Abstract：Libertex is an online forex broker offering a series of financial instruments. However, recent complaints raise our concern over the reliability of Libertex. Does this broker still appear to be trustworthy? WikiFX made a comprehensive review of this broker from different perspectives, such as specific data, regulation, exposure, etc.
In this article,
WikiFX provides inquiry services in the forex field.
WikiFX evaluates the reliability of Libertex based on the facts.
What is WikiFX？
|WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry.|
|WikiFX is able to evaluate the safety and reliability of more than 40,000 global forex brokers.|
|WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en)|
Based in Cyprus, Libertex is a forex and CFD broker owned and operated by a company called Indication Investments LTD, which is a Cyprus investment firm (CIF). Libertex has the experience of more than 23 years in the forex industry. Their reputation has gathered them over 2.2 million clients from more than 100 counties and more than 700 employees. This broker provides several financial instruments such as Forex, indices, oil and gas, ETFs, stocks, metals, cryptocurrency, and agriculture. The physical address for this broker is lacovou Tompazi 1, Vashiotis Business Center, 1st Floor Office 101, Neapoli 3107, Limassol, Cyprus.
When it comes to account type, Libertex Portfolio offers clients two different accounts: Libertex Portfolio and Libertex CFD. Libertex allows traders to invest in stocks with zero swap or commission fees. Libertex CFD is a traditional trading account that lets you buy/sell cryptocurrencies, forex instruments, gold, oil, and stock indices. The account lets you use a multiplier of 1 to 999 to increase your potential profit.
Libertex uses the popular MT4 and MT5 platforms as its main trading platforms. Besides, Libertex also provides its own platform.
The maximum leverage for forex majors is up to 1:30, for minors 1:20, XAUUSD 1:20, XAGUSD 1:10, stocks 1:5, cryptocurrency1:2, oil, and gas 1:10. Investors are advised to use leverage in terms of their risks tolerance.
Spreads & Commissions
Traders at Libertex can get a commission-free environment. The minimum spreads of EURUSD start from 0.4 pips or translate into $4 per standard lot. Moreover, a monthly inactivity fee of €10 applies after 180 days of dormancy.
Libertex fails to maintain proper customer support infrastructure. A proper contact page, together with support operating hours, are missing. A live chat function does appear at the bottom right corner of each website page, which clients can use to contact the support team. Messaging apps Telegram and WhatsApp are also supported.
B. Regulatory Status
What is a Legitimate License？
The legitimate license is the business license issued by the financial regulatory institution of each country/region.
Libertex is a regulated broker. It is regulated by CYSEC with license number: 164/12.
Libertex and Tottenham Hotspur
Libertex joins the cooperation with Tottenham Hotspur, Tottenham Hotspur is a historical London club that is ever-present in the Premier League and a top contender in European football.
Libertex and FC Bayern Munich
In addition, Libertex FC Bayern has entered into a cooperation with Libertex. The collaboration encompasses marketing activities such as a presence on the LED advertising boards at home matches in the Allianz Arena.
Exposure related to Libertex on WikiFX
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.
As of Nov 28, 2022, WikiFX has received about 15 complaints against this broker within 3 months, the biggest problem that clients claimed the most lies in withdrawal rejection.
1. To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
2. On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
3. WikiFX did make an on-site survey on Libertex in September 2020 and successfully found their office.
Libertex is a reputable broker in the market. However, due to too many complaints, we advise you to be aware of the potential risks. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
Nigerian businesses are dealing with a double blow as new naira notes are hard to come by and the old ones' expiration date approaches. Many firms have been pushed by the circumstance to choose electronic channels for transactional purposes in an effort to lessen the volume of obsolete notes coming from their clients.
Due to a gradual increase in demand for dollars, the naira, see a slight loss across market areas which made the Foreign Exchange (FX) market closed out the trading week on Friday.
The Centre for the Promotion of Private Enterprise (CPPE), in the organized private sector, has reiterated the FX market by combining the various rates and making sure the rates are driven by the market. This recommendation follows the sustained depreciation of the naira throughout the year 2022. In an interview with the New Telegraph in Lagos by Dr. Muda Yusuf, the Director and Chief Executive Officer of CPPE. According to him, the official rate had risen to N461/$ and the parallel/BDC rate reached N750/$.
XPro Markets is a South Africa-based broker. This broker claimed to offer clients a couple of financial instruments. It catches our attention because we recently received a complaint related to this broker. WikiFX has comprehensively reviewed XPro Markets from several perspectives.