Libertex is a member of Forex Club Group, an international brand with extensive experience in the financial markets since 1997, with presence in 27 countries, more than 700 employees and more than 2,200,000 clients, especially highlighting its presence in the Russian market where it reaches an approximate share of 30%. Thinking about its international expansion Forex Club created this brand, Libertex (which means Liberty Exchange), especially to offer its services in European and Latin American countries.
Pros
· More than 200 negotiable assets.
· Fully regulated broker.
· Winner of multiple international awards.
· 20 years of experience in the sector
· Own web platform and applications
· Easy to use, perfect for beginners.
· Low-budget friendly; only €10 needed!
· Offers MT4
Cons
· Does not offer MetaTrader 5.
· No automated trading system.
· Poor education system
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
Libertex is an online broker with which you can trade in a good number of different financial instruments such as:
· More than 40 currency pairs of the Forex market. Reasonably good coverage of both core and exotic pairs.
· Great index coverage! Libertex has more than 15 of the world’s leading stock indices such as the IBEX 35, S&P 500, NASDAQ 100, FTSE 100 and DAX 30.
· Other instruments such as oil, gas, gold, silver, copper, platinum, and agricultural raw materials.
Currently, the Colombian player James Rodríguez is a world ambassador for the Libertex brand. This greatly adds to the validity of the broker when such a high profile name is linked with it. Along with this, 2 well-renowned La Liga Football teams; Getafe and Valencia, also partner with Libertex.
There is no doubt that Libertex is one of the most popular brokers in the world, and besides the famous names standing by its side, the broker must perform well too. We extensively researched Libertex, and we aim to present our findings in a simple, yet extensive way to provide everything you need to find your perfect broker.
How to Open your Account
For account opening, users must register with Libertex with an email address and password. Then, they must provide identification documents to get fully verified. You must provide information to prove identity and address; to prove identity, you must upload a photograph or scan of ID such as passport or driving license. The proof of address is verified via a photograph, scan or PDF of a bank statement or utility bill.
The verification process can take up to 2 days. After that, the user is good-to-go and can take full advantage of the Libertex account.
Depositing and Withdrawal Methods
Libertex has a wide array of depositing and withdrawal methods, making it very accessible to all:
Credit/Debit card
Skrill
Neteller
GiroPay
Trustly
Sofort
Rapid Transfer
Wire Transfer
and many more!
Instant
Instant
Instant
Instant
Instant
Instant
Instant
3-5 Days
Credit/Debit card – Instant
Skrill – Instant
Neteller – Instant
GiroPay – Instant
Trustly – Instant
Sofort – Instant
Rapid Transfer – Instant
Wire Transfer – 3-5 days
and many more.
Commissions and Fees
Libertex has some peculiarities compared to other Forex brokers or CFDs: It does not work with spreads (differentials between the purchase price and the sale price of each financial instrument), but instead, applies a commission percentage for each instrument in which you can to invest. For example, the EURUSD pair can be an average commission of 0.0075%.
This could be a great way to profitably open and close trades for many traders, however it may not be so economical for smaller traders as it takes a larger portion of commission.
In our opinion this platform is recommended for beginners and traders who seek to operate easily without complications. For the more experienced, we also would recommend this broker due to the different layout of fees. On the other hand, it is not valid for those who operate with automated trading systems. Those who seek this, should handle a broker that offers the MetaTrader 4 platform. Look at our other reviews for more info!
Trading Accounts
Libertex offers a single trading account in which the minimum deposit is only € 10. To open it you just have to fill in the registration form and in a few minutes you will have it operational.
You also have at your disposal a free demo account with which you can try the Libertex trading platform and learn to perform operations without putting your money at risk.
To change from the demo account to the real one you just have to change from one to the other from the top right of the platform (where your name appears after you have registered).
The default Libertex demo account comes with a virtual balance of € 5,000. It also has the advantage that you can add more balance if you need it (up to a maximum of € 50,000) or reset the demo account to its initial state by deleting the history of operations.
Trading Platform
Libertex does not offer MetaTrader 4, MetaTrader 5 or other trading platforms that you can find in other brokers. Instead, it offers its customers a very simple platform to manage but at the same time with all the basics to operate. We personally found the platform swift and simple, containing all necessary features for every level of trader.
It is developed in web format, so it is not necessary to download or install anything on your computer. It has a good real-time graphics system, 9 time frames, a wide range of indicators and technical analysis tools. It also incorporates a news and analysis service on your website to help you make your trading decisions.
As for users who want to operate from their mobile or tablet, Libertex offers quite complete mobile applications for both iOS and Android systems.
However, the Libertex mobile app itself seemed somewhat limited and showed below average speeds of trading execution, so sometimes trading on-the-go may prove a challenge. They are currently strongly pushing their mobile services, so we are likely to see great progress soon. Libertex also offers MT4 trading platform for its Forex pairs. This shows great overall coverage and variety of platforms, not many brokers provide their own platform as well as MT4.
Education and Research
The basic training available is what they call “a beginner’s course”. It is composed of about 15 videos. On the website, it is necessary to log in after the first 5 videos. The full videos are accessible from the platform. This training is provided for the new trader to understand some basic concepts presented by the Libertex platform, not to offer general training in Forex and CFDs. The videos are short, clear and professionally created with animations and quality audio.
The free education does not reach much further than this, which is common in brokers. However, Libertex does provide extensive and regular news so that traders can stay on top of current events.
Customer Support
Libertex does not offer a live chat, but email support is quick and always ready to help. We found their responses to be very professional with helpful guidance.
Social networks are not updated regularly, as there is little or no activity on those platforms. Their latest tweet on Twitter is 2017. This is quite rare for a broker to have such a weak presence, many brokers now use social media as their main way of advertisement and communication, so Libertex is slacking here and it can make them appear quite inaccessible at times.
Regulations and Jurisdictions
Libertex is a trademark operated by the company Indication Investments Ltd. belonging to the Forex Club group.
Libertex is regulated and supervised by the CySEC (Cyprus Securities and Exchange Commission) with license number 164/12.
Its headquarters are located in the city of Limassol in Cyprus, a member country of the European Union, This gives Libertex legal access to all traders within EU countries. Libertex operates under compliance with European regulations for investor protection such as the MiFID directive (Financial Instruments Markets Directive).
Conclusion
After 20 years in operation, this broker deserves the reputation it has, with 172 instruments available, in addition to the wide range of Cryptocurrency CFDs, this is a broker that can meet the needs of the trader without any problem. The massive amount of platform coverage means that you can easily connect from anywhere and make necessary adjustments to your account. Another major benefit of using Libertex is the different layout of commissions makes it much more accessible to active traders than other platforms.
However, to improve, Libertex need to have a larger social media presence, and potentially add a live chat to put traders at ease. Secondly, they should provide better education in both quality and quantity so that traders at all levels can benefit. This would be a large pull-factor to join Libertex, as currently their education system is very limited. Although this is not uncommon in brokers, this would be a great way for them to stand out above the rest.
Overall, Libertex is one of our highest ranking brokers, and it is the largest for a reason. We highly recommend this broker to traders of all levels.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.