Is Orbex a scam?
Orbex Forex is a regulated forex broker, which means that it is licensed and authorized to offer financial services by a recognized regulatory authority.
Orbex Forex is regulated by two of the most reputable financial regulators in the world, the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom.
These regulators have strict rules and regulations that Orbex Forex must comply with to ensure the safety and protection of its clients’ funds. The company is required to maintain segregated client accounts, which means that client funds are kept separate from the broker’s operational funds.
In addition, Orbex Forex is a member of the Investor Compensation Fund (ICF) in Cyprus, which provides an additional layer of protection to clients in the event of the broker’s insolvency. The ICF can provide compensation up to €20,000 per client, per firm.
Overall, Orbex Forex is considered a safe and reliable broker, as it operates under strict regulations and takes measures to protect its clients’ funds.
Orbex Trading Platforms
Orbex Forex offers its clients several trading platforms to choose from, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are available for desktop, web, and mobile devices, allowing clients to trade from anywhere at any time.
MT4 is a well-established platform that is known for its advanced charting capabilities, technical analysis tools, and automated trading options. MT5 is the successor to MT4 and offers additional features such as a greater range of order types, more advanced technical analysis tools, and improved backtesting capabilities.
In addition to MT4 and MT5, Orbex Forex also offers its proprietary trading platform, Orbex Trader, which is available for desktop and mobile devices. Orbex Trader is a user-friendly platform that is designed to be customizable and easy to use, even for novice traders. It offers a wide range of trading tools and features, including advanced charting, one-click trading, and real-time market analysis.
Overall, Orbex Forex provides its clients with a variety of trading platforms to choose from, including popular third-party platforms and its own proprietary platform, which can cater to the needs of traders with different levels of experience and preferences.
Products Orbex provides
Orbex Forex provides a variety of financial instruments for trading, including:
- Forex: Orbex Forex offers a wide range of currency pairs, including major, minor, and exotic pairs.
- Metals: Clients can trade precious metals such as gold and silver, as well as other metals like copper and palladium.
- Energies: Clients can trade energies such as crude oil and natural gas.
- Indices: Orbex Forex provides access to a range of global stock indices, including the S&P 500, NASDAQ, and FTSE 100.
- Commodities: Clients can trade agricultural commodities such as corn and wheat, as well as soft commodities such as coffee and sugar.
- Cryptocurrencies: Orbex Forex offers trading in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Clients can access these products through the trading platforms offered by Orbex Forex, and they can choose from a variety of account types, including Islamic accounts, VIP accounts, and demo accounts. The company also offers educational resources and market analysis tools to help clients make informed trading decisions.
Orbex trading fees
Orbex Forex offers competitive trading fees that vary depending on the account type and trading instrument. Here are some of the fees charged by Orbex Forex:
- Spreads: Orbex Forex charges variable spreads on forex and other instruments, with spreads starting as low as 0.0 pips for some account types.
- Commissions: Orbex Forex charges a commission on some account types and instruments, such as ECN accounts and certain metals and energy contracts.
- Swap fees: Clients may be charged swap fees for holding positions overnight, which can be positive or negative depending on the instrument and the direction of the position.
- Deposit and withdrawal fees: Orbex Forex does not charge fees for deposits or withdrawals, but clients may be subject to fees charged by their payment provider.
- Inactivity fee: Clients who do not trade for a certain period may be charged an inactivity fee.
Overall, Orbex Forex provides transparent pricing with no hidden fees. Clients can view the spreads and commissions charged by the broker on their website, and they can choose from a variety of account types to find the pricing that best suits their trading needs.
Orbex Funding and Withdrawal Options
Orbex Forex provides a range of funding and withdrawal options to its clients. Here is an overview of the options available, as well as any associated fees and processing times:
Deposit Options:
- Bank transfer
- Credit/debit card (Visa, Mastercard)
- Online payment systems (Skrill, Neteller, FasaPay, WebMoney)
Orbex Forex does not charge any fees for deposits, but clients may be subject to fees charged by their payment provider. Deposits are usually processed instantly or within one business day, depending on the payment method.
Withdrawal Options:
- Bank transfer
- Credit/debit card (Visa, Mastercard)
- Online payment systems (Skrill, Neteller, FasaPay, WebMoney)
Orbex Forex does not charge any fees for withdrawals, but clients may be subject to fees charged by their payment provider. Withdrawals are usually processed within one business day, but it may take longer for funds to appear in the client’s account, depending on the payment method and the client’s bank.
Clients must verify their identity and complete any necessary documentation before they can make a withdrawal. Orbex Forex reserves the right to request additional documentation or information before processing a withdrawal.
Overall, Orbex Forex provides a range of convenient and secure funding and withdrawal options, with no hidden fees. Clients can choose the method that best suits their needs and can expect their transactions to be processed quickly and efficiently.
Orbex’ promotions
Orbex Forex occasionally offers promotions to its clients, such as deposit bonuses, rebates, and other special offers. However, these promotions are subject to change and may not be available at all times. Here are some examples of past promotions offered by Orbex Forex:
- Deposit bonus: Clients who make a deposit within a certain time frame may be eligible for a bonus on their deposit amount.
- Rebate program: Clients who trade a certain volume may be eligible for rebates on their trading commissions.
