Orbex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Orbex Review.
Orbex offers its clients a selection of account types to make sure traders of all skill level and portfolio size are well taken care of. You can choose between fixed or variable spreads. All account types offer maximum leverage up to 1:500 and are commission-free (except the Copy Trading account.
Swap-free (Islamic) service is available to Muslim investors who are unwilling to earn interest for religious reasons.
The Company. Security of Funds
Company Country Regulation
Orbex Ltd. Cyprus CySEC
Founded in 2010, ORBEX (formerly AFBFx) is a retail foreign broker, offering multiple assets for trade on the most popular MetaTrader4 platform. This is the brand name of Orbex Ltd. – a Cyprus Investment Firm (CIF) – which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain requirements to license holders and sees to compliance with the rules set. For instance, customer funds must be held in segregated accounts. Besides, the Commission requires forex brokers to hold at least €1,000,000 as a proof of financial stability.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to its covered clients up to 20,000 EUR, in the event of broker insolvency.
Moreover, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
Minimum Initial Deposit
In order to open an account with Orbex, traders have to invest a minimum of $500. Such minimum initial amount is common; however, many other Cyprus-based brokers require less. For instance, FXTM demands just $5 from its clients as a start.
Spreads & Commission
Orbex’s fixed spreads are comparatively low, amounting to 1.9 pips on the Classic account, while variable ones on Standard account are above the average for the forex market, starting out at to 1.5 pips on EUR/USD. Premium and VIP accounts offer tighter spreads, but the minimum initial deposit required is higher.
For purposes of comparison, floating spreads offered by FXTM on ECN accounts are averaged 0.7 pips on EUR/USD, plus a commission of to $ 2 per standard lot (per side). For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Orbex is 1:500, which is considered a comparatively high ratio. However, many Cyprus-based brokers offer even higher levels – for example, XM provides leverage up to 1:888 and FXTM – up to 1:1000. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
Nonetheless, we advise traders to exercise caution when trading on margin, as higher leverage involves greater risk of losses, which may even exceed the initial investments.
This broker supports the renown MetaTrader 4 (MT4), desktop and mobile versions available.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.
In addition, this broker offers MT4 MultiTerminal, designed exclusively for professional traders and money managers. It enables clients to manage multiple forex trading accounts simultaneously.
Besides, Orbex provides its clients with free VPS – a virtual server that you can use for hosting your MT4 EAs, providing extra protection when trading forex.
What is more, Orbex has partnered with forex analytics provider FXStat to offer its clients Auto trading via TradeBook. FxStat Tradebook is a social automatic trade service that allows allows traders to copy signals and share their own experience with the rest of the trading world.
Another Auto trading option provided by this broker is Orbex Strategizer, developed in association with TradeWorks – an algorithmic forex trading system that does not require any coding or programming to build an expert advisor.
At the time of writing this review, Orbex offers a Refer a friend bonus. It amounts to $100 for each referred friend who starts trading with Orbex and trades a minimum of 10 standard lots.
Methods of Payment
The following payment methods are available to Orbex clients: credit/debit cards, bank wire transfer, K-net Payment Gateway: and e-wallet payment systems, such as Skrill, Neteller, WebMoney or FasaPay.
This broker charges no deposit/withdrawal fees.
Orbex is a well-regulated award-winning broker that offers online in forex currency pairs, CFDs and precious metals through the famous MT4.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Orbex Review Conclusion
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