Orbex Review 2019

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OrbexReview

Introduction

“Established in 2010, Orbex (formerly AFBFx) is an international forex and CFDs broker that is based in Limassol, Cyprus and is regulated by CySEC to offer currencies, precious metals, commodities and indices.”

Established in 2010, Orbex (formerly AFBFx) is an international forex and CFDs broker that is based in Limassol, Cyprus. The broker head office is located at 82nd Street, No.6, Ground Floor, 4153 Kato Polemidia Limassol, Cyprus. To better support is clientele base, Orbex also maintain two branch offices in Kuwait and Jordan. Orbex offers its traders access to currencies, precious metals, commodity and indice trading. They have a wide selection of account types, reasonably competitive spreads and a wide selection of trading tools to help boost the trader’s experience. The leverage on offer goes up to 1:30 which is the standard leverage recommended to CySEC brokers. For a higher leverage you will need to speak to the company directly.

Investor Protection & Regulations

“As a financial services provider that is based in Cyprus, Orbex comes under the jurisdiction of the Cyprus securities Exchange Commission (CySEC). Orbex is authorized under the CIF license number 124/10 and is compliant with European Union MiFID regulatory framework.”

As a financial services provider that is based in Cyprus, Orbex comes under the jurisdiction of the Cyprus securities Exchange Commission (CySEC). Orbex is authorized under the CIF license number 124/10 and is compliant with European Union MiFID regulatory framework. By virtue of the fact that Orbex is a regulated entity under CySEC, Orbex is obligated to be a member of the Investor Compensation Scheme. Under this scheme, your funds are protected up to a maximum value of 20,000 euros should ever Orbex become insolvent. In addition to being regulated by CySEC, Orbex is also registered with the FCA (under MiFID regulatory framework). The FCA is the UK’s stringent regulator that offers cover to traders up to 50,000GBP. It is also covered by Germany’s BaFin and is compliant with MiFID, the framework of European Union (EU) legislation for financial companies.

Reliability

“Orbex claims to ensure that all transactions on its platform are 100% secured, that all data that passes through the broker’s servers are encrypted using the latest security technology and that all clients’ personal information is kept in the strictest confidence.”

Over the years that Orbex has been operational, the broker has bagged numerous awards to bear testimony to its high quality services. However in this day and age when awards can be bought for money we must look only at the publications with strong reputations. If you are in doubt as to which those are then disregard the awards entirely and look for more concrete evidence as to the reliability of the broker. In this case first and foremost, Orbex ensures that all transactions on its platform are 100% secured. All data that passes through the broker’s servers are encrypted using the latest security technology. All clients’ personal information is kept in the strictest confidence.

As a highly regulated financial provider in Europe, the broker must abide by strict money protection protocol. Not least to keep clients’ funds in segregated accounts, which are apart from the brokers’ funds. This affords a level of protection to the traders.

Finally, Orbex uses a reliable trading platform such the MetaTrader 4 (MT4) to ensure its trades can act on actionable information in a speedy manner.

Tradable Products

“At Orbex, you can trade in 4 different classes of assets. These include forex, commodities, precious metals and indices.”

At Orbex, you can trade in 4 different classes of assets. These include forex, commodities, precious metals and indices. The following list below show the assets that are currently covered by Orbex:

Forex

  • AUDCAD
  • AUDCHF
  • AUDJPY
  • AUDNZD
  • AUDUSD
  • CADCHF
  • CADJPY
  • CHFJPY
  • EURAUD
  • EURCAD
  • EURCHF
  • EURGBP
  • EURJPY
  • EURNZD
  • EURTRY
  • EURUSD
  • GBPAUD
  • GBPCAD
  • GBPCHF
  • GBPJPY
  • GBPNZD
  • GBPUSD
  • NZDCAD
  • NZDCHF
  • NZDJPY
  • NZDUSD
  • USDCAD
  • USDCHF
  • USDCNH
  • USDDKK
  • USDJPY
  • USDMXN
  • USDNOK
  • USDPLN
  • USDTRY
  • USDZAR

Commodities

  • USOIL

Indices

  • US30
  • SPX500
  • NAS100
  • GER 30
  • UK 100

Precious Metals

  • XAUUSD
  • XAGUSD

Account opening

“Orbex offers 5 different types of trading accounts based on the trading needs of traders. The accounts are Classic Account, Standard Account, Premium Account, VIP Account and Copy Trading Account”

Orbex offers 5 different types of trading accounts based on the trading needs of traders. The accounts are Classic Account, Standard Account, Premium Account, VIP Account and Copy Trading Account.

