Libertex – Review Introduction
Want to start trading cryptocurrency but aren’t sure where to start? The first step is to find a user-friendly CFD broker.
Founded in 1997, Libertex is one of the biggest names in the business. This award-winning CFD broker enables 2.2 million clients to trade across various assets. This includes Bitcoin and other cryptocurrencies.
If you’re wondering whether it’s the trading platform for you, you’re in the right place. In this Libertex review, we’ll cover everything you need to know, from its trading fees to its customer service.
Libertex Quick Summary
Libertex is an online CFD-trading platform that covers more than 200 markets. CFD stands for ‘contract for difference’, a financial product that states a buyer must pay the difference between an asset’s opening and closing price.
When you trade using CFDs, you can trade assets without investing in the underlying currency (or commodity). It is a popular way for people to speculate on foreign currencies, as it removes the need to own each asset outright.
It’s also an increasingly popular way to trade cryptocurrencies. Currently, the Libertex trading platform offers more than 50 cryptocurrencies. From Bitcoin, Ethereum, and Litecoin to lesser-known altcoins. It also offers forex trading, stocks and shares, ETFs (exchange-traded funds), and various other commodities.
Who is Libertex For?
As we mentioned earlier, Libertex is a CFD broker regulated by CySEC. It currently only accepts clients based in EEA countries with some additions (such as United Kingdom and Norway).
In general, the platform accepts both retail and institutional clients. Retail clients, also known as personal investors, buy or sell assets for a personal account. Institutional clients trade assets for accounts that they manage on behalf of other people.
We found one major disadvantage when writing this Libertex review. From the 6th January 2021 and onwards, the platform has been unable to offer its cryptocurrency instruments to retail clients in the UK. Its crypto instruments are still available to UK institutional clients and retail traders from elsewhere in the world.
Thanks to its low minimum deposit of €100, it’s an accessible broker—you don’t need a large budget to get started. It also offers a demo account for its in-house platform, so you can practice trading before putting real funds at risk.
Libertex Company Information
The company has been active for over 20 years and has won more than 40 industry awards worldwide. Among others, these accolades include:
- Best Trading App in 2017 and 2018 (Forex Awards – Libertex)
- Best Crypto-currencies Broker in 2018 and 2018 (Forex Awards – Libertex)
- Best Trading Platform of 2020 (European CEO Awards – Libertex)
The CFD broker is the official trading platform of Indication Investments Ltd, a multinational company. Its headquarters are in Cyprus and follow Cyprus Securities and Exchange Commission (CySEC) regulations. As a Cyprus Investment Firm (CIF), it’s licensed under the number 164/12.
Libertex is a participant in the Investor Compensation Fund (ICF), which protects up to €20,000 for eligible clients.
This trading platform has numerous selling points for those looking to start cryptocurrency trading. In this section of our Libertex review, you’ll find the key advantages of this online broker.
- The low €100 minimum deposit fee is excellent for beginners who don’t want to jeopardise large sums of money.
- With more than 20 years of experience, it’s a tried and tested platform.
- There is a Libertex app available for both iOS and Android devices.
- Libertex has won multiple prestigious awards.
- The demo account helps you practice trading if you’re a complete beginner.
- Thanks to the popularity of its cryptocurrency instruments, the company has reduced its brokerage fee by 50%.
- Tight spreads are available on all assets and instruments.
- Libertex offers trading on both individual cryptocurrencies and cryptocurrency pairs.
- There are no deposit fees.
Despite its advantages, Libertex isn’t necessarily the perfect choice for all cryptocurrency traders. Before signing up for an account, check out its main drawbacks.
- It isn’t under Financial Conduct Authority (FCA) regulation, the UK’s leading regulatory body.
- Its cryptocurrency instruments aren’t available to UK-based retail clients.
- There are only two available platforms: the native Libertex platform and Metatrader 4.
- There aren’t many educational resources available for inexperienced traders.
- Libertex doesn’t allow hedging, a risk management strategy designed to protect you from losses.
What we loved in our Libertex review were how user-friendly the website, platform, and app are.
Its website is available in six different languages: English, Portuguese, Spanish, Vietnamese, and traditional and simplified Chinese. On the whole, the Libertex website is very user-friendly. It doesn’t use a lot of complicated financial jargon, and its handy sitemap makes it quick to jump straight to the pages you need.
