Orbex review – How good is the online broker? – Real test for new investors
Are you looking for a reliable broker who you can trust with your investments? Are you new to the trading scene, and you’re in need of a partner to help you learn and thrive in the trading scene? Do you prefer not to waste your time scouring the internet for a broker who fits your standards?
In this review, you will read about all the tradeable assets in Orbex’s platform. You will also get to know the company and all the services they offer. All the information you will find here will help you reach a decision on whether Orbex is the best broker for you.
What is Orbex?
Orbex is an online multi-asset broker that was founded in the year 2010. This company is also known as Orbex Global Limited and Orbex Limited. They have won more than a handful of rewards, including the Best Forex Broker Europe, West Asia, and North Africa 2020.
Orbex Limited offers its services to traders from Europe, and they’re stationed in Cyprus and Limassol. Orbex Global Limited, on the other hand, stationed their main office in Mauritius, and they deal with clients outside of the EU.
Is Orbex regulated?
Orbex Limited holds a license issued by CySEC or the Cyprus Securities and Exchange Commission. They are also a member of the Cyprus Investor Compensation Fund or ICF and the EU Markets in Financial Instruments Directive or MiFID II.
Their Cypriot Investor Compensation Fund exists to protect their clients with a fund of € 20,000 in case something happens to the company.
Orbex Global Ltd is regulated and holds a license issued by the FSC or Mauritius Financial Services Commissions.
To ensure transparency and maximum safety of their client’s funds, they segregate this from the company’s funds. This gives clients the peace of mind that Orbex won’t use their money for their own purpose.
The spreads for all their assets depending on the account type that you are using. Starter accounts can have a minimum spread of 1.5 pips, while Ultimate and Premium accounts start at 0 pips.
Just like most brokers, Orbex charges swaps when you hold positions or keep them open overnight. Upon opening an account, the leverage is set to 1:30 by default. However, you may change your leverage by contacting Orbex via email.
Products offered by Orbex
Orbex is a broker that specializes in foreign exchange. They offer more than 40 currency pairs, including the seven major pairs: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, and NZD/USD.
Orbex clients will be able to trade up to 50 lots with a contract size of 100,000 in the currency of the forex pair being traded. The market for forex is open from Monday 1:02 AM to Friday 11:57 PM server time.
Orbex offers four precious metals for you to trade and invest in. These are gold, silver, palladium, and platinum.
For gold, each contract size is 100 oz with a maximum lot of 20 per trade. The average spread for gold is nine but could go as low as 0.
The spreads for silver could be as low as 10, with an average of 50. Its contract size is 5000 oz with a maximum lot of 10 per trade.
Palladium has a contract size of 100 oz with a maximum of 20 lots per trade. The average spread for this metal is 60, with a minimum spread of 45.
Trading platinum entitles you to an average spread of 10. However, this could dip down to 0.7 spreads. Its contract size is 100 oz, and you can trade up to 20 lots.
The margin needed for both gold and silver is 1%, while palladium and platinum require a margin of 2%. Trading hours are from 1:02 AM until 11:57 PM on weekdays.
Natural Gas, Brent Oil, and WTI Oil are available on Orbex’s platform. It’s important to note that the date and time may change without prior notice. Its stop/limit order levels also depend on market conditions. Also, keep in mind that these products have expiry dates and are usually refreshed every quarter.
Investing in Cash Indices gives traders exposure to a particular stock market index. With Orbex, you can trade five different indices. These are Dow Jones Industrial Average (US30), Nasdaq Composite Index (NAS 100), DAX Performance-Index (Germany 30), FTSE 100 Index (UK 100), and S&P 500 Index (SPX500).
The contract size for all of these is 10, and you can trade up to 20 lots. The margin requirement is 1%, and the average spread ranges from 0.8 to 2.3 depending on the index traded. The market for all of these indices opens at the same time, but keep in mind that they vary in closing time.
Stocks as CFDs
You will find more than 60 of the most traded US and EU stocks. You will find familiar names like Apple, Boeing, Chevron, General Motors, Pfizer, and Twitter on Orbex’s trading platforms. The currency denominations are in USD and EUR. As CFDs, these products are affected by swap fees and corporate actions.
Each trade can be as low as one share and as high as 1000 shares with a margin requirement of 20% and a commission rate of 0.05%. For US-listed stocks, trading starts at 4:30 PM and ends at 11:00 PM. For EU-listed stocks, the market is open from 10:00 AM to 6:30 PM.
To see the full list of tradeable US and EU stocks, refer to their website.
The future indices that Orbex offers are the same as the cash indices found in their platform. As futures contracts, they have quarterly contract months. Contract size, maximum lots per trade, margin, and average spreads are the same as the trading conditions for cash indices.
Orbex utilizes the MetaTrader 4 trading platform. Clients can also use the MT4 MultiTerminal or their mobile trading application.
