Orbex

Rating: 82%

Min Deposit

$ 100

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Last Updated:Apr 23, 2024

Orbex Forex Review - Find Exclusive Trading Features with a Trusted Broker

Orbex Group Limited is a non-dealing desk broker offering contract for difference (CFD) trading facilities for retail and high-net-worth individuals in forex (FX), cash indices, precious metals, and energy. All clients who register with the broker will access the Orbex forex trading platforms that contain the globally renowned MetaTrader 4 across web, desktop, and mobile applications.

Besides, the broker provides free premium services comprising technical analysis reports from Trading Central, algorithmic trading systems without the need to code or program, and virtual private server (VPS) services.

Orbex Global Limited, operating from the tax haven island nation of Mauritius, is licensed and regulated by the Mauritius Financial Services Commission (FSC).

As a regulated forex broker, Orbex offers 24/5 multilingual customer support and assures 100% security of transactions and client data along with excellent market conditions comprising fixed and variable spreads, speedy execution, quick funding methods, an assortment of market news, and a trading education library.

12 + Years of experience
Trade 300 + instruments
4 trading platforms
Low spears
24/5 multilingual support

Evaluation and Summary Overview of Orbex FX Broker

In our extensive Orbex broker review, we study several data points, beginning with regulations; account types; account opening steps; product offerings; various trading platforms and their features; and trading costs, mostly comprising spread, commission, and fees charged by the broker.

In the second half of the review, we look at funding methods, client privacy, data security, capital protection, and the various options for clients to contact the support desk.

We guarantee a neutral approach in our Orbex broker review, keeping in mind all the crucial information expected by readers and prospective clients in their pursuit of a suitable FX broker who can cater to a majority of their requirements.

Overview of Orbex FX broker

Sign-up with the broker either as an individual or open a joint or corporate account. The minimum initial deposit for clients at Orbex Global Limited is $200, while European customers opening an account with Orbex Limited come under Cyprus Securities and Exchange Commission (CySEC) and can start with a minimum deposit of $500.

The broker provides the MetaTrader 4 (MT4) platform to all users and the option of fixed/variable spread and a leverage of up to 500:1.

Licenses

In our Orbex review, we evaluate the regulatory licenses covering the brokerage and the extent of investor protection ensured by watchdogs, which broadly comprehends the safety of clients' funds with the broker. Please read our review under investor protection and regulations for more information about the regulators governing this FX broker.

Platforms

As part of our review about trading platforms, we individually test all the terminals offered by the broker through a demo account. Our evaluation method assesses the appearance, user interface, various trading tools, order types, execution speed, spreads, and other features that traders generally look for in their trading terminals.

Privacy and Protection

One of the primary reasons traders opt for a particular FX and CFD broker is the extent of client privacy and the safety of the deposited funds. We conduct an in-depth review of the broker's privacy policy and the measures in place to ensure full-proof protection of clients' funds under all market conditions.

Spreads/Fees

Trading costs are one of the main parameters considered by prospective clients in choosing an FX broker. In our Orbex broker review, we evaluate trading costs, broadly comprising a combination of spreads, commissions, and fees, even as we weigh the trading costs against the other parameters offered by the broker.

Mobile

Our extensive review of the mobile app comprises manually analyzing the ease of operations and all the significant trading parameters such as order types, speed of order placements, and trading tools. To ensure readers get a fair idea of what to expect from the application, we include the positive and negative aspects of the mobile trading terminal.

Customer Care

Our Orbex FX review covers all the client support channels since prospective clients searching for information or answers to their questions often approach the helpdesk as the first point of contact. To ensure an unbiased review, we interact with the live chat support team to gauge the response time and quality of customer assistance.

Orbex Broker – Safety and Regulatory Compliance

Orbex Group Limited operates two entities:

Orbex Global Limited – Licensed by Mauritius FSC.
The type of license issued to Orbex includes
- FS-4.1 GLOBAL BUSINESS CORPORATION
- SEC-2.1B INVESTMENT DEALER (FULL-SERVICE DEALER EXCLUDING UNDERWRITING)
Orbex Limited – Licensed by CySEC.

