Introduction to Libertex review
Libertex is an online CFD and forex broker who is a part of multinational brand Forex Club Group. Founded in 1997, this European broker has since extended its reach in 27 countries, offering its 2.2 million clients worldwide services in currencies, commodities, stocks, indices, and cryptocurrencies.
The firm has also earned 30 international awards, with the latest including the Best Crypto-Currencies Broker and the Best Trading App in 2017 and 2018. Its platform features 213 assets available for trading.
When it comes to trading platforms, this broker offers its own proprietary platform, which is accessible through the web or mobile phones (iOS and Android).
Once traders have funded their live Libertex accounts, they can simply select an asset type, the amount of money to commit, and then speculate on a market’s movement.
Libertex Account Types
The Libertex keeps its account types to a minimum. The platform offers a Demo and two live accounts, i.e., the Libertex and Libertex Pro account. The process of switching from a Demo account to a live account and vice versa is easily done as well.
Clients may start trading with Libertex for as low as €10, and the process would only take 5-10 minutes.
Here’s a rundown of each account:
Demo Account
- Web-based and mobile trading available
- Terminal used is the same as where live trading takes place
- Virtual money worth €50,000 will be automatically credited
Libertex Account
- Leverage up to 1:600
- No spread charges
- Commission starts from 0.03%
- $100 minimum transaction amount for all tools
- Marker order execution available
- Mobile (iOS and Android) trading available
Libertex Pro Account
Clients of Libertex with Pro accounts can benefit from not being subjected to the new European leverage restrictions and a maximum leverage of 1:600, although traders must first meet at least two of the following requirements to be able to register for a Pro account.
- Traders must have done at least 10 transactions per quarter, of considerable size, over the last four quarters on the relevant market.
- They need to have a background in the financial industry. At least one year of experience in a job involving financial-related transactions or services.
- The size of the portfolio should be more than €500,000 (including cash savings and financial instruments.
Trading Products at Libertex
The Libertex platform caters to a wide range of trading assets, including currencies, metals, indices, stocks, ETFs, oil and gas, agriculture, as well as cryptocurrencies. All assets use a market execution method. Details of each asset are as follows:
Currencies
- Libertex has a total of 49 currency pairs available for trading, which includes 7 majors, 21 crosses, and 21 exotics.
- Commissions are included and vary, depending on the currency pair.
- Lowest commissions charged is -0.011% (EUR/USD), while the highest is -0.41% (USD/RUB).
- Maximum leverage is 600
Metals
- The platform allows trading in five metals, i.e., Gold, Silver, Platinum, Palladium, and Copper.
- Maximum leverage is 200
- Lowest commissions charged is -0.252% (Copper), while the highest is -0.004% (Spot Gold).
Indices
- Clients may perform trades on 18 stock indices across the US, Europe, and Asia with Libertex.
- Some of the well-known indices this broker cover include Dow Jones, DAX, and Nikkei 225.
- Maximum leverage is 500
- Lowest commissions charged is 0.0% (MEX BOLSA Index), while the highest is -0.015% (US Dollar Index Future).
Stocks
- Libertex has 50 stock CFDs available for trading, which include blue chips of the US market as well as popular stocks from Europe and Latin America.
- Leverage for all stocks is 5
- Lowest commissions charged on some stocks is 0.0%, while the highest is -0.02%.
ETFs
- There are 10 ETFs accessible for clients
- Maximum multiplier is 20
- Lowest commissions charged is -0.175%, while the highest is -0.075%.
Oil and Gas
- Traders are given access to 5 Oil/Gas instruments on the platform, i.e., Brent crude oil, WTI crude oil, Light Sweet crude oil, Natural Gas, and Heating Oil.
- Maximum leverage is 120
- Lowest commissions charged is -0.516% (Natural Gas), while the highest is -0.0042% (Heating Oil).
Agriculture
- There are 6 agricultural commodities that Libertex caters to, namely, Cocoa, Coffee, Corn, Soybean, Sugar, and Wheat.
- Leverage for agricultural commodities is 50
- Lowest commissions charged is -0.191% (Coffee), while the highest is -0.072% (Soybean).
Cryptocurrencies
- Libertex offers 40 crypto assets, including but not limited to Bitcoin, Ethereum, Dash, Litecoin, and Ripple.
- Brokerage fee for CFD trading in cryptocurrencies is cut by 50%.
- Leverage for all cryptocurrencies is 20
- Lowest commissions charged is -1.02% (Litecoin), while the highest is -0.1% (Bitcoin Gold).
Trading Conditions at Libertex
Below discusses some of the important conditions that traders need to consider if they intend to open an account with Libertex.
Commissions
- There are no spreads charges for trades with Libertex, only commissions.
- A commission is charged for each trade performed on the platform.
- Percentage charges included in Libertex’s assets are different as well.
