Founded: 1997

Regulator: CySEC

Platform: Libertex

Payment Method: Visa, MasterCard, Bank Wire, SEPA

PROS:

CySEC regulated
Well Established
Own Platform

CONS:

Only live chat support

Libertex Review


Libertex is the brand for the brokerage division and trading platform of Indication Investments Ltd, a part of the Forex Club Group based in the Russian Federation. The company was founded in 1997 and now offers its clients online brokerage services in forex, soft commodities, oil and natural gas, stocks, indexes, and precious metals.

The company currently has 2.2 million clients trading from 27 nations all over the world. Libertex has over 700 employees that work in the company’s offices located in the Russian Federation, Cyprus and Belarus. In addition, the company maintains a unit in St. Vincent and the Grenadines.

Libertex has won 30 international awards, with its latest award in 2016 when the company was awarded Best Trading Application for the European Union by Global Banking and Finance Review. In addition, Libertex was awarded Best Trading Platform by FinEXPO.

As far as regulation is concerned, Indication Investments Limited has its primary office in Limassol, Cyprus and is registered as a Cyprus Investment Firm or CIF. The company is authorized and regulated by the Cyprus Securities and Exchange Commission or CySEC under license number 164/12. Libertex’s registration number under Cyprus’ Companies Law is HE 251168. Libertex’s physical address is registered as 134 Agia Fylaxeos & Amisou, Anissa Court, 4th Floor, 3087, Limassol, Cyprus.

Libertex complies with the EU’s MiFID or Markets in Financial Instruments Directive and adheres to all local and European regulations due to its CySEC regulation. In addition, Libertex must comply with Law 144(1)/2007 or the Investment Services and Activities and Regulated Markets Law of 2007 of the European Union.

A screenshot of Libertex’s official home page, which is located at www.libertex.com can be seen below:

Libertex Website 

Please note that Libertex does not presently accept U.S. clients. If you live in the United States, you are advised to find another broker.

Features

Libertex features trading in 150 different asset classes, which includes 44 major, minor and exotic currency pairs; metals that include copper, gold, silver, palladium and platinum; premium world stocks including Apple Inc., Microsoft and Google; 17 actively traded stock indexes; cryptocurrencies including Bitcoin, BitcoinCash and Litecoin; and soft commodities such as coffee, cocoa, corn, wheat and soybeans.

Several issues should be considered before deciding on this broker: the first is the fact that a commission based on the monetary value of the trade is charged for every transaction. For example, the company charges a commission of 0.011% to the monetary amount of a EUR/USD trade.   This fee gets compensated for by having deal execution take place at the current mid-market price.

Furthermore, all of Libertex’s tradable assets have different percentage charges, with the lowest commission being for EUR/USD among the major currency pairs. The most expensive commission on currencies is charged for trades in USD/RUB, which has a commission of 0.41% per transaction, while the second highest is EUR/RUB, which is charged at the rate of 0.386%. Commissions for cryptocurrency trades are the highest, with 1.02% on Litecoin, 1.0% on Bitcoin and 0.91% on BitcoinCash.

The second issue concerns the use of a “multiplier”, instead of using a set leverage number such as 200 to 1, for example. Libertex trades can all be leveraged, but the multiplier can vary significantly for the different tradable assets. For example, the highest multiplier in forex is for EUR/USD at 500, while the maximum multiplier for USD/RUB is just 10, which basically means that the two tradable assets have a maximum leverage ratio of 500 to 1 and 10 to 1 respectively.

Libertex only offers one type of live trading account and a demo account. The two account types both feature the company’s award-winning trading platform.

Platforms

Libertex offers its clients the company’s own proprietary trading platform. The platform is web-based and is extremely easy to use. Once a live account has been funded, the trader can basically just pick an asset type, choose the amount of money to commit on the trade, and then decide on whether the market will rise or fall. Because of the unique multiplier for each asset and the lack of dealer spreads, variables such as leverage or margin are immaterial in a Libertex trading account, which results in a more efficient execution.

Libertex’s dealing platform also includes a complete technical analysis component. The platform’s technical analysis features include indicators divided into Volatility, Trend and Oscillator groups. In addition, the trading platform comes with an additional section on fundamental analysis and allows the trader to change the time frame of charts from one minute to one month.

Libertex’s trading platform can be seen in the screenshot below:

Libertex Platform

Deposits and Withdrawals

To make deposits into a Libertex account, funds are accepted through credit and debit cards, bank wire transfers or SEPA transfers. The company accepts other types of deposits at their discretion; nonetheless, the company does not guarantee that all fund transferring methods are available in the customer’s country of origin.

To open a live account at Libertex, an initial minimum deposit of $250 is required, as well as proper identification from the prospective client. Initial and subsequent deposits are generally processed within one day of the transfer clearing the broker’s bank account.

For fund withdrawals, Libertex asks that the client submit their request by 1:00PM CET. The appropriate transfer instructions, as well as the account details of where the funds originated are required to make a withdrawal. The client’s identity is then verified with the valid access codes generated by the withdrawal request.  The client is responsible for all third-party charges for the withdrawal.

Customer Support

Libertex’s customer support seems to be limited to a live chat button on their website. This reviewer could not locate a web page, email address or telephone number for customer support on their website.

Conclusion

Opening an account with Libertex has several advantages, including the company’s oversight by CySEC, which helps ensure client fund safety and segregation. Another plus is the company’s award-winning dealing platform, which is easy to navigate and includes an excellent news feed, making it a wise choice for new traders. In addition, the company limits its client’s risk exposure.

The disadvantages that you may find with this online forex broker include its almost non-existent customer service, which appears limited to a live chat button, and its lack of support for MetaTrader4. Other possible issues are its fixed commission schedule along with the use of a multiplier, which could be considered either advantages or disadvantages, depending on the trader.