Orbex Broker Review 2024 ❤️ Safe or Scam?

Introduction, Pros & Cons of Orbex Broker

Orbex is a reputable CFD broker that provides excellent trading conditions with sophisticated instruments. It offers an excellent selection of the leading MT4 trading platform with quick online account opening and free demo accounts, among other advantages. The broker provides relatively low spreads with no commissions for deposit/withdrawal processes.

Headquarters	Cyprus
Regulation	MFSC
Trading Platform	MT4
Instruments	Futures, Metals, Commodities, Stocks, Shares, Oil, Bitcoin, CFDs, Stocks, Energy Commodities, Indices, Forex
Demo Account	Available
Minimum Deposit	100 $
EUR/USD Spread	From 0.0 pips
Base Currency	Dollar, Euro
Sources to Learn forex	Free education with webinars, Orbex TV, and videos
Customer Suppors	24/5

There are numerous advantages to this broker, which you will become familiar with in the following. Additionally, we have listed some of them in the table below. As for potential drawbacks, one thing that might catch your attention is that customer support is only available on business days.

Awards

Orbex has been participating in various exhibitions and has received multiple international awards along with significant customer recognition. The broker consistently receives good reviews from its loyal customers. Its reputable status in the industry is confirmed. Some of its notable awards include:

FX MENA 2022 Best Educational Broker Award
2022 Best FX Research and Education Provider Award
2021 Best Trade Execution Winner
Please note that the availability of services and trading conditions may change over time and vary depending on the broker and region. For more information, please refer to Orbex’s official website.

Is Orbex Safe or Scam?

No, Orbex Broker is not a scam; it is a reputable and trusted broker with a good reputation. It used to operate under the regulations of CySEC and ESMA, and currently, it is active with an FSC license. Orbex holds this license.

The Financial Services Commission of Mauritius (FSC) is considered an offshore regulatory authority. It allows individuals from Iran to open accounts with this broker.

Pros:

• Headquartered in Cyprus
• Global coverage and offshore regulation
• Representative offices in Kuwait and Jordan
• Good performance and years of operation
• Regulated broker

Cons:

• None

Leverage at Orbex Broker

Leverage is the ability to borrow funds that can potentially increase the size of your trades and, in turn, your potential profits. It’s always defined within regulatory limits in each jurisdiction. Broker Orbex, through its MFSC regulation, provides favorable conditions for high leverage trading to all its customers.

Orbex offers traders the opportunity to trade with leverage of up to 1:500, allowing for larger positions with relatively low capital. After meeting specific criteria, professional individuals may access even higher leverage levels. We recommend that you always learn how to use leverage wisely, as this tool can also amplify risks significantly.

Types of Orbex Trading Accounts

Orbex Broker offers four types of accounts, from fixed and variable spread accounts to raw spread accounts starting from 0 pips with trading commissions included, where the commission is as low as $5 per lot.

Additionally, Orbex offers a special account for copy trading through its automated copy trading system, FXStat Tradebook. This type of social trading is quite popular, enabling simple investment opportunities by following professional strategies with a commission of only $10. Furthermore, it is available for Islamic traders, offering them the option to join through a swap-free account feature, allowing them to trade without rollover commissions.

Starter Trading Account:

Commission: $0 on Forex trades with variable spreads (average EUR/USD spread of 1.5 pips).
Flexible trade size starting from 0.01 lots.
Leverage up to 1:500.
Minimum required deposit: $100.
Access to exclusive education and tools.

Premium Trading Account:

Raw Forex spreads starting from 0.0 pips with an $8 commission per lot.
Flexible trade size starting from 0.01 lots.
Leverage up to 1:500.
Minimum required deposit: $500.
Provides access to certain educational materials and unique tools.

Ultimate Trading Account:

Raw Forex spreads starting from 0.0 pips with a $5 commission per lot.
Flexible trade size starting from 0.01 lots.
Leverage up to 1:500.
Minimum required deposit: $25,000.
Offers access to advanced tools and educational materials.

Does Orbex offer a demo account?

Yes, Orbex provides a demo account that allows traders to access comprehensive educational resources and engage in 100% free online trading. This broker offers up to $5,000,000 in virtual funds for practicing trading skills on the MT4 platform.

Trading Instruments

Orbex Broker offers online CFD trading with over 300 pairs of forex currencies, stocks, indices, commodities, energies, metals, futures, and

, providing deep liquidity from tier 1 banks through secure and fast execution. You can also trade precious metals and energies through NDD connectivity.

