Orbex Review 2020 – Is this broker trustworthy?
| General Information |
|
|---|---|
| Broker Name: | Orbex LIMITED |
| Broker Type: | Forex |
| Country: | Cyprus |
| Operating since year: | 2009 |
| International offices: | Jordan, Kuwait |
| Regulation: | •Banque de France, 73762 •CNMV (Spain), 2894 •CONSOB (Italy), 3148 •CySEC, 124/10 •FCA (UK), 553071 |
| Broker status: | Regulated |
| Customer Service | |
| Phone: | +357 25588855 |
| Email: | [email protected] |
| Languages: | English, Russian, Arabic, Spanish, Chinese, Japanese, German |
| Availability: | 24 Hours ( Monday – Friday ) |
| Trading | |
| Trading Platforms: | MetaTrader 4 trading platform, ORBEX MT4 WebTrader |
| Trading platform(s) timezone: | GMT+2 |
| Demo Account: | Yes |
| Mobile trading: | Yes |
| Web based trading: | Yes |
| Bonuses: | $100 with every friend that they successfully refer to ORBEX. |
| Other trading instruments: | Currency pairs, commodities, precious metals, and cash indices. |
| Account | |
| Minimum deposit ($) | $500 |
| Maximal leverage (1:?) | 1:500 |
| Spread | Fixed |
| Scalping allowed | Yes |
Review Contents:
- Introduction to Orbex Review;
- Trading Accounts at Orbex;
- Orbex Trading Conditions;
- Security of Funds, Regulations, and Licenses;
- Additional Information About Orbex;
- Orbex Review Conclusion.
Introduction to Orbex Review
Orbex (Orbex Global Limited) is an international forex and CFDs broker based in Cyprus. They were formerly known as AFBFx. Orbex has offices in Cyprus, Kuwait, and Jordan. Since they are an international broker they have several regulations and licenses, due to which we consider them to be a trustworthy company.
In this Orbex review, we will discuss the pros and cons that you should be aware of. Overall, we are satisfied with what Orbex has to offer, but we have come across brokers with much better deals. Make sure to read this full review to learn about Orbex. If you have had any experience with them, please share in the ratings below.
Trading Accounts at Orbex
Orbex, as many other brokers, allows traders to choose from several account types. The accounts are separated by the trading tools and needs of traders.
Classic Account
- Minimum Deposit: $500
- Deposit Currencies: USD, EUR, PLN, GBP
- Expert Advisors
- Fixed Spreads
- Free VPS Hosting
- Max Leverage: 1:500
- Negative Balance Protection
- Scalping: No
- Stop Out: 50%
- Swap Free
The classic account is simple and relatively low cost. The leverage is high and the spreads are fixed. At least they offer negative balance protection.
Copy Trading Account
- Minimum Deposit: $500
- Commission: $10 or more
- Stop Out: 50%
- Variable Spreads
- Max Leverage: 1:500
Copy trading account is designated for traders who like to copy others’ strategies. If you follow a trader of your choice, this account will copy their activity fully.
Standard Account
- Minimum Deposit: $500
- Deposit Currencies: USD, EUR, PLN, GBP
- Expert Advisors
- Free VPS Hosting
- Max Leverage: 1:500
- Negative Balance Protection
- Scalping: Yes
- Stop Out: 50%
- Swap Free
- No Commission
- Variable Spreads
The standard account is similar to the classic, though they offer variable spreads and no commissions. The rest is pretty much the same.
Premium Account
- Minimum Deposit: $5000
- Deposit Currencies: USD, EUR, PLN, GBP
- Expert Advisors
- Variable Spreads
- Free VPS Hosting
- Max Leverage: 1:500
- Negative Balance Protection
- Scalping: No
- Stop Out: 50%
- Swap Free
- No Commission
The premium account raises the stakes with the minimum deposit, though the spreads become variable and you receive access to many more tools available at Orbex.
VIP Account
- Minimum Deposit: $25,000
- Deposit Currencies: USD, EUR, PLN, GBP
- Expert Advisors
- Variable Spreads
- Free VPS Hosting
- Max Leverage: 1:500
- Negative Balance Protection
- Scalping: No
- Stop Out: 50%
- Swap Free
- No Commission
Opening an account with Orbex is a basic process as at any other broker. They will ask you to send in proof of identification after filling out the registration form. Once you get verified you may start trading.
You can also try the demo account before you deposit real money at Orbex.
Orbex offers four different types of assets for trade: forex, commodities, precious metals, and indices. Financial instruments are suitable for all investors. The spreads change with the trading tools, so make sure to look at their list before you decide to commit to the broker. Overall, the elements are quite basic with nothing new to offer.
Trading Conditions at Orbex
Orbex offers high leverage which is both a good and a bad thing at the same time. This means that you have a chance to up your profits or to risk everything at a higher percentage. But many accounts have no commission fees, which is quite useful as well. Orbex also offers the option of connecting with the FSTat Tradebook, which will give you a chance to copy the trades of more experienced traders.
Another feature available at Orbex is TradeLab. This is a system where you have a chance to see different ideas posted by traders or to post your own. Trading Central is also an option to seek detailed analysis reports on different trading instruments, which will cover different time frames and strategies. Additionally, Orbex Strategizer enables you to create and edit your own Expert Advisors and run them on MT4, with no coding knowledge required.
The spreads offered by Orbex are as follows:
- Classic account – fixed, 1.9 pips
- Standard account – 1.5 pips
- Premium account – 1.2 pips
- VIP account – 0.8 pips
Obviously, the higher level you go the better the conditions and spreads are. The more you invest the more you receive in return, tools-wise. But, the same does not always apply to trades.
