Orbex Review 2024
Website: www.orbex.com
Min. Deposit: US$ 100
Leverage: 1:500
Trading Platforms: MT4
Regulation: MFSC
Headquarters: Cyprus
Founded: 2010
Regulatory Licenses:
- Orbex Global Limited - authorized by MFSC (Mauritius) view license
- Orbex Limited - authorized by FSA (Seychelles) registration no. SD110
Updated on February 7, 2024
Quick Links
Orbex has been a prominent figure in the Forex and CFD trading landscape since its establishment in 2011. Operating as a Cyprus-based entity, Orbex has expanded its operational reach by establishing multiple international offices and offering a comprehensive suite of trading services. These services include a wide variety of multi-asset trading options and an extensive array of educational resources designed to cater to traders of all experience levels. The broker further extends its global footprint by maintaining representative offices in the MENA region, notably in Kuwait and Jordan. Moreover, Orbex has widened its service offering through opening an entity in Mauritius, thereby granting access to high leverage trading under the aegis of a local financial license from the MFSC.
Orbex stands out as an established player in the Forex and CFD trading domain, having launched its operations in 2011. As a Cyprus-based brokerage, Orbex boasts a history marked by successful operations, competitive trading conditions, advanced technological infrastructure, and a broad spectrum of trading and educational services. Additionally, Orbex's commitment to expanding its market presence is evident through its representative offices in the MENA regions of Kuwait and Jordan, alongside an international proposition facilitated by the establishment of a licensed entity in Mauritius, which offers access to high leverage trading opportunities.
Through comprehensive research and analysis, Orbex has been identified as a reputable CFD broker, offering exceptional trading conditions complemented by sophisticated tools. Key highlights of the broker's offerings include the availability of the industry-leading MT4 trading platform, streamlined online account opening processes, and the provision of a free demo account. Moreover, Orbex is known for offering competitive low spreads while not imposing commissions on deposit or withdrawal transactions.
Pros
Offers leading MT4 trading platform
Streamlined online account opening
Free demo account available
Competitive low spreads with no commission on deposits/withdrawals
Cons
No longer regulated by CySEC
Limited asset portfolio, focusing only on Forex and CFD instruments
Customer support only available during working days
Orbex Summary Review in 10 Point
Headquarters: Cyprus
Regulation: MFSC
Platforms: MT4
Instruments: Futures, Metals, Commodities, Spots, Stocks, Oil, Bitcoins, CFDs, Shares, Energy Commodities, Indices, Forex
Demo Account: Available
Minimum deposit: $100
EUR/USD Spread: from 0.0 pips
Base currencies: USD, EUR
Education: Free education with webinars, Orbex TV, and videos
Customer Support: 24/5
Overall Orbex Ranking
Orbex is recognized as a reliable broker with a stellar reputation, offering a diverse range of trading assets and a user-centric trading environment on a global scale. The broker's services are accessible internationally, with additional focus on the MENA region through offices in Jordan and Kuwait. Orbex distinguishes itself by offering competitively low spreads, leveraged trading, and low minimum deposit requirements. Based on our comprehensive testing and comparison with over 1000 brokers, Orbex's Overall Ranking stands at 8.0 out of 10.
Orbex has been the recipient of several prestigious awards, underscoring its excellence in the forex trading industry. These accolades include:
Best FX Educational Broker MENA 2022 Award
Best FX Research & Education Provider 2022 Award
Best Trading Execution 2021
Orbex is far from being a scam, establishing itself as a reliable broker with a commendable reputation. Although it previously operated under CySEC and ESMA regulations, Orbex remains a fully licensed and regulated investment firm. While it now operates solely under FSC Mauritius, considered an offshore zone, FSC has enhanced its policies, mandating higher capitalization and standards for brokerage businesses. Our Ranked Orbex Trust Score is 7.5 out of 10, reflecting its good reputation and years of service. The broker's international trading capabilities, primarily facilitated through its offshore entity, further affirm its trustworthiness.
