Broker comparison – who is the best? In this article, we are introducing Libertex.
- About Libertex
- The history of Libertex
- The online broker’s awards so far
- Regulation of the online broker
- Which payment methods can I use with Libertex?
- Which tradable instruments are offered by Libertex?
- Which trading platforms are available at Libertex?
- Trading conditions with Libertex
- Opening an account at Libertex
- The four-level model at Libertex
- The Libertex demo account
- Upskilling proposals at Libertex
- Customer service of the online broker
- Experiences with this online broker so far on the Internet
The Libertex online broker with the company name Indication Investments Ltd has amassed over 20 years of experience in the financial industry by now and is currently serving over 2 million clients in more than 110 countries around the world.
The company has around 700 employees at this moment in time and numbers amongst the internationally leading providers in its industry, according to the information provided by it. With its technologically sophisticated high-speed platforms and broad product range, this broker is bound to interest many investors and traders.
The history of Libertex
The Libertex company was established as early as 1997. This was followed by an expansion in 2010 when the online broker acquired 100 % of the Russian forex broker Akmos Trade.
In December 2015, it then filed an application for a Russian forex broker licence at the Russian central bank, all in accordance with the Foreign Exchange Market Law of the Russian Federation, but which was initially rejected in June 2016. According to company representatives, another application was filed with the central bank after resolving specific formal observations, and finally approved in October 2016.
The online broker’s awards so far
Since its inception over 20 years ago, the online broker has been able to win more than 30 globally renowned awards already. The honours bestowed by recognized test institutes and/or websites are always an important indicator for the integrity and quality of the offered services. Which is why possible awards should always be taken note of, too, in the search for an online broker.
Especially where the quality of its customer service and innovative technical solutions is concerned, Libertex has been able to garner a number of awards from financial magazines and institutions in the past. To be listed here as notable examples are the “Best Trading Application” and “Best Crypto Currencies Broker” Forex Awards in the years 2017 and 2018. In addition to which Libertex has been an approved A category member of the Financial Commission since September 24, 2018. But Libertex has also been honoured with the World Finance Award at the Forex Expo Awards in 2012.
Regulation of the online broker
Another question that always has a key role to play is the regulation of an online broker, which is seen to by the Cyprus Securities and Exchange Commission (or CySEC for short) in this case. As a result, client funds are segregated from the company’s capital, enabling customer deposits to be protected.
In addition, the company also holds the official status of a Cypriot investment company in the ICF, i.e. the Cypriot Investor Compensation Fund, which insures deposits up to 20,000 euros per client in the event of an insolvency.
Which payment methods can I use with Libertex?
Interested investors who have decided to trade at Libertex will find the service provider offering them a whole range of different payment methods for capitalizing their accounts. For maximum transparency, the available deposit and withdrawal methods are briefly outlined in the tables below.
|Payment method||Fee||Processing period|
|SEPA||Free||3 – 5 days|
Besides the classic payment methods such as bank transfer, electronic payment providers such as Skrill or Neteller, for example, can also be relied upon these days.
The options for withdrawals are meanwhile not quite as varied as for deposits.
|Payment method||Fee||Processing period|
|Credit/debit card||1 euro||1 – 5 days|
|Skrill||Free||within 24 hours|
|SEPA||0.5%, 2 EUR min.,10 EUR max.||3 – 5 days|
|Neteller||1 %||within 24 hours|
Which tradable instruments are offered by Libertex?
Let us next take a closer look at the tradable instruments available to choose from at Libertex. This because a wide range of tradeable instruments usually also speaks for the broker. With currently 213 tradable assets, Libertex is relatively well-positioned in this regard. The following sections explain the instruments that can be traded at this broker in detail.
The first to be mentioned in this context is surely the trading with shares. With more than 50 highly volatile stocks, Libertex has a comparatively good range to offer here. Stock trading is meanwhile possible in various industries. To be noted here as examples are industries like telecommunication, engineering, healthcare, automotive, and many others as well. Clients can trade blue chips from the US market as well as the most popular shares from Europe and Latin America.
The range of cryptocurrencies at Libertex is bound to be interesting for many traders and speculators as well. Clients can trade popular digital currencies such as bitcoin, Ethereum, Ripple, etc. as CFDs. If you are interested in the details, you can always look up all the tradable cryptocurrencies on the service provider’s website. Given the great popularity of these trading instruments, the broker fees are reduced by 50 percent.
This online broker is principally specialized in Forex and CFD trading.The range of tradable foreign currencies to choose from at Libertex is correspondingly extensive. Besides the classic major currency pairs, the provider also offers many exotic and cross-currency pairs to choose from. These can also be looked up at the website in a neat table, should you be interested in more details.
Libertex also enables trading with indexes. Traders can thus enlarge their portfolio by investing in the American, European or Asian economies with the most profitable indexes. Amongst others, the indexes available for trading at Libertex also include the Dow Jones, DAX, US SP500 or Israel TA35.
Agricultural commodities were amongst the very first assets to be traded at exchanges. The agricultural commodities available for trading at Libertex include CFDs for cocoa, sugar, coffee, soybeans, wheat and corn.
And last but not least, Libertex clients can also add ETFs (exchange traded funds) to their portfolio and trade these. The online broker offers 10 different ETFs to choose from.
