Libertex Nigeria Review 2024 - TU expert opinion
Is the Forex market legit in Nigeria?
Performance of foreign currency buy/sell transactions in the Forex market is fully legal. Specialists of the Central Bank of Nigeria regulate the transactions and the income from trading must be declared and taxed. Forex trading industry is actively developing in the country, without foreign brokers entering the market, although the sector is weakly regulated at the moment.
Under the law of Nigeria, traders need to pay taxes and declare income. The financial regulator of Nigeria does not impose restrictions on trading any assets. Trading in the financial markets with licensed brokers in Nigeria is carried out 24/5.
How to Trade Forex in Nigeria
In order to start trading in the Forex market in Nigeria, you need to choose a reliable brokerage company and register a trading account. Next, you need to pass verification and deposit money to your account. You can use a demo account for testing strategy or gaining experience, before you start real trading.
Our Evaluation of Libertex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Libertex is a reliable broker with the TU Overall Score of 7.54 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Libertex clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
Libertex is a reputable broker. It would be worthwhile to look at the platform as a technical solution. It will appeal to those who can not imagine their life without gadgets and are eager to keep up with the time.
Detailed Review of Libertex in Nigeria
Libertex is a good choice for traders from Nigeria. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
Libertex is an online CFD and trading broker which is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF Licence number 164/12. Libertex platform is available in web and mobile versions for devices operating on iOS and Android. Also, trading through MT4 and MT5 is available.
Advantages of Libertex for trading in Nigeria
Traders Union analysts conducted a detailed analysis of Libertex for traders from Nigeria. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
usability of the platform: there are versions for PC, mobile devices and a web option;
over 300+ trading underlying assets;
variable transaction fees.
Analysis of the Main Features of Libertex in Nigeria
Traders Union analysts analyzed the key features of Libertex for traders from Nigeria. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Libertex traders from Nigeria
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Libertex trading conditions for traders from Nigeria. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
Libertex, МТ4, МТ5
|
---|---|
📊 Accounts: |
Libertex (Demo, Real, Invest), МТ4 (Market, Market Pro), МТ5 (Market, Instant)
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💰 Account currency: |
EUR, GBP, PLN, CHF
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💵 Replenishment / Withdrawal: |
Bank cards electronic payment systems, Internet banking, bank transfers
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🚀 Minimum deposit: |
100 EUR
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⚖️ Leverage: |
Up to 1:30 for retail clients
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0,01 for MT platform, 20 eur for Libertex platform
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💱 Spread: |
From 0.1 p
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🔧 Instruments: |
300+ CFDs on stocks, indices, commodities, metals, cryptocurrencies, ETFs, and commodities
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💹 Margin Call / Stop Out: |
50/50
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🏛 Liquidity provider: |
MarketPlace
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📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
No
|
📋 Orders execution: |
Market Execution, Instant Execution.
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⭐ Trading features: |
No
|
🎁 Contests and bonuses: |
No
|
Libertex Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Libertex for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
TU experts have analyzed Libertex trading conditions. The broker's fee policy is flexible, that is spreads are charged on all account types, and fees in the form of percentage of the trade amount are charged on some account types.
Account type | Spread (minimum value) | Withdrawal commission |
Libertex Real | From 0.1% | Yes (PayPal or Skrill – No) |
МТ4, МТ5 Market | From 0.1% | Yes (PayPal or Skrill – No) |
МТ5 Instant | From 0.1% | Yes (PayPal or Skrill – No) |
A comparative analysis of the trade commissions in Libertex with similar indicators of competitors was performed. Based on the comparison, each broker by this criterion was assigned a level from low to high.
FAQs
Is Libertex legal in Nigeria?
Yes. Libertex operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with Libertex? Does the broker offer courses for traders from Nigeria?
Yes, Libertex offers good trading courses and a lot of educational information for clients from Nigeria.
Can Libertex be trusted? Has the broker been operating in Nigeria long?
Libertex has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with Libertex.
Is Libertex suitable for novice traders from Nigeria?
Yes. Libertex offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is Libertex customer support in Nigeria?
Libertex offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has Libertex had any incidents involving theft of funds of clients from Nigeria?
No. Libertex provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if Libertex violates my rights?
Yes. If Libertex violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can Libertex clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of Libertex is available for the clients from Nigeria.
Does Libertex provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by Libertex.
How can I withdraw funds from my account at Libertex in Nigeria?
Libertex supports bank transfers and debit/credit cards of the banks operating in Nigeria.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.