The proprietary trading platform is also user-friendly to use, especially if you take advantage of their free demo account. You can navigate to the instruments or assets you want using the tabs in the top search bar at the Libertex website.
Once you’ve selected a trading tool, you can choose whether you want to see area charts, Heiken Ashi charts, line charts, or candlestick charts (these are all different charting techniques for reading prices). You can also choose the timeframe you want to see, ranging from minute-to-minute to month-by-month.
At Cryptoholics, we were pleased to find when writing this Libertex review that the platform offers both an iOS and Android app. This mobile optimisation makes it much easier to trade on the go.
Libertex Trade Experience
As we mentioned earlier in this Libertex review, traders choose between two trading platforms: the proprietary Libertex platform and Metatrader 4. Your experience will depend on which of these you choose, but we think both provide a competitive trade experience — something supported by the company’s numerous ‘Best Trading Platform’ prizes.
The platform offers all the instruments and assets that Libertex advertises on its website. Metatrader 4, on the other hand, is exclusively for forex trading. It isn’t suitable for people looking to trade cryptocurrencies, so let’s take a closer look at the Libertex trading experience.
Overall, the platform’s features aren’t as advanced as those of Metatrader 4, but it keeps the trade experience straightforward. Once you’ve set up your account (more on that process later), all you need to do is navigate to your chosen cryptocurrency or cryptocurrency pair and click on the trading tab to start trading the crypto CFD.
Besides the charting techniques, the Libertex trading platform also shows you a range of useful statistics. These include the proportion of traders who are buying or selling your chosen asset, which can be helpful information when it comes to making your own trading decisions.
Libertex Crypto Trading
Cryptocurrency traders have a reasonably good choice when using this trading platform. The broker offers around 50 cryptocurrencies at the time of writing, including 32 individual cryptos and 17 cryptocurrency pairs.
You’ll find big names on Libertex. Bitcoin, Ethereum, Litecoin, and Ripple XRP, among them, as well as some up-and-coming altcoins. Among others, these include:
Because the broker only offers CFD trading, it’s much easier for you to diversify your portfolio by speculating on a wide variety of different assets. Owning cryptocurrencies outright can be very expensive, especially if the likes of Bitcoin tempt you.
According to CoinMarketCap, Bitcoin is currently worth over $57,000 — and although it’s possible to buy a percentage of 1 BTC, it can still be costly. CFD-trading lets you cash in on the crypto hype without having to invest in your chosen asset outright.
Libertex App for Mobile
The dedicated Libertex app is available for both iOS and Android devices. (The trading platform is also available as a desktop app, as opposed to a webpage).
Users of the mobile app can access the same features as traders who use the desktop version. The mobile features include an in-app live chat feature for 24/7 customer support. Clients can also opt-in to receive daily news and market update notifications.
On the App Store, the Libertex app has received an average rating of 4.5 out of 5.
Libertex Deposits and Withdrawals
When choosing your trading broker, it’s crucial to consider the different deposit and withdrawal options. In this Libertex review, you’ll discover one of this platform’s main advantages is that it doesn’t charge fees for making deposits. It doesn’t matter which payment method you choose.
The broker accepts a variety of credit and debit cards, including Visa and MasterCard. It also accepts e-wallets such as Skrill and Neteller, as well as applicable vouchers and bank transfers.
There are slightly fewer options when making withdrawals, though most users should find a suitable method. Users can choose between the following payment types:
- Bank transfer
- Credit or debit card
While deposits typically process immediately, e-wallet withdrawals can take 24 hours, and bank transfers up to 5 working days.
No reputable CFD broker platform is entirely free, so you should always expect to pay a certain amount of money in fees. But the good news is that Libertex is one of the most cost-effective, especially with its 50% discount on cryptocurrency instruments.
The platform charges a commission fee of between 0.1% and 1% on cryptocurrency trading. It also charges a 1% fee on Neteller withdrawals and 0.5% on bank transfer withdrawals. There are no fees for making deposits and no monthly subscription fee for using the broker service.
However, there is a so-called inactivity fee, which is charged if the client’s account is inactive for 180 calendar days (i.e there is no trading, no open positions, no withdrawals or deposits). The company reserves the right to charge an account a maintenance fee of 10 EUR per month.
