The CySEC register entry for licence 164/12, opened on 24 October 2026, lists Indication Investments Ltd at 116 Gladstonos Street and at 10 Agiou Athanasiou in Limassol, approves the domain libertex.com, and is the contract behind Libertex.
The charge on that contract is a stack. The firm's forex key information document, last updated on 13 January 2025 and opened the same afternoon as the register, works a same-day EUR/USD example on the Libertex platform: the spread is held at 0.00, the commission is €5 on a €100,000 notional, and a margin adjustment of €10 brings the column total to €15.
That €10 is the line a spread table leaves off the page. The document applies 0.3 percent, which it calls the maximum, to the euro value of the initial margin, and it realises the fee when the position is closed. Two other Cyprus Investment Firms, read from their own pages on 24 October 2026, publish raw EUR/USD books whose commission plus published average spread converts to €6.09 and €7.04 on the same 100,000-unit lot, swaps left out. On the Libertex illustration the commission is the smaller of the two one-off charges.
Updated 24 October 2026.
Key facts
- Same-day total on the Libertex platform, euro account, 100,000 units of EUR/USD: €15, from a zero spread assumption, a €5 commission and a €10 margin adjustment (Libertex forex key information document, last updated 13 January 2025, retrieved 24 October 2026).
- That commission is 0.005 percent of notional, charged when the CFD is opened, worked in the document as €5 per €100,000 (same document, retrieved 24 October 2026).
- MetaTrader 4 and MetaTrader 5 forex on a euro account: €6 a lot, under a header that reads per lot round turn (Libertex notice "New Trading Conditions", fees from 29 December 2022, page retrieved 24 October 2026).
- The counterparty on libertex.com is Indication Investments Ltd, CySEC licence 164/12, dated 31 January 2012, company number 290930, with dealing on own account ticked for instrument categories 1 to 10 (CySEC entity page, retrieved 24 October 2026).
- First deposit €100, minimum trade €20 on the Libertex platform and 0.01 lot on MetaTrader, major-pair margin 3.33 percent, a ratio of 1:30 (Libertex terms and fees page, retrieved 24 October 2026).
- Pepperstone EU Limited, Razor, MT4/MT5, euro: €6.09 all-in. IC Markets (EU) Ltd, Raw Spread, MT4, euro: €7.04. Each adds the firm's published average spread, converted at the ECB dollar rate of 1.1193 (those pages, retrieved 24 October 2026; ECB file, fixing 23 October 2026).
How the document gets to €15
The product is a contract for difference on forex, manufactured by Indication Investments Ltd under licence 164/12. The firm says the forex CFD is an over-the-counter contract between the client and the company, and it marks the performance scenarios as applicable to the Libertex platform. The assumptions block sets the EUR/USD spread at 0.00, the commission at minus 0.005 percent, both sides of the quote at the illustrative price 1.09182, the size at 100,000 units, the margin at 3.33 percent, and the account currency at EUR, so the notional in the account currency is €100,000 and the margin required is $3,639.04.
The cost-over-time table prints the arithmetic. Spread cost on a same-day close, long or short, is zero. Commissions are 100,000 times 0.005 percent, printed as €5, and the composition note says the firm charges a small fee each time the client opens a CFD, so that €5 is an opening charge and the close in this example carries a second commission of zero. The margin-adjustment line is 3,639.04 divided by 1.09182, times 0.3 percent, equals €10, which is the line that takes the same-day total to €15. The example uses the published maximum, and the fee applies only when the account currency differs from the quoted currency, so a euro account on EUR/USD trips it and a dollar account on the same pair falls outside it.
The specification page the document points to for the live spread loaded on 24 October 2026 with the EUR/USD row absent. The visible lines said tight spreads apply and should be checked inside the platform, and that Indication Investments Ltd is leaving the UK Temporary Permission Regime and ending acceptance of United Kingdom clients. The terms and fees page confines the margin adjustment to the Libertex platform and caps it at 0.3 percent. The key information document marks the same fee as an all-platforms exit cost, realised on the close. Both pages were open on 24 October 2026 and describe different scopes, so the €15 stays the worked illustration at the published cap, spread held at zero.
The same lot at two other Cyprus firms
The peers are Pepperstone EU Limited and IC Markets (EU) Ltd, because their European pages opened and each name is a Cyprus Investment Firm on the CySEC register. Earlier reviews of Pepperstone and IC Markets sit on the brokers desk. The euro figures below were read again on 24 October 2026 from each firm's own schedule, and the spread portion was converted at the ECB reference rate in force on the retrieval date.
