Libertex Exchange Review

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Overview

• Offers crypto as an asset and CFD
• 300+ tradable assets
• Available in at least 120 countries
• Serves more than three million clients

Introduction

Libertex is a crypto and CFDs exchange used by millions of customers for leveraged trading. It is based in Cyprus and accepts clients from many parts of the world. Unfortunately, US citizens are restricted. It has received over 40 international awards since its inception, such as Best Trading Platform in 2020, FX Reports Awards in 2021, Ultimate Fintech Awards in 2021, and GBM Awards in 2022. The site accepts both retail and institutional traders. It also participates in many marketing and community social responsibility programs, including sponsorships. As of writing this, the exchange was the official sponsor of Tottenham and Bayern FC. Compared to other brokers, it has a lot to offer, including an intuitive and clean site, a vast selection of markets, different payment solutions, and global accessibility. It is an excellent option for both new and experienced investors.

Company Overview

Team: Who founded Libertex Exchange?

Libertex was founded by the Forex Club Group of Companies based in St. Vincent and the Grenadines, and MAEX LIMITED, a company registered in the Republic of Mauritius (Registration No. 158250 C1/GBL and Licence № С118023400. Although the mother company has existed since 1997, it launched the crypto exchange in 2015 and actively started marketing in 2017. James Rodriguez, the former midfielder of Real Madrid, was the first brand ambassador. Cyprus-registered Holcomb Finance Limited controls the payment functions of the platform. The company has been managed by different teams since its inception. Former Vice President and Chief Financial Officer Michael Geiger is now the CEO. He took over the office in 2015.

For regulatory purposes, the brand was split into Libertex.com and Libertex.org. The latter serves all countries apart from a few restricted regions, while the latter only attends to clients within Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK, Switzerland, Iceland, Liechtenstein and Norway. Our main interest is Libertex.org, and that is what the entire article discusses.

Libertex Exchange Market Share

There was very little market share data available while conducting this crypto exchange review. Nevertheless, information on the website indicates that the platform has a client base exceeding three million people in more than 110 countries globally. It has a total of 700 employees and has won multiple awards, a sign of market excellence and dominance. While there were no figures on the daily or monthly amount of crypto volume trades via the platform, a customer base of over three million is huge and indicative of a significant market share.

Libertex Exchange Licence & Insurance

The platform is run by Forex Club and MAEX LIMITED, licensed in St. Vincent, Mauritius, and Cyprus. It’s, however, headquartered in Cyprus. User funds are safe, as the company provides insurance up to $20,000 per client for available balance and open positions.

Security and Reputation

We found out during this review that Libertex is a highly reputable crypto exchange and broker. The company has proven itself reliable, trustworthy, transparent, and safe in the over two decades it has been in operation. It has a TrustPilot rating of 4.2 out of 5 from more than 1,800 reviews. Over 85% of its reviews speak highly of the platform. The company has implemented several security features, including client fund segregation, to ensure that your funds remain safe even in bankruptcy. You can rest assured that Libertex.org has one of the best environments for trading and investing and secure platforms and apps for PC, iOS, and Android.

Security Features

• Fund Segregation: Separating client and company money is an integral part of risk management when it comes to trading platforms. We found out during this Libertex review that the company segregated client funds as required by CySEC. This helps to prevent accounting errors and ensures that the firm will never use investor funds as part of its expenses.
• Negative Balance Protection: Margin trading carries high risks, and in some cases, losses could exceed deposits. Trading with this platform is advantageous because you are protected from a negative balance. That means you will never be in a situation where your losses exceed your deposit, and you are forced to reimburse the broker.
• Compensation Scheme: This feature was created to protect Libertex traders and their funds from credit risks by the broker. In the unlikely event that the firm is insolvent or unable to meet some of its financial obligations, all traders would be compensated fully. Also, creditors will be restricted from freezing client funds. Retail traders on the platform are covered by the Investor Compensation Scheme.
• Maximum Leverage: While leverage can significantly increase your chances of making profits, it’s the greatest determinant of market exposure. Operators that offer unreasonably high leverage amounts expose their clients to high risks of losses. By capping the max leverage at 1:30, the exchange protects your capital from rapid losses due to high volatility.
• Authentication Security: the platform uses 256-bit SSL (Secure Socket Layer) encryption, providing users security that their personal data cannot be compromised. A hacker will need at least 2256 different combinations to break the encryption. This is out of reach even for the most powerful computers. Android and iOS apps are also regularly updated for security purposes.

