Summary

Company Background

Orbex is an online forex broker that was founded in 2010 and is based in Limassol, Cyprus. Although the ORBEX brand is a fairly new name among the online trading community, it is already recognized as one of the most promising brands in the industry.

Methodology

For this review we tested Orbex standard account, plus we collected secondary information from reputable sources as well as user generated reviews.

Regulation

Orbex is a fully licensed and regulated Cyprus Investment Firm (CIF license # 124/10) supervised by the Cyprus Securities and Exchange Commission (CySEC). Broker is authorized to trade internationally, specializing in CFD online trading on currencies, commodities, futures, and indices. Also, Orbex is a member of the Investors Compensation Fund which means that each trading account has a protection of up to 20,000 euro in the case that the broker becomes insolvent.

What do Forex & CFD websites and customers say about Orbex?

Although nowadays there is plenty of information available on every broker, this does not make it easier to take a thoughtful decision. The abundance of information can quickly become overwhelming and confuse traders rather than provide a clear answer and choice.

We’ve reviewed authoritative user-generated and broker listings/reviews websites to, hopefully, offer more clarity on the reception among its clients.

User generated

Most of the websites of this kind offer a raw stream of consciousness by angry and happy traders alike. It is, therefore, important to keep in mind that some of the reviews will offer nothing new or insightful.

Given teh fact that a lot of traders lose funds, and may go to the websites like Forex Peace Army (FPA) to complain, we aim at distinguishing more subjective from less subjective reviews and offering our limited view on the situation.

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Forex Peace Army (FPA)

Being one of the most trusted user-generated Forex and CFD communities, FPA is making sure to mediate communication between traders and service providers. Orbex receives a decent star rating average of over 3.5 stars.

Non-User Generated

While reviews from non-user generated websites are usually better structured and more in depth, they may also fall short on the objectivity spectrum. Brokers do incentivize many third party-websites to write favourable reviews. To get the most out of the review process, make sure to check multiple sources and examine their credibility.

Keeping in mind the info above, we can attest that Orbex reviews appear to be mostly positive with only a few minor discrepancies from lesser known and sometimes suspicious websites.

Customer Service

The customer service team is available 24/5 (Monday-Friday) and speaks 10 languages including English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu and Greek. It can be accessed via live chat, phone, or email. Traders can also leave a message or request a call back.

Nevertheless, we suggest that traders read the extensive FAQs page on the Orbex website before contacting the support team, as there is plenty of useful information that we found helpful.

The website itself looks intuitive and modern and is available in English, Spanish, Bengali, Chinese, German, Polish, Vietnamese, Arabic, Persian, Japanese, Russian, Urdu, Indonesian, Italian.

Account Types and Execution

Orbex offers its individual clients 4 types of accounts: CLASSIC, STANDARD, PREMIUM, VIP with fixed and variable spreads. There is also a level of flexible leverage that can reach to a maximum of 1:500, which is considered a comparatively high ratio. The minimum deposit to open an account can be as low as $500.

Orbex offers one type of order execution (market execution) on all account types for corporate and individuals. All orders are filled according to the fair market value.

Products/CFD Portfolio

Forex

A total of 36 currency pairs are available, ranging from major to minor and some exotic pairs as well. At the moment of the review, leverage available for trading CFDs on Forex was 1:500.

Indices

As of 2018, you can find 5 indices to trade as CFDs. This includes: US30, GER30, SPX500, NAS100, UK100. At the moment of the review leverage available for trading CFDs on indices was 1:20.

Commodities

Traders are able to trade traditional commodities such as Metals (Gold, Silver) and Energies (Oil). At the moment of the review leverage available for trading CFDs on commodities was 1:20.

Cryptocurrencies

Unfortunately anavailable.

Payment methods

There are a variety of ways of depositing and withdrawing cash from your Orbex account. Broker accepts the most commonly used Local Payment Methods today including Credit/Debit Card, Neteller, Skrill, Bank Wire Transfer, WebMoney etc.

The account funding process is normally open for 24 hours a day and it is fully automatic and usually takes up to 2 hours. Orbex doesn’t have any hidden comissions and fees.

All withdrawal requests are processed quickly (up to 24 hours), but all clients are advised to have all internationally mandated identity information on file before a request is submitted.

Platforms

An award-winning and user-friendly Orbex platform is built on the renowned MetaTrader 4 (MT4) software and provides Desktop, Mobile, Web, iOS versions, and Multi-Terminal (designed exclusively for professional traders and money managers and enables clients to manage multiple forex trading accounts simultaneously).

The MT4 is the most known and used software in the industry because of its advanced chart features, multilingual support, security and reliability, along with the support of various trading styles, indicator options and own strategies performance through Expert Advisors.

Moreover, there are extra Platform add-ons that bring even more convenience to your trading:

• Trading Central offers a powerful informational support that is provided to every Orbex client. It makes sure that key data and detailed technical analysis are reachable. Trading Central is a market leading third-party supplier of the multi-asset indicators and features.
• The Orbex Trade Lab is a sharing system that allows traders to a) follow trading ideas or b) post your own among the community. The platform is available for Demo and Live account holders and combines copying capabilities within online trading.
• Orbex Strategies is an algorithmic trading system that does not require any programming skills for building an EA. The powerful strategy is a key feature that can be applied directly on MT4 platform and is performed via a cloud incorporated VPS.
• Free VPS service offers a hosting advantage to run an EA 24/5 on increased execution speeds. Virtual Private Server allows all trading strategies on NDD execution with no requotes or slippage with floating spreads from 0.8 pips.
• FXStat TradeBook provides trading signals to followers. It also offers automatic trade copying services from hundreds of professional traders, which is directly integrated into Orbex platform. The technology shows dynamic positions and analysis with complete control over the portfolio and investments.

Research, Education & Analysis

One of the distinguishing features of the broker is its Forex Trading Blog section. The research includes daily technical/fundamental analysis, weekly FX reports and Orbex Web TV broadcasts with all market news and updates hosted by Orbex analysts covering Forex, commodities, and indices in addition to exclusive CFD and forex trading opportunities.

The Education part contains a lot of usuful materials for traders with all skill levels, such as: trading psyhology and strategies articles, eBooks, tutorials, stories, infographics, interviews, trading tips and many more.

Some interesting trading tools also available:

• Economic calendar
• Pip/Risk/Margin/Pivot Point Calculators
• Trading glossary

Fly or Fry Verdict

Orbex has it all, from an intuitive and modern website with easy access to professional support and from excellent pricing and execution to a variety of accounts designed for both newbie and professional traders. Orbex provides a comprehensive educational program with real time access to news reports and analysis as well.

Research done by Chris Svorcik and Nenad Kerkez Co-founders of Elite CurrenSea, Nenad and Chris are award-winning traders with over 10 years of technical analysis and teaching experience. They also offer education and technical analysis on top industry websites and constantly works on his proprietary trading system based on wave analysis ecs.SWAT  and technical analysis ecs.CAMMACD.