In line with the European Union's Markets in Financial Instruments Directive (MiFID), Orbex Limited has registered with several supervisory authorities across Europe. Below, we have listed all the institutions where the broker is registered:

Financial Conduct Authority in the UK – Registration number 553071.
Federal Financial Supervisory Authority in Germany.

Regarding investor protection, the license obtained by Orbex Global Limited in Mauritius is for overseas financial firms with a representative office in the country. Investors opening an account with the Mauritius subsidiary have limited protection and do not receive any compensation for deficient services or the broker going under administration, unlike the safeguards provided by tier-I regulators.

Below are a few methods through which Mauritius FSC assists and protects consumers who are investing in non-banking financial products and services:

Dissemination of information on financial services.
Promotion of financial literacy among investors to make them aware of their rights.
Creation of awareness about various financial services products.
Protection of investors against misleading advertisements.
Resolution of consumer grievances related to poor services.

Moreover, Orbex Limited is under a tier-I regulator, with stringent guidelines enforced in line with MiFID.

FX brokers regulated by CySEC have to:

Maintain a minimum operating capital of €750,000.
Retain financial statements and produce them for review periodically.
Hold customer deposits in segregated accounts in tier-I banks in Europe.
Protect investors from insolvency by participating in the Investor Compensation Fund.

Pros

All client funds are held in segregated accounts.
Clients come under a tier-I regulator. Investors can file complaints for deficient services and are liable to receive compensation of up to €20,000.

Cons

Clients have limited consumer protection and do not receive any compensation if the broker collapses.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.67% of retail investor accounts lose money when trading CFDs with Orbex Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Tradable Assets Offered by Orbex FX

Clients of Orbex broker have the choice of trading in 51 spot CFD products across 4 asset classes: FX, precious metals, energy, and cash indices. Besides, the CFD broker offers clients the opportunity to trade over-the-counter (OTC) futures in:

Indices
Commodities
Energy

In the product mix, clients can trade in 36 FX pairs, including majors, minors, and cross currencies. For precious metals, the broker's offering includes spot gold, silver, platinum, and palladium. Energy products comprise of WTI, Brent crude oil, and natural gas. The CFDs in cash stock indices cover the 3 benchmark US indices along with the Nikkei 225, Hang Seng 50, China's SSE 50, DAX 30, and the FTSE 100.

Besides tradable assets and product offerings, Orbex provides free trading signals to holders of all account types. Clients signing-up for the premium and ultimate accounts will receive premium and ultimate signals.

Pros

A moderate number of products is available.
Coverage of most of the major stock indices.

Cons

Clients trading in futures with Orbex can only place market orders.

Orbex helps its traders achieve their financial objectives by providing them with the knowledge, tools, and support they need to make informed trading decisions. The broker consistently emphasizes responsibility.

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Orbex FX Broker – Serving Traders Responsibly

Spreads, Fees, and Commissions – Everything You Can Expect from Orbex

Client trading costs include the bid–ask spread, commissions, and fees charged by a broker. While the trading spread and commission at Orbex depends on the account type, the fees charged by the broker are common to all clients.

Below we have highlighted the costs for each of the parameters.

Spread

Orbex FX charges a variable spread for all account types. During market opening and major economic announcements, the fixed account type's fixed spread is converted to a variable spread. The ultimate and premium accounts have the lowest spread, starting at zero pips. The average spread on the starter account is around 1.5 pips on the EUR/USD pair.

During our review, the average spread on the Orbex demo account is about 1.4 pips during peak market hours, slightly less than the average spread on the starter account.

Commission

Orbex FX charges a commission of $8 and $5 per transaction on the premium and ultimate accounts, correspondingly. The commission applies to the standard lot size of the underlying CFD product. Besides the commission mentioned above, there are no brokerage or commission-related charges on any other accounts.

Fees

When it comes to the fees collected by the broker, Orbex charges a swap or rollover fee for clients holding overnight positions in all the CFD products listed by the broker.

