Libertex does not offer any special kind of the trading account at first glance. The baseline is same for everyone – with $250 minimum deposit access is given to the platform and all the features that the broker offers. From what we could tell, there is no ECN – meaning the execution is done through the dealer, and possibly the broker is the market maker. What it has similar to ECN is the commission system – it means that spreads are essentially set to 0 pips, but each trade requires the trader to pay a commission.
Libertex Spreads and Commissions
Commissions are set in % of trade amount placed with a multiplier (leveraged trade) so in a way they are like spreads. For EURUSD the commissions start from 0,011% which can be seen as around 1pips (since 0,011% = 0,00011 of the exchange rate/price) and this is really good offer, as with some other brokers you would need to deposit more than $250 to get 1pip spread. We bought 1000 EUR with x200 multiplier and the commission was cca 32 EUR. When we closed the position, for some reason the commission was not subtracted from our demo balance.
Libertex Demo Account
When you make an account, which is in all fairness very fast and easy, the access to the platform is granted in full. In case you want to trade in the Demo mode, which means that you trade with $5000 in virtual money provided by the broker without depositing or risking your own money, you just need to switch it on. This is done easily by clicking on your name in the platform and switching on the demo. The $5000 will appear in the balance indicator.
Libertex VIP Account
One interesting thing is that when we wanted to put some real money to trade, the options seemed to indicate some kind of account type with “VIP”, standing next to $5000 deposit tickbox. We asked customer support what are the VIP account perks with Libertex. We found out that the perks that VIP status includes are 50% reduction in commissions, which is great in our opinion and access to the autochartist feature for trading signal creation.