Orbex Broker Review 2024: Is it a scam?

Orbex Trading Terms and Product Offerings

Orbex offers more than 300 trading products including forex, cryptocurrencies, commodities, stocks, and indices.

Orbex offers up to 500:1 leverage and has three different types of trading accounts. The minimum deposit required for opening an account is $100 with the Starter account, which has no commissions on trades. Accounts that offer smaller spreads, but which charge a commission, require a larger deposit.

The Starter account is best for those starting out. Other than a lack of private training sessions, it includes all the perks of the other accounts. The key difference is the spreads. The cost of the trade is factored into the spread. Spreads are larger on the Starter account, which is why the company doesn’t charge a commission.

The Premium and Ultimate accounts have much lower spreads, but you will pay $8 per round turn per contract (“round turn” includes your entry and exit fee) with a Premium account and $5 per round turn per contract on the Ultimate account. The Premium requires a $500 minimum deposit whereas Ultimate is a $25,000 minimum deposit.

The main benefit of the Ultimate over the Premium is two additional one-on-one consultations and lower commissions. Other than that, the accounts are very similar, offering the same spreads and no dealing desk (NDD) execution.

NDD is preferred by most traders because it means the broker isn’t taking the other side of your trade (thus creating a conflict of interest). Rather, they execute your order against another market participant. Islamic accounts, also called swap-free accounts, are offered as well. Here are the financial instruments you can trade, all via contracts for difference (CFD):

• 44 forex pairs
• 10 indices, including the S&P 500, UK 100, and Nasdaq 100
• 12 commodities, including gold, silver, and oil
• 200+ stocks from the US, UK, and EU
• 11 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple and more
• 8 futures contracts (indices futures) including the German, Australia, Spain, and France indices

The following are spreads you can expect to see on various account types.

Orbex (just like Forex4you) does not offer binary options trading.

Orbex Markets Trading Platforms

Orbex offers the commonly used MetaTrader 4, the most popular trading platform for forex trading.

MetaTrader 4 is produced by Meta Quotes. Many brokers offer it due to its popularity among traders. Its easy-to-use interface and array of features make it an attractive trading platform. MT4 is available for PC and MAC, as well as an Android app.

MT4 on Orbex comes equipped with 1-click trading ability which allows you to place trades quickly. It has 30 indicators available, but you can download additional indicators in the marketplace. It has its own programming language, allowing you to create your trading indicators or trading robots, or you can download other people’s indicators or robots.

Overall, MT4 is a relatively simple program offering traders what they need: the ability to place entries, stop losses, and profit targets. The three primary orders for managing trades.

Orbex Funding and Withdrawal Options

Orbex does not charge fees on deposits or withdrawals. However, depending on the payment method selected, the payment provider may charge a fee.

Here are the ways you can deposit to and withdraw from your Orbex account, along with the type of currencies you can deposit or withdraw through that payment processor.

Most deposits are instant, depending on the speed of the payment provider. Withdrawals are processed within 24 hours during the week. Bank wires may take 3-5 days for the deposit to reach Orbex or for the withdrawal to reach your bank account.

For processing times on deposits, check with each payment provider.

Orbex Promotions and Deposit Bonuses

Orbex is not currently advertising any deposit bonuses, but it does offer free VPS and no-fee deposit and withdrawals. A deposit bonus is when the company allows you to trade with more capital than what you deposited into the account. Orbex does not currently offer a deposit bonus.

That said, the company does offer free Virtual Private Servers (VPS). A VPS is another computer that hosts your trading account so that it is less likely to be impacted by things like power outages or viruses. A VPS also generally offers faster execution speed than trading off your own computer.

Algorithmic traders typically prefer to use a VPS. For traders placing trades manually, which is most retail traders, it is not required.

Are my funds secure with Orbex?

Orbex keeps clients’ funds in separate accounts. This is important for maintaining the security of your funds.

Reputable brokers offer segregated accounts. This means your funds are held in trust, separate from the broker’s own funds.

Also long as your funds are in a segregated account, even if the broker goes bankrupt, your funds are safe. Segregated funds are a key thing that experienced traders look for in a broker, along with being regulated.

Orbex also offers negative balance protection. This means that your account balance can’t go below zero – and if it does, you are not responsible for the debt. This is an appealing feature since losing more than what you have in the account is a possibility when trading on leverage.

Orbex is also part of the Investors Compensation Fund (ICF) which is offered by the Cyprus Securities and Exchange Commission (CySec). This provides compensation to investors, up to €20,000, in the event of an ICF broker ICF going bankrupt.

Is Orbex Markets Regulated?

Regulated brokers are the choice of experienced traders. Orbex is regulated in three jurisdictions.

Orbex Global Limited is regulated by the Mauritius Financial Services Commission (FSC). Orbex Limited is regulated by the Seychelles Financial Services Authority (FSA) and the Cyprus Securities and Exchange Commission (Cysec).

To avoid getting scammed, it’s best to trade with a regulated broker. If the broker is regulated in more than one location, that is a good sign for its reputability.

To be regulated, a broker must adhere to local laws and meet certain financial requirements. This helps ensure the safety of trader’s funds. Many other forex brokers are regulated by either the FCA, CySEC, FSC and FSA, these include BDSwiss and FxPro.

How Do I Contact Orbex Support?

You can contact Orbex support 24 hours a day, five days a week. The broker has a knowledgeable and responsive customer service team.

Here are the phone numbers for Orbex if you want to speak to a live agent:

Mauritius office: +442035198140

Seychelles office: +442036565401

You can also send them an email. Expect a response within 24 hours.

Support: [email protected] (general inquiries)

Dealing Desk: [email protected] (trade issues or questions)

Complaints: [email protected] (voice a problem)
Finance: [email protected] (deposit and withdrawal issues)

Turkish: [email protected]

Arabic: [email protected]

Cyprus: [email protected]

You can also send them a message from their contact us page. Before contacting support, view the Help Centre which includes answers to questions on getting started, payment methods, MT4, trading, VPS service, and more. Support is available in English, Turkish, and Arabic. Other languages may also be available upon request but are not advertised.

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