User Review( vote)
Established in 1997, Libertex is an online trading platform that accepts customers from over 110 countries. According to facts and figures on its official website, it now has 2.2 million registered users, 210 tradable assets, and 700 employees. Moreover, it is the winner of 30 international awards, including the Best Trading App in 2017 and the Best Cryptocurrencies Broker Award in 2017.
• Over 20 years of industry experience
• Covers over 40 countries
• Offers trading services in 8 languages
• Video tutorials to help beginners learn about trading
• Interaction on the social networking sites Facebook and Twitter and the Libertex blog
• Customer support available only through online contact form and live chat
Registered traders can check out the Libertex blog to get some valuable trading information and tips, along with the latest company news and trading updates.
Is Libertex Reliable?
Traders can trust Libertex. While the company delivers an excellent online trading platform, it also warns customers about the risks of trading money on CFDs. You can read the complete risk warning on the online broker’s official website. Moreover, the company operates under a license issued by the Cyprus Securities and Exchange Commission (CySec), numbered 164/12.
Customers can easily get help on the trading platform thanks to a 24/7 customer support system. If they are new, they can access the education section of the website to get all the basics on how to trade online and make a profit.
Simple Guide to Registering a Trading Account
Registering an account at the online trading company is easy. You can open two major types of accounts:
To open a demo account, you have to click on a link labeled “or practice on a demo account,” which is located just below the red “Register An Account” tab on the Libertex homepage. A pop-up registration form opens on their screen as soon as they do so.
Traders have to input their email and password and check the box against the declaration that they agree to the processing of their personal data. Finally, they have to click on the grey Register An Account tab.
Real Money Account
The procedure to opening a real money account is the same as above. Traders have to click on the red “Register An Account” tab on the homepage to open the simple pop-up online registration form and fill it.
A demo trading account is similar to a real money account except that the demo account can be used without risking one’s money.
The money loaded into a demo account has absolutely no value. So, you cannot withdraw it and use it as real money.
The purpose of opening a demo account is to learn more about online trading and to master trading skills and strategies. Whenever traders feel that they are ready to trade real money, they can switch to their real money accounts.
Get a Welcome Bonus
Libertex welcomes new traders with a generous welcome bonus, and the steps to claiming this bonus are quite simple:
- Create a trading account.
- Load your newly created trading account with funds using any of the accepted payment methods.
- Make traders to convert your bonus into real money.
- The online broker credits converted bonus into your trading account.
- Customers can either use it for trading or withdraw it.
To qualify for this offer, traders have to deposit at least $100, but they can claim a maximum bonus of 100% up to $10,000. The online broker credits converted bonus into trader accounts in increments of 2%, but traders are required to convert the entire bonus amount into real money in 90 days.
List of Assets
Registered customers can trade on hundreds of instruments across 8 asset classes at Libertex. The most popular assets are those that have the potential to generate profit because of their volatility. To start trading on any of them, traders just have to visit the trading page and select them.
Here is a list of assets at the online broker:
- Stocks – The online broker enables trading on the stocks of major companies in the medical, automobile, healthcare, consumer services, luxury, materials, technology, telecommunications, and other sectors.
- Indices – Traders can choose from a variety of Asian, North American, European, Middle Eastern, and South American indices.
- Agriculture – Whenever they feel conservative, traders can trade on agricultural CFDs, which are predictable and have low volatility. They can choose from cocoa, wheat, soybean, sugar, coffee, and corn.
- ETFs Trade Online – There are several to choose from here—iShares Core US Aggregate Bond ETF, Vanguard FTSE Europe ETF, and SPDR S&P 500 ETF Trust, to mention just a few.
- Oil and Gas – Choose highly predictable instruments such as light sweet crude oil, WTI crude oil, heating oil, Brent crude oil, and Henry Hub natural gas.
- Metals – Libertex offers trading on platinum, gold, palladium, silver, and copper.
- Crypto – Traders can choose from cryptocurrencies such as Monero, Nem, EOS, Tron, IOTA, Ripple, Bitcoin Gold, and others. Among the cryptocurrency pairs on offer are Monero/Bitcoin, Dash/Bitcoin, EOS/Ethereum, Zcash/Ethereum, and Bitcoin/USD Futures.
