Table of contents:
- 1 Libertex payment methods: How can I deposit and withdraw money at Libertex?
- 1.1 Deposits and withdrawals as quality criteria
- 1.2 One for all: Deposit and withdrawal via the same channel
- 1.3 The reference account: Only personal private accounts are acceptable
- 1.4 Libertex deposit and withdrawal
- 1.5 Libertex offers a standard account with staggered services
- 1.6 Currently no bonuses at Libertex
- 1.7 Conclusion: Sufficient choice for deposit and withdrawal at Libertex
Libertex payment methods: How can I deposit and withdraw money at Libertex?
Libertex, the Forex and CFD broker, is by no means a newcomer, as the company has been around for more than twenty years. Gradually the broker has expanded its activities to 27 countries. However, the provider is still little known in Germany, despite the comprehensive trading offer and sometimes quite favorable conditions. Behind Libertex is the Indication Investments Ltd. regulated by the Cypriot CySEC. Thanks to this supervision, Libertex is guaranteed to comply with the European requirements for financial service providers. CFDs on shares, indices, oil, metals, crypto currencies and Forex are tradable with a low minimum deposit of 10 Euro. But how does Libertex process deposits and withdrawals?
- Low minimum deposit of 10 Euro or 10 US Dollar
- Payment by Visa or Mastercard, bank transfer, SOFORT, GiroPay, Skrill, Neteller, Rapid, Trustly, among others
- Rapid value date is possible
- Deposits and withdrawals not always free of charge
Deposits and withdrawals as quality criteria
Initially, the payment process is not necessarily the main focus when looking for a broker. Nevertheless, this point deserves attention. Because the payment methods offered by Forex and CFD brokers contribute significantly to the comfort of trading. More than that, they are a not unimportant factor in returns. If there are any fees, especially for the payouts, this can significantly reduce a trader’s profits. And if the minimum deposit or payout amounts are set too high, small investors in particular find it difficult to access Forex and CFD trading. Also, with regard to the security of payment transactions, the payment methods area should be given a second look before setting up a trading account.
Most brokers have known for a long time that they should make concessions to their customers in their own interest – while brokers such as Libertex used to be able to make deposits and withdrawals almost exclusively by credit card and bank transfer, the list of payment channels has now grown considerably for many providers.
Of course, there are still restrictions, for example due to legislation to combat money laundering and terrorist financing. But the payment options available to traders cover all requirements in most cases.
- eWallets become part of the offer
- Deposit and withdrawal methods are usually the same
- Payments via third parties are not possible
- Transactions can only be made from and to private accounts
Of course, it is ultimately up to the broker how customer-friendly he wants to make his offer in this respect. Some international providers even include regional payment methods for certain countries in their offer.
CREDIT CARDS: FAST, UNCOMPLICATED, LOW COSTS
Payment by credit or debit card is possible with almost all brokers and is also popular with traders. Because with the help of Visa- or Mastercard the trading account can be capitalized within a very short time. The instructed amount is credited immediately and trading can begin. Provided that the broker guarantees the necessary security during data transfer and all connections are protected by SSL encryption, users do not need to worry about their data. Whether the card data is stored permanently should always be considered thoroughly. Many brokers also insist that a scan of the front and back of the credit card is uploaded, in good resolution and in colour. Occasionally, the user is given the option to make several digits of the card number unrecognizable. This is intended to prevent further data misuse. However, not all traders want to use a credit card for the capitalisation of their trading account, as this can result in payment limits or costs from the card provider. Therefore, other payment methods are just as popular, especially SEPA credit transfer.
PAYMENT BY BANK TRANSFER
The Single Euro Payment Area, SEPA for short, makes bank transfers less complicated. Within the euro zone, transfers are completed within one working day. When the trader can then dispose of the deposited amount depends, of course, on how long the broker takes to process it. In total, a bank transfer takes between two and five days until the value date. For international bank transfers, this period can be longer. While a SEPA credit transfer can be executed free of charge via your own online banking, there are costs if you place the order at the bank counter or by telephone. The broker may also charge a fee for processing. And in the case of international transfers, interbank commissions and costs can arise due to exchange rates.
ELECTRONIC PAYMENT SERVICE PROVIDERS
Options like PayPal and other eWallets are becoming more and more common in everyday life. Originally by-products for buyer protection when using online shops, electronic payment service providers have now developed a distinct life of their own thanks to good conditions and are used by numerous German citizens. Not all eWallets can be found among the payment options of Forex and CFD brokers. For example, Libertex PayPal does not include any methods for deposits and withdrawals. But many other payment solutions, including Neteller, Skrill, SOFORT and GiroPay, but also less well-known providers such as Trustly and Rapid, can be used by customers of the broker.