In FX, the swaps start at 4.747 for the AUDNZD pair and go as high as 639.906 for the EURTRY (Euro–Turkish lira).
In precious metals, the swap rates vary between 11.22 and 33.228.
For crude oil, the swap is between 1.428 and 8.069.
For cash indices, the broker charges a swap of anywhere between 1.938 and 44.454.

Step-by-Step Registration Process at Orbex FX Broker

As part of our review of the Orbex account types, we went through the account registration steps for a live individual premium account under the broker's FSC regulation.

Range of Orbex Account Types Caters to All Traders

After logging into Orbex FX, you can choose between 3 account types besides the demo and the Islamic accounts. The accounts accommodate all kinds of investors, from beginners to experienced traders. All the account types carry a minimum deposit with identical leverage. However, there are variations mostly in the spreads and the premium services offered by the broker for high-end accounts.

The account types cover individuals, joint holders, and corporate customers.

The minimum deposit at Orbex Global Limited is $200 for the starter account, while clients opening an account with Orbex Limited are subject to a slightly higher amount of $500.

Account Types and Their Corresponding Features

	STARTER	PREMIUM	ULTIMATE
Orbex minimum deposit	$100	$500	$25,000
Spread	Variable Spread	Starts from 0 pips	Starts from 0 pips
Commissions	No commission	$8	$5
Leverage	Up to 1:500	Up to 1:500	Up to 1:500
Webinars	Monthly Webinar	Exclusive Webinar + Live trading	Exclusive Webinar + Live trading
Scalping	Yes	Yes	Yes
Trading Central	Yes	Yes	Yes
Education	Basic	Advanced	Advanced
Training Sessions	N/A	1 x (1 on 1 sessions)	3 x (1 on 1 sessions)
Stop Out	20%	20%	20%
VPS	Yes	Yes	Yes
EAs	Yes	Yes	Yes
Execution type	NDD	NDD	NDD

Orbex FX also offers Islamic/swap-free/Sharia accounts. However, these accounts are only for Muslim clients and are subject to the following conditions:

Clients should provide proof of religion.
Account holders should ensure that they do not hold floating positions for a long time.
Clients are not eligible to hedge in futures OTC contracts.

Pros

The broker offers a variety of features for clients, irrespective of the account type.
The minimum deposit at Orbex Limited is $100.

Cons

The minimum deposit for an ultimate account is extremely high.

The straightforward account opening process comprises two steps:

Step 1:

Fill out your basic information such as name, email address, country, and mobile number.

Step 2:

The second and final step of the account opening process has three parts:

Complete your profile, including stating your date of birth, nationality, and address.
Enter your trading preferences and trading experience.
Fill out your financial and employment details and click "Finish application".

Your account opening process is now complete. However, to fully comply with the account opening process, you have to upload your ID and proof of address.

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Payment Options and Charges at Orbex

Upon Orbex login, clients receive access to a range of funding methods for depositing and withdrawing cash from their trading accounts. The funding methods include direct wire transfers from clients' bank accounts to the segregated trading account with the broker, debit/credit cards, and third-party payment gateways.

While the FX and CFD broker does not charge clients for incoming or outgoing transfers, some of the payment providers could levy a fee, and clients should check with them before initiating fund transfers.

In our Orbex forex review, we have listed all the funding methods along with the approximate processing times as stated by the broker. See the details below:

Orbex Deposit Methods and Fees

Deposit Options	Fees	Processing time
Perfect Money	0.00%	Up to 2 hours
Direct Debit / Credit Cards	0.00%	Up to 2 hours
WebMoney	0.00%	Up to 2 hours
Bank Wire	0.00%	3-5 business days
NETELLER	0.00%	Up to 2 hours
Fasapay	0.00%	Up to 2 hours
K-NET	0.00%	Up to 2 hours

Orbex Withdrawal Methods and Fees

Withdrawal Options	Fees	Processing time
Perfect Money	0.00%	Up to 24 hours
Direct Debit / Credit Cards	0.00%	Up to 24 hours
WebMoney	0.00%	Up to 24 hours
Bank Wire	0.00% (*)	3-5 business days
NETELLER	0.00%	Up to 24 hours
Fasapay	0.00%	Up to 24 hours
K-NET	0.00%	Up to 24 hours

Although Orbex provides multiple funding options, their availability may differ with clients' geographic location. Besides, we highlight the regulated and unregulated payment methods to inform readers about the laws and regulators governing the various payment gateways and the risk associated with engaging in online transactions.

