Orbex reviews

Orbex reviews

Orbex Review 2019

Orbex is a world renowned award-winning forex broker. The Orbex Group was formed in 2010 and is governed by two formal entities: Orbex Limited and Orbex Global Limited. The former is headquartered in Limassol, Cyprus and provides services to European clients, while the latter is based in Mauritius and operates outside the EU, subject to local restrictions.

Orbex Limited is licensed by the Cyprus Securities and Exchange Commission (CySEC) and is part of the Markets in Financial Instruments Directive (MiFID II), which allows it to offer trading solutions in Europe. Orbex Limited is also a member of the Cyprus Investor Compensation Fund (ICF). This fund protects traders worth € 20,000 if the broker fails to pay out profits.

Orbex Global Ltd is licensed and regulated by the Mauritius Financial Services Commission (FSC). The broker is authorized to provide services outside the EU, although not if their activities are prohibited by internal regulations, for example, in the United States, Cuba, Sudan, Syria and North Korea.

Trading platforms

Orbex – MetaTrader 4 – effectively combines convenient interface and design with a data-rich environment and advanced features. Available in over 40 languages, the platform shows deep market history, supports automated Expert Advisors (EAs) trading, and boasts over 50 technical indicators, 30 charting tools and nine timeframes.

MT 4 WebTrader also has a browser-based trading platform that can be used from any computer with an Internet connection and access to the Orbex website. WebTrader does not require any download and has many features of the desktop platform. The platform supports one-click trading and offers 30 technical indicators such as Elliott Wave patterns, nine timeframes and a range of charts, charting tools and order options.

MT 4 MultiTerminal is a platform designed for account and fund managers. The platform provides access, monitoring and trading on multiple accounts from one place. Accounts can be grouped or managed separately, and the platform contains its own internal communication system and automatically generates reports. In addition, all MT4 features have been transferred to the MultiTerminal system.

Both MT4 and MT4 MultiTerminal can be installed on Windows, Mac and Linux computers. The Orbex website contains links to download software packages.

Assets

Orbex supports digital trading on a range of spot instruments and CFDs. There are 44 forex pairs offered, including 7 major, 22 minor and 15 exotic. There are spot prices for seven commodities, including 3 energies and precious metals such as gold. Orbex clients can trade 8 global indexes and 66 of the most traded EU and US stocks. The broker also offers over-the-counter futures contracts for indexes, commodities and energy.

Spreads and commission

Trading costs and commissions vary by account type. As the name suggests, the fixed account offers fixed spreads set at 1.9 points for currency pairs. Other accounts offer floating spreads, and while Orbex does not provide averages, minimum spreads for a Starter account can be as high as 1.7 points, while zero spreads are available for Premium and Ultimate accounts.

Commissions are not charged on fixed and start-up accounts. However, the premium account is charged an $ 8 commission per full turnover, and the Ultimate account is charged a $ 5 commission.

The broker also charges swaps for holding overnight positions, although Islamic trading accounts are exempt from this fee.

Leverage

Orbex’s leverage is competitive and reaches 1: 500 for currency pairs across all accounts. However, in order to reduce the risks of margin trading, leverage rates are limited to 1: 100 with trading volumes of more than 40 lots.

The maximum leverage rates provided for the indexes are 1: 100, although the Chinese indexes are capped at 1:20. Leverage of 1: 100 or 1:50 can be used for commodities, and CFDs on stocks are capped at 1: 5.

Mobile applications

There is a mobile version of the MT4 platform for clients who like to trade and control their accounts while away from computers. Orbex supports all order types available in the desktop version, albeit with fewer charting and indicator options.

The app is available for both Android and iOS mobile devices and has received good reviews from mobile traders.

Payment methods

Deposits and withdrawals can be made using payment cards (Visa and Mastercard), Skrill, Neteller, WebMoney, Fasapay or bank transfer. Deposits are credited to your account within two hours, with the exception of bank transfers, which take three to five business days. The minimum amount of the accepted deposit is USD 200.

E-wallet withdrawals are processed within 24 hours, however payment cards and bank transfers can take three to five business days.

There is no commission for depositing and withdrawing funds.

Demo account

Orbex offers a demo for every account type. Practical accounts can be replenished with virtual funds up to 5,000,000 EURO / USD / PLN. The practice account uses real market data, but simulates money, which makes it possible to try out new strategies and advisors, explore new platforms and become familiar with the markets.

Deals and bonuses

At the time of writing, Orbex does not offer any no deposit bonuses, welcome deals or discounts. However, traders can access a free VPS, regular market analysis, and a series of video tutorials.

Additional features

The broker offers a number of additional solutions and functions. The first is a free virtual private server (VPS) for traders. These servers provide 24/7 access to the markets for automated trading even without an internet connection. The servers support MT4 advisors and run faster than the desktop platform.

Orbex also offers a strategy building tool. The Strategizer system allows you to create algorithms and advisors without any coding or programming using visual tools. Strategizer is free and integrates with MT4 to support up to five strategies. It includes the ability to add stop losses, trailing stops, signal rules, trading timings and logic algorithms.

Orbex has a well-equipped Education Center with a number of free learning resources, as well as some that are only available to Premium and Ultimate account holders. There are several free e-books, video tutorials, webinar series, and online tutorials. There is also Orbex Web TV, a video blog with daily and weekly technical reports, financial news, forecasts, and research.

Orbex also offers Trading Central, a plugin that integrates with MT4. It provides investment and economic analysis as well as analytical forecasts and trading advice.

Account types

Orbex offers four account types, each for traders with different experience levels and requirements. All options offer a maximum leverage of 1: 500, stop-outs at 20% and the option to use a free VPS.

Key features and differences in account types:

Fixed account

  • Regular training
  • No commission
  • Primary education
  • $ 500 deposit
  • Fixed spreads
  • Free Signals
  • No scalping
  • No advisors

Start account

  • Regular training
  • Variable spreads
  • No commission
  • Primary education
  • $ 200 deposit
  • Free Signals
  • Scalping
  • Advisors

Premium account

  • Individual training
  • Higher education
  • Spreads from 0 pips
  • $ 5000 deposit
  • $ 8 commission
  • Premium signals
  • Scalping
  • Advisors

Ultimate account

  • Individual training
  • Higher education
  • Spreads from 0 pips
  • $ 25,000 deposit
  • $ 5 commission
  • Final signals
  • Scalping
  • Advisors

For Islamic traders, the broker offers swap-free versions for each account type. However, additional fees apply to Islamic accounts.

Support

Orbex has a large customer service team that provides multilingual support to traders’ 24 hours a day, five days a week. The team can be contacted using the information below. Alternatively, you can request a call back using the form on the website.

  • Live chat  – in the lower right corner of the site
  • Global Phone Number – +962 6 5622268
  • MENA phone number is +965 22968150
  • EU Phone – +44 2035 198 170
  • Email – support@orbex.com

Safety

All sensitive data is backed up and transmitted using Single Socket Layer (SSL) encryption. Orbex also meets safety standards set by regulatory bodies.

In addition, customer funds are completely segregated from the company’s capital in tier 1 banking institutions. This prevents the broker from using client money for anything other than making the requested trades and withdrawing funds.

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