Signing up for a Libertex account is quick, although you will need to verify your identity to comply with the platform’s anti-money laundering policy and KYC procedure. Once you’ve entered your name, email address, and national ID number, you’ll need to submit a copy of your passport or driving license to confirm that you’re the owner of the account. This had to be done within 15 days of deposit.
Before you can start trading with Libertex, you have to make a minimum deposit of €100 using one of the payment methods mentioned above. Then, you’re ready to get started!
Libertex Educational Resources
When writing our Libertex review, we found that educational resources are one of the broker’s weak spots. As well as its demo account, you’ll find a small selection of webinars and some FAQs. These cover the basics of trading, but if you’re looking for more detailed information, you may need to look elsewhere.
Libertex as a company
Libertex is under the ownership of Indication Investments Ltd. The company started in 1997 and has headquarters in Moscow.
Libertex Customer Service
This CFD broker has award-winning customer service, which includes 24/7 support via live chat, daily access to phone, and email. If you have a simple question, you may find the answer you need by checking the FAQ page on the Libertex company website.
Unlike most other actors, the customer service is available in the following languages: English, Portuguese, German, Italian, Dutch, French, Polish, Russian, Greek and Spanish.
Libertex Reviews and Reputation
Because the broker has been active for over 20 years, it’s built up a strong reputation in that time. On Trustpilot, it has an excellent rating of 4.4 out of 5. Almost 90% of its 1,810 reviews are ‘excellent’ or ‘great’, and the company generally has a positive reputation.
Any trading platform will ask for access to highly sensitive data, from your bank details to your passport number. That means it’s vital to choose a company that places the utmost importance on security for you as a customer.
Thankfully, we found in this Libertex review that the site and app complies with full data encryption. It uses the security protocol SSL (Secure Sockets Layer) to keep your information from cyber-criminals or data leaks.
Overall, Libertex is an excellent option for traders looking for an accessible platform with a quick, user-friendly, and cost-effective sign-up process. With around 50 cryptocurrency CFDs available, it should be on your radar, especially if you’re keen to start trading crypto. It’s a platform that’s tried and tested — and has the customer reviews to prove it.
Found this Libertex review helpful? Open an account at Libertex today!
Is Libertex safe or a scam?
The Libertex platform is following data-security guidelines. However, the company states that it’s aware of several scam companies that operate under the same name. If you’re concerned about a scam, you can contact the customer service at email@example.com.
What can I trade on Libertex?
The platform offers CFD trading on around 50 crypto assets, forex, stocks and shares, and EFTs (exchange-traded funds).
Can I make money with Libertex?
As with any trading, the answer to this depends on many factors, including your choice of asset, risk management strategy, and trading style.
How secure is Libertex? Is Libertex regulated?
The CFD broker uses encryption regulated by CySEC.
How do I withdraw money from Libertex?
You can withdraw money via bank transfer, credit or debit card, Skrill, or Neteller.
Where is Libertex based?
The Libertex company headquarters are in Moscow, Russia.
How does Libertex make money?
Libertex makes money by charging commission and other fees on its services.
How can I deposit into a Libertex account?
You can make deposits using bank transfers, credit or debit cards, e-wallets, and a range of vouchers.
What is the minimum lot size at Libertex?
The minimum lot size is 1,000 of your base currency.
When does a margin call take place at Libertex?
A margin call will take place when your margin reaches 40%.
What is the maximum leverage offered by Libertex?
The multiplier is not adjustable, and it has a leverage of 30:1.
How do I open an account with Libertex?
You can open an account by entering your name, email address, national security number, and a copy of your passport or driving license. You will need to make a minimum deposit of €100.
What trading platforms does Libertex offer?
The proprietary Libertex platform and Metatrader 4.
Is Libertex an ISA?
No, it’s not an individual savings account (ISA).
Do I pay tax on Libertex?
You may need to pay tax on any money you earn through the Libertex platform, depending on your country’s taxation laws.
Is Libertex legal in the USA?
No, Libertex isn’t licensed by a US regulator, so it isn’t available to US clients.
How much is the Libertex minimum deposit?
The minimum deposit is €100.
What are the Libertex market hours?
Because Libertex enables you to trade forex, which is open 24/7, its market hours are 00:01-00:00.