Are you looking for the best forex trading app? Then Libertex deserves your attention. This online trading platform charges fixed commissions for each trade instead of variable spreads, making it easy for you to know how much it will cost you to trade. On top of that, Libertex offers two powerful trading platforms and a wide variety of assets. Just keep in mind that while Libertex is regulated in Europe, it is not available to US traders. In our Libertex review, we will cover everything you need to know to decide if this trading platform is right for you.
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Libertex is an online broker that offers currencies, stocks, cryptocurrencies, etc. (Image credit: Libertex)
What does Libertex offer?
Libertex offers operations in around 250 different markets. This includes 50 different currency pairs, as well as dozens of commodities like crude oil and gold, and 43 of the most popular cryptocurrencies. Libertex also offers a small range of US stocks and ETFs, in addition to 19 global indices, although its range of stock assets is pale compared to traditional brokers.
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Libertex offers 50 forex CFDs as well as stocks, cryptocurrencies and commodities (Image credit: Libertex) Notably, all assets offered by Libertex are traded in the form of CFDs (contracts for difference). Instead of taking ownership of the underlying asset, eg Euros when trading the EUR/USD currency pair, you buy a contract that simply reflects changes in the asset's price. CFDs are widely used for currency and commodity trading and eliminate the headaches that come with directly owning currencies.
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Opening an account with Libertex only takes a few minutes (Image credit: Libertex)
Contac us
Creating a Libertex account is easy and only takes a few minutes. You can register using your email address, but you will be asked to provide personal information such as your address and national identification number. Libertex also requires you to verify your identity online to comply with international anti-money laundering rules. Therefore, you will need to upload a copy of your passport or driver's license photo page. Once your account is set up, Libertex requires a minimum deposit of €100 before you can start trading. The platform accepts a variety of payment methods, including bank transfers and credit or debit cards. After that, you can start trading any of the assets available on Libertex. Libertex is currently not available in the United States, although it is available in the United Kingdom, Canada, Australia, and most European countries.
Libertex offers two different trading platforms: the proprietary Libertex platform and MetaTrader 4. Both are available for web and mobile devices, and MetaTrader 4 is also available as a desktop application.
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The Libertex trading platform for the web (Image credit: Libertex) The Libertex platform allows you to trade any of the assets offered by Libertex, including forex, cryptocurrencies, commodities, and stocks. It offers a fairly comprehensive set of charting tools that allow you to add popular technical studies and annotate your charts. We also appreciate that Libertex shows you what fraction of traders are buying an asset instead of selling it. Unlike the Libertex platform, MetaTrader 4 only offers Forex trading. However, it has a much more advanced set of features, including the ability to create your own studies and technical indicators. You can also set up trading signals, which are essentially customizable alerts based on a set of user-defined parameters, and test your signals against historical price data for any currency pair.
Functions and services
There are several key features that set Libertex apart from other online forex brokers. Libertex is one of the only forex brokers that charges fixed trading commissions instead of variable spreads. This makes it easier to know how much you will pay to trade. Broker forex spreads are generally lower than the industry average. For example, the EUR/USD pair has a 0,008% commission on Libertex versus an average spread of around 0,01% for the industry.
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Libertex offers the MetaTrader 4 platform for more advanced forex traders (Image credit: Libertex) One of the advantages of CFD trading is that you can easily apply leverage to your Libertex trades. The broker supports leverage up to 30:1 for major currency pairs and up to 600:1 if you are a professional trader. Libertex offers a free demo trading account with €50.000 in paper money to help you practice trading. The demo account gives you access to the entire Libertex trading platform and offers you the ability to test strategies without risk. Libertex is regulated by the Cyprus Securities and Exchange Commission (CySEC), a highly respected financial supervisory body. We also appreciate that Libertex is upfront about their privacy policy and that the broker keeps client funds separate from their own.
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Libertex provides 24/7 support and an online knowledge base (Image credit: Libertex)
Support
Libertex provides 24/7 support by phone, email and live chat. The company has won several customer service awards in the past. In addition, Libertex has an online knowledge base where you can find answers to the most common questions about the account.
Competition
Libertex is a high-quality forex trading platform, but it does not have the wide selection of currency pairs or alternative assets that other online brokers offer. For example, CMC Markets offers CFDs for more than 300 currency pairs, while IG offers more than 80 currency pairs and thousands of stocks. Importantly, IG also accepts US merchants. The main disadvantage of these platforms is that they charge variable spreads that can be up to twice as expensive as Libertex's fixed fees for popular currency pairs.
Final verdict
Libertex has established itself as one of the best low cost forex trading platforms. This online broker offers CFDs for 50 different currency pairs, as well as dozens of commodities, cryptocurrencies, and stock indices. It is also one of the only brokers that charges fixed commissions instead of variable spreads. Libertex is not available in the United States, but it is a good option if you reside in Canada, Europe, or elsewhere.