Orbex is this a scam? Review and Customers Reviews

Orbex – it is an international Forex brokerwhose owners are registered in Cyprus. The company puts an emphasis on openness, offering NDD-format trading and voicing all the conditions before the client registers a trading account.

But is the provider as good as it seems at first, or is Orbex a scam? Let’s take a closer look and try to draw some conclusions.

 

Terms of trading with Orbex

Orbex offers 4 types of classic accounts for forex trading.

Open in euros, U.S. dollars, British pounds and Polish zlotys:

• Fixed. With a minimum deposit of $500, a fixed spread of 1.9 pt, leverage up to 1:500, free trading signals, stop out on 20% and a free VPS (virtual dedicated trading server). Does not support scalping. No commission – the company makes money on spreads.
• Starter. With a minimum deposit of $200, floating spread (1.5 pt on average), leverage up to 1:500, free trading signals, allowed scalping, stop out on 20% and free VPS (virtual dedicated trading server). No commission.
• Premium. With a minimum deposit of $5000, floating spread from 0 pt, leverage up to 1:500, free trading signals, allowed scalping, 20% stop out and free VPS (virtual dedicated trading server). Broker’s commission is 8$ from each trade.
• Ultimate. With a minimum deposit of $25,000, floating spreads from 0 pt, leverage up to 1:500, free trading signals, allowed scalping, stop out on 20% and free VPS (virtual dedicated trading server). The broker’s commission is $5 from each trade.

Plus Islamic account without Swaps (all other conditions apply to it as standard). The trading model in all cases – NDD (No Dealing Desk). Execution of orders is market. The session starts at 00:00 and ends at 23:30 Cyprus time, even on weekends (except for certain instruments). There are 120 plus assets available: currency pairs, precious metals, energy, capital indices and stocks. Going back to leverage: its size is limited based on the broker’s active trading volume.

The default setting is 1:30. With volume up to 20 lots maximum 1:500, from 20 to 40 lots – up to 1:300, with more than 40 lots – 1:100. Hedging and Expert Advisors are allowed on accounts with floating spreads. Various analytical materials are available: technical analysis, fundamental analysis (selection of materials), economic calendar (daily summaries), calculators (pips and margin, risk, pivot points), currency converter, weekly medium-term forecasts for all instruments, including forex (Forex Trading Training).

And training programs in several formats: webinars, e-books, video courses, manuals, traders’ dictionary (definitions of important concepts), advice (informative articles). Support is provided by phone (by direct call to one of the numbers or through a callback order form), e-mail (each company department has its own e-mail), online chat (consultant on the site and Telegram chat-bot) and communities in social networks.

 

Platform Orbex

Orbex works on MetaTrader 4 (MT4) terminals, where it downloads its own plugins (such as OrbexStrategizer for automatic trading using signals). The platform is presented in several formats: downloadable agent for PC, MultiTerminal trading hub, and mobile application for installation on Android and iOS devices. MT4 is considered one of the most popular terminals. It is characterized by ease of use, performance and supports a lot of options/functions:

• All basic chart display types (candlesticks, lines, bars, their combinations).
• 24 analytical and 30+ technical tools.
• 9 timeframes.
• Execution of orders “in 1 click”.
• Interactive options (zooming, scrolling charts, color schemes) and displaying up to 4 charts in one window.
• Own templates and support for third-party (downloadable).

Customer funds are stored in segregated accounts. For security purposes, all payments are made with verification (identity verification) and using details only of the account holder (i.e., the name of the cardholder must match the name specified in the personal account).

Broker quotes

At Orbex you can trade on 44 currency pairs: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/DKK, EUR/GBP, EUR/JPY, EUR/HKD, EUR/MXN, EUR/NOK, EUR/NZD, EUR/PLN, EUR/SEK, EUR/USD, EUR/ZAR, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, USD/CAD, USD/CHF, USD/CHN, USD/DKK, USD/HKD, USD/JPY, USD/MXN, USD/NOK, USD/PLN, USD/SEK, USD/TRY, USD/ZAR. Liquidity providers on the site orbex.com are not voiced, because it is assumed that the broker will trade on the open market. Accordingly, the question of the accuracy of the quotes is not raised.

