Orbex Review 2020 - Verified Customer Reviews

Fxverify Rating
3.5
User Rating
3.0
(2)
Fxverify is the first of it's kind and only publishes user reviews by verified customers with a real Orbex trading account. Learn how we verify.

Orbex Review

Updated November 05, 2020
3.5
Score breakdown
Pricing: 3
Regulation: 5
Popularity: 3
User Rating: 3 (2)

Orbex overall score rank: 13 out of 35

Orbex Forex broker review
KEY TAKEAWAYS
  • Great offering of educational materials
  • Orbex Social Trading
  • No fees on deposits/withdrawals
  • Regulated in Europe and Mauritius

Regulations and Money Protection

5.0  


Entity Name Orbex Global Limited (MU) Orbex Limited (EU)
Licence & Regulation Mauritius FSC Licence Cyprus CySEC Licence
Client Money Protection ✔️ - segregated client money
Deposit Compensation Scheme ✔️
up to €20,000
Negative Balance Protection ✔️ ✔️

Entity/Regulation

  • International customers: Orbex Global Limited will be the counterparty for International customers. This entity, with registered address at 2nd Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebne, Republic of Mauritius, is regulated by the Financial Services Commission of Mauritius (FSC) with a SEC-2.1B Investment Dealer licence.

  • European customers: Orbex Limited, with address at 6, Maximos Michaelides Str, Maximos Plaza, Block 3, 5th Floor, Office 3501, CY-3106 Limassol, Cyprus, is registered as a Cypriot Investment Firm (CIF) under number 258884 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 124/10.

Client Money Protection

  • Orbex complies with the highest safety standards for client's funds. For this reason, Orbex client's funds are kept in top-tier international investment banks, fully segregated from the company's funds.

  • Orbex also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. Orbex holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

Orbex Limited (EU) is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If Orbex Limited (EU) is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of offering of the investment service (within Europe).

Negative Balance Protection

For accounts opened via any entity of the Orbex Group, there is a default Negative Balance Protection mechanism in place, for the sake of no negative balance. With NBP, Orbex customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️Fixed
✔️Starter
✔️Premium
✔️Ultimate
✔️PAMM
✔️Islamic Accounts
✔️Forex
✔️Indices
✔️Stocks
❌Futures
❌ETFs
❌Bonds
✔️Commodities
❌Cryptos
✔️MT 4
❌MT 5
❌cTrader
❌Myfxbook
❌ZuluTrade
✔️Orbex Social Trading
30:1 Europe

500:1 Rest of World

Account types and currencies

  • Orbex offers up to five types of trading accounts; the Fixed account, with fixed spreads, and 3 variable (floating) spread accounts with different costs; the Starter account (without commissions), Premium and Ultimate (both ECN modelling) with lower spreads and trading commissions. Orbex also offers swap-free accounts for traders of Islamic belief.

  • Orbex allows for social trading, including copy trading, via the Orbex Social Trading platform.

  • Orbex has MAM and PAMM accounts alternatives for money managers.

  • Orbex maximum leverage is 30:1 for accounts opened within Europe and up to 500:1 for accounts opened in other countries around the world.

  • Currently, Orbex trading accounts are available in EUR, GBP, PLN and USD.

Financial instruments

Trading with Orbex can be done only via the Metatrader 4 available for desktop and mobile versions Android and iOS. Orbex offers a limited selection of about 110 assets to trade, including Forex, indices, stocks and commodities.

  • FX market - 40 currency pairs (including Minor and Exotic crosses).

  • Indices - 6 world indices, including the US 30, GER 30 and UK 100.

  • Stocks - 60 stocks CFDs from global top companies and banks, such as Uber, Tesla, BMW and Santander Bank.

  • Commodities - 7 commodities CFDs available for trading; 4 metals (including Gold and Silver) and 3 energies, with UK Oil, US Oil and Nat Gas.

Pricing

3.0  


Pricing/
Account
Fixed Starter Premium Ultimate
Spread EUR/USD from 1.9 pip from 1.5 pip from 0.0 pip from 0.0 pip
Commissions (1 lot) from 8 USD from 5 USD
Minimum Deposit from 500 USD from 200 USD from 5,000 USD from 25,000 USD

Spreads

Orbex trading spreads are not the most competitive for the entry-level accounts (Fixed and Starter). For the most traded pair, the EUR/USD, the spread with the Starter account starts at 1.7 pip and the spread on a Fixed account starts at 1.9 pip. And we say start, because, as specified on Orbex's website, "during major economic release and market opening times spreads on Fixed accounts (Fixed Spread) will be set as variable and will comply with the best available market prices", so, the fixed spread will change to a much wider spread. On the positive side, with an ECN model account (Premium and Ultimate), the minimum spread for the EUR/USD is 0.0 pip (typically 0.3 pip).

To access the better trading conditions of the ECN model accounts, Orbex will charge a broker commission. With a Premium account the standard lot commission for 1 lot (100,000 units) is 8 USD commission (4.0 USD per side/per lot). We consider this commission to be slightly higher when compared with other top brokers.

For even better pricing, Orbex offers the Ultimate account. The standard lot commission for 1 lot (100,000 units) with the Ultimate account is a lower 5 USD (2.5 USD per side/per lot). The only downside with the Ultimate account, and its more competitive rates, is that in order to qualify, the account needs a minimum balance of 25,000 USD, which could be a problem for several traders without deep pockets.