Leverage represents the opportunity for traders to amplify their trading position sizes, effectively magnifying potential profits through borrowed funds. It's important to note that the extent of leverage available is governed by regulatory standards in each jurisdiction. Our comprehensive analysis reveals that Orbex stands out for offering favorable conditions for high leverage trading across its client base via its MFSC entity.
Orbex enables traders to engage in trading with leverage up to 1:500, allowing for the placement of significantly larger positions with a relatively modest capital outlay. Professional traders have the option to access enhanced leverage levels once their professional status has been verified. It's crucial for traders to educate themselves on the prudent use of leverage, as its misuse can exponentially escalate trading risks.
Our extensive research into Orbex's account offerings has identified four primary account types. These include accounts with all trading costs incorporated into the spread, fixed and variable spread accounts, and two raw spread accounts starting from 0 pips, with trading fees structured as a commission charge. Notably, the commission for the Ultimate account is a competitive $5. Additionally, it's advisable to confirm account specifics with customer support, given that regulatory requirements may vary by jurisdiction.
Orbex also provides a specialized account for copy trading through the FXStat Tradebook automated system, a form of social trading that has gained significant popularity. This allows for straightforward investment by following professional strategies for a modest commission of $10.
Furthermore, Orbex offers a SWAP-free account option for Islamic traders, enabling them to engage in trading activities without incurring rollover fees, contingent upon request.
Starter Trading Account
Orbex's Starter Trading Account is characterized by $0 commissions on forex trades, variable spreads (with the EUR/USD pair averaging a spread from 1.5), flexible trade sizes starting at 0.01 lots, and leverage up to 1:500. A minimum deposit of $100 is required, granting access to exclusive educational resources and tools.
Premium Trading Account
The Premium Trading Account at Orbex features raw forex spreads beginning at 0.0 pips, with a commission of $8 per lot. Trade sizes remain flexible, starting at 0.01 lots, with leverage up to 1:500. A minimum deposit of $500 is needed, and traders gain access to select educational materials and tools.
Ultimate Trading Account
Orbex's Ultimate Trading Account offers raw forex spreads from 0.0 pips at a commission rate of $5 per lot. It maintains flexible trade sizes from 0.01 lots and provides up to 1:500 leverage, requiring a minimum deposit of $25,000. This account also comes with advanced tools and educational resources.
Does Orbex offer a demo account?
Yes, Orbex provides a Demo Account that allows traders to access the broker's comprehensive Educational Library and practice trading in a risk-free environment. The broker supplies up to $5,000,000 in virtual funds, enabling traders to hone their skills on any Orbex MT4 platform.
Orbex's fee structure varies according to the selected account type. The Starter account operates on a spread-based system, while the other account types primarily utilize a commission-based model. Commission rates differ based on the account type and the specific asset class being traded.
After conducting thorough testing and comparisons with over 1000 other brokers, we assign Orbex Fees a rating of 7.7 out of 10. Orbex's fee levels are generally favorable, encompassing both spread and commission-based structures. Prospective traders should also consider potential funding fees and other applicable charges.
Our findings on Orbex Commission:
Our examination of commission rates for Commission-based accounts, specifically the Premium and Ultimate accounts, yielded the following results:
Forex: $0 commission on variable spreads, with a $8 per lot commission on raw spreads from 0.0 for the Premium Account, and a $5 per lot commission on raw spreads from 0.0 for the Ultimate Account
Commodities: $0
Cryptocurrencies: 0.5% Standard Commission
Stocks, Indices, Futures: 0.16% Standard Commission
Our analysis indicates that spreads vary by account type. While the Classic account features slightly higher fixed spreads starting from 1.9 pips, the Standard Account offers spreads starting from 1.5 pips, operating on a floating or variable basis which accommodates various trading strategies.
Accounts of a higher tier offer even lower spreads from 0 pips, corresponding to raw interbank spreads with all trading costs consolidated into a commission fee. Traders with larger trading sizes and accounts can benefit from reduced commissions of only $5.