  • Classic Account:

Minimum Deposit: 500
Commission: No
Deposit Currencies: USD, EUR, PLN, GBP
Expert Advisors (EAs)
Fixed Spreads
Free VPS Hosting
Max Leverage: 1:500
Negative Balance Protection
Scalping: No
Stop Out: 50%
Swap Free: Yes

  • Copy Trading Account:

Minimum Deposit: 500
Commission: $10>
Stop Out: 50%
Variable Spreads
Max Leverage: 1:500

  • Standard Account:

Minimum Deposit: 500
Commission: No
Deposit Currencies: USD, EUR, PLN, GBP
Expert Advisors (EAs)
Free VPS Hosting
Max Leverage: 1:500
Negative Balance Protection
Scalping: Yes
Variable Spreads
Stop Out: 50%
Swap Free: Yes

  • Premium Account:

Minimum Deposit: 5000
Commission: No
Deposit Currencies: USD, EUR, PLN, GBP
Expert Advisors (EAs)
Free VPS Hosting
Max Leverage: up to 1:500
Negative Balance Protection
Scalping: Yes
Stop Out: 50%
Swap Free: Yes
Variable Spreads

  • VIP Account:

Minimum Deposit: 25000
Commission: No
Deposit Currencies: USD, EUR, PLN, GBP
Expert Advisors (EAs)
Free VPS Hosting
Max Leverage: 1:500
Negative Balance Protection
Scalping: Yes
Stop Out: 50%
Swap Free: Yes
Variable Spreads

The copy trading account allows Orbex’s traders to copy the trades of other potentially more experienced traders on the FXStat Tradebook copy-trading system, automatically.

Opening an account with Orbex is much like opening an account with any regulated broker. Having filled out the registration form, you must then verify your identity by supplying utility and identification documents. Once these are accepted you can then deposit funds and begin to trade with Orbex.

Deposit & Withdrawals options

“You may fund deposits though bank wire, debit and credit cards and e-wallets. Orbex does not charge any withdrawal fees but you may still be subjected to Intermediaries or bank fees.”

For trading account funding, Orbex supports the following methods:

  • Bank Wire
  • Direct Debit / Credit Cards
  • Fasapay
  • K-NET
  • MoneyBookers
  • NETELLER
  • WebMoney
  • ZotaPay

The processing time for the withdrawals depends on the methods used. The fastest method is by e-Wallets which can be instantaneous to a few hours. The most time consuming method is by bank wire transfer. This method can take up 3 to 5 business days for a withdrawal to be completed. Orbex does not charge any withdrawal fees but you may still be subjected to Intermediaries or bank fees.

Web & Desktop Trading Platforms

“Orbex uses the MetaTrader 4 (MT4) trading platform. With the MT4 platform, you can trade in forex, commodities, precious metals and market indices.”

For choice of trading platform, Orbex uses the MetaTrader 4 (MT4) trading platform. With the MT4 platform, you can trade easily in forex, commodities, precious metals and market indices. The MT4 platform is well known for its reliability and robustness. It is also user friendly and is packed with a wide selection of sophisticated trading tools to enhance one’s trading ability.

The MT4 platform is well known for its advanced charting tools which are capable of supporting multiple time frames. There is also a large library of technical indicators which you can deploy and overlay onto your trading chart for better analysis of the market conditions. The MT4 platform also supports multiple order types hence enabling you to have better control over your trading activities. Other advantages of the MT4 trading platform include the following:

  • Automated trading
  • ECN trading
  • Education in MT4 trading
  • Multi-Lingual Platform
  • One hour customer response time
  • Real-time account trading summary
  • Real-time Charting and Indicator Options
  • Secure Online Trading Environment
  • Trailing Stop
  • User-friendly interface

The MT4 platform is available as desktop client which need to be downloaded and installed onto the computer before you can access the platform. Apart for the desktop client, the MT4 is also available as the WebTrader version which requires no download, for the Mac, Android and iOS devices and as a MultiTerminal professional platform.

Privacy & Security

“Fund protection through segregation of client funds and onsite data encryption plus an investor compensation scheme up to 20,000 euros.”

Security

All traders’ accounts are verified and payment methods checked, while due diligence is conducted, before the client may trade to protect against money laundering. All personal data is kept securely and safely, to protect against cyber threats and hacks.

Segregation of Client Funds

As a regulated entity under the CySEC banner, Orbex is required to segregate its company funds from the traders’ funds. This is obviously key because it means the broker won’t be dipping into traders’ deposited funds if they need to top up their accounts, if for instance they face too much exposure to the markets.