This award-winning trading platform has captured the hearts of both beginner and professional traders. It is no surprise that this is Orbex’s platform of choice. It has a user-friendly interface that enables traders to easily navigate their way around the client. It also features a 24/7 built-in live chat service that supports more than 30 languages.
You can also create your own trading bots and customize your charts and tools to suit your trading style. Through ECN trading, you can reliably expect MT4 to execute your orders quickly, securely, and accurately.
The MT4 platform also has a feature that shows traders their performance through profit and loss and trading analytics. This is available on both Windows and Mac desktops.
MetaTrader 4 Multi Terminal
The MetaTrader 4 MultiTerminal allows clients to manage multiple accounts on one platform. It has the same tools and features as the base MT4 platform.
This version of the MetaTrader 4 platform can fit in your pocket, and you can take it everywhere and anywhere you go. This gives clients the convenience to trade on a more compact and portable device. All the essential features can be found in this application.
You can download this through the Google Play Store for Android devices and Apple Store for IOS devices.
Learn to trade with Orbex
Orbex has a wide range of vital educational trading materials. They have guides, articles, and webinars that cater to both beginners and well-seasoned traders.
Orbex occasionally hosts webinars that tackle a wide range of trading topics on their social media pages. In case you miss a session, you can watch a recorded version of it on their website. You can also sign up for their newsletter so you would be informed when they plan to host another webinar.
Registered users are given access to free EBooks that teach money management, risk management, point and figure chart tutorial, and many more.
For first-time users of the MT4 platform, Orbex has multiple tutorial videos on how to navigate, customize, and set up this software. There are also tutorials on the different trading strategies as well as the different terms and their definitions.
How to open an Orbex account
You can easily register for a live Orbex account in five simple steps. First, fill in the registration form found on their website. Next, a verification email will be sent to you, and you will have to click on it to proceed to the next step.
After that, create a password for your MyOrbex are and upload the necessary documents. Once you’ve done that, add funds to your Orbex Wallet. Lastly, you’ll need to log in using the trading account login details that Orbex will send you, and you can start trading.
Within their website, you will find a special guide on learning to trade forex. Here you will learn the basics like how leverage works, how to manage risk, and other vital actions when trading this particular asset.
Different types of accounts on Orbex
Orbex offers three different types of accounts for beginners and well-seasoned traders. All three of these accounts have a stop-out level of 20% with an execution type of NDD or No Dealing Desk.
Demo accounts are ideal for beginners or traders who are not all that familiar with the MetaTrader 4 platform. On Orbex’s demo account, you are given 30 days to practice trading in real-time with a virtual balance of up to $5,000,000. This comes with all the features of the platform to ensure that you’re more than prepared before you start trading on a live account.
Starter Account ($200)
Orbex’s starter account is great for newbie and retail traders. With no commissions, an average spread of 1.5 USD/EUR, and a minimum investment of $200, you will have access to monthly webinars, Orbex’s trading central, basic trading educational materials, regular trading sessions, free signals, and free VPS. Keep in mind that your initial deposit should be at least $500 to avail of the free VPS feature.
Premium Account ($5,000)
Premium account holders will be charged an $8 commission fee per round turn lot with spreads starting from 0.00 pip. With this account, you will get exclusive monthly webinars and live trade, free premium signals, free VPS, access to their advanced educational materials, and one on one trading sessions with a professional.
Ultimate Account ($25,000)
For traders with higher capital, the ultimate account might be ideal for you. Spreads start at 0.00 pip, and the commission fee is $5 per round turn lot. Just like the premium account, you’ll be invited to exclusive webinars with live trading and gain access to their advanced educational materials. You also have the perk of having one on one trading sessions, free ultimate signals, and free VPS.
Negative Balance Protection
Orbex Global Limited Mauritius has a default negative balance protection feature to ensure that their clients won’t have a balance below zero. This extra line of defense, however, is not available for accounts opened in Orbex Limited EU.
Adding Funds to your Orbex Account
You have a lot of methods to choose from when it comes to adding funds to your account. You can use Visa or MasterCard, WebMoney, Skrill, Neteller, or Fasapay. You can also choose to deposit via bank wire transfer.
You can deposit any currency, but it is recommended that you use the same currency as your account to avoid any problems.
It’s important to note that if you deposit using e-wallets like Skrill, Neteller, WebMoney, or Fasapay, the funds will be transferred within 24 hours. Adding funds via wire transfer or card may take three to five business days.
Withdrawing Funds from your Orbex Account
You can withdraw your funds via wire transfer, Visa or MasterCard credit card, Fasapay, Neteller, Skrill, or WebMoney. Cards and wire transfer usually takes three to five business days, and withdrawals through e-wallet services will be processed within 24 hours.
Orbex does not charge a withdrawal fee.