Orbex Measures for Privacy, Security, and Data Protection

Orbex collects client information through its application forms or other service providers such as fraud prevention agencies and credit reference agencies. The broker stores and processes clients' confidential information under the Processing of Personal Data (Protection of the Individual) Law, which is applicable in the countries where Orbex operates.

In terms of data security, Orbex claims to be 100% secure when it comes to online trading and transactions. The broker stores the data of all clients in a protected and highly secure encrypted technological environment. Clients' data is treated with the utmost confidentiality and is not disclosed to third parties without formal notice, as required by statutory regulations.

Capital Protection

When it comes to capital protection, Orbex FX has a few risk management measures in place to ensure the safety of client funds from overexposure during volatile markets.

Here are a few of these measures:

Restriction on the maximum lots per trade to ensure clients are not overexposed.
No dealing desk (NDD) execution.
Curtailing stop-out levels at 20% to protect client capital from excessive erosion during volatile market conditions.
Reduction of leverage as trading volumes increase.

Pros

The broker provides adequate margins before initiating stop-outs.

Cons

Capital protection may require long-term buy-and-hold strategies. For example, Orbex offers principal protected notes (PPNs) that have a maturity period of 1 year or more.

Orbex Web and Desktop Trading Platforms

Orbex does not have a proprietary trading platform. Instead, it relies on the globally-acclaimed MT4. The FX and CFD broker only offers desktop and mobile versions of the MT4 application to all its clients.

As part of our review, we analyzed both trading platforms in the Orbex demo account, and the following is our feedback:

MT4 desktop application – This is the standard platform offered by MetaQuotes. The multilingual user-friendly interface platform is accessible in 39 languages, with the default screen consisting of a watchlist, charts, navigator, and terminal panels.

Clients can monitor live streaming quotes on the watchlist window, view spreads, session highs/lows, and the last traded time. The menu options in the MarketWatch panel include new orders, creating a chart window, plotting tick charts, monitoring market depth, trading instrument specifications, and adding or removing symbols.

Features:

Electronic communication network trading on MT4
Drag and drop symbols from the watchlist to the chart window to create new charts
Three basic chart types
Nine timeframes, ranging from 1 minute to 1 month
Trade execution can be carried out from the watchlist and chart panels
Order types – Market, limit, stop, and trailing stop. All order types come with the stop loss (SL) / take profit option
One-touch order placement from the chart panel
A total of 30 in-built technical indicators and 24 graphic objects
Technical analysis tools from Trading Central are incorporated by the broker. Clients can access these tools from the custom indicators
Automated trading, allowing clients to program their strategies using in-built expert advisors (EAs)
Clients can download trading robots and technical indicators free of cost from the MT4 code base
The MT4 platform provides the complete MQL4 integrated development environment, which should help clients to create, test, and optimize trading robots
Access to the broker's cloud-based algorithmic trading system

Mobile Trading with Orbex: Android, iOS, and PC Platforms

The Orbex trading mobile app includes the Android Trader and the MT4 iPhone and iPad Trader.

Clients can download the Orbex MT4 Android application on devices powered by Android OS. The app features a watchlist, trading history, interactive charts, and news, all arranged as separate panels compatible with a wide range of mobile devices.

Pros

The platform includes a broad array of trading tools and custom indicators.

Cons

Orbex does not provide the MT4 web platform.

Android
iOS

Clients using Apple devices can download the MT4 app directly onto their iPhones, iPads, or iPod Touch and access all the features of the app, including many technical analysis tools, indicators, and charting options for a delightful trading experience. The functionalities on the MT4 iPhone app are very similar to those of MetaTrader4 for PC, and the application supports most features of the PC terminal except for the algorithmic trading functions.

Here are some of the additional features of the MT4 mobile app:

Orbex Offers a Broad Range of Trading Features

Clients joining Orbex FX receive access to a wide range of trading features besides the trading tools available on the MT4 platforms.

