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LibertyX Review - is it scam or safe?

LibertyX Review - Is libertyx.com scam or safe cryptocurrency exchange?

RATING: 3.5 / 0 REVIEWS LibertyX

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Trading Fee Deposit fee
Standard 1:1 Does not apply Varies by store (5-10%)

LibertyX is a company, which allows US citizens to buy Bitcoin with cash. Given how an ever growing number of exchanges have stepped accepting customers from the States, this is an interesting alternative way of getting involved with crypto. It isn't technically an exchange, but more of a service. 

 

LibertyX Advantages

 

Simple model (accepting cash) – By far the main benefit of LibertyX is the way in which they operate. The company has set up dozens of brick and mortar shops (or partnerships with existing ones) across the US. After having an account with them and having downloaded their app, one can go to the store and buy bitcoin with cash. 

 

There are two types of stores the so called “variable ones”, where one can pay directly, and the “PIN/Gift Card” ones, where as the name suggest you can buy vouchers for predetermined amounts. 

 

LibertyX claims they immediately send a blockchian transfer after you make the payment. We can’t verify nor deny these claims, as we haven’t tested their service.

 

 

Operating since 2014 – The company has been running for quite some time (in the context of cryptocurrencies). Other exchanges are even younger and have yet to prove the quality of their offer.

 

Fair exchange rate – when dealing with such companies, this is one of the most important factors – how close is their rate to the actual price on a given exchange at the moment. LibertyX takes their Bitcoin price form several exchanges, including, but not limited to Coinbase, Bitfinex and Bitstamp. At the time of writing their offer was in-line with the current one on these venues, about 0.5% higher than the lowest one. This is an acceptable tolerance, and does not include the separate fees, which we’ll cover below.

 

Up to $200/day without verification – those of you who have trouble with sharing your personal data with exchanges, may find some hope with this service. The limit for unverified accounts is decent. Here is are the specifications of the two verification states (click to zoom):

 

 

LybertyX Disadvantages

 

Only suitable for US clients – this isn’t really an issue, but a deliberate choice, which we have to mention. The very nature of LibertyX makes them non usable by people outside of the States. This may change in the future, if the company grows or starts a partnership with other similar groups across borders. 

 

Credit cards not supported – this, on the other hand, is a thing which the company can approve upon and according to their website is actually trying to do. Nowadays people often pay with their cards at places which also accept cash.

 

>>Where can you buy Bitcoin with a Credit Card?<<

 

No wallet provided – this partially undermines the “user friendliness” of  LibertyX to a certain extend. In order to get Bitcoins form their service, one must already be familiar with wallets, which means doing some research before entering the store. This isn’t a bad thing by itself, but makes buying a bitcoin gift card for your grandmother not that surprising, if you have to set up a wallet beforehand.

 

High variable fees – LibertyX’s actual profit comes form the fees, which vary on a per store basis. They can easily be viewed on the website, before you decide which shop to go to. The levels we saw, when browsing were between 5-10%, which is a bit steep. Keep in mind, mining fees will be separate.

 

Not an "exchange" – LibertyX isn’t what traders call an exchange, i.e. a trading venue, where speculative transactions can be done instantly. For instance, the New York Stock Exchange is such a place. Most cryptocurrency exchanges offer similar functionality. Another option for those of you who are looking to trade more actively are forex brokers.

 

>>Forex brokers, offering Bitcoin<<

 

These are companies which specialize in offering retail clients the ability to trade the international fiat currency markets. Some of them have stated adding crypro to their offering. We have to highlight this is done via Contracts for Difference (CFD), which are very different than buying cryptocurrencies directly. Read all the details here.

 

Bitcoin is the only coin – the lack of altcoin support at such an entry level company isn’t that surprising, but some of the online competitors offer at least a little variation.

 

Conclusion

 

LibertyX is a US cryptocurrency entry level service. They operate with partnering brick and mortar stores, where one can easily buy Bitcoin with cash. They seem like a credible company, but the fees, which vary depending on the physical store in question are on the high end. However, one would have to already own a Bitcoin wallet before buying from them. This leaves mixed feelings – users will have to educate themselves about security in the world of crypto, but the service isn’t that user friendly. 

 

Still, if you are looking for an even safer way to trade Bitcoin, or some of the major other coins, forex brokers provide a decent option. Check the link below to see the regulatory standards which the top companies must follow.

 

>>Trusted Bitcoin forex brokers<< 

 

The pros and cons of LibertyX:

 

Pros Cons
Simple model (accepting cash) Only suitable for US clients
Operating since 2014 Credit cards not supported
Fair exchange rate No wallet provided
Up to $200/day without verification High variable fees
  Not an "exchange"
  Bitcoin is the only coin

 

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Traders` reviews for LibertyX

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