Leverage
- All trades performed on the Libertex platform can be leveraged. Rather than having a fixed leverage number, this broker employs a multiplier which could vary depending on the asset being traded.
Leverage on Libertex functions based on the trader’s categorization status, i.e., Retail or Professional client.
- Once Retail clients open a position, the margin requirements will be based upon the leverage, meaning the leverage establishes clients’ trade amount.
- Professional clients, on the other hand, can trade without leverage. They will be investing their own money, which will be kept on their account, while no margin will be taken.
Conclusion – Is Libertex good?
Based on the Libertex Review above can be said that: trading with Libertex offers a number of advantages. One of them is its regulation by the Cyprus Securities and Exchange Commission (CySEC), as this helps ensure client fund safety and segregation.
This broker also keeps a tight rein on its clients’ risk exposure. The risk exposure is limited to the amount of opened transactions, and not to the account balance. When it comes to its set commission schedule and multiplier, these two can either be beneficial or unfavorable, depending on the trader’s experience. The execution of trades on the platform could be more efficient, due to the multiplier and the absence of dealer spreads.
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Support
(3.5)
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Platform
(3.5)
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Spread
(3.5)
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Trading Instrument
(3.5)
Arrogant brokers
Arrogant account managers. Sounded like you just need to follow as they say. Very manipulative, I was forced to deposit more money.
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Irresponsible customer service.
This broker service got the worst customer service I have ever dealt with. Very unresponsive and irresponsible, I am so much frustrated with the missed appointment calls.
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Trading terms are not good
I thought this is a perfect broker for me but then when I am doing the actual trading, I began to realize that their trading terms aren’t as good as other brokers offer.
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Not good forex signals
I have used their services in the past and I can say that it is not so profitable. Signals are good but not so accurate.
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Unreliable broker signals
Signals are very unreliable,this broker doesn’t even have a good market analysis.
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Complicated platform
Good broker signals but the platform really sucks. Very complicated and confusing.
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Disrespectful and sarcastic
These people especially the ones in customer service are really very bad. They are very sarcastic and disrespectful.
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Difficult withdrawal process
It is very difficult to secure withdrawal approval. They would ask for documents over and over again.
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Useless broker service
I have used this broker service sometime last year and I can say that the services are very useless. You can not rely on the broker signals and worst can’t even rely on thier customer service who are very difficult to contact.
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Delayed responses from customer service
Customer service replies come in great delays. They are very slow in emails and chats. Every time I tried calling them, I always wait in a queue.
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I keep on getting losing trades
They have great customer service, people are nice and helpful. The only problem I have though is that I keep on getting losing trades, signals from the broker are very poor that is why I change broker.
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No words of honor
This broker service has no words of honor. I would tell you things from the start but will change it afterward.
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I lost all my money in an instant
All who traded with this broker has a story to say and I guess mine is the worst. They ask to deposit more and I am convinced because they showed good result onset. However, all the money I have invested is gone in an instant.
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A bit rude and unhelpful
Signals are fine, trading terms are also good for me. However, I can not tolerate the behaviors of brokers and customer service. They are a bit rude and unhelpful.
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Seems fake and take money away
This broker used a variety of lies to promote their services but on the actual trading, nothing is true. They are just one of the forex brokers who seems to be fake and will just take money away.
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Not good at all
I was very disappointed with this broker service. They are not good at all.
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Slow withdrawal and not profitable
I have so many regrets for choosing this broker service, withdrawal is very slow and signals are not profitable.
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Poor trading conditions
Poor trading conditions. They only publish good ones but on the actual trading, they will change terms from time to time.
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Misleading
This broker service always misleads people. I will tell you a different initial deposit but later on, I will ask more if you wish to start trading after account activation.
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Bad customer service
Bad customer service. They are not available most of the time and their behavior is very bad.
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Slow withdrawal
Good trading terms specially leverage. The only thing I am concern about is the slow withdrawal process.
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Poor broker performance
Slow customer service and poor broker signals. I have traded only for a month due to poor broker performance.
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So much technical problems
I had so many technical problems with thier platform. And it greatly affects my trades.
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Bad brokers
Bad broker service, poor signals, and slow withdrawals.
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Annoying
The brokers are so aggressive in asking for more money and it really sounded so annoying.
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Slow withdrawals
Very slow withdrawals. I won’t recommend this and will never trade with them again.
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Avoid this broker
Avoid dealing with this forex broker, they will give you a hard time during withdrawal requests.
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Worst
Do not deal with them. Worst forex brokers.
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Terrible company
Terrible company for forex trading. Find some other broker and do not deal with this, not good services at all.
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Complicated trading platform
Vey complicated trading platform. I have been learning it but I find it so difficult to understand.
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Huge transaction fees
Huge transaction charges as if profit will only be used to pay them off.