Below are some of the trading features offered by the broker to its clients. However, note that premium and ultimate account holders will be eligible for the most number of products and services provided by Orbex FX.

Clients can hedge their exposure by initiating opposite trades in futures OTC contracts. Nevertheless, this facility is not available for swap-free accounts.
All clients have access to Trading Central's boutique financial market analytics. To access the Trading Central signals, clients should install plugins inside the Orbex MT4 folder on their computer, allowing monitoring of indicators directly on the MT4 platform.
Orbex FX, in association with Tradeworks, is offering clients a free algorithmic FX trading system called the Orbex Strategizer. The system's key feature is that it does not require coding or programming and clients can build their strategies and run it directly from the MT4 platform. Orbex Strategizer is a cloud-based platform. Clients who wish to automate their trading strategies can log in to the Strategizer, create their strategies, connect them to the MT4 platform, and let the system execute trades automatically.
Clients can access the free VPS service provided by the broker without any restrictions on the number of websites they can use. The VPS service allows you to access the markets 24/5 without even connecting your PC to the internet.
A vibrant economic calendar comprising multiple time zones.
Access to Orbex Web TV for all market news, analyses, fundamental and technical reports, and updates from the Orbex research desk.
Free access to real-time news on the MT4 terminal.
Weekly market reports.

Pros

Clients receive access to a large number of trading tools provided by the broker.
Orbex provides free access to Trading Central's technical analysis software, a feature offered by only a few FX brokers.

Cons

Orbex Web TV broadcasts outdated market analysis.
The broker has not specified anything about the premium and ultimate signals on its website.
Orbex FX restricts clients from placing stop orders before the release of any major economic and financial news.

Customer Support

You can get in touch with Orbex through various communication channels, including phone, email, and live chat. The customer support desk is open 24/5 from Monday at 00:05 h to Friday at 23:55 h EET. Customer service is available in 17 languages, namely Arabic, Bengali, Bulgarian, Chinese, English, French, German, Hungarian, Indonesian, Italian, Malaysian, Polska, Russian, Spanish, Turkish, Vietnamese, and Urdu. You can also leave a message and request a call back by filling out the "contact us" form on their website.

During our review, we contacted the individuals handling the live chat and were quite impressed by the support offered. The initial response time was under 20 seconds, and the executives at the desk were quick in responding to our questions.

Contact Info to Connect with the Orbex Broker

Place	Contact Details
Cyprus (Head office)	Phone: +357 25588855Р Fax: +357 2558853
Customer Support	24 hours (Monday to Friday) [email protected]
Back Office	24 hours (Monday to Friday) [email protected]
Dealing Desk	24 hours (Monday to Friday) [email protected]
Sales	06:00 to 15:00 GMT [email protected]
White Label	06:00 to 15:00 GMT [email protected]
Introducers Brokers	06:00 to 15:00 GMT [email protected]
Complaints	06:00 to 15:00 GMT [email protected]

Live Chat

Yes

E-Mail

[email protected]

Phone

+357 25588855

Orbex is available in the following languages:

Arabic

Bengali

Bulgarian

English

French

German

Hungarian

Indonesian

Italian

Malay

Mandarin Chinese

Polish

Russian

Spanish

Turkish

Urdu

Vietnamese

Additional Benefits

Besides the massive number of trading tools and expert analysis both from the broker's research desk as well as third-party sources, Orbex FX provides several benefits to clients in terms of education and trading strategies. Here are some of them:

The opportunity to participate in monthly webinars, with premium and ultimate account holders given access to exclusive webinars and live trading sessions.
Access to video tutorials and trading tips on FX, commodities, and cryptocurrencies as well as fundamental analysis articles via the broker's blog.
An FX library comprising ebooks, trading strategies, and webinars for all categories of traders.
An infographics repository of articles on gold, FX, Brexit, central banks, US–China trade wars, etc., all accessible from the broker's blog.
Tons of information on trading psychology, especially aimed at beginners and traders consistently losing money in the markets.

