Libertex is a forex and CFDs broker with own proprietary platform design and it is owned by Indication Investments Ltd, and the brand is regulated in several jurisdictions like Cyprus and Russia. Its sister brand is Forex Club. They also have a unit on StVincent and Grenadines. The broker offers high leverage, but it depends on the jurisdiction, with CySEC on Cyprus requiring the lowest levels in its bid to protect customers from exacerbated losses. The broker operates in more than 120 countries. Since it was launched in 2015 it has gathered loyal following of traders that prefer their platform. The website is centered around the platform, so it is very hard to obtain information for traders before they start trading. To get all the information you need, read the rest of our Libertex review.
Account Features
Libertex does not offer any special kind of the trading account at first glance. The baseline is same for everyone – with $250 minimum deposit access is given to the platform and all the features that the broker offers. From what we could tell, there is no ECN – meaning the execution is done through the dealer, and possibly the broker is the market maker. What it has similar to ECN is the commission system – it means that spreads are essentially set to 0 pips, but each trade requires the trader to pay a commission.
Libertex Spreads and Commissions
Commissions are set in % of trade amount placed with a multiplier (leveraged trade) so in a way they are like spreads. For EURUSD the commissions start from 0,011% which can be seen as around 1pips (since 0,011% = 0,00011 of the exchange rate/price) and this is really good offer, as with some other brokers you would need to deposit more than $250 to get 1pip spread. We bought 1000 EUR with x200 multiplier and the commission was cca 32 EUR. When we closed the position, for some reason the commission was not subtracted from our demo balance.
Libertex Demo Account
When you make an account, which is in all fairness very fast and easy, the access to the platform is granted in full. In case you want to trade in the Demo mode, which means that you trade with $5000 in virtual money provided by the broker without depositing or risking your own money, you just need to switch it on. This is done easily by clicking on your name in the platform and switching on the demo. The $5000 will appear in the balance indicator.
Libertex VIP Account
One interesting thing is that when we wanted to put some real money to trade, the options seemed to indicate some kind of account type with “VIP”, standing next to $5000 deposit tickbox. We asked customer support what are the VIP account perks with Libertex. We found out that the perks that VIP status includes are 50% reduction in commissions, which is great in our opinion and access to the autochartist feature for trading signal creation.
Trading Software & Assets
Libertex platform, as mentioned, is a product that was developed by the broker itself, instead of employing proven solutions like the MetaQuotes MetaTrader or Sirix. The layout is pretty much the standard platform layout, with chart in the middle, and assets to the left. Balance info is on the right side with the open positions, P/L status and other info. You can also add favorite assets since there is an space for that to the right. Open trade button is clearly visible on the top right part of the chart and corresponds to the asset currently viewed in the chart.
Libertex Charting and Technical Analysis Features
The chart looks simple – too simple at first. The analysis tools are crammed and the experience is not good – BUT – you get to enlarge the char and gain full access to screen real-estate to do your analysis as it should be done. There are many types of indicators and oscillators offered with the platforms, some of them are:
- Mass Index
- All kinds of Moving Averages
- Zig Zag
- Alligator
- MACD
- Envelope
- Aroon
- Arnaud Legoux MA
- Coppock Curve
And some ocillators like:
- Awesome oscillator
- Balance of power
- RSI
- Stochastic oscillator
- CCI
and volatility indicators
- Bolinger bands
- Relative Volatility Index
- Donchian Channels
And others!
Libertex Cryptocurrencies Trading with CFDs
Libertex joined other CFDs and forex brokers to introduce cryptocurrencies trading to their platform. We have already explained how the platform functions above in the tex of the review. So all those tools can be used to trade crypto assets. Available cryptocurrencies for trading with Libertex are:
- Bitcoin
- Litecoin
- Bitcoin Cash
and pairs
- Bitcoin Cash / Bitcoin (BCHBTC)
- Litecoin / Bitecoin (BTCETH)
At this point, Libertex are unique since they are the only ones offering cryptocurrency pairs. All other fx brokers use BTCUSD, but here they pit cryptocurrencies agains each other, which is a feature usually only some more advanced crypto exchanges and pure crypto trading platforms offer.
Support Information
Support is available from the platform by using the live chat, as we did when we inquired about the VIP account. Friendly support person immediately responded to our request and explained the differences in commissions and the autochartist feature. There is also a contact form accessible by clicking the link in the bottom of the page. There is also their Cypriot phone number that is also available for customers who wish for a more direct access to helpdesk.
Libertex website, as the platform, obviously, is translated into many languages, the most popular being:
- Danish
- Dutch
- French
- German
- Polish
- Portuguese
- Italian
- Russian
- Spanish
- Swedish
Banking & Company Information
The depositing and withdrawing is done from the platform. There is a limited selection of payment methods offered to us:
- Visa
- MasterCard
- Skrill
- Bank Wire
Deposit is done through the wizard in the platform. You will have to leave the demo account in case you had it on. In case you did not enter your personal details when joining in with Libertex, you will need to do it before depositing