Libertex Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of Libertex in Singapore
Libertex is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of Libertex for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of Libertex for traders from Singapore. 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 Singapore
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 Singapore. 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)
|
💰 Account currency: |
EUR, GBP, PLN, CHF
|
💵 Replenishment / Withdrawal: |
Bank cards electronic payment systems, Internet banking, bank transfers
|
🚀 Minimum deposit: |
100 EUR
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⚖️ Leverage: |
Up to 1:30 for retail clients
|
💼 PAMM-accounts: |
No
|
📈️ 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
|
💹 Margin Call / Stop Out: |
50/50
|
🏛 Liquidity provider: |
MarketPlace
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
No
|
📋 Orders execution: |
Market Execution, Instant Execution.
|
⭐ Trading features: |
No
|
🎁 Contests and bonuses: |
No
|
Libertex Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Libertex for traders from Singapore. 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.
Expert Review of Libertex
Libertex is a broker that provides for trading CFDs on stocks, currencies, cryptocurrencies, and commodities in the EEA area and in Switzerland. The company promotes the Libertex platform, which is adapted for novice traders. The approach to calculating lot and pip value is simplified (instead of lots, the trade amount is displayed in fiat currency), statistics are displayed on the percentage change in price per day, underlying asset filters are displayed on the panel by the level of volatility and profitability for 30 days, etc. Although trading using advisors is not available, for novice traders, Libertex platform is a user-friendly tool to learn about trading.
The broker’s advantages are the transparency and flexibility of its fee policy. On a demo account you can see the current prices and spread for each underlying asset even without verification. There is no need to go into the specification for each underlying asset or print fees from tariff conditions, as upon opening a trade in the Libertex platform, you immediately see fees for each underlying asset. Are you a novice trader and haven't chosen a broker yet? I recommend discovering Libertex by trying to open trades on a demo account.
FAQs
Is Libertex legal in Singapore?
Yes. Libertex operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with Libertex? Does the broker offer courses for traders from Singapore?
Yes, Libertex offers good trading courses and a lot of educational information for clients from Singapore.
Can Libertex be trusted? Has the broker been operating in Singapore long?
Libertex has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with Libertex.
Is Libertex suitable for novice traders from Singapore?
Yes. Libertex offers optimal trading conditions and good education for beginners from Singapore.
How efficient is Libertex customer support in Singapore?
Libertex offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has Libertex had any incidents involving theft of funds of clients from Singapore?
No. Libertex provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if Libertex violates my rights?
Yes. If Libertex violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can Libertex clients from Singapore use the broker’s mobile app?
Yes. The mobile app of Libertex is available for the clients from Singapore.
Does Libertex provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by Libertex.
How can I withdraw funds from my account at Libertex in Singapore?
Libertex supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!