What makes online payment methods so popular is the rapid value that they can match credit card payments. Transferring large sums of money is also no problem with most providers, and the security measures are often good. Convenient, fast, secure – this is subject to fees that vary from provider to provider and are not always low. The costs of using eWallets should always be known before deciding on one of them.
One for all: Deposit and withdrawal via the same channel
The choice of payment method is important because the majority of brokers have an option for payments. Once the decision has been made, the chosen channel for deposits and withdrawals is binding and can only be changed later with a certain amount of effort. Unfortunately, most Forex and CFD brokers are not flexible in this respect, although traders would certainly like to be able to use different methods for deposits and withdrawals. So far, a combination of payment methods is rather the exception among the numerous online brokers in the market.
The reference account: Only personal private accounts are acceptable
Anyone hoping to be able to use, for example, their spouse’s Visa card when capitalising their trading account because they do not have their own credit card will be disappointed: third parties cannot make payments, and so not only at Libertex is it forbidden to make deposits and withdrawals via uninvolved persons. Such rules are mainly aimed at combating tax evasion, money laundering and the financing of international terrorism and are therefore applied worldwide, including by brokers with their headquarters outside Europe. Payments via business accounts are also prohibited. Anyone wishing to capitalise their trading account must therefore always use the personal private account as a reference account, which must be in the same name as the trading account with the broker.
Libertex deposit and withdrawal
A trading account with Libertex can be set up quickly, facilitated by the fact that the broker offers only one type of account, albeit with multiple service levels. Regardless of the amount of the initial deposit, traders naturally want to be able to choose from a range of payment options. Preferences are based on personal requirements. While some users prefer fast transfers to trade immediately, others prefer a more cost-effective and secure payment method and accept a longer value date and processing time. Fortunately, according to our Libertex experience, withdrawals and deposits are possible through a variety of channels. In addition to bank transfer and credit card payments, traders in Germany can choose from Neteller, Skrill, SOFORT and GiroPay. In other countries, Libertex offers regional payment solutions for deposits and withdrawals.
- Card payment is possible
- SEPA credit transfer as part of the payment offer
- IMMEDIATE, Neteller, Skrill, GiroPay, Trustly, Rapid
- Regional solutions in an international context
This naturally raises the question of fees for both deposits and withdrawals. Libertex does not charge any fees for deposits, the only exception being payments via Skrill, where there is a fee of 1.9% of the amount transferred.
LIBERTEX PAYMENT – THIS IS HOW IT WORKS:
Typically, payment transactions can be initiated from the personal customer area. This is also how payments and withdrawals are made at Libertex after login with user name and password. On the web platform, users click on their name in the top right-hand corner of the screen, select “Make deposit” and can then choose the desired payment method. Those using the app on a mobile device will instead go to the tab with the wallet and can select “Deposit” and a payment option. Now a page corresponding to the desired payment method opens, for example for confirmation by the credit card provider or in online banking. Here, all the necessary details must be entered correctly. Especially the number of the trading account should be correct!
Libertex does not charge any payment fees for deposits other than Skrill, but this does not exclude the possibility of charges or fees being levied by the respective financial service providers. Exchange rates and interbank fees may also need to be taken into account.
WHEN IS THE MONEY IN THE TRADING ACCOUNT?
As with other brokers, Libertex’s value date depends on the payment method. The quickest way is to pay by credit or debit card or with an eWallet. In this case the money is available within 48 hours. However, this is considerably longer than with some other brokers, where traders can start trading after just half an hour. Those who capitalize their account by means of a bank transfer have to expect a waiting period, which can last between one and three working days. Those who value the security of the SEPA transfer and prefer to make all payments via the electronic banking of their own current account may therefore be able to do without a credit card at Libertex. The time difference in execution could be very small.
WHAT ARE THE MINIMUM AND MAXIMUM AMOUNTS THAT CAN BE DEPOSITED?