Complaints Received

Libertex is doing well in terms of image and reputation. There are hardly any complaints about it, even though it serves over 3 million clients. We didn’t miss criticisms from a few disgruntled customers, though. Most of them were unhappy with the account verification process, which they described as lengthy. There were a few cases where clients raised concerns about withdrawals too. While most users complimented the company for fast and reliable customer care, a few thought it needed improvement. Compared to other established platforms like Crypto.com, Libertex only had a few complaints, as the majority of the users expressed satisfaction.

How Secure is Libertex Exchange?

One of the factors that have driven Libertex to become a successful global brand is safety. Aside from the numerous security features mentioned in the preceding sections, the broker has a strict privacy policy and pledges to safeguard and protect personal data. There has never been a successful attack leading to loss of client funds in the many years it has been in operation. Of course, the CySEC regulation is less sound than the SEC’s or FCA, but it’s robust enough to guarantee user protection. The company is compliant and strives to abide by the best industry practice. Safety is further enhanced by:

• Login Password
• Account time-out
• Real-time surveillance for suspicious activity
• Confirmation of withdrawal before processing funds
• 24/7 live support to help you handle urgent issues

The Main Features

• Market Orders: Market orders are the most frequent type of currency trading. They are merely instructions to purchase an asset at the current rate, to put it simply. Placing a market order can be compared to using the “Buy Now” button to make online purchases. When a market order is placed, it finds the best available price and executes it in real time.
• Limit Orders: Limit orders allow investors to specify the maximum price they are willing to pay for an asset when placing an order. In that case, no matter how close the asset was to the target price, the order will not be fulfilled.
• Stop-loss Orders: Since cryptocurrencies are highly volatile, it’s necessary to protect open positions from excess losses. Stop loss orders allow you to set a maximum acceptable loss limit in the event the market goes against your anticipated direction.

Available Tokens

The broker offers over 40 cryptocurrencies, including 32 crypto assets and more than ten crypto pairs. They include:

• Bitcoin
• Ethereum
• Litecoin
• Zcash
• Polkadot
• Tron
• NEM

Available Trading Pairs

Over 50 trading pairs are offered, such as:

• LTCUSD
• DOGEUSD
• UNIUSD
• BTCUSD
• XRPUSD
• EURUSD
• GBPUSD
• USDCHF
• XAUUSD

Payments Methods

Deposits

Traders have a high flexibility for financing their accounts on the platform. While most payments are processed instantly, bank transfers might take up to five days to reflect on the trading accounts. The available payment methods can be divided into Debit/credit cards, Bank transfers, and eWallets like Neteller, PayPal, GiroPay, and Trustly.

Withdrawal

Withdrawal periods range from instant to five days, depending on the method chosen. Like with deposits, cashing out via bank transfers might take up to five days. eWallets are mostly processed instantly, but funds can delay up to 24 hours in some cases. Debit/credit cards take two to five days, depending on the card type and your bank.

Libertex Fees

We rank trading costs among the most important aspects when evaluating a trading platform. Libertex is one of the most cost-effective trading platforms you will come across. You will be charged a commission of between 0.1% and 1% for all crypto asset trading. Regarding CFD trading, investors pay low spreads starting from 0.1 pips or $1.00 per standard lot. Commissions for CFDs start from 0.0003%. Crypto CFDs, nevertheless, remain commission free. Withdrawal fees vary depending on your preferred method. For example, cashing out via Neteller will cost you 1%, while bank transfer withdrawals incur a 0.5% fee. The site charges zero fees for all deposits. There are also no monthly subscriptions for using the platform’s services. Suppose you do not open a position, deposit funds, or initiate a withdrawal from the platform for over 180 days; you will be liable to pay an account inactivity fee of 10 EUR per month.

Limits

Libertex has a minimum investment limit of $10 or equivalent. We did not find any info regarding maximum limits.

How to Use Libertex

Step 1: Sign up. Visit the Libertext website, click “Sign Up,” and fill in the registration form. It’s a fast process requiring only your email address and phone number. Don’t forget to create a strong password.

Step 2: Email confirmation Now go to your email address and open the email that just came from the company. Hit the “Confirm e-mail address” button to complete this stage.

Step 3: Create your profile Once you confirm your email address, you can now proceed to log into your account. The default account status is “Silver.” Hover your mouse on the “Silver Status” button until a drop-down menu flashes down. Next, click on “Profile Management” and follow the steps. You will also be required to verify your phone number at this stage.

Step 4: Deposit and Start Trading Your account is now fully set. Fund it by clicking “Deposit” and start trading. You can easily switch between Libertex standard and premium by simply clicking a link on the upper left side of the platform.