Orbex’s customer support is available all day, every weekday, and they have different emails for different concerns. You can contact them via email or phone. You can also send your queries through their built-in chat system on their website.
Their website and chat system support a lot of languages to make it easier for clients whose native language isn’t English. Among these languages are Arabic, Bengali, Bulgarian, Chinese, French, German, Hungarian, Indonesian, Italian, Malaysian, Polish, Russian, Spanish, Turkish, Urdu, and Vietnamese.
Accepted and forbidden countries
Below is a full list of all the accepted countries in Orbex.
Antigua and Barbuda
Bosnia and Herzegovina
British Indian Ocean
Central African Republic
French Southern Territories
Vatican City State
Isle of Man
Lao People’s Democratic Republic
Northern Marina Islands
Papua New Guinea
Saint Kitts and Nevis
Saint Pierre and Miquelon
Saint Vincent and the Grenadines
Sao Tome and Principe
South Sandwich Islands
Svalbard and Jan Mayen
Syrian Arab Republic
Taiwan, Province of China
Trinidad and Tobago
Turks and Caicos Islands
Uniter Arab Emirates
United States of America
United States of Minor Outlying Islands
Virgin Islands, British
Virgin Islands, US
Wallis and Futuna
Virtual Private Server
Orbex clients can enjoy the perk of trading on a free virtual private server. With this feature, you can have your assigned Expert Advisor trade for you 24 hours a day every weekday. Execution speeds are faster, too. This ensures accurate trades.
To sign up for this, you will need to fill out the form on their website. They will ask for your full name, email address, country of residence, phone number, and Orbex account number.
This special offer is a plug-in for the MetaTrader 4 platform. This gives analysis to certain assets, specifically the major currency pairs, Dow Jones, gold, and Crude Oil. With analytics as well as market reports given by Orbex’s top analyst, you are given a valuable second opinion to your trading ideas.
Orbex Web TV
Orbex’s research team uploads market updates and analysis almost on a daily basis on their YouTube channel. They cover a wide variety of topics regarding forex, indices, commodities, and stocks.
Orbex publishes articles on technical and fundamental analysis for the assets they offer. These are updated daily to ensure that all their clients stay up to date on the current market trends. This will help traders adjust their strategy for maximum gain.
Clients can utilize Orbex’s strategy-building tool. This is easier than programming your own trading bot. You can set your entry and exit points without the need for you to learn how to code. It also allows you to customize your own rules, whether they may be simple or complex.
To enjoy this tool, all you have to do is create an Orbex account, log into their Strategizer, input and customize your strategy, connect it to your MetaTrader 4 platform, and sit back, relax, and watch it do your work for you.
Advantages and disadvantages
Unlike most brokers, Orbex does not offer cryptocurrencies and options trading. Considering how popular cryptocurrencies, like Bitcoin and Litecoin, have become, Orbex clients are missing out on this huge opportunity to trade this well-known asset. Traders who plan on investing in these assets are better off with a different broker.
They lack a lot of other products as well. They don’t offer commodities, their precious metals are limited, and they only have 66 stocks to trade.
When it comes to their educational materials, they’re outdated. Their EBooks date back to 2014, and their last webinar took place last year. You also need to sign up to their website to be able to access all of these materials.
Most traders use the updated MetaTrader 5 platform for ease of use. Orbex still uses the outdated MetaTrader 4 platform.
The minimum deposit difference between their three accounts is really high. From $200 for the Standard account, it jumps to $5,000. Huge numbers next to a dollar sign may seem threatening and discouraging to some clients or newbie traders.
Despite their flaws, Orbex is still considered one of the best forex brokers on the market. The daily updates and market analysis videos prove that they want to help their clients as much as they can. Their customer representatives are prompt to answer and are very knowledgeable as well. Their website is very well organized, and you can find all the necessary information that you need.
Orbex, without a doubt, is a highly competitive forex broker. All the awards they’ve won speak for themselves. They may be lacking features, but they still provide one of the best services you can get from the typical forex broker.
Frequently Asked Questions
How will I know if my account has been verified?
When you’re logged into your MyOrbex area, you will see your account’s status at the center top of the client.
Will I be able to deposit funds to my account if my current balance is below zero?
Orbex still permits you to add funds even if you have a negative balance on your account. As long as you have no open trades, Orbex will zero out your account before they add the amount you deposited.
How do I add funds to my demo account?
To add more funds to your demo account, you will have to send an email to Orbex’s back office ([email protected]), and they will take care of the rest. Keep in mind that demo accounts expire after 30 days.
Is there a fee for deposing funds in my account?
Orbex will shoulder any fees that you incur from e-payment systems. However, for bank wire transfer, if your bank has any deposit fee, you will shoulder that.
Does Orbex have an Islamic account?
Orbex offers swap-free accounts for their Islamic clients. To create an account, you will have to contact them via email, and they will guide you through the process of signing up.