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Libertex - Forex Trading App

Latest release: 2.21.0 ( 25th May 2019 ) 🔍 Last analysed 16th February 2022 . Can't send or receive bitcoins Not functioning anymore
4.6 ★★★★★
429 ratings
10th February 2016

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Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

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.

Previous Analysis

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.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

But we also ask:

Defunct!

Is the product still supported by the still existing provider?

If the answer is "no", we mark it as "Not functioning anymore".

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.