WikiFX Review: the score of this broker is reduced due to recent complaints

In this article,

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of Libertex based on the facts.

What is WikiFX？

Basic information

About Libertex

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.

Account Types

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.

Platform

Libertex uses the popular MT4 and MT5 platforms as its main trading platforms. Besides, Libertex also provides its own platform.

Leverage

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.

Customer Support

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.

Sponsorship

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.

Field Investigation

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.

Conclusion

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.

Click on Libertex' WikiFX page for details