- Forex – Trade on currency pairs such as USD/SGD, USD/NOK, CHF/SGD, USD/CLP, EUR/TRY, and others.
Types of Trading Platforms
You can choose from three types of trading platforms according to their individual tastes, preferences, and requirements:
- Libertex for Android and iPhone – This platform enables traders to access financial markets on their mobile devices in just one minute. Traders can either open a demo account with $5000 in virtual funds or they can directly plunge into real money trading and withdraw their profits instantly. This platform is ideal for traders who are looking for bigger profits and faster ways to handle their capital.
- MetaTrader 4 – The MetaTrader 4 platform is meant for traders who want to maximize their trading profits. Some of its advantages include trading on 43+ currency pairs, access to 100 trading tools, trade without dealer intervention, compatible trading robots, and trailing stop. In addition, the platform allows the easy uploading of quotes and the application of strategy testers. Traders can also use this platform to trade on multiple accounts simultaneously.
- MetaTrader 5 – This platform is also meant for advanced traders who want to maximize their profits. Considered to be among the most popular trading platforms in the world, MetaTrader 5 offers 100 trading tools, trading on 43+ currency pairs, ability to trade without dealer intervention, compatible trading robots, and trailing stops. Just like MT4, it allows trading from multiple accounts simultaneously.
Making Deposits and Withdrawals
Traders can load their accounts by visiting the deposit menu in the trading platform. Libertex currently offers the following banking options:
- Bank Transfer – This method supports USD and EUR and does not impose any minimum/maximum limits. The funds get credited within 2 – 5 business days.
- Bank Card – The commission charged is US$0.5 or 2.5% of the transaction value, whichever is greater. The funds are instantly credited, and the minimum/maximum deposit limits are US$10/US$25,000.
- Neteller – The supported currency is USD and the commission charged is 4%. The funds are instantly credited and the minimum/maximum deposit limits are US$10/US$5000.
- Skrill – The supported currency is USD and the commission charged is US$0.5 or 1.9%, whichever is greater. The funds are instantly credited to trader accounts. The minimum/maximum deposit limit is US$10/US$1500.
Ideally, traders should deposit in USD. If they use any other currency, the online broker converts it into USD and charges a conversion fee, which is revised every day.
Withdrawing profits is just as easy as making deposits. Traders have to head over to the withdrawal section and choose from Skrill or Bank Transfer. While the former supports only USD, the latter supports EUR and USD. The commission charged for Bank Transfer is US$29 and that charged for Skrill is US$0.5 or 1%, whichever is greater.
While Skrill withdrawals are instant, Bank Transfer withdrawals take up to five working days. The minimum withdrawal is US$1 for Skrill and US$20 for Bank Transfer. While customers can withdraw as much as they like with Bank Transfer, they cannot withdraw more than US$500 at a time with Skrill.
How to Get Help
Libertex offers an exhaustive knowledge base with all the information traders will ever require about issues such as payments, trading operations, trading rules, and verification & services. It includes a search bar, in which traders can input keywords to find the information they require.
If traders need to contact a customer support agent immediately, they have to click on the Online Chat button on top of the page. This opens a live chat window, which prompts them to input their name and email address before they can start chatting with a customer support agent.
Another way to contact a customer support agent is to click on the Contact Us link at the top of the homepage. This opens an online contact form, in which customers should input the subject and email address, choose the type of query from the dropdown box provided, and type in their description before clicking on the blue Submit button at the bottom. Traders can attach a file if they like to further explain their problem.
Our Take on Libertex
Libertex may have a few drawbacks such as its limited customer support, but trading on its platform comes with several benefits. In the first place, the company operates under a CySEC license, which provides a lot of protection to traders and their funds. Second, the company has won several industrial awards, indicating that its services are recognized and appreciated.
It is also a great platform for beginners as it offers a comprehensive knowledge base and plenty of educational material. It is also worth noting that the millions of customers who have registered at Libertex appear to be satisfied with its online trading services.
Libertex Review: Is it Reliable Forex Broker or not?