Orbex Broker Fees

The fees with Orbex are determined based on the type of account you use, with the Starter account primarily based on spreads, while the other two accounts are mostly commission-based. Commissions also vary based on the account type and the asset class you choose to trade.

Commissions

See the commissions for each asset below for both Premium and Ultimate accounts:

• Forex: $0 commission for variable spreads, $8 per lot commission for raw spreads starting from 0.0 pips with the Premium account, and $5 per lot commission for raw spreads starting from 0.0 pips with the Ultimate account.
• Commodities: $0
• CryptoCurrencies: 0.5%
• Stocks, Indices, Futures: 0.16% standard commission.

Spreads at Orbex

The spreads at Orbex Broker are determined based on the type of account you have. While fixed spreads in the Classic account start a bit higher, at 1.9 pips, the Standard account offers spreads starting at 1.5 pips. Additionally, you can access a discounted commission of $5 once the trading volume and account increase. This broker provides low spreads for the Standard account across virtually all asset classes. Spreads may be wider for other account types, but they allow access to various trading strategies.

Here are the spreads for some forex pairs and commodities:

You can view spreads for some forex pairs in the chart below for various account types.

Overnight Rollover

For overnight rollover costs, which are considered as trading fees, please refer to the chart below.

Deposit and Withdrawal Methods

Another important factor to consider when choosing a forex broker is how you can transfer funds to and from your trading account. Regulated brokers typically follow the best practices in this regard. Here, we’ll look at the various deposit and withdrawal methods available with this broker.

Orbex Broker offers one of the fastest transaction processing times with a variety of payment methods, including:

1. Neteller
2. Credit/Debit Cards
3. Skrill
4. WebMoney
5. Fasapay
6. Bank Transfer

Minimum Deposit at Orbex Broker

The minimum deposit with Orbex depends on the type of account you choose for trading. For a Starter account, it’s $100, for Premium, it’s $500, and for Ultimate, it’s $25,000. Keep in mind that terms and strategies may vary depending on the type of account.

How to Withdraw from Orbex Broker?

Withdrawals are processed via the account management area. Since there are no usual withdrawal fees from this broker, make sure to check with your payment provider if there are any internal fees from their end.

Trading Platforms

This broker offers the popular MT4 trading platform, which is known for its advanced charting features, multilingual support, security, and reliability. It supports various trading styles and is widely recognized and used in the forex industry. Orbex is committed to this technology and software due to its reputation.

Web-Based Platform

Orbex provides an award-winning and user-friendly platform built on MT4. It offers desktop, mobile, web, and iOS versions of the platform. The web-based platform is an excellent choice for traders with average trading volumes, as it provides easy access from any device. However, it offers limited access to research tools, customization, and comprehensive drawing tools.

Desktop Platform

If you’re committed to professional trading, the desktop platform is likely your choice. It includes all the features that make MT4 famous and widely used: excellent charts, various order types, advanced analytical tools, and robotic systems available for automated forex trading using artificial intelligence. Additionally, Orbex Strategies bring powerful algorithmic trading systems that don’t require programming skills. You can also request a free VPS service that offers hosting advantages for running EAs 24/5 with faster execution speeds.

Mobile Platform at Orbex

This broker offers a mobile app for both Android and iOS devices. This mobile app allows you to stay updated on market conditions and manage your account and positions directly from your compatible mobile devices.

Customer Support

Orbex makes an effort to support its customers in their trading success by providing 24/5 customer support during business days. They offer multilingual support through email, live chat, and international phone lines. The customer support is responsive, and you can find answers to common questions in their frequently asked questions (FAQ) section.

Forex Education

Another excellent aspect of this broker is its rich educational section, available for all users free of charge. Orbex customers have access to resources such as live webinars, e-books, and online courses designed to help them make more informed decisions.

They also offer analytical support and provide research materials for free. This includes economic calendars, calculators, and weekly reports.

Summary of Orbex Review

In summary, Orbex is a regulated broker that caters to traders of all levels, from beginners to professionals. They offer a variety of account types, extensive platform features, and a range of free tools to enhance the trading environment. Whether you prefer fixed or floating spreads, OTC or ECN connections, or specific trading strategies, it has options for you. Even beginners can benefit from their free educational tools and that makes it one of the best forex brokers for beginners.

Orbex is suitable for:

1. Beginner traders.
2. Professional traders.
3. Algorithmic traders or API users.
4. Those running Expert Advisors (EAs).
5. Traders interested in copy trading.
6. Scalpers.
7. Traders who prefer the MT4 platform.
8. Forex and CFD traders.
9. Various trading strategies.
10. Traders interested in high leverage.