Are you looking for a broker to begin trading Forex? Or maybe you are looking for an additional broker to diversify your income in Forex trading. Well, in either case, you need enough information on the brokers you have considered to decide if to go for them or not.
One popular Forex Trading broker you might have considered is Orbex.
But wait.
When was Orbex founded, what’s its minimum deposit, does it have a demo account, how about safety and reliability; is it regulated?
These and more are some of the questions you’ll most probably want to be answered before deciding to trade with Orbex.
But, what if we did a thorough review of Orbex, addressing all those factors and more on this post? Would you still want to find another broker? I doubt.
In today’s post, we review Orbex Forex. One of the most resourceful Forex brokers in the industry. Not only is it easy to work with, but it is also regulated; it has an Islamic swap-free account, and even better, it has a wide variety of account types for beginner and advanced traders.
Location, Market Experience, and Coverage.
Orbex Holding LTD is a Forex broker based in Cyprus.
Cyprus is one of the most popular regulatory jurisdictions because it is part of the EU which reaffirms Orbex’s credibility.
It operates worldwide, provided that a country’s domestic regulations do not prohibit operation.
That said, it is widely unlikely that Orbex operates in the USA, Cuba, Syria, North Korea, and Sudan.
Account types and trading instruments.
Orbex offers 4 different account types. These are Starter, Fixed, Premium, and Ultimate accounts.
The Starter account has the following features;
- A minimum deposit of $200.
- Variable spread.
- No commission on trades.
- Up to 1:500 Leverage.
- Monthly Webinars.
- Scalping allowed.
- Trading central plug-in.
- Free signals.
- Basic Education.
- Regular training sessions.
- 20% Stop out.
- VPS not available.
- EAs available.
- NDD Execution type.
The Fixed account has the following features;
- A minimum deposit of $500.
- Fixed spread.
- No commission charged on trades.
- Up to 1:500 Leverage.
- Monthly Webinars.
- Scalping is not allowed.
- Trading central plug-in.
- Free signals.
- Basic Education.
- Regular training sessions.
- 20% Stop out.
- VPS available.
- EAs not available.
- NDD Execution type.
The Premium account has the following features;
- A minimum deposit of $5,000.
- Spread starts from 0 pips.
- $8 charged per round turn of trading.
- Up to 1:500 Leverage.
- Exclusive Webinars + Live trading.
- Scalping allowed.
- Trading Central plug-in.
- Premium signals.
- Advanced Education.
- One on one training sessions.
- 20% Stop out.
- VPS available.
- EAs available.
- NDD Execution type.
The Ultimate account has the following features;
- A minimum deposit of $25,000.
- Spread starts from 0 pips.
- $5 charged per round turn of trading.
- Up to 1:500 Leverage.
- Exclusive Webinars + Live trading.
- Scalping allowed.
- Trading Central plug-in.
- Ultimate signals.
- Advanced Education.
- One on one training sessions.
- 20% Stop out.
- VPS available.
- EAs available.
- NDD Execution type.
In addition to the 4 account types, Orbex offers Demo accounts and Swap Free or Islamic accounts.
Asset selection at Orbex is limited to 36 Currency pairs, 2 Metals, 1 Energy and 5 Commodities, and over 7 indices.
Safety and Reliability.
The broker operates under two official entities – Orbex Limited and Orbex Global Limited.
Each entity is regulated by its respective authorities. Orbex Limited is licensed by the Cyprus Securities and Exchange Commission (CySEC).
Orbex Global Limited, on the other hand, is regulated by the Mauritius Financial Service Commission (FSC).
Since Cyprus is in the European Union and under the MiFID Directive, Orbex is authorized to offer services in all EU member countries.
Orbex participates in the Cyprus Investor Compensation Fund (ICF) and client funds are segregated as mandated by the regulator. The fund carries a compensation limit of 20,000 Euros per client, which is sufficient to cover Orbex’s low-deposit traders.
Apart from the two regulators, the broker is further regulated by the Financial Conduct Authority (FCA). I think that is enough to tell you that you can trust Orbex with your money.
