Libertex’s reputation problems are so shrill, the above title may actually turn out to be an understatement. There are reviewers out there who have hands-down billed the operation a “scam”. This is at least a little peculiar, since Libertex is not actually a scam, and there’s little to no user feedback indicating otherwise.
Founded way back in 1997, Libertex is indeed one of the oldest online brokerages, one that is truly international in scope and rather formidable in regards to market presence. With more than 2.2 million clients making use of the services offered by the brokerage, it is indeed expected that some of the resulting feedback should be negative.
Present in no fewer than 110 countries, Libertex employs more than 700 people worldwide.
Although the brand is now more than 20 years old, the operator has always managed to keep up with the changing times and the requirements of its investors. Over its run, it has picked up some 30 industry awards, the latest one of which designated the broker “the Best Crypto-currency Broker of 2017”.
With that in mind, it goes without saying that the tradable asset selection of the brokerage is truly impressive as well, though it currently only covers some 170 items.
The corporate entity behind the Libertex brand is Indication Investments Ltd, a Cyprus-based investment firm. Located at Gladstonos and Karaiskaki Street 31, Limassol 3032, Cyprus, Indication Investments Ltd. enjoys all the benefits of being a registered investment firm in the country. Among other perks, this means that its investors are protected by the investor protection scheme, which compensates losses stemming from cataclysmic, unforeseen events.
In addition to that, Libertex is indeed licensed as well. Its regulatory agency is CySEC and its license number is 164/12. What this also tells us is that for the better part of its existence, Libertex worked as an unregulated brokerage.
The above mentioned CySEC license means that the operator is free to peddle its services all through the EEA, unless otherwise specified. US traders are not accepted at the site.
Why would you want to make Libertex your top trading destination though?
What does the broker offer that positions it above and beyond its peers?
Some say Libertex’s trading platform is simplistic and that it does not live up to modern trading requirements. Others point to this very same platform as one of the strengths of the operation.
The platform supports the trading of the newest asset-class: cryptos. Traders can use the same platform over multiple devices.
In this regard, the broker has most definitely not gone overboard. It has only made two accounts available: the Demo Account and the Standard Account. There’s barely any difference between the two, beyond the fact that one features virtual funds, of course.
The Demo account is preloaded with $50,000 in virtual funds and it can be used on the web platform as well as the mobile one. Of the $50,000, 45,000 can be used through the Web Platform and 5,000 through the Mobile platform.
The Standard account is the only available real money account. The minimum required deposit for this one is just $10, though sticking to that minimum would be hardly productive, since one can only have about 10% of his account total tied up in open positions.
With that in mind, depositing at least $100 does indeed make perfect sense.
The maximum available leverage on the standard account is 1:500.
It has to be noted that Libertex charge an inactivity fee on accounts on which no activity has been registered for 180 days.
The Libertex web-based trading platform is indeed relatively simple, yet is seems to do the job it is supposed to do, very well. It offers several different chart-types and time frames, as well as a very decent selection of technical indicators, which can only be accessed in full-screen mode.
The Libertex trading platform is a proprietary one.
Bank wire and credit cards are the most straightforward deposit/withdrawal methods used by Libertex. A number of eWallets (like Yandex, WebMoney and Qiwi) are also accepted, but the use of such methods is subject to local-specific regulation.
The markets covered by Libertex are a relatively standard bunch. They have currencies, stocks, metals, indices, oil and gas as well as various agricultural assets. Let us not forget about cryptocurrencies either: a massive selection of these digitals assets is supported.
The Libertex support staff can be contacted in 6 different languages. As far as contact options are concerned, the broker features an email address ([email protected]), a phone number (+357 22 025 100) as well as live chat support.
Given its regulatory status, it is safe to assume that Libertex is indeed a safe destination for trader deposits.
Despite its bad reputation, Libertex looks like a decent – albeit not outstanding – trading destination.