- Trading competitions: Orbex Forex has hosted trading competitions in the past, with prizes for the top traders.
- Referral program: Clients who refer new clients to Orbex Forex may be eligible for a bonus on their trading account.
Clients should review the terms and conditions of any promotions offered by Orbex Forex to understand the requirements and eligibility criteria. It’s also important to note that promotions may be subject to withdrawal or change at any time, and clients should check the Orbex Forex website or contact customer support for the latest information on available promotions.
Orbex customer support
Orbex Forex provides customer support to its clients via several channels, including:
- Live chat: Clients can access live chat support through the Orbex Forex website. Live chat is available 24/5 during trading hours.
- Email: Clients can send an email to support@orbex.com to get help with their account or trading.
- Phone: Clients can call the Orbex Forex customer support team at +357 25588855. Phone support is available 24/5 during trading hours.
- Knowledge Base: Orbex Forex maintains a comprehensive Knowledge Base on its website that covers frequently asked questions, trading guides, and other helpful resources.
Orbex Forex also provides personalized support to its clients, including account managers who can help with account setup and ongoing support. The company has a reputation for providing responsive and helpful customer support, and clients can expect timely and professional assistance when they need it.
Overall, Orbex Forex offers a variety of channels for clients to get support, and their customer support team is known for providing excellent service to clients.
Orbex Educational Resources
Orbex Forex provides a range of educational resources to help clients improve their trading knowledge and skills. Here are some of the educational resources offered by Orbex Forex:
- Webinars: Orbex Forex hosts regular webinars covering a variety of trading topics, including technical analysis, trading strategies, and market news. Webinars are led by experienced traders and analysts and are free for Orbex Forex clients.
- Video tutorials: Orbex Forex offers a library of video tutorials covering topics such as trading platforms, order types, and risk management. These videos are designed to help clients get started with trading and improve their skills.
- Trading guides: Orbex Forex publishes trading guides that cover a range of topics, from beginner’s guides to advanced trading strategies. These guides are available on the Orbex Forex website and are free for clients to download.
- Economic calendar: Orbex Forex provides an economic calendar that displays upcoming economic events and data releases, along with expected market impact. This tool can help clients stay informed about market-moving events and plan their trading accordingly.
- Market analysis: Orbex Forex provides daily market analysis that covers major forex pairs, commodities, and indices. This analysis is written by experienced analysts and provides insights into market trends and potential trading opportunities.
Overall, Orbex Forex offers a comprehensive set of educational resources that can help clients improve their trading knowledge and skills. Clients can access these resources for free and can use them to develop their own trading strategies and approaches.
Pros and cons of Orbex
Pros:
- Regulation and safety: Orbex Forex is regulated by reputable financial authorities, which provides clients with a level of safety and security.
- Trading platforms: Orbex Forex offers a variety of trading platforms, including MetaTrader 4 and 5, as well as a mobile app, which gives clients flexibility in how they trade.
- Educational resources: Orbex Forex provides a range of educational resources to help clients improve their trading knowledge and skills, including webinars, video tutorials, and trading guides.
- Customer support: Orbex Forex offers responsive and helpful customer support via live chat, email, and phone.
- Competitive trading fees: Orbex Forex offers competitive trading fees, with low spreads and no commissions on some account types.
Cons:
- Limited product offerings: Orbex Forex primarily focuses on forex trading, which may not be suitable for traders who want to trade other instruments.
- High minimum deposit: The minimum deposit required to open an account with Orbex Forex is higher than some other brokers, which may be a barrier to entry for some traders.
- Limited funding options: Orbex Forex provides a limited range of funding options, which may not be convenient for all clients.
- Limited bonus offerings: Orbex Forex offers limited bonus and promotional offers, which may not be attractive to some traders.
Overall, Orbex Forex is a reputable broker that provides a range of trading platforms, educational resources, and customer support to its clients. However, its limited product offerings and higher minimum deposit may not be suitable for all traders.
Frequently asked questions about Orbex
Is Orbex Forex a regulated broker?
Yes, Orbex Forex is regulated by reputable financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Mauritius Financial Services Commission (FSC).
What trading platforms does Orbex Forex offer?
Orbex Forex offers a variety of trading platforms, including MetaTrader 4 and 5, as well as a mobile app for iOS and Android devices.
What products can I trade on Orbex Forex?
Orbex Forex primarily focuses on forex trading, but it also offers trading in commodities, metals, and indices.
What is the minimum deposit to open an account with Orbex Forex?
The minimum deposit required to open an account with Orbex Forex is $200 for the standard account and $500 for the premium account.
What funding options are available with Orbex Forex?
Orbex Forex provides a range of funding options, including bank wire transfer, credit/debit card, and e-wallets such as Skrill and Neteller.
Does Orbex Forex offer demo accounts?
Yes, Orbex Forex offers demo accounts that allow clients to practice trading with virtual funds before investing real money.
Does Orbex Forex offer educational resources?
Yes, Orbex Forex provides a range of educational resources to help clients improve their trading knowledge and skills, including webinars, video tutorials, and trading guides.
What is the customer support like at Orbex Forex?
Orbex Forex offers responsive and helpful customer support via live chat, email, and phone. Clients can also access a comprehensive Knowledge Base on the Orbex Forex website.