The Libertex minimum deposit is extremely low, at just 10 Euros, and the payment methods are similar. A minimum of 10 Euros must be deposited, no matter which option a trader chooses. The only exception is bank transfer – there is no minimum deposit requirement, but of course the broker’s minimum deposit must be met for the first deposit. There are also no maximum amounts for bank transfers. All other payment options are capped at different amounts:
- Card payment 10.000 Euro
- IMMEDIATELY 3,000 euros
- GiroPay 10,000 Euro
- Neteller 2.000 Euro
- Skrill 10.000 Euro
- Trustly 10,000 euros
- Rapid 5,000 euros
THIS IS HOW THE LIBERTEX PAYMENT IS MADE
For withdrawals from a trading account with Libertex, users proceed in a similar way to deposits – the process is also initiated after logging into the customer area, but then by clicking on “Withdrawals” or via the tab Wallet and Withdrawals in the mobile application. Withdrawals are made through the same channel as deposits. To be able to make a withdrawal, users must be verified. For this purpose, an identification document and proof of residence in the form of a utility bill must be provided – usually already when setting up the live account. Furthermore, payouts can only be processed to the extent that the credit balance for open positions is not affected.
LIMITS AND DEADLINES FOR WITHDRAWALS
Similar to the deposit, withdrawals are also possible from as little as 10 euros, with no upper or lower limit for bank transfers. If you pay by credit card, Neteller or Skrill, you can only transfer the following maximum amounts:
- credit card 10.000 Euro
- Neteller 500 Euro
- Skrill 500 Euro
LIBERTEX PAYMENT: FEES AND DEADLINES
Those who do not pay sufficient attention to the possible costs of payouts when choosing a broker may experience unpleasant surprises when the first payout is made. Either the minimum amounts for withdrawable amounts are set very high, or the fees are considerable. This problem does not arise with Libertex. For bank transfers, the payout fee is 0.5% of the amount paid out, with a minimum of two euros and a maximum of 10 euros. For payouts to the credit card account, the broker charges 1 euro. Those who use Neteller pay a fee of 1 % of the payout amount. Skrill, in turn, is free of charge for payouts by the broker.
PROCESSING BY THE BROKER WITHIN ONE DAY
Withdrawal orders are generally processed quickly at Libertex. According to the broker, this is done within one working day. In individual cases, the financial department of the broker reserves the right to additionally check customer applications, for compliance and security reasons. If this is the case, processing may be delayed on a case-by-case basis.
In addition, before a payout is made, it is checked to ensure that it does not create gaps in coverage for positions that are still open. When the disbursed amount is received in the trader’s reference account naturally also depends on further processing by the selected payment service provider.
Libertex offers a standard account with staggered services
Choosing a payment method can be complicated if a broker offers different account types with different minimum deposits. However, this is not the case with Libertex: this Forex and CFD broker has only one account model and the trading account can be set up quickly from the website. In addition to providing email, phone number and password, a live account requires personal information and verification as described above. The broker also determines the trading experience of the new client and asks about the financial situation.
- Only a standard account with 10 Euro or US Dollar minimum deposit
- Five status levels with higher minimum deposits
- Graduated discounts on commissions
- Personalized support
Since the minimum deposit is only 10 Euros or US Dollars, entry is also possible for small investors. Instead of the usual professional, platinum or VIP accounts, Libertex offers more advanced trader levels that provide access to additional services and features. Such upgrades are available through higher minimum deposits of 250 Euro up to a maximum of 50,000 Euro. This qualifies the customer, among other things, for commission discounts of between 3% and 40% and for added value in customer support.
Currently no bonuses at Libertex
Libertex is one of the brokers that used to try to attract new customers with welcome bonuses of up to 100 euros or US dollars. Within Europe, however, this type of customer acquisition is now prohibited. If the legislator changes the guidelines at some point, it cannot be ruled out that the broker will make such offers again. Otherwise, the free demo account and of course the additional services of the five levels of the trading account can be considered as bonuses. These start at the Gold Level with a minimum deposit of 250 Euros, where there are already discounts on commissions of 3%, and extend to VIP status. Those who deposit 5,000 euros are rewarded with a 30% commission discount and premium support services.
Conclusion: Sufficient choice for deposit and withdrawal at Libertex
Libertex is by no means new, but it is still not very well received by German traders. There are probably several reasons for this. Until the beginning of 2019, the broker’s website was only available in English, but this has been remedied so that traders can also obtain information in German. The trading offer of Libertex with over 200 values in the Forex and CFD area is rounded off by crypto-CFDs, so it is worth a try. However, you have to get used to the proprietary trading platform and its very own terminology. This is what levers are called multipliers at Libertex. This is offset by a broad range of payment methods, which not only includes credit card payments and bank transfers, but also the most common electronic payment service providers, not forgetting regional solutions – at favourable conditions.