and Withdrawal Process
Libertex offers an extensive selection of payment methods. We remind you that the broker charges an additional commission for withdrawals. Here are the payment methods offered by Libertex:
- Credit/debit card
- Skrill eWallet
- SEPA/International bank wire
- Rapid Transfer
- Credit/debit card
- Skrill eWallet
- SEPA/International bank wire
Libertex withdrawal process can be done through the web platform and the mobile application. In the web trading platform, click on the withdraw tab. On the mobile platform, select Wallet and then Withdraw Funds.
Education and resources
Libertex makes the effort to provide a useful education section for the readers in addition to news and data section. The broker offers an education course of 29 lessons on its website and on its in-house trading platform. Moreover, there’s a news section on the company’s website categorized to all, forex, cryptocurrencies, economy news, politics news, and other.
Another feature offered by Libertex is the newsfeed section in its in-house trading platform.
Though the broker provides multiple customer support options that include phone, email, submit a ticket, live chat, WhatsApp, and Facebook Messenger, some of the user reviews across the internet were negative. It seems that Libertex customer support is a bit pushy and not knowledgeable in terms of trading and financial markets.
Libertex offers a mobile application for both trading platforms, the Libertex in-house, and the MetaTrader4. Both mobile applications are available on the Apple Store and Google Play.
Why We Recommend Alvexo over Libertex
We decided to compare Libertex with Alvexo, one of the fastest-growing brokers in the industry.
Although Libertex is one of the first CFD brokers in the industry, regulated by CySEC and FSC, the broker falls short compared to Alvexo and other brokers in the market. Alvexo offers a wide selection of trading products through an advanced trading platforms and some of the most unique trading features in the market.
Why we recommend Alvexo over Libertex:
✅Alvexo offers competitive spreads and low trading fees
✅A wide selection of tradable securities.
✅Alvexo offers an innovative service and trading features.
Founded in 1997, Libertex is one of the first online forex and CFD brokers in the industry with an experience of more than 20 years. The broker is regulated by CySEC and FSC and is offering a limited selection of 213 instruments through a selection of two trading platform. Yet, the broker lacks the overall depth to compete with other CFD brokers in the industry like Alvexo and eToro.
At the time of writing, we recommend our readers to choose a reliable and innovative broker like Alvexo which is regulated by CySEC and FCA, does not charge any hidden fees, and has some of the most innovative features in the market.
What is the leverage ratio offered by Libertex?
Libertex offers a leverage ratio of 1:30 for the Standard account and a leverage of 1:600 for those who are eligible for the Professional account.
What is the minimum deposit to open a forex/CFD account at Libertex?
Libertex maintains a low minimum deposit requirement of 10 EUR.
Is Libertex a regulated broker?
Yes, Libertex is regulated by the Cyprus Securities and Exchange Commission (CySEC) and by the Financial Sector Conduct (FSC).
Is Libertex a scam broker?
Libertex is an experienced CFD broker since 1997, however, following our comprehensive review, we have found many user complaints about a long withdrawal process and ingenuine customer support team.
How many instruments are available on Libertex?
Libertex provides a limited selection of 213 financial products, which is a low selection compared to other brokers in the industry like IG and Alvexo.
Is Libertex available in the US?
No, Libertex does not accept US residents. The broker is not regulated in the United States by any regulator such as the Securities and Exchange Commission (SEC).
Does Libertex support MetaTrader4?
Yes. In addition to the in-house trading platform, Libertex offers MetaTrader4 on a desktop, web-based, and mobile application.