Trading Platform
As a trader, you will be doing your investments on the MT4 platform. This platform is known for the advanced charting tools which support multiple time frames. Here are more advantages of trading with the MT4 platform:
- ECN trading
- Education in MT4 trading
- Automated trading
- Trailing stop
- Easy interface
- Secure trading environment
- Access to EAs
Orbex gives you an option to trade on the web, desktop, and mobile. This is a great option for traders who wish to invest on the go. Not everyone has the comfort of doing it from home. So, having the ability to take your platform with you raises your chances of better and more successful trading.
Security of Funds, Regulations, and Licenses
Orbex made sure to implement the highest security available on their servers. For example, they use SSL-encryption to store all client information. The accounts are also segregated from the company, so the funds will never get misused. Fund security is quite strong at Orbex, which we find to be a big plus.
Orbex also offers trading protection through a compensation fund. So, the clients are protected for up to $20,000 if the company becomes insolvent.
Orbex is regulated by CySEC under the license number 124/10. They are in compliance with the MiFID regulations and are a part of the Investor Compensation Scheme. Orbex is also regulated by the FCA, UK’s tough regulator who offers protection of funds and companies.
Additionally, Orbex is covered by the BaFin in Germany. We are happy to see so many licenses and regulations for the broker. Though keep in mind that brokers often break the rules and scam their clients regardless of their regulations. Orbex has not been a part of such news in all of their history, so we assume they are compliant and safe.
Overall, the reliability of Orbex seems to be quite high. They have managed to receive numerous awards over years of their practice. This might not be the indicator you are looking for, but it is still a good detail to know.
Additional Information About Orbex
Orbex has a simple, user-friendly website. Though, we noticed some bugs while going through it. Several tabs would not open unless clicked several times, the windows would show up blank, and the text was messed up at some point. Orbex needs to look into their web development to fix these issues.
Of course, these are not a big deal but still do not leave a good impression in the end.
Moreover, the website is available in multiple languages such as English, Arab, Spanish, Bengali, Japanese, Chinese, Russian, German, Italian, and more. Orbex is aiming for a worldwide user base and they are doing a splendid job including so many languages on their website.
Customer Support
Orbex offers 24/7 customer support. You can get in touch with them via live chat, phone numbers, or email. They provide help in several languages and list numbers for different departments. It is reassuring to see Orbex put out clear directions to issue solving.
Overall, we are very satisfied with their customer service and consider this to be an important aspect of a broker. Of course, in this day and age, most of the brokers offered various ways to get in touch with them. But, Orbex managed to make it much easier for users to find the exact number they are looking for.
Deposit and Withdrawal
Payment options at Orbex are also quite inclusive and vast, They offer the following options for deposit and withdrawals.
- Bank wire
- Debit/credit cards
- FasaPay
- K-NET
- MoneyBooker
- Neteller
- WebMoney
- ZotaPay
Some deposit options might not be available for withdrawal. The processing time varies with the transaction method, though usually, it is instant.
Orbex Review Conclusion — Regulated but Limiting
Orbex seems like a reliable and trustworthy broker at first glance. So far, there has been no news regarding Orbex scamming any clients or taking advantage of funds. The reliability is quite good and we consider this to be a safe broker overall.
There are obvious disadvantages such as the minimum deposits for professional trading accounts being high. But that should not be an issue for traders who wish to invest seriously. Keep in mind the offered leverage is also high, which is a double edged sword. It could either make your profits much higher or make your losses worse than expected.
The spreads are below average in the industry, but for the VIP account, it is not too bad. Still, many brokers nowadays offer 0 pips for VIP accounts.
In the end, it is completely up to the user to decide whether the broker fits their needs. In this Orbex review, we did our best to provide you with all the information you might need to know about the broker. We do consider them to be quite good, but other brokers have many more advantages and features to offer.
We hope that you enjoyed this Orbex review. Make sure to check out our other reviews!
Overall
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Support
(4)
-
Platform
(5)
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Spread
(4.5)
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Trading Instrument
(3.5)
Not recommended
Bad customer service and worst trading platform I have ever used. Not recommended.
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Poor broker service
Poor broker services. Do not deal with them.
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Not satisfied
I often encounter system issues almost every day or every time I place trades but can’t get through their customer service. Not satisfied!
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Poor trading advice
Poor trading advice. I followed their trading instructions but got more losses than profits. I will not trade with them again.
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Unreliable
Unreliable people, unreliable signals, and unreliable services. Do not trade with this broker.
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This broker is extracting money from people
Seems like this company is just extracting money. I have opened an account and I was asked to add more which I did but I noticed they keep on asking for me to deposit more but I keep on losing.
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Consecutive losses
Unreliable trading signals really. I observed consecutive losses.
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Hard time on withdrawals
They give me hard time on my withdrawal request. I was not able to get my money from them.
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Scam company
Scam company. They took all my money.
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Slow withdrawals
They have the slowest process when it comes to withdrawals. been with several brokers have switched because of slow withdrawals. I thought it was going to be faster with this broker but no it is even worst than I can imagine.
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Bad people
Bad people. I am seeking help from the authorities to get my money back.
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Bad customer service
Bad customer service. They are very unresponsive and a bit rude at times.
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Poor forex broker
This causes miseries and problems. I have lost thousands of dollars because of them.
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Arrogant brokers
Very arrogant brokers. They always ask for more money but did not bother to explain what happens to my trades.
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Fraud
Fraud broker company. They are fake so do not deal with them.
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