Libra Markets Broker Review 2020

General Information

Website URL: https://libramarkets.com

Founded: N/A

Regulation: N/A

Languages: English, German, Spanish, Turkish

Deposit Methods: Credit card, Bank wire transfer

Minimum Deposit; $250 for credit cards, $500 for bank wire transfers

Free Demo Account: no

Types of Assets: CFDs, Forex, Commodities, Cryptocurrencies

Regulation

Libra Markets does not provide any licensing information. It is not regulated by any reputable authority such as FCA or CySEC, despite being based in Europe. The only information you will find on their website is that the company was established in Estonia under the wing of Yield Enterprise Currency Software. This is quite suspicious, considering that the European market is one of the toughest and strictest ones in the trading community.

With a regulated broker, you always know what you’re in for. Your funds and private information are fully secured, while the regulatory body creates frames and guidelines that will always honour your rights as an independent trader. In addition, in case something happens to the company, your funds stay yours and are returned to you. On the other hand, with unregulated brokers, you have no protection.

Trading Platform

The Libra Markets trading platform is quite rich when it comes to tradable assets. You can find over 250 CFDs, currency pairs and even some crypto. However, the platform is not MT4, which is a huge downside. The MT4 platform is given in today’s trading society. It allows you to navigate effortlessly while trading, and it is also fully customisable and adjustable on different devices. Aside from that, what’s even more important is the fact that the software ensures safety. While with other platforms, such as this one, you can never know for sure what will happen with your personal info.

Also, the leverage is quite high at 1:500, which seems like a great deal. A little too great, if you ask us. When you compare it to the industry standard which is 1:30 in Europe, 1:50 in North America and 1:25 in Japan, it makes you wonder. The spread is fixed, which is quite disappointing even with 3 pips per currency pair.

Account Types

Libra Markets offers 3 different account packages to the clients. Each one brings you on a different level of trading opportunities and perks such as your own broker, better spreads and daily updates. Here are their main features:

Regular Account

This type of account is the most common one and allows you the opportunity to trade with highly competitive spreads. Still, it should be noted that with higher spreads comes much higher risk, but the reward is accordingly high if you are lucky and skilful enough!

Robo-trading Account

The Robo-trading account has stirred quite the controversy over the years on the trading market. As the term would suggest, it gives you a chance to trade automatically, which takes away a lot of the stress and the pressure.

Social Trading Account

The social trading is becoming more popular within the trading landscape, especially among new traders that are just starting out. It gives you the opportunity to use the best of both worlds—to watch how other traders are performing and use that as guidance to create your own trading strategy.

Education

The educational section is quite useful and filled with helpful tips and lessons about the market and its analysis. It includes some basic tutorials and guidelines about the trading lingo and types of charts and analysis. On the other hand, you can also find many useful and advanced tools such as the economic calendar and the market movements, which are showing the market performance in real-time.

Deposits and Withdrawals

Libra Markets offers only 2 options for making deposits and withdrawals, which is quite disappointing, especially considering the number of assets you can trade. There is a choice between the credit cards and the bank wire transfer, and the minimum deposit amount is also different. For credit cards, you will need to deposit at least $250 while for bank wire transfers that amount is higher at $500. In addition, the time for processing the requests could go up to 8 business days, which is not reassuring.