Libertex - Forex Trading AppApp Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
Update 2022-02-09: This app is no more.
(Analysis from Android review)
Updated Analysis 2022-01-04:
This is a Cryptocurrency CFD (Contracts for Differences) trading platform. We are changing the verdict to reflect this.
As of today, the iOS version of the app has last been updated on May 25, 2019, whereas the Android version was updated just last November 26, 2021.
Erratum: It was stated in the previous analysis that there is a “wallet”. We mistakenly assumed that it could be a Bitcoin or a crypto wallet. At the time - (and up to now), the only way to simulate depositing or withdrawing would be to pass through KYC, which would require us to submit personally identifiable documents.
We were wrong, and it is not a cryptocurrency wallet as most Forex and CFD trading platforms would have.
We now know that the only way to fund accounts is through the following: Bank transfer, Bank Card, Neteller or Skrill. This can be found in a support article.
Libertex is a powerful online trading app designed to boost your trading experience.
Libertex Online Trading app advertises itself as a “powerful online trading app” and not as a Bitcoin wallet. It does have a “wallet” that can store Bitcoins but users aren’t provided with the private key. With a third party in control of the keys and no source code in sight it’s safe to assume this app is custodial and as such not verifiable.
Additional Observations: Interestingly enough, there’s an app and website with the same name but with the “.com” domain rather than “.org.” The Twitter account seems to clarify this by calling itself “Libertex Europe” while Libertex.org’s Twitter calls itself “Libertex LATAM” which is a bit confusing.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.