Compensation Fund

Orbex offers its traders protection through a Compensation fund. That means that each trader’s deposit is protected up to 20,000 euros should the company go into administration or become insolvent.

Mobile Trading Platforms

“The mobile trading app allows users to make trades, keep abreast of all the developments in the market, analyze the markets and check your trading account.”

For traders who need mobility, the Orbex MT4 is also available free of charge as a mobile trading app from Google PlayStore or Apple App store. The mobile trading app allows users to make trades, keep abreast of all the developments in the market, analyze the markets and check your trading account.

Trading Features

“With Orbex, you have access to a high leverage ratio of 1:500. In addition, you have the option to trade with fixed spreads or with variable spreads. You can use the MT4 platform of FXStat Tradebook for copytrading.”

Orbex offers a good mix of trading features. With Orbex, you have access to a high leverage ratio of 1:500. In addition, the broker uses a reliable and proven trading platform to ensure all trades are executed efficiently. You have the option of trading with fixed spreads or with variable spreads. Here’s a look at some of the other features on offer:

FXStat

Orbex provides you the option of connecting with the FXStat Tradebook copy-trading system to let you copy the trades of more experienced traders.

TradeLab

Other features include the TradeLab platform, which is an idea sharing system where you can seek & follow forex trade ideas from the online trading community, or post your own.

Trading Central

As a trader with Orbex you will also have access to Trading Central which will give you detailed technical analysis reports on forex, metals, and index assets covering different time frames to address different forex trading strategies.

Orbex Strategizer

The Orbex Strategizer is a great feature that enables you to create your own Expert Advisors or forex trading strategies and having them run directly on the MT4, without you having to do any coding at all.

Orbex VPS

Orbex has also provided free VPS which will enable its traders to deploy their expert advisors 24 hours a days without having to be connected to an internet enabled computer.

Commissions & Spreads

“The trading cost at Orbex is a mix of both spreads and commission depending on the type of trading account used by the trader. For the general trading accounts, the minimum spreads ranges from a fixed spread of 1.9 pips to minimum variable spread of 0.8 pips”

The trading cost at Orbex is a mix of both spreads and commission depending on the type of trading account used by the trader. For the general trading accounts, the minimum spreads ranges from a fixed spread of 1.9 pips to minimum variable spread of 0.8 pips. The commission is only applicable when one makes a trade on the copy trading platform. Orbex charges a $10 for each transaction on the copy trading platform.

In the list below you can see the starting spreads for each account types.

  • Classic Account   – 1.9 pips fixed
  • Standard Account – 1.5 pips
  • Premium account – 1.2 pips
  • VIP Account – 0.8 pips
  • Copy Trading – 1.5 pips

*The data is all taken from the broker’s website at time of writing

Bonus & Promotions

“Orbex does not have any form of promotional offers or bonuses due to the restrictions imposed by CySEC.”

As for bonuses, Orbex does not have any form of promotional offers or bonuses due to the restrictions imposed by CySEC.

Customer Support

“Speak to the team in 14 languages, over the telephone, live chat, fax or by email.”

In terms of customer support, Orbex’s website is translated in 14 different languages to cater for its clientele in different parts of the world. The broker is particular with the support it renders and hence has multiple communication channels open for its traders to contact the support team. You can reach out to the support team through email, live chat, fax or the telephone. Their Live Chat service is superb, they respond within seconds in a friendly and efficient way. They answered our question about market analysis really succinctly. Well worth getting in touch with the support reps if you have any questions.

For clients in the Middle East, Orbex has also made available several localized numbers, which they can call. The countries which are supported by localized telephone support numbers are Cyprus, Egypt and Jordan. Orbex is also active on social media and this means you can also reach out to the broker through Facebook, twitter, instagram and Google plus. Overall, Orbex claims to make it a point that all queries to its support team are handled within 24 hours.

Research

“Orbex has provided its traders a full array of trading and research tools. Some of the tools provided free of charge include an economic calendar, a risk calculator, margin calculator, currency convertor and pivot point calculator.”

Orbex has provided its traders a full array of trading and research tools. They send emails to their traders twice a day with updated market analysis and news. Their website hosts daily intraday market reports and weekly FX reports which are really helpful. Some of the tools provided free of charge include an economic calendar, a risk calculator, margin calculator, currency convertor and pivot point calculator.

Additionally, Orbex Web TV is a free service that features market analysis, market news, and reports based on fundamental and technical analysis. The broadcasted events are all created by the in-house research team.

Education

“The educational materials provided by Orbex for its traders are comprehensive covering webinars, video courses, ebooks and tutorials.”