Trade Execution and Leverage

Trade execution at Orbex FX is excellent, and we did not notice any slippages in price during order placements. However, the broker cautions clients that there could be slippages in market orders when economic and political announcements are made. These slippages occur due to volatility, and trade execution could occur at the next best available market price.

Pros

The trade execution speed at Orbex is outstanding. Besides, the leverage provided by the broker is comparable with what is provided by other renowned FX brokers.
Leverage trading can increase your liquidity. When you borrow money from a broker or a lender, you receive cash that you can use for various trading activities, such as diversifying your portfolio, opening additional positions, or taking advantage of market opportunities.

Cons

Leverage trading can amplify your losses.
Leverage trading can increase your fees.

Regarding product leverage, Orbex Global Limited provides a maximum leverage of 500:1 for clients trading in FX instruments.

To maintain sufficient risk management, Orbex begins reducing the leverage on clients' positions as their trading volume increases. The automated reduction process is carried out directly from the trading platform and applies to all account types.

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Awards and Recognitions

Since its establishment, Orbex has received several awards in numerous categories for its products and services.

Below are some of the notable awards Orbex has received over the years:

"Best Forex Provider 2023" by Online Money Awards
Most Outstanding Forex Brokerage Company East Africa 2023"
Most Transparent Forex Broker 2023 Award
Best FX Research & Education Provider 2022 Award
Best Trading Execution 2021
Best Forex Broker 2020
"Best Trading Education Provider in 2018" by the financial magazine, The European.
"Best Education Provider in 2016" by FXDailyInfo.
"Best FX Technology Provider in 2013" at the 4th Saudi Money Exhibition and Conference.
"Fastest Growing Broker in China in 2012" at the 9th China Guangzhou International Investment & Finance Expo.
"Best FX Arabic Platform in 2011" at the 9th Middle East Forex & Investment Summit.

Best Forex Provider 2023

Online Money Awards

Most Outstanding Forex Brokerage Company

East Africa 2023

FAQs

How Can I Benefit from the Orbex Strategizer?

The Strategizer is an algorithmic FX trading system provided by Orbex in association with Tradeworks. The key feature of the system is you can create your FX trading strategy and run it on your MT4 without any code, and it is entirely FREE.
The benefits of the Orbex Strategizer are:
• You can create your FX trading strategy from a range of free EA-building tools. You can also change, tweak, or optimize the trading strategy to any extent.
• You can manage your risk and exposure by placing rules and events.
• You can run 5 strategies simultaneously.
• You can include SLs and trailing stops, including position and strategy-specific SLs, to effectively manage risk.
• You can set up signal rules and complex logic algorithms to seamlessly execute your strategy.
• You can link and directly run your FX strategies on your MT4.
• Orbex Strategizer integrates EA building and VPS, so you do not need to subscribe to a separate VPS service.

What Does Orbex Offer in Terms of Online Trading Tools and Education?

Besides offering trading tools from third-party sources like Trading Central, Orbex provides all clients with access to real-time news, an economic calendar, and trading tips.
When it comes to education, the broker has a library of free FX ebooks, video courses, and tutorials. You can also register for the free educational webinars conducted by the broker twice a month.

What Are the Advantages of Using the VPS Services Provided by Orbex?

• Allows hedging, scalping, and EAs for all trading styles
• Speedy NDD execution
• No requotes or slippage
• Spreads start from zero pips

Does Orbex Provide Free VPS Services?

Orbex offers free VPS services to clients who meet the following criteria:
• Have opened an account and deposited at least $500
• Have completed a minimum of 3 standard lot transactions

Conclusion

Since its institution in 2011, Orbex FX has established itself as a global brand that is licensed and regulated by tier I and tier II agencies. Although small compared to other renowned FX brokers, the broker's product offering is more than adequate for clients trading in CFD instruments unless they are explicitly eyeing equities and cryptocurrencies.

Besides the trading platform and the broad array of features offered by the broker, the superior execution in terms of speed, ample liquidity, generous leverage, and a collection of educational and trading tools make Orbex forex one of the top brokers in the industry.

If you are a trader looking for a straight-through processing FX and CFD broker who can provide a range of premium services and don't mind the additional cost covered in the spread, then Orbex is a reasonably good broker to consider.

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