Orbex Review 2024

Key Takeaways

• The Orbex Group was founded in Mauritius in 2011.
• Orbex is regulated in Mauritius as an “Investment Dealer” by the Financial Services Commission (FSC). 
• Orbex (EU) Ltd is a limited company registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). 
• The company has affiliates that are licensed to operate in Kuwait and Jordan.
• Orbex clients are covered by the Investor Compensation Fund (ICF) up to €20,000 per affected trader.
• Orbex operates a No Dealer Desk (NDD) trade execution model.  
• Orbex offers extensive market access with over 300 trading Instruments, featuring $50+ billion traded volume per month, and 600+ billion trades executed per year.
• The broker provides consistently fast trade execution with an average order execution time of 0.03 seconds.
• The broker provides Contracts for Difference (CFD) access to markets in asset classes such as FOREX, indices, commodities and stocks.
• Orbex offers highly competitive spreads and commissions across its account types, and it does not charge withdrawal or deposit fees, merely passing on third-party fees as they apply.
• The broker provides clients with platform access to MetaTrader4 (MT4) as a downloadable desktop application, a Web version, and a mobile app.

Overall Summary

Who Is Orbex Good For?

Is Orbex Safe?

Orbex has a mixed safety stance. It is regulated by the tier-1 CySEC, license number 124/10, which means it is safe (low risk) in European markets. As part of this regulation, Orbex is compelled to take part in the Investment Compensation Fund (ICF) scheme, which means it can offer affected clients €20,000 in compensation. 

The broker also abides by the European Union Markets in Financial Instruments Directive (MiFID), where all client funds are held in segregated accounts while separated from the company’s funds. Compliance with this directive also means the broker must adhere to strict reporting standards.

That powerful regulation is betrayed by the fact that the only other regulation the company enjoys is by the FSC in Mauritius as an investment dealer, license SEC-2.1B. The FSC is considered to be a lowly tier-3 regulator. The lack of safety for traders outside the EU must raise some serious red flags because in 10 years of operation the broker has not tried to seek regulation by more stringent bodies.

As such, clients joining this broker from Europe can rest easy that they are protected. However, clients from anywhere else in the world are advised to treat the broker with extreme caution. Perhaps responding to questions about its safety standards, the broker moved its global headquarters from Mauritius to Limassol Cyprus. 

The broker also has affiliate offices in Kuwait and Jordan, although it is not regulated in the MENA region. At the same time, Orbex does not offer its services to residents of certain jurisdictions, such as the US, Cuba, Sudan, Syria and North Korea.

Offering of Investments

The broker provides a range of attractive investment options, even though its trading slate is by no means the most comprehensive on the market:

1. FOREX: Orbex offers clients the ability to trade FOREX pairs via CFDs. There are 44 FOREX pairs on offer, made up of seven major pairs, 22 minor pairs and 15 exotic pairs.

2. Commodities: Clients can trade a range of commodities with tight spreads starting from zero pips. There are spot prices on seven commodities, including three energies and precious metals, such as gold. 

3. Stocks: Traders can choose from a wide range of international stock CFDs and diversify their portfolio with low commissions. Orbex clients can trade in 66 of the most traded EU and US company stocks. 

4. Indices: Clients can trade CFDs on eight of the most popular indices around the world with ultra-fast execution. The broker offers access to well-known indices, such as the S&P 500, the Dow Jones Industrial Average, and the NASDAQ. 

Account Types

Orbex accounts facilitate scalping, hedging and long-term trend trading. The company has carefully curated its account types to meet a range of individual trading needs. Available account currencies are the USD, the EUR, the GBP and the PLN. Traders should note that the PAMM Account is only available in USDs.

1. Starter Account: Designed for beginner traders, this account features a low minimum investment of $100. Spreads are variable and there is zero commission.

2. Premium Account:  Intermediate traders who are progressing well on their trading journey can take advantage of this account with a minimum investment of $5,000 and low spreads from zero pips. With an $8 commission per round turn, scalping is allowed on this account, as is the use of Electronic Assistants (EA).

3. Ultimate Account: Built for seasoned traders who are well-capitalized, this account comes with a suitably high minimum deposit of $25,000. The account combines low spreads from zero pips with a volume-driven $5 commission per round turn. Leverage as high as 1:500 is available, as is scalping, EAs and VPS.

4. PAMM Account: These types of accounts allow clients to partner with a seasoned trader who gives them the benefits of their deep experience, meaning the trader does not have to invest countless hours upskilling themselves. The minimum investment on this account is $500, and variable spreads are partnered with zero commission and high leverage up to 1:500.

Account Opening

Opening an account is a straightforward process. After uploading the required documents, such as identification details and proof of address, traders can make a deposit via one of the many account funding methods.

Demo Account

Clients can test their trading strategies in real-time market conditions on an MT4-enabled Demo Account. Traders can back test their trading approaches and adjust them in a risk-free environment. Orbex keeps the Demo Account open for 30 days, during which time there are no caps on trading volume or usage of the account.

Islamic Account 

Swap-free accounts are available, provided a trader can show “Sufficient proof of religion” to be able to get access to zero swaps or roll-over interest charges on overnight positions.

Bonuses and Promotions

The Orbex Gold Rush promotion is a year-long offer that is broken into four rounds, each lasting for three months. In each round, 1kg of real gold will be given away, split into six prizes for six different winners.

Deposits and Withdrawals

• Skrill.
• Debit/credit cards.
• Webmoney.
• Neteller.
• Bank wire transfer.
• UnionPay.
• Enet.
• Fasapay.

Customer Service

Commissions and Fees

Leverage

Platforms and Tools

1. MT4: This popular platform allows clients to trade FOREX, commodities, indices and stock CFDs. It is well known for its user-friendly interface and up to 30 built-in technical indicators. Traders can make use of custom expert advisors and technical indicators. There are four pending order types and nine timeframes to make the trading experience as insightful as possible.
2. Financial Information Exchange (FIX) API: This high-speed technology for secure online trading allows clients to access markets with swift and precise execution. Originally designed for professional trading, FIX API in a retail trader setting provides even the ordinary trader with unparalleled trading speed, reliability and privacy.

Mobile Trading

Research and Development

Orbex caters to traders with various levels of experience and knowledge. The broker’s Website has a broad range of research and educational tools for clients to take advantage of. Indeed, Orbex touts its research section as, “multi award winning.”

Through Webinars and written content, Orbex provides information such as indicators and a trading glossary in a detailed knowledge repository. Orbex has a selection of advanced research tools that can help traders stay up to date with market movements. Some of these tools include: 

• Macroeconomics.

• Technical Analysis.

• FOREX News.

• Commodities News.

• Indices and Shares News.

• Trade Ideas.

Users can select information based on markets, categories and contributors. The Technical Analysis section, bolstered by insightful indicators and chart patterns, provides in-depth value to traders of any level. Traders also receive a stream of regular insights from professional market experts and seasoned Elliott Wave specialists.

Education
The education section is also vast and detailed. Each resource is comprehensively structured and expertly crafted. The educational area is filled with eBooks, tutorials, archived and live Webinars, as well as an impressive list of trading guides. Traders can make use of any or all the following sections: 

• Video Tutorials.

• MT4 Tutorials.

• Educational Articles.

• Webinars.

• Trading Strategies.

• Trading Tips.

• EBooks.

• Infographics.

• FOREX Psychology.

• FOREX Glossary.

Final Thoughts

Conclusion

Orbex in Brief

Review Methodology

The team at Arincen collected over 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ Websites.

2. Other Websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. 

We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.  

Afterward we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience. 

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.

Frequently Asked Questions Orbex