Libertex is a broker that aims to give all traders a good trading experience, both beginners and professionals. This broker has been in operation since 1997 which means they have over 20 years of experience in the trading industry. The company caters to more than 2.9 million traders online. They provide prestigious customer service, proven by their awards. You will have access to a wide range of assets and markets through this broker. The execution speed, commission and spreads are exceptional.
Is Libertex the perfect broker for you?
Pros and Cons
- Range of instruments
- Strong platforms
- Competitive spreads and commission
- Low minimum deposit
- Customer service and protection
- Minimal account types
- Limited educational resources
- Leverage is restricted
Regulation and safety
The Cyprus Securities and Exchange Commission (CySEC) regulates Libertex. This shows that they are a legitimate brokerage that has to follow rules and regulations. In a circumstance where the company is unable to pay out claims against them, they are a part of the Investor Compensation Fund which will cover for specific claims.
On top of this, you can be assured that your funds are kept in a segregated account to the company. Therefore, the money will not be used for any other purposes aside from the intended. The broker also offers a negative balance protection feature which ensures that your account balance does not go below your initial deposit.
There are two platforms that a trader can access if they are using Libertex as a broker. The first choice is the popular MetaTrader 4. The second is a Libertex-made platform. Both are free and simple to use.
MT4- This is one of the most widely used platforms among traders. It has a user-friendly interface and a range of tools to make your trading experience phenomenal. Also, it is both simple and advanced which makes it great for all traders. It can be used on web, desktop and mobile, which means it is great for accessibility. MT4 is a platform that is perfect for traders who only trade at their computers and those who are always on the go.
Libertex trading platform- This platform is designed with simplicity and convenience in order to cater for all traders. The platform allows traders to access trading instruments and tools as they need.
Support Central is a third-party tool for market analysis. Traders can use this via the Libertex platform and get signals and setups which will benefit them. There are various types of charts for traders to use and different time frames. Their trading platform is sufficient for trading and can be quite handy.
There is an extensive list of instruments that traders can make use of at Libertex. Whether it is cryptocurrency, forex, ETFs, indices, stocks, or metals, you can trade through this broker, plus more. Within each instrument, there are other choices of what you can trade.
Features and services
Libertex is among the few traders that charge a fixed commission rather than variable spreads. This is a great feature as the trader is able to determine how much they will pay for trading rather than estimating. The spreads are Libertex are fairly low compared to the average. Leverage can range between 30:1 and 600:1 depending on how skilled of a trader you are.
There is a free demo account for traders to make use of this. It is funded with “paper money”. This allows traders to practice their trading and try out new strategies without losing money.
Tools you can expect from Libertex if you use their platform are market sentiment indicator, trading central, a real-time news feed, market participant sentiment index, and Trading Central. You can benefit from these tools in both fundamental and technical analysis.
There are about 30 videos on their website. These cover topics such as technical/fundamental analysis, trading discipline, money management, trading psychology, price action, etc. The videos seem quite resourceful and easy to understand. It can be quite enlightening for all traders, regardless of their skill level. A glossary is also provided with terms and definitions for traders to make use of when they do not understand something.
You can either open a retail or professional account with Libertex. The main difference between the accounts is the amount of leverage you have access to. As mentioned before, the retail account can access 1:30 whereas 1:600 is reserved for professional traders. To become a professional trader with Libertex, you have to meet specific requirements, namely a successful portfolio with a lot of trading experience within the past 4 quarters or a relevant professional working position for a year or more.
The spread on the Libertex is 0, however, a commission is charged. There may be a spread if you trade on MT4. The minimum deposit required by this broker is fairly low and affordable. Fees can change which is why it is important that you read all the terms and conditions and make sure you understand and agree with them before opening an account with a broker.
Like other brokers, you can access customer support via telephone, online chat or email. The services are only available 5 days a week and during office times. However, there is a great informational page on their website that offers answers to a wide range of general questions.
Deposits and withdrawals
You have a few options for deposits and withdrawals for your trading account. Your options include Neteller, Skrill, bank wire, credit card and more. However, there are some conditions such as limited to specific countries or usage specifically for deposit/withdrawal. Some payment methods come with a fee. The withdrawals will either be processed the same day as the request or the next business day. It can, however, take longer under specific circumstances.
Libertex strictly does not allow third-party payments. Funds need to be deposited under the same name used on your account with Libertex.