Which trading platforms are available at Libertex?
Having described the various trading instruments, let us now turn to the online broker’s trading platforms. On the one hand, clients can go for the provider’s own proprietary platform called “Libertex“, and on the other, there is also the option of trading by way of the globally popular MetaTrader platform.
With its Libertex app, the online broker provides a proprietary platform that enables clients to trade at any time and from any place they choose. This trading platform is browser-based and available for download to the respective device from the Mac App Store as well as for Android.
The minimum trading volume amounts to 100 euros here. The maximum leverage for retail clients is 1:30, while professional can use leverages of up to 1:600 in their trading. The trading platform is principally of a clear design and easy to use.
As an alternative to its own trading platform, the online broker also offers the MetaTrader 4 (MT4) software, which is one of the most popular professional platforms in the world. Clients can use it to trade 43 currency pairs and 100 other trading instruments. Trades are executed without the broker interfering – so there is no dealing desk.
In addition to this, the platform also provides you with a number of helpful analysis tools, as well as business news to help you optimize your own trading processes. Another advantage of MT4 are compatible trading robots, which are available from the indicator directory.
While the maximum leverage for retail clients is 1:30, professional clients can trade with leverages of up to 1:500 in MetaTrader 4.
Trading conditions with Libertex
The next step now takes us to another aspect that has a decisive role to play in the assessment of any online broker: the trading conditions. In this regard, there are principally two different types of fee that Libertex clients need to expect. The first of these is the transaction fee, which become due whenever aa trading position is opened, and varies depending on the traded asset. The other fees charged on top of this also depend on the trading platform. With the Libertex platform, for example, commissions start from as little as 0.03 percent.
In contrast to the proprietary platform, the users of MetaTrader will also be charged spreads, which are very tight, however, and only amount to 0.00007 (percent?) for the EUR/USD currency pair, for example.
The Libertex website lists the transaction fees for every instrument in detail.
And the second fee to be paid is the Rollover fee, which is always charged at the end of the trading day (i.e. at 9 p.m. GMT) in the form of interest. This can be positive as well as negative. Holding a position from Friday to Monday will thus triple the rollover fee for CFD trading instruments.
Opening an account at Libertex
In contrast to many other online brokers, there is no selection of different account models at Libertex. There is only one account type, then, but it is quick and easy to open. All you need for the general account registration is an e-mail address and a password that can be set directly at the Libertex website.
If you then want to set up a live account, you will need to enter a number of additional personal data, and the account will need to be verified. This involves answering some questions about your previous trading experience and current financial situation.
The four-level model at Libertex
A unique feature at Libertex that sets this online broker apart from other providers is its four-level model. This refers to four different, so-called status levels that are based on various lifetime deposits, as is briefly outlined below.
|Status levels||Commission discounts||Customer support|
Minimum lifetime deposit 250 euros
|3 %||Online chat|
Minimum lifetime deposit 1,450 euros
|4 %||Online chat|
Minimum lifetime deposit 1,500 euros
|20 %||Priority withdrawals|
Minimum lifetime deposit 5,000 euros
|30 %||Premium support|
As you can see, the respective status level also decides on the type of customer support, in addition to the discount percentage.
The Libertex demo account
Before you opt for a specific online broker, it is usually recommended to try out a demo version first, if available. Libertex offers such a Demo account, too, thereby giving interested investors an opportunity to trial the online broker’s proposals and services without needing to run any financial risk already.
The demo account is principally opened in the same way as the live account. Once you have successfully set it up, you can start trading with virtual funds of 50,000 euros, both from the desktop and mobile.
In addition, you can also continue to use the demo account after opening a live account, e.g. for testing new strategies.
Upskilling proposals at Libertex
Another aspect of Libertex that could be of interest for novices to trading as well as more advanced traders is their range of coaching courses and trainings.
The first to mention here are the blog articles that are regularly published on the Libertex website on subjects such as forex, cryptocurrencies or stock trading in general, for example.
And then the online broker also offers a coaching section with webinars designed as various lessons that build on each other.
They can be worked through one after the other, and are each accompanied by explanatory texts. There are 8 lessons in total that you can register for at the Libertex website if you’re interested. Each of these lessons delves into a different subject, naturally, and will thus for example explain chart analysis, fundamental analysis, or the structure of trading systems.
Customer service of the online broker
If you want to rate an online broker, their customer service should never be neglected. This because providers should only really get a positive rating on the bottom line if the support they provide is correspondingly competent. Fast and effective customer support is absolutely vital, especially for beginners.
Looking for a contact section or legal notice on the Libertex website is in vain, however. Only on support website will you find a Cypriot telephone number, support e-mail address, and a contact form for bringing up your request.
What the website does offer instead is direct contact by live chat, WhatsApp or also their messenger. At this moment in time, this contacting should better be in English, however, as the German language skills of the service team’s employees are usually limited.
Experiences with this online broker so far on the Internet
Finally, we shall take a brief look at the experiences traders have made with the services provided by Libertex so far, as described on the Internet. The officially regulated online broker might hence offer its clients over 200 different trading instruments. But where the customer support for German clients is concerned, there is still some room for improvement at this point in time.
And as the training section does not really delve into essential trading contents all that deeply, this provider is primarily recommended for investors with experience in this area, according to comments left by several clients online.