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Bad brokers
They helped me open accounts with initial deposit however after account opening I was asked to add more to start trading which I can’t for I do not have anything to add on. They charge me for non-activity and now not letting me withdraw my money.
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Slow withdrawals
They have set the expectation that withdrawal is 3-5 business days. It is the 11th day now but the money isn’t still credited on my bank account and worst they can not give me a concrete answer as to when it will be credit and why is it delayed.
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Slow withdrawals
I am not happy with their withdrawal process. It brings so much stress and is very slow.
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Constant price change
I am an experienced trader and they can’t fool me with pricing. Prices here change constantly as if something is really wrong.
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Long withdrawals
There are so many things to fulfill prior withdrawal. It is also a long process.
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Disappointing performance
Disappointing broker performance. I never get good profit out of trading with them.
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Unhappy with the services
Unhappy with the services I am getting. Withdrawal is slow and difficult. I am closing my account.
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Trouble with withdrawal
I am in trouble requesting for withdrawal. I’m gonna be closing my account and will never trade with this again.
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Impatient customer service
This is not a good broker service, withdrawals are very slow and customer service is very impatient.
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Poor broker services
I am not trading with them again. Services suck.
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Poor trading services
Poor trading services. Withdrawals are very slow and customer service is not attentive to customer needs.
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Worst broker
Do not trade with this broker, they do not pay out the profit. Worst I have ever dealt with.
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Unprofitable
I am not satisfied with the overall performance of this broker service. Not profitable.
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Incompetent customer service
Incompetent customer service. Every time I call to ask for help they do not know what to do.
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Poor trading platform
I am using this broker service for only a month now and I want to stop and switch. Platforms lag almost on every transaction and I cant easily call their customer service. It is very frustrating.
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Poor services
Services are of poor quality. Rude customer service and slow withdrawal process.
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Poor broker performance
I am dissatisfied with the overall performance. I am not getting good profit and worst they do not allow withdrawals.
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Poor services
The trading platform is always down and customer service is always unavailable. Poor services.
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Limited payment channels
There are so many easy ways to deposit, I wonder why it is difficult to withdraw and payment channels are very limited.
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Slow withdrawals
I am a bit disappointed with their withdrawal process, aside from lots of documents needed, I am waiting so long for the money. It’s been a week I still don’t have it.
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Crappy customer service
Crappy customer service. Seldom answers chat and email. It sounded very dull. I am not trading with them again.
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Unprofitable
Customer service is always happy to assist but I am not satisfied with the trading result. I did not get any profit at all.
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Poor broker performance
Poor broker performance. From signals to services and even withdrawals, all are worst.
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Frustrating broker service
Frustrating broker services. Nothing is good. Withdrawal is very slow and customer service isn’t helpful.
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Poor services
Unresponsive customer service. The response on chats and emails are also delayed. Poor services.
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Difficult to withdraw
Do not deal with this broker. Depositing is as easy as 123 but withdrawals are almost impossible. They will become unresponsive once you start requesting withdrawals.
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Do not deal with them
This forex broker is more of trained thieves stealing money from people. I have lost so much money on thier schemes. Beware, do not deal with them.
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Waste of time
This broker will just be wasting your money and time. At first, I gain little profit and they’ve made my deposit for more in order to gain huge profit which I did. But surprisingly after I redeposit huge enough, I got all losing trades and my money was gone.
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Frustrating brokers
I am so frustrated with this broker service. Withdrawals are really very slow and customer service response as well.
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Poor signals
Do not deal with this broker service. Signals are very poor.
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Worst broker
Extreme volatility and worst signals I have ever had in forex trading. Worst brokers.
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Technical issues
There’s so much technical problem and they are not known to assist.poor forex brokers, I may say. I always have to call them every time and worst they are so difficult to contact.
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Rude and manipulating
All are just fair. The only thing I hate really is their aggressive marketing styles. They sounded so rude and very manipulating.
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Slow withdrawals
Slow withdrawals. It is a bit annoying experience I had from this broker. I end up closing my account, withdrawals are always slow.
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Difficult to withdraw
There’s a lot of trading instruments to choose from and I am also very pleased with the services. The problem I faced is that very tedious withdrawal verification.
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Poor customer service
Poor customer service I have ever encountered. Aside from they are very unresponsive, they have the worst behavior I have ever encountered.
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Poor trading performance
Poor trading performance overall. I have lost so much money on their trading signals.
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Beware of this broker
Beware of this broker service, they do not pay off the profit. Find a different broker and avoid dealing with this instead.
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Poor trading instruments
This broker offers so many trading instruments on their trading platform however most of them aren’t really working well. I am not happy trading with them, I feel like it is just a waste of time.
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Difficult withdrawals
Better think twice before opening an account with this broker. I had a hard time requesting the withdrawal.
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Bad broker
Bad broker and poor customer service. They are very assertive and alert on deposits but don’t give a damn to help in any withdrawal and trading concerns.
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