Libertex is an online forex trading broker which falls under the Forex Club umbrella. Libertex is also the name of this broker’s own trading platform. If you are wondering “is Libertex legit?” then we have got your answer.
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Libertex Regulation
We are advocates of regulated companies. They are not perfect but trading with a regulated broker offers more security than trading with an unregulated one. Libertex falls under the Forex Club with its headquarters in Cyprus which means that it falls under the jurisdiction of the Cyprus Securities and Exchange Commission (CySEC).
Libertex is indeed registered with CySEC and while CySEC is not the greatest regulator, in fact, it is known for its relaxed regulations which is why it is probably such a favorite amongst European brokers, it is still a regulatory body. That being said, CySEC’s jurisdiction does not cover the people who use Libertex in other countries such as those in Asia and Latin America. It’s important to check that if you are registered with Libertex that they are registered with your country’s regulatory body so that in case anything goes wrong, you can be sure that you are covered. Whether it is a new broker or an older one such as Libertex fraud is not impossible so be thorough with your research before making a decision.
Libertex Customer Support
Libertex does not offer a comprehensive customer support system like other brokers. When you visit the website, which is available in multiple different languages such as Russian, English, Spanish, Chinese, and more, you are not greeted by a live chat prompt. In fact, as of the writing of this review, Libertex’s live chat was offline with no indication of when it would be back. There was also no dedicated customer support page, email address readily available or online form.
Not even a telephone number was listed. This makes it quite difficult to find the necessary information especially if you want to inquire about Libertex’s services and explains some of the negative Libertex reviews we found during our preliminary research.
It was sincerely disappointing that a company with this supposed history lacked the essentials in online customer support.
Libertex Accounts
There is only one account available at Libertex and that is the Standard account which has a minimum deposit of $250. This account comes with a fixed spread of zero as well as a commission. The Standard account does not carry a Libertex bonus.
The minimum trade size is 0.001 with a maximum leverage of 1:500. It’s important to note that while the maximum leverage is 1:500, that term is not something you will see in the Libertex platform. Instead, Libertex uses the term multiplier when referring to leverage. Also, it is important to remember that high leverage can yield high returns but also brings with it high risk. This is especially important for beginner traders.
Libertex Platform
The Libertex forex broker only uses one platform and that is its own. The Libertex platform is not like many others on the market. That is because it does not use many common terms such as spread, leverage, margin. When it comes to this native platform used by Libertex opinions are that the different terms work well for beginner traders but others disagree and believe these new terms can be confusing for both beginner and seasoned traders. It can also make migrating to other platforms more difficult.
Libertex is also web-based platform and does not require any download or installation. It is also available for on the play store and app store. We would have liked for Libertex to offer another platform in addition to its native platform to offer clients choices as well as reduce the learning curve.
Libertex Conclusion
When you came across this review, you wanted to know “can Libertex be trusted?” The honest truth is we are not sure. It is good that they are regulated in Cyprus, however, there is no clear regulation or information on their activities in other countries, especially poorer states.
Trust aside, this broker is very restrictive and does not offer much in the way of choices for its traders. On top of that, the minimum deposit for the one account available is not cheap and the lack of a dedicated customer support system or page makes us think that registering with Libertex would cause you more stress than it is worth. A Libertex scam may not be highly likely but that does not mean it is an ideal or problem free broker.