 

Demo account orbex.com

To test the terminal and hone your skills, you can use the free (training) terminal MT4, where trading is conducted on conditional (having no real equivalent) currency – “coins”. But first you need to register a demo account.

Registration: indicate the name, surname, country of residence, phone number (it must be confirmed by entering a 4-digit code from the received SMS), e-mail address (activated by clicking the link from the letter from the broker). After you follow the link in the email, the system will ask you to enter a password. And you will be redirected to a personal account. Please note: It is important to confirm the e-mail. If you simply try to enter “My Orbex” after pressing the “Submit” button of the registration form, you will be prompted to enter a password you don’t know yet. The Orbex client account is not russified, so you’ll have to rely on your knowledge of English or use the browser’s auto-translation, giving up on the subtleties of context.

By default, we have already created a training account with a balance of 500 c.u., which we spend without time limit. To do this, open/download the terminal from orbex.com and specify the login data (will come to the e-mail specified during registration). To create a new demo account (when the balance of the demo is zeroed), click New Demo Account in the right menu of the Personal Area, set the type of training account, the amount of deposit and currency (USD, EUR, PLN, GBP), and then click Save.

The same account can also be used for real trading – simply convert it into a trading account by clicking Upgrade in the notification above and filling out the form: date of birth, nationality, country of residence, full address, passport information and trading preferences (hedging/scalping/day trading/short-term trading, account type, currency, base leverage size), trading experience, income and passport and credit card photos/scans.

 

Mobile application

Orbex does not have its own mobile application – clients work on MT4 Mobile software for iOS (version 9.0 and newer) and Android (starting from 5.0). The functionality here is the same as on the desktop. To log in to your account, use the login and password you received when registering on the website orbex.com.

 

Bonuses at Orbex

No bonuses from Orbex (with the exception of free VPS and no Swaps in Islamic accounts, to which the broker refers in the Offers and Promotions section of the personal cabinet and about which we have already told) neither on the website, nor in the personal cabinet we found. The only format of work with clients that involves remuneration is affiliate programs.

Affiliate programs

Partnerships in Orbex are represented by three main areas: Introducer Broker (IB), White Label and Institutional Client. Let’s talk a little bit more about each of them.

Introducing Broker (IB)

The essence is that you act as a broker’s representative, attracting new clients to the network by publishing banners, widgets, laddings and other advertising with a link to orbex.com. For that you get a reward – a commission from the trades of all the traders who have come thanks to your actions.
Accruals and the size of the bonus are displayed in the personal office of the partner. You can sign up other representatives, forming a passive income, and withdraw payments at any time.

White Label

White Label collaboration format implies that you work as a broker, using all Orbex resources: terminals, administration and risk management systems, marketing tools, STP module, etc. And you pay the company a percentage of your earnings.

Institutional client

This is a kind of alternative to PAMM-trading: you are also an investor, but you work directly with liquidity providers. There are two formats:

• Receiving data through MT4 aggregators.
• Direct access (bridge) to the international market.

All major asset types are supported: currency pairs, precious metals, energy, indices, commodities, futures. There are no minimum investment requirements.

 

Deposit and withdrawal

Deposit and withdrawal of earnings to orbex.com by bank cards of VISA and MasterCard systems, electronic wallets Neteller, Skrill, WebMoneyThe latter doesn’t even require you to sign in to your account, just enter the account number, the amount of money, and fill out the details. In the latter case, you don’t even need to log in to your account – all you need to do is specify the account number, the amount, and fill in the details. Commission for the operation the client assumes. All requests for payment will be processed within 5 business days. After that all depends on the payment agent (how fast he will conduct the operation).

 

Complaints about Orbex

The feedback about Orbex is mostly negative. Users complain about too high minimum deposits, delays in order execution, large fluctuations in spreads, as well as problems with interaction with the support team and withdrawal of funds.

Although, of course, there are positive comments about the broker online. And the authors write about the smoothness and efficiency of the terminal, convenient and favorable trading conditions, friendly managers.

If there are any complaints about forex broker Orbex, we will be sure to post the information on social media. Sign up so you don’t miss anything!

Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

 

Broker regulator

Orbex Limited (the owner company) operates under license number 124/10, issued by CySEC (the Cypriot regulator). It also holds a number of approvals from individual countries: UK FCA, ATVP Slovenia, BaFin, CNMV, FSA Dania, PFSA, FI Sweden, AFM, LSK, CNB, FIN-FSA, CMVM, Austrian FMA, FSC, EFSA, CVC, HFSA, FSA Iceland, CONSOB, FKTK, AWA, CSSF, MFSA, DFSA, RNSC (CNVM), FMA Slovakia. Links to the registries (or the license/certificate page in those registries) are given on the broker’s website orbex.com. Some of it is currently unavailable, but most of the data is still confirmed by official documents.

• List of Orbex regulators on the website
• Check your Orbex license on the CySEC website
• Check your Orbex license on the FSC website

orbex.com User Agreement

Orbex User Agreement (CFDS Client Agreement) has not been translated into Russian. We’ll go through some of its provisions so you can get an idea of it. Thus, the document comes into force when the client receives a notification that his account has been verified. This happens after the passport data is verified. The client can act on behalf of another person only if he has the permission from the broker – otherwise the account can only be registered in his own name (clauses 5.1-5.2).

From time to time the broker has the right to contact the trader by phone call, fax or other means. This is done for the purposes of identification and security. And to postpone the execution of his transactions, if it is necessary to carry out any verification (clause 8.4). Or even reject everything (clauses 8.5-8.6).

Any information on the website may be inaccurate, incomplete or unreliable. If there is an investigation concerning transactions of the client and the company has reasonable grounds to believe that the trader used abusive tactics, such as arbitrage/delay, the company at its own discretion will cancel the corresponding profit according to conditions (clause 9.5).

Accounts that are not traded for 6 months or longer are considered inactive (clause 14.11) and are subject to a monthly fee of 20 USD/EUR/GBP/PLN depending on the account currency until the balance is zeroed (clause 14.12). And after 12 months they are closed (clause 14.13).

The company has the right to assign its rights and obligations to third parties (clause 19.1). Any of your assets, funds, securities and other property are pledged and subject to retention in case of non-payment of debts to the broker (clause 21.5).

A forfeit of 4% for each day of delay is imposed on your debt to the company. When depositing your account, you must use a card with the full name that matches the data specified in your profile. The broker has the right to reject deposits made from other credentials, as well as from “high risk” countries (regions).Among other things, you must notify Orbex of all changes in contact information. If there was a trading error, it is necessary to inform about it within 24 hours, otherwise claims are not accepted. The company is not responsible for the actions of third parties who have accessed your account (clause 30.17).

 

Is Orbex a scam?

Orbex – It is a broker with licenses, listed in more than a dozen countries, so it operates officially legally. All the policies (user agreement, privacy policy, risk policy, etc.) are on the website of the service provider. And the trading conditions are clearly and precisely spelled out. But there are a couple of things that draw attention:

• The company is not responsible for the authenticity of the provided information (it is written in the user agreement). In other words, the quotes you see in the trading terminal may be different from the real ones.
• To open an account, it is necessary to make a rather large deposit (from 200 c.u.), and the payment is non-refundable (it cannot be cancelled). Accordingly, to withdraw funds later, you will need to send a request.
• On sites with moderation there are complaints, users – among other things – tell about problems with interaction with support and withdrawal.

Should Orbex be considered a scam? It’s up to you.

 

Conclusion

Orbex has been working in the network for more than 10 years (the first license was obtained back in 2010). The company has received all necessary licenses and openly demonstrates the terms of cooperation with brokers. Plus provides training and analytical materials, and many ways of support. Scalping and hedging are allowed (except for fixed spread accounts), free VPS and trading signals are provided (the company developed a tool called OrbexStrategizer), and instead of PAMM trading a program of investment partnerships is offered.

And yet not every trader is ready to trade here. There are complaints on the net about, in the opinion of their authors, overstated deposits, unqualified support, problems with payments and delays in the work of the platform. In addition, there are no bonuses such as cashback on deposits or a loyalty program.