Trading Platforms and Tools.
Orbex offers its clients the globally recognized MetaTrader 4 trading platform across Desktop, Web, and Mobile devices.
The Desktop version is available for Windows while the Mobile Apps are available for both Android and IOS devices.
Desktop MetaTrader 4 – This is a user-friendly platform which confers users with the following advantages;
- Response within one hour for all customer inquiries.
- ECN trading.
- Easier and faster withdrawal of funds.
- More education in forex and MT4 trading.
- Access to the latest market research.
- User-friendly interface.
- Comprehensive Real-time charting and Indicator options.
- Real-time account summary.
Mobile MetaTrader 4 – This is the platform for both Android and IOS device users. It has the following benefits;
- View detailed account information.
- Place Market, Entry Limit, and Entry Stop orders.
- Open, Close, and Hedge positions.
- Execute Stop and Limit orders.
- Change order Rates.
- Remove orders completely.
- Real-time Quotes.
- Charts of various timeframes.
- Chart indicators.
Research and Education.
Orbex offers several useful trader research tools. These include site features like an economic calendar, trading calculator, regular analysis and market outlook reports, and comprehensive trading tips. These will be of use for both beginners and advanced traders.
The Orbex website features an online learning center providing Webinars, E-books, tutorials, and complete video courses. These are educational resources both beginners and experienced traders will find useful.
Commissions and Spread.
Trading costs in Orbex depend on two factors. These are the asset being traded and the account type.
Starter and Fixed account types offer commission-free trading. The Premium account charges $8 per round turn of trading while the Ultimate account charges $5 per round turn of trading.
The broker does not provide spread information on individual Forex pairs on the different trading accounts. Some information on the average spread of Metals, Energies, and Cash indices is available on the broker platforms and website.
Remember the Starter account has variable spread, Fixed account has fixed spread while the spread of Premium and Ultimate accounts starts from 0 pips.
Orbex also charges “Storage fee” on certain assets. Given that heavy charges have already been done on raw spreads, this is rather disappointing.
An inactivity fee is also charged. You need to ensure you are always active on your account.
Deposits and Withdrawals.
Orbex offers clients a variety of Deposit and Withdrawal methods which include;
- VISA/Mastercard.
- Fasapay
- Skrill
- Neteller
- Webmoney
- K-Net.
- Gateway
- Zotapay
Deposits are free and can take 2 hours to 5 days depending on the method of deposit. Withdrawals are also free and can take between 24 hours to 5 business days to be processed.
Customer Support.
Customer service is provided 24/5 in multiple languages on the phone.
Besides Telephone, clients can reach the support team via Emails, Live Chats, or call directly. Orbex offers a call-back service which is a nice feature.
Additional features.
Orbex provides 3 striking features to its clients which include Trading Central, Strategizer EA, and Free Virtual Private Server (VPS) Hosting.
Trading Central is a registered investment advisor in the US, Hong Kong, and the EU. It gives clients access to 24-hour coverage on 85 markets. Orbex partners with them to offer its traders the Trading Central MT4 Analysis Indicator plug-in.
Orbex has teamed up with TradeWorks to bring strategizer to Orbex traders. Strategizer is an algorithmic Forex Trading tool that allows traders to create a trading strategy that is then executed on MT4.
It is basically a type of an Expert Advisor (EA) and no programming knowledge is required to use it.
Free VPS Hosting allows Orbex traders to have their accounts running without their devices being connected to the internet. You can utilize this to have your EA trade for you 24/5 without connection. This way, you can never miss any trading opportunities.
Conclusion | Orbex Broker.
Orbex provides you with excellent educational resources, choice of 4 different accounts, multiple platforms, Trading Central, Strategizer, and Free VPS Hosting.
Note that there are no Micro accounts for those who want to start small and spreads are relatively high.
Fewer shortcomings here and there, however, do not stop Orbex from being the suitable broker for you to invest with.
Orbex stands out as one reputable broker which is well regulated and thus safe and reliable to invest with. Give it a try!!