Rollover Rates

Orbex swap rates, as of 22-10-2020 for the EUR/USD stand at -4.54 for holding overnight a 1 lot long contract and at +0.99 for holding overnight a 1 lot short contract. We consider Orbex rollover rates for the EUR/USD slightly lower when compared with other brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 4 different currencies and maintained via 6 different funding methods, including cards, bank wires and e-payments such as Neteller, Skrill and FasaPay. Good news, Orbex does not charge any fees for deposits.

  • Withdrawals fees - For withdrawals, more good news, as there are no fees for, cards and e-payments withdrawals (processing time 3-5 working days), except for bank withdrawals where intermediary and/or beneficiary bank fees may apply. For more information, please visit the Orbex deposit and withdrawals dedicated page.

  • Inactivity fee - Orbex charges a Trading Inactivity fee. Any accounts held with Orbex, without any trading activity and/or accounts that are inactive and or remain non-operational and/or holding zero balance/equity for a period of six (6) months and more, are considered by Orbex to be dormant accounts. When an account is classified as dormant, Orbex has the right to charge an Inactivity fee of 20 USD, 20 EUR, 20 GBP or 20 PLN (depending on the base currency of the account holder) per month, from the account balance.

Popularity

3.0  


Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer Support
Forex e-books
Market Analysis
Webinars
Video Courses
Trading Tools
Cards
Bank Wire
E-payments
✔️ Multi language
24/5 Support
Live Chat

With several thousands of accounts opened from traders worldwide, Orbex seems to have a decent market share, still, it also seems to fail in capturing the attention of more traders, as the popularity of this broker scores an average 3.0. Let's look at the not so popular side:

Orbex overall pricing modelling is slightly higher (except for the Ultimate account), when compared with other FX brokers. The spreads of the Fixed and Starter accounts are not the most competitive ones on the market, and even the Premium account has a commission of 8 USD per lot traded, slightly higher than average, when compared with most brokers (6 - 7 USD).

Also, negatively, trading can be done only via one platform, the MT4, without alternatives for enthusiasts of the MT5 or cTrader. On the positive side Orbex believes in educating all of their traders by giving away the resources and tools needed to improve client's trading experience and results. Orbex offers an excellent range of Forex educational tools that will put traders on the right trading path.

  • Trading accounts - Regarding trading accounts, we consider the Orbex Ultimate account to be the best-value. This account is also a popular choice because of the reduced trading costs and considered the best option based on the lower spreads and an average commission of $5.00 per lot traded.

  • Forex education - Orbex also gets extra popularity points for their great range of Forex education materials, available through the Online Trading Tools tab. Orbex clients can find market technical and fundamental analysis, webinars, free Forex e-books, free video courses, trading tips and calculators. There's also Orbex specials, with access to Trading Central and Strategizer. As a live client, traders will have access to Trading Central's detailed technical analysis reports on currencies, metals and indices, covering different time frames to address different Forex trading strategies. The Orbex Strategizer is an algorithmic Forex trading system that does not require any coding or programming to build an expert advisor. With the Orbex Strategizer, traders can create a Forex trading strategy and have it run directly on the MT4, without any code and absolutely free.

Funding Methods Bank Wire, FasaPay, Neteller, Skrill (Moneybookers), Webmoney
Support Languages Arabic, Chinese, English, Farsi, German, Italian, Japanese, Russian, Spanish, Vietnamese

  • Minimum deposit - Opening a trading account with Orbex is quite easy and fast, taking around 10-15 minutes to complete all the forms with the required information. The initial minimum deposit requirement with Orbex is 200 USD for the Starter account, 500 USD for the Fixed account, 5,000 USD for the Premium account and a cool 25,000 USD for the Ultimate account.

  • Customer support - Orbex's multi language customer support service is available 24 hours, 5 days a week, in 10 languages. Orbex's support is available via direct phone call, contact form, email and through live chat directly from their website.

Broker Profile

Orbex Group Limited is the holding company of Orbex Limited (authorized and regulated by the CySEC) and Orbex Global Limited (authorized and licensed by the Mauritius Financial Services Commission (MU FSC). With a well-equipped head office located in Limassol, Cyprus and a highly experienced team from all backgrounds, Orbex Global Limited is a truly diverse, inclusive and international company.

As a reliable and authentic provider of online trading markets, Orbex is one of the leading international brokers, and takes pride in providing top quality financial services to individuals and institutions alike. Orbex provides clients with good trading conditions in the market on 50 pairs of instruments, including major currencies, precious metals and energies CFDs.

Orbex provides comprehensive services with the customer consistently in mind and has a number of procedures in place to guarantee customer satisfaction including multilingual support at live speed. Orbex mission is bold and ambitious: through superior customer service the company aims to continue to grow internationally and establish themselves as a global brand.

Overall, on our Orbex review, the broker scores a just above average 3.5 out of 5, as it is a good choice for European traders looking for a reputable broker with good regulations in place, safety of funds and access to a great range of educational materials and trading tools. On the downside, the lack of a stronger regulator for international clients could scare-off some potential traders. Also impacting negatively, the overall cost of trading with Orbex is slightly higher when compared with other top brokers, and the trading platforms available, currently only Metatrader 4, could be extended to satisfy more potential customers.


Data supplied in partnership with CashBackForex - Forex Rebates places Orbex on the top 25 brokers for popularity with traders opening an account in 2020.


Was this review helpful? Share it with a friend!

Orbex User reviews

Account types:
Sort:
3.0
(2 reviews)

Orbex user rating score rank: 13 out of 35

Orbex Account types user rating

Orbex Products

Forex
Metals
Indices
Oil/Energies