The ECB reference file carries a dollar fixing dated 23 October 2026 of 1.1193 dollars per euro. The retrieval date was a Saturday, so that Friday fixing is the rate in force, and one dollar is €0.8934 at that rate. One pip on 100,000 units of EUR/USD is 10 dollars. Dividing a dollar spread cost by 1.1193 puts it in euros. Pepperstone's 0.1 pip average is 1.00 dollar, or €0.89. The IC Markets average of 0.06 is 0.60 dollar, or €0.54.
| Same-day line, 1 standard lot, euro account | Libertex platform, KID example | Pepperstone EU, Razor, MT4/MT5 | IC Markets EU, Raw Spread, MT4 |
|---|---|---|---|
| Spread | €0.00 in the example | 0.1 pip average, August 2026, €0.89 | 0.06 average, read as pips, €0.54 |
| Commission, round turn | €5 on the open, once | €2.60 a side, €5.20 round turn | €3.25 a side, €6.50 round turn |
| Margin adjustment | €10 at the 0.3 percent cap | Unstated on the costs page | Unstated on the costs page |
| Same-day total, swaps excluded | €15.00 | €6.09 | €7.04 |
The pages build the three totals differently. Libertex publishes a worked example with the spread switched off and the margin-adjustment cap switched on. Pepperstone and IC Markets publish a euro commission and an average spread, added here after the pip conversion. A live Libertex average was absent from the specification page, so the zero in that bar is the document's own assumption. The IC Markets spreads page, opened the same day, prints the 0.06 figure with the sample window left unstated.
The MetaTrader book is a different ticket
The public MetaTrader commission lives on a notice headed "New Trading Conditions", stamped Thursday 8 December 2022 as Thu, 12/08/2022, and still on libertex.com on 24 October 2026. From 29 December 2022 it prices forex, and spot gold and silver, on a euro, sterling, franc or zloty account at 0.005 percent on the Libertex platform, also written as 5 EUR per 100,000. On MetaTrader 4 and MetaTrader 5 the same group is 6 EUR a lot. The comparison table is headed "Commission (per lot roundturn)" and puts 6 EUR in the new-price cell for FX majors, so the reading here is a €6 round turn on a euro account for a major pair, EUR/USD included.
The notice says spreads on forex majors, forex minors and spot metals can reach zero, a floor the spread is allowed to touch, while an average was absent from the specification page. On commission alone, €6 sits between the peer round turns of €5.20 and €6.50, and after those average spreads the peer all-ins are €6.09 and €7.04.
Which average, and which platform, the peers mean
Pepperstone EU Limited's costs page prices Razor as a raw spread plus a commission on FX and on XAU/USD. The MT4/MT5 euro row is EUR 2.60 a side, with EUR 5.20 round turn in the same cell, per lot of 100,000 base currency. The dollar row, USD 7 round turn, stays off the chart. The pairs page, footer Pepperstone EU Limited and licence 388/20, shows EUR/USD on Razor at a minimum of 0 and an average of 0.1, and on Standard at a minimum of 1 and an average of 1.1. A footnote on the costs page dates that sample to 1 August 2026 through 31 August 2026, all sessions including rollover, and this column reads the 0.1 as pips.
Standard is the check against stopping at the cheap tier. Pepperstone puts a 1 pip markup on raw FX there and sets margin-FX commission at zero, so an August average of 1.1 is 11 dollars of spread, €9.83 at 1.1193, still under the Libertex €15 example. cTrader on that costs page is USD 6 round trip on FX and TradingView is USD 7, each converted at the firm's own spot when the account is in another currency, with the conversion fee set at zero, so both stay off the ECB chart.
IC Markets (EU) Ltd's trading-costs page prices the MT4 Raw Spread euro standard lot at EUR 3.25 a side, EUR 6.5 round turn. The page quotes spreads in pips, Raw Spread from 0.0 and Standard from 0.8, and labels a 0.1 pip spread as an exercise at a ratio of 1:30. The average used here is the EUR/USD row on the spreads page: Raw minimum 0, average 0.06, Standard minimum 0.80, average cell blank. That 0.80 pip minimum is an 8 dollar floor, about €7.15 at 1.1193, a floor rather than an all-in. Retail margin on majors is 30:1 at Pepperstone EU and 3.33 percent, a ratio of 1:30, on the Libertex terms page.
