Libertex Overview
I evaluated Libertex, a brokerage firm established in Cyprus and part of the Libertex Group since 1997. Regulated by the Cyprus Securities and Exchange Commission under license number 164/12, Libertex employs its trading platform, serving over 2.2 million clients across various nations. I assessed this broker's trading conditions to gauge its reliability.
Country of the Regulator
|
Name of the Regulator
|
Regulatory License Number
|
Cyprus
|
Cyprus Securities and Exchange Commission
|
License Number 164/12
|
Trading costs significantly influence profitability and are a crucial factor in evaluating an exchange. Libertex provides competitive offerings, such as Forex spreads starting from 0.1 pips or $1.00 per standard lot, with minimum CFD commissions at 0.0003%. Additionally, cryptocurrency CFDs incur no commissions.
Swap rates for leveraged overnight positions are often overlooked but can become a substantial fee, depending on the trading strategy employed. It's advisable for traders to assess these rates as part of the overall trading costs.
For MT4/MT5 users, accessing swap rates involves the following steps:
- Right-click on the desired symbol within the Market Watch window and choose Specification.
- Scroll down to locate Swap Long and Swap Short details to review the swap rates.
Libertex presents a wide array of CFDs covering 50 currency pairs, 73 cryptocurrency pairs, 17 commodities, 26 indices, 132 equity options, and 10 ETFs. While its selection of underlying assets remains standard for most categories, Libertex distinguishes itself among the top 20 industry leaders for its cryptocurrency CFD offerings.
The platform also caters to long-term investors by offering a commission-free investment account tailored for constructing dividend-paying portfolios through share purchases.
With a maximum leverage of up to 1:30, Libertex provides active traders with competitive flexibility, amplifying their trading possibilities. The provision of negative balance protection is a crucial feature, particularly for those engaged in leveraged trading.
Trading with Libertex remains accessible 24/7 for CFDs, ensuring continuous market access.
For MT4/MT5 traders seeking to access trading hours:
- Right-click on the desired symbol within the Market Watch window and choose Specification.
- Scroll through until you locate the Sessions section to review the trading hours.
I appreciate Libertex's approach of providing equal treatment to all traders. Regardless of deposit size, each trader receives the same account type and trading conditions without any premium upgrades. Notably, the minimum deposit required is only EUR 100.
Regarding the Libertex Demo Account, traders can conveniently open one directly from the MT4/MT5 trading platforms. I found no time constraints or other limitations, which is a favorable aspect of their offering.
Traders have multiple options for trading on Libertex, including the MT4/MT5 trading platforms or the web-based and mobile-friendly Libertex Platform. However, it's important to note that Libertex doesn't provide any additional add-ons for MT4/MT5. Despite this, MT4 retains its position as the leading platform for algorithmic trading, while MT4/MT5 offers an integrated copy trading system.
The Libertex proprietary trading platform boasts a user-friendly interface, and I appreciate the detailed information available for each underlying asset.
Here's an overview of the trading platforms available:
- MT4
- MT5
- cTrader
- Proprietary Platform
- Automated Trading
- Guaranteed Stop Loss
- Scalping
- Hedging
- OCO Orders
- Interest on Margin
Libertex recently introduced a research and market reviews section with only three articles available. As of the time of this review, there was no updated research content. While the lack of substantial research material might not be viewed as a negative due to the multitude of free and paid resources available online, it's a feature commonly offered by many competitors in the industry.
For novice traders, Libertex provides educational written content, typically published on the Libertex blog. While the platform previously hosted webinars, the most recent one occurred two years ago, and unfortunately, there's no access to past webinar recordings. As an alternative suggestion, I recommend beginner traders seek educational resources from reliable third-party sources available online at no cost.
Support for customers is accessible through both email and phone channels. The FAQ section covers various inquiries, with Libertex committing to a one-business-day response time for email queries. Although there's a dedicated help and support section, the division from the FAQ area could be improved. Additionally, the inclusion of a direct line to the finance department would enhance the support infrastructure at Libertex.
Bonuses and Promotions Policy
Libertex has adhered to CySEC regulations by refraining from offering bonuses or hosting promotions since 2018. Instead, Libertex operates a CPA-based affiliate program.
Awards Recognition
Libertex has garnered over 40 industry awards from reputable sources, underscoring its continuous dedication to providing a competitive advantage for its clients.
Highlighted accolades include:
- World Finance 2020: Best Trading Platform
- FX Report Awards 2020: Best FX Broker Europe, Best Trading Platform
- European CEO Awards 2020: Best Trading Platform
- Ultimate FinTech Awards 2021: Most Trusted Broker Europe
- European CEO Awards 2021: Best FX Broker
- FX Report Awards 2021: Best Trading Platform
- Global Brands Magazine 2022: Best CFD Broker Europe
These awards underscore Libertex's commitment to excellence and service within the industry.
Secure Financial Transactions with Libertex
Libertex ensures the secure handling of all financial transactions through its back office.
Deposits with Libertex
Libertex does not impose internal deposit fees. However, withdrawal costs may be applied by various payment processors, and traders should account for potential third-party charges. To open an account, a minimum deposit of €100 is required. Processing times for deposits vary from instant to up to five business days, contingent upon the chosen payment processor.
Withdrawals are only permitted for verified accounts and must be processed using the initial deposit method. Bank wires are the available option for accessing withdrawn funds. However, not all withdrawal options are universally available; availability depends on the trader's geographic location.
Frequently Asked Questions
-
Withdrawals at Libertex
- Withdrawal requests at Libertex are managed through the back-office, accommodating various methods such as Skrill and PayPal.
-
Legal Status of Libertex
- Libertex is legally registered and operates under the authorization of a CySEC license.
-
Reputation of Libertex
- Undoubtedly, Libertex possesses extensive experience, a substantial regulatory history, and stands as a member of the Libertex Group founded in 1997, all contributing to its reputable standing.