Forex accounts are used to store and trade foreign currencies. Gaining access to the forex market through a broker involves opening an account, depositing money in your denomination currency, and trading currencies.
While it may seem simple enough, choosing the right account is one of the most important aspects of choosing the right broker, as the type of account can have a direct impact on profits and losses.
Usually, the Forex market is filled with a wide variety of traders, including novice traders, intermediate-level traders, experienced professionals, and institutions, so there are many different types of accounts on offer.
Thus, the most important aspects to keep in mind when deciding which account is right for you are transaction fees, spreads and commissions, trade routing, trading software, and platforms, and the range of available markets. we present libertex review
Account Types And Features
Libertex offers both a Universal and a Professional account for live trading. The company also provides a free demo account that allows new clients to get to know its features better before signing up for a live account.
The live trading account is commission-free but does not provide the option to choose the account size depending on the trading strategy, so clients cannot adjust their minimum deposit, choose the type of spread, etc.
The Professional Account is based on providing a financial portfolio of €500,000, extensive and relevant financial sector experience, and proven trading activity for a period of not less than 12 months.
Rate And Fees, Commissions And Spreads
Trading fees are the overall costs incurred by forex traders to run their trading business.
For each trade placed, the trader has to pay a certain fee or commission. These fees vary from broker to broker, but are usually relatively low amounts, and are often the only trading costs a trader may incur.
The most common fees associated with trading are the spread and commission fees charged by the broker for each trade made. This fee is incurred by the trader regardless of how successful the trade was.
The spread is the difference between the bid price and the selling price of a currency pair, the fees charged by the broker, and basically how the broker makes a profit.
In order for a trader to make a profit or avoid a loss in a trade, the price must move far enough to cover the cost of the spread.
Commissions are similar to the spreads that are charged to traders on each trade made. The trade must then make a profit to cover the commission fee.
Traders should also keep in mind the potential hidden fees that some brokers may incur, which include inactivity fees, monthly or quarterly minimums, and margin fees.
Libertex’s commission structure consists of trading without spreads, with additional commissions such as inactivity fees, withdrawal fees, and transaction fees, making it a less competitive offer than many other brokers in the industry.
The company excels when it comes to spreads, offering a zero spread model for all CFD products, which means clients can trade without gaps between the bid and ask prices.
However, aspiring traders should weigh this added benefit against the company’s transaction fees, which can build up over time and become very expensive.
Many Forex brokers offer various bonuses as an incentive for new traders to register with them.
Usually, Forex bonuses are exclusive or seasonal special offers. In general, this type of Forex bonus is also known as a promotion.
A bonus known as a rebate is credited to a trader’s account once they complete a trade, while a regular bonus may require the trader to make a fair number of trades first.
Libertex offers a signup bonus for all new clients, which is given when opening an account and making the first deposit.
The minimum deposit amount to receive the Welcome bonus is $100. The maximum bonus amount is $10,000.
You get back 10% of all trading commissions paid in bonuses converted into real money.
Libertex pays bonuses that are converted to your trading account at a 2% payout discount. You must make enough trades to convert the entire bonus within 90 days.
Traders should pay attention to these conditions before registering with Libertex on a bonus basis only.
Trading Platform, Software And Its Features
Trading platforms like FXTM are basically software supported by certain brokers to make trades in the Forex market. Determining the right platform is also an important aspect in choosing the right broker.
These platforms can be web-based online portals, mobile applications, standalone downloadable programs, or a combination of the three. The platform can also provide tools for research in addition to tools for order processing.
Some Forex brokers offer their own dedicated trading platform for order processing and research, but many provide order access through integrated trading and research programs.
Libertex offers two types of trading platforms, consisting of the ever-popular MetaTrader4, and the company-owned Libertex platform.
While this is a more limited choice than many other brokers offer, the platform still provides an enhanced trading experience, as described in more detail below.
Libertex’s platform is designed to be accessible and user-friendly and is best suited for novice to intermediate traders looking for an easy-to-navigate software option.
Although its trading features are limited compared to MetaTrader, many novice traders will find it a satisfactory choice, and the platform also includes a useful news feed and a top menu of various markets, popular instruments, top-ups, and downs of the day.
Libertex offers the MT4 platform as a mobile app on the Apple Store and Google Play.
MT4 is one of the most popular trading platforms in the industry due to its excellent suite of charting tools and high-speed execution.
As such, the platform offers leading trading features including economic news, Expert Advisors, trading signals, advanced technical indicators, and a wide selection of plugins, and is suitable for a wide range of trading styles and strategies.