User Experience

Mobile App

You can download the Libertex online trading app for mobile devices from your Android and iOS store. The process is almost instant as the app is light and doesn’t occupy much storage space. You can also download the app from the Libertex website directly. As of writing this, new users were being offered up to $200 in Apple, Google, or Tesla stock for free after signing up. You only need an email address and password to get started. Afterward, you can verify your account by submitting KYC documents. The mobile app is easy to use and allows you to open and close trades seamlessly. It includes features like stop loss, pending order functions, and live quotes. You can add technical indicators to your charts with just a few clicks for better market analysis. The app also offers instant access to the economic calendar and news on key economic events. In case you need to contact support, simply hit the “More” tab.

Desktop

While the mobile app offered multiple features to make trading seamless, we had the most fun buying crypto with the Libertex desktop platform. It was entirely web-based, and we did not have to install it on our PC. As long as you have steady internet connectivity, the desktop version will give you fast trade execution. Compared to the mobile app, desktop users have a wide view which is an added advantage in market analysis. The effectiveness, user-friendliness, and high functionality of the platform are evidence of how much commitment went into developing it. The fact the company was willing to spend enormous resources on its native platform as opposed to only offering third-party ones like MT4/MT5, and the cTrader increased our peace of mind. Libertex web-trader is highly customizable to meet your preferences. You can change the background color and easily toggle between different chart types.

Customer Service

You have access to multiple support options, whether you are using the mobile app or the desktop version. This includes live chat in English, Russian, Spanish, and Portuguese, Telegram support, Whatsapp support, and email. The website also offers a knowledge base with solutions to some of the most commonly experienced challenges. That said, feel free to follow Libertex social media pages too.

How Libertex Compares To Other Crypto Exchanges

Libertex vs. Uniswap

Uniswap is a 2018 established marketplace. It’s the largest decentralized exchange on the Ethereum network. The platform is not owned by anyone and carries no risk of censorship. Unlike Libertex, Uniswap is a pure crypto platform and supports zero fiat currencies. In terms of tradable assets, users have access to ERC20 tokens, wrapped coins, NFTs, and stablecoins. The leading crypto asset is Ethereum.

On the other hand, Libertex is a centralized platform and a broker between traders and liquidity providers; hence hosts a wide variety of assets. Overall, it has over 50 cryptocurrencies, while its counterpart boasts over 500 digital coins. Both platforms lack OTC desk services. While Uniswap seems more crypto-focused, we found out that it had a poor rating of 1.4 out of 5 on TrustPilot. Libertex is rated 4.2 out of 5.

Libertex vs. Kraken

Libertex and Kraken have been around for over two decades, although the former is older. Kraken identifies more as a crypto exchange, while its competitor is a hybrid of a crypto exchange, stock trading, and CFDs broker. In that connection, its counterpart offers margin trading and more fiat currencies. While Kraken only has seven fiat currencies, it provides at least 120 crypto assets and allows users to stake digital coins for interest. In addition, it comes with a leverage of 5x, compared to its counterpart, which has a leverage cap of 30x. One thing that stands out about Libertex is its good balance of different financial products. Apart from the multiple asset classes on the site, users can also invest in crypto mining and earn BTC every four hours. Regarding trading fees, Kraken takes the day with trading costs ranging between 0% and 0.26%, significantly lower than the 01% to 1% range at Libertex.org.

Is Libertex Exchange Right For You?

Libertex is one of the few trading platforms that meet multiple user needs. Whether you’re a total newbie trying to learn about trading, or a pro-investor interested in sophisticated market analysis tools, this platform will sort you. It’s also great for both retail and institutional clients. You can spread your portfolio in crypto assets and also try out CFDs. Don’t forget to invest some funds in crypto mining too. This is so much value for one site. Whether you’re always on the go or prefer to work from an office or home, this platform will serve you well. The mobile app is as seamless and functional as the desktop version. Investors looking for passive income from features like staking and farming may need to try other crypto exchanges like ShibaSwap and Trader Joe.

Final Verdict

If you have read this review from the start, you might agree that Libertex is a highly protean broker. It’s also safe and trustworthy as it complies with the CySEC regulations. It has a lot to offer different levels of investors too. Apart from that, deposits are free, withdrawals are affordable, and crypto trading is commission free. Adding all these to features like charting tools, instant news updates on the platform, and multiple positive reviews on TrustPilot, Libertex.org stands out as one of the best exchanges. Feel free to sign up for a demo account and try out their services.