The educational materials provided by Orbex for its traders are comprehensive covering webinars, video courses, ebooks and tutorials. For beginner traders, they can start with a forex trading course. The course covers materials such as:

  • BID/ASK spreads
  • Expert Advisors
  • Forex Trading Platform
  • Fundamental Analysis
  • Leverage Trading
  • Risk Management
  • Technical Analysis
  • Trends

Experienced traders can also refer to the tutorials for more advanced topics such as Trading with the Relative Vigor Index (RVI), Trading with the Rate of Change (ROC) Indicator and tutorial on using custom chart time frame on the MT4 platform.

Trading Experience

“Orbex is suitable for both beginners and experienced traders. This is seen from the types of available trading accounts to the educational materials provided by Orbex.”

Overall from our observation, we noted that Orbex is suitable for both beginners and experienced traders. From the types of available trading accounts to the educational materials provided by Orbex, there is something for everyone. Both the layout of the website has also made it easy for anyone to navigate around. The offering is packed with products and features that can be really useful to all manner of traders.

FAQ

Is Orbex regulated?

Yes, Orbex is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC).

Where is Orbex based?

Orbex main office is based in Limassol Cyprus. Its office address is located at 82nd Street, No.6, Ground Floor, 4153 Kato Polemidia Limassol, Cyprus

How does Orbex make money?

Orbex charges its traders a commission and spread on the trades executed on its trading platform.

How do I deposit in Orbex account?

To fund your trading account at Orbex, you can deposit through bank wire, credit card and e-Wallets.

What is the min. deposit for Orbex?

The minimum deposit requirement at Orbex is $500.

How do I withdraw money from Orbex?

Withdrawals at Orbex is by means of the same methods used for making a deposit which is through bank wire, credit cards or e-wallets. It is important to note that the withdrawal methods actually follows the same method used for making the deposit.

What is the max leverage in Orbex?

The maximum leverage ratio offered by Orbex is 1:500. However the default leverage is 1:30 as is standard with CySEC brokers.

How do I open an account with Orbex?

To open an account with Orbex you need to first fill out a registration form and submit it with all the required documentation for account verification. You will then pick an account type and deposit funds.

Does Orbex use MetaTrader?

Yes, Orbex uses the MetaTrader 4 trading platform as its main platform. It offers it for download, the WeTrader version, Mac version, iPad, Android and iOS.

Conclusion

In conclusion the broker offers a secured trading environment for all its traders to execute their trading activities. Orbex is a regulated broker under CySEC and abides by strict regulatory requirements. Apart from having strict regulatory oversight, Orbex also offers its traders protection under the Investor Compensation Scheme. For beginner traders, they will find an abundance of trading resources and tools which will help them improve their trading skills tremendously.

The only drawback that we have managed to find on Orbex is the relatively modest asset index.

 

OrbexOverview

Company Information

Broker DetailsInfo
Regulated byCySEC
PartnershipsRed Bull Drifting Champion Daham
Headquarters CountryCyprus
Foundation Year2010
Publicly TradedNo
Number Of Employees80

Deposit Options

Credit Card, FasaPay, Moneybookers, Neteller, Skrill, Union Pay, Webmoney, Wire Transfer

Withdrawal Options

Credit Card, FasaPay, Moneybookers, Neteller, Skrill, Union Pay, Webmoney, Wire Transfer

Contact Information

Trading Account Options

Account TypeInfo
Min. Deposit$500
Max. Leverage1:500
Mini AccountYes
Demo AccountYes
Premium AccountYes
Segregated AccountYes
Islamic AccountYes
Managed AccountYes

Orbex Trading Features

Suitable For

Trader LevelYes/No
BeginnersYes
ProfessionalsYes
ScalpingYes
Day TradingYes
Weekly TradingYes
Swing TradingYes
Social TradingYes

Customer Service

TimeYes/No
24 Hours SupportYes
Support During WeekendsNo

Customer Support Languages

Arabic, Bengali, Chinese, English, French, German, Greek, Italian, Japanese, Portuguese, Russian, Spanish, Turkish, Urdu

Trading Services

ServiceInfo
Fixed SpreadsYes
Educational ServiceYes
SignalYes
Email AlertsYes
HedgingYes
Trailing SP/TPYes
Automated TradingYes
API TradingYes
Has VPS ServicesYes

Supported Instruments

Instrument TypeYes/No
CurrenciesYes
CommoditiesYes
CFDsYes
IndicesYes
ETFsNo
StocksNo
BondsNo
CryptocurrenciesNo

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