Libertex Broker Review – Is This Broker Legit Or A Scam?

About Libertex

Libertex is a CySEC regulated broker based in Cyprus who have been around and trading in one form or another since 1997. This makes them one of the pioneers of online forex trading like some of the other top forex brokers we have reviewed.

Having been around for more than two decades, the company now serves in excess of 2 million traders around the world. They have also adapted their offering through the years to provide trading opportunities in a wide range of markets.

Account Opening

The process of opening an account with Libertex is relatively straight forward. A free Libertex demo account is available to help you get started with learning about the broker and the trading platforms they operate. In order to open this demo account, you simply need some basic personal information and an email address and telephone number which you can verify in order to access the 50,000EUR demo trading account.

If you are ready to step up to a Libertex live account and all the options it offers, this too is a relatively easy progression. In order to comply with regulatory procedure for CySEC, you will have to provide some more personal information and process both your ID (passport) and proof of residency (utility bill) documents. These can be quickly uploaded and verified within moments by the system. Overall, the process should take no more than 10-15 minutes if you have documents ready.

 Minimum Deposit

The current Libertex minimum deposit is $10, although the company strongly recommends that you deposit at least $100 if you are considering a start in trading. This is pretty much in line with other top forex brokers.  

Account Availability and Account Types

Libertex provides service to more than 2 million traders at present. These traders are located all around the world in more than 30 countries. When it comes to availability, the broker offers services to almost every country. 

There will always be certain exceptions to this, as is the case with US-based clients, who are not yet accepted. Generally speaking, most countries are accepted for trading, but if you have any doubt, you should not hesitate to contact the customer support team. 

When it comes to account types, Libertex sticks with the regular offering of a classic retail account, and the possibility of a professional account if your trading activity meets volume and other criteria. Similar to other brokers we have reviewed such as Avatrade, the account choice is kept simple, with the focus more on trading. 

Product Offerings

Libertex has developed its offerings substantially over the years and they now offer trading in an extensive range of markets. These include more than 25 forex currency pairs as well as CFDs trading in stocks, cryptocurrencies, metals, indices, commodities, and ETFs. 

In total Libertex offers 213 tradable assets at present. This is increasing al the time and ultimately provides for almost every market which most traders can hope to access.  

Libertex Commissions and Fees

Typically with major brokers, you would expect to find a spread on each market. This is the way in which most brokers make a marginal profit on your trades. Libertex though have opted for a different approach. 

With Libertex, there is no spread at all. Instead, each market features a unique commission that you will incur per trade. You can find a detailed list of these commissions on each market the broker offers here. Many more experienced traders often like to deal with low spreads and commission-only, so this could be a positive point in that regard. 

Moving to fees, there are a variety of ways in which you can deposit and withdraw funds from Libertex, all of these are fee-free with the exception of bank transfers and certain eWallets which do levy a small fee on the withdrawal.

Platforms and Tools

The broker offers both MT4 and its own proprietary Libertex trading platform. The trading platform you select will be up to your preference, although both do a stellar job in meeting the needs of most traders.

Desktop Platform

In terms of desktop platforms, Libertex is a Metatrader broker and offers MT4. This is of course one of the best-known platforms in the industry and it brings to Libertex the same levels of professionalism and in-depth charting and robustness which it has done to every broker in its almost two decades of operation.

MT4 is available on desktop, web-based, and mobile format for Libertex traders.

Mobile Trading Platform

On mobile, as well as MT4, the broker offers the Libertex platform. This platform is mobile-based and proprietary. The Libertex platform facilitates fast and reliable mobile trading on a market execution basis for the broker’s customers. 

Trading through this mobile platform has a minimum trade of 100EUR and the app is available to download for both iOS and Android to ensure that no matter where you are, you never miss a Libertex trading opportunity. An app version of this platform can also be operated on your web browser, and this is where your demo account will be based.

Education and Research

It has to be said that in terms of education and research, both are fairly light with Libertex. Sure there is a range of basic lessons more catered toward a brand new trader learning forex. Beyond that, however, there is nothing to facilitate continued learning. The educational videos which are provided are also very short in nature. 

Again from a research perspective, we have seen better. There is a range of news stories related to the industry which are featured on the site, and news is filtered in through the news section of your MT4 trading platform or mobile app from various sources. More than that though in terms of regular analysis and tools to investigate the market further is not made available. 

Don’t forget though, you can always supplement this educational and research gap with another service. We have reviewed many of the top Forex educational services who all have competitive pricing to help you progress.

Differentiators

There are two very big differentiators which stand out during any review of Libertex which may make them an ideal broker for you. 

One of these that is immediately evident is the fact they have been in operation since 1997. This lends very well to their credibility combined with the fact they have been fully regulated by CySEC. 

The next point which becomes clear after registering is the fact there are no spreads. This is almost unheard of in the industry, and can place you with a good opportunity if you prefer commission-only trading. 

Libertex Customer Service

Libertex is available to provide customer service in 11 languages. These are accessible primarily through email. You can also leave your question on the website contact form, or contact a representative immediately through social media chat or call. 

The response time we noted was always fast and appeared to be functional on a seven-day basis.  They also feature a helpful FAQ section on their website as shown above.

Trustworthiness

This is one area where we can say without any doubt that Libertex excels. This is also one of the most important areas. They are completely transparent in the manner which they operate. This is backed up by the fact they are regulated by one of the most respected bodies in the industry with CySEC.

So, whether or not the features of Libertex are suitable for you as a trader, you can ultimately have no doubts on the trust front. 

Conclusions For Libertex

Overall, in Libertex, we have a forex broker who has been in the industry of online trading since the beginning. They may have had some difficulty in staying up to date with the modern developments of their competitors, particularly in the areas of trader support, but with that said, they still remain a bedrock of the industry which you can trust. 

If they continue progressing and updating as they have been, there is no reason why they cannot continue adding to their 2 million traders around the world who are clearly satisfied with the trading experience.