Three names on the register
Cost is half the matrix. The other half is who holds the contract. All three CySEC entries were opened on 24 October 2026, and each shows dealing on own account. Indication Investments Ltd is ticked for instrument categories 1 to 10. Pepperstone EU Limited is ticked for categories 1, 4, 5 and 9. IC Markets (EU) Ltd is ticked for categories 1 and 9. Category 9 is the contracts-for-difference line on that register layout. The Libertex document says the forex CFD is a contract with the company, so the client on libertex.com contracts with Indication Investments Ltd.
RelatedTitan FX Commissions Contradict Zero Advertisement
| Register line | Libertex | Pepperstone, en-eu | IC Markets EU |
|---|---|---|---|
| Legal entity | Indication Investments Ltd | Pepperstone EU Limited | IC Markets (EU) Ltd |
| Licence and company number | 164/12, 31 Jan 2012, 290930 | 388/20, 3 Aug 2020, 398429 | 362/18, 25 Jun 2018, 356877 |
| Address on the register | 116 Gladstonos, and 10 Agiou Athanasiou, Limassol | 3 Myronos Street, 3035, Limassol | 86 Franklinou Roosvelt, office 401, 3011 Limassol |
| Address on the site footer | The about page leaves the street to the register | 195 Makarios III Avenue, Neocleous House, 3030 | The same Franklinou Roosvelt address |
| Account priced above | Libertex platform, KID, euro | Razor, MT4/MT5, euro | Raw Spread, MT4, euro |
Pepperstone is the row a client can check on two pages of one firm. The en-eu footer states company number 398429, licence 388/20, and 195 Makarios III Avenue, Neocleous House, 3030, Limassol. The register entry for 388/20 states 3 Myronos Street, 3035. The licence and the company number agree, and the streets differ. IC Markets (EU) Ltd's footer and its entry for 362/18 share 86 Franklinou Roosvelt, office 401, 3011 Limassol. Indication Investments Ltd's entry for 164/12 lists the two Limassol addresses in the opening, the domains libertex.com and www.libertex.de, and support@help.libertex.com. The about page names Michael Geiger as Libertex chief executive and says the platform is used by Indication Investments Ltd under 164/12.
The Libertex key information document says retail client money is segregated, that the firm belongs to the Investor Compensation Fund, and that the fund covers eligible investments up to €20,000 a person. It rates the forex CFD at 7 out of 7 on its risk indicator. The sections of that document read here leave out a retail-loss percentage. The Pepperstone EU footer states that 74.1 percent of retail CFD accounts lose money with that provider. The IC Markets EU costs page states 73.46 percent. Those warnings stay separate from the cost ranking.
What else moves in euros
On the Libertex terms page the first deposit is €100, deposits are free, and inactivity is €10 a month after 180 calendar days clear of trades, open positions, deposits and withdrawals. The key information document adds a balance test the terms extract leaves out, charging that fee only when the balance sits under €5,000. Holding past the same day changes the ticket: the document's long scenario turns the €15 into €87.10 after one week, with a swap of €72.10 at 0.0103 percent a night, and that week stays outside the comparison. The IC Markets spreads page prints a long EUR/USD swap of minus 8.023 points, while its costs-page exercise prints minus 6.25, so neither swap enters the ticket. The 164/12 cross-border list runs through a long set of EEA states and records Switzerland.
Pros, cons, and the company on the other side
The pros are the parts of the file that line up. The licence, the approved domain and the product manufacturer sit on Indication Investments Ltd, dealing on own account is ticked, and the document prints both the €20,000 compensation cap and the formula behind the €15. The MetaTrader commission, €6 round turn on a euro account for FX majors, sits between the peer round turns of €5.20 and €6.50 before those firms' average spreads are added.
The cons are what make the named platform the expensive object. The same-day Libertex platform ticket is €15 at the cap with the spread held at zero, against €6.09 on Pepperstone EU Razor, €7.04 on IC Markets EU Raw, and €9.83 of spread on Pepperstone Standard with commission at zero. The specification row that would replace the zero stayed blank, the public MetaTrader schedule is still the December 2022 notice, and the terms page and the key information document describe different scopes for the margin adjustment.
The all-in same-day ticket in that forex key information document, last updated on 13 January 2025 and opened on 24 October 2026, is €15 per 100,000 units of EUR/USD on the Libertex platform: €5 on the open and €10 of margin adjustment on a euro account, spread held at zero. The client on libertex.com contracts with Indication Investments Ltd, CIF 164/12, company number 290930. The score that matches that reading is 3.4 out of 5.
CFDs can wipe out the money placed in a retail account. The figures above are published schedules and one worked example, read on 24 October 2026, and they are not a prompt to open, fund or close any account.