Comparing Orbex's spread offerings to those of over 1000 other brokers, we assign a rating of 7.6 out of 10. Orbex provides competitive low spreads for the standard account type across nearly all asset classes. However, spreads for other account types are higher, albeit offering access to a diverse range of trading strategies.
Orbex stands out in the online trading world by offering CFDs on a broad spectrum of more than 300 instruments. These encompass forex pairs, stocks, indices, energies, metals, futures, and a selection of cryptocurrencies. These instruments are backed by robust liquidity from top-tier banks, ensuring reliable and swift execution. Furthermore, Orbex provides the opportunity to trade energies and precious metals through Non-Dealing Desk (NDD) connectivity. The diversity in trading instruments garners Orbex a commendable score of 7.8 out of 5.0 for its comprehensive market range. However, it's worth noting that the product offerings are primarily focused on FX and CFDs, which could be a limiting factor for some traders.
The ability to smoothly transfer funds to and from a trading account is essential when choosing a forex broker. Orbex excels in this area by adhering to best practices in money management as a regulated broker. It offers a plethora of funding methods, making it convenient for traders. This aspect of Orbex receives a rating of 7.8 out of 5.0 based on our evaluation. A significant advantage is the absence of commission on funding methods, coupled with a relatively low minimum deposit requirement for the Standard account.
Pros
Wide variety of payment methods including Neteller, Credit/Debit cards, Skrill, WebMoney, fasapay, and Wire Transfer
No commission on deposits and withdrawals
Cons
Minimum deposit varies by account type, which might be confusing
The minimum deposit requirement at Orbex varies according to the account type, starting at $100 for the Starter account, $500 for Premium, and $25,000 for the Ultimate account. Notably, Orbex's minimum deposit is more accessible compared to the $500 commonly required by most other brokers.
Withdrawals at Orbex are processed efficiently without any transaction fees, whether for deposits or withdrawals. All account operations can be managed online, and withdrawal options include Bank wire and Cards. It's important to check with your payment provider for any internal fees that might apply.
Orbex distinguishes itself by offering the MT4 trading platform, renowned for its advanced charting features, multilingual support, robust security, and reliability. This platform supports a variety of trading styles, making it a preferred choice for many traders. Orbex's platform is rated 8.2 out of 5.0, highlighting its excellence and extensive range, including the MT4 platform, compared to over 1000 other brokers.
Pros
Availability of Desktop, MultiTerminal, Mobile, Web, and iOS versions of the MT4 platform
Integration of Trading Central and Orbex Trade Lab for enhanced trading opportunities
Free VPS service for running EAs with increased execution speeds
Cons
Limited research tools and customization options in the Web Platform version
Orbex places a high emphasis on customer satisfaction by providing comprehensive support around the clock on working days. The broker's omnichannel support system, available via emails, live chat, and international phone lines, ensures that traders receive clear and relevant responses in various languages. Orbex's customer support is highly rated with a score of 9 out of 5.0, although the unavailability on weekends is a minor drawback.
Orbex offers an extensive selection of educational resources, including live webinars, e-books, and e-courses, all available for free to its clients. These resources are designed to assist traders in making informed decisions. Additionally, Orbex provides free analysis support and information, including Economic Calendars, Calculators, and Weekly reports. This comprehensive educational offering earns Orbex a score of 9 out of 5.0.
Our comprehensive review concludes that Orbex is a trustworthy broker with a strong international and MENA region presence in online trading. The broker offers a wide range of account types, advanced platform features, and numerous free tools, creating a conducive trading environment. Orbex allows traders the flexibility to choose between various spreads, OTC or ECN connections, and trading strategies. While beginners can benefit from the free educational tools, professionals are supported with dedicated services. However, operations are primarily through international entities, which may limit certain protections, and some EU countries might face restrictions in opening an account. Based on our findings and expert opinions, Orbex is recommended for a broad spectrum of traders, including beginners, professionals, and those interested in algorithmic trading, scalping, hedging strategies, and high leverage trading.
