Orbex

The Company

Established in 2010, ORBEX (formerly AFBFx) is a broker for retail customers, providing a variety of assets to trade using the most well-known MetaTrader4 platform. It is the trademark of Orbex Ltd. – a Cyprus Investment Firm (CIF) that is licensed and controlled under the supervision of the Cyprus Securities and Exchange Commission (CySEC).

CySEC enforces certain conditions on license holders and ensures that they adhere to the guidelines that are set. For instance, the funds of customers should be stored in separate accounts. Additionally being a requirement, the Commission stipulates that brokers who deal in forex must maintain a minimum of EUR1,000,000 to prove financial stability.

To further protect clients accounts, the majority of CySEC-certified firms are part of the Investor Compensation Fund, which can pay compensation to its insured clients of up to 20.000 EUR when there is a broker’s insolvency.

Additionally, every CySEC-regulated financial firm is MiFID certified and thus able to provide cross-border services in of the EU as part of MiFID. MiFID Passporting regime.

Trading Conditions

Minimum Initial Deposit

To establish an account with Orbex traders must put down a minimum amount of $500. This minimum amount of initial investment is not uncommon, but several other Cyprus-based brokers need less. For example, FXTM demands only $5 from its customers for a starting point.

Spreads & Commission

Its standard spreads are relatively small, averaging 1.9 per cent on the Classic account however, the the variable ones on the Standard account are higher than the standard in the Forex market. They start with 1.5 pips for EUR/USD. VIP and Premium accounts have more spreads, however the minimum deposit needed to start is more.

For comparison purposes the floating spreads provided through FXTM on ECN accounts are averaged at 0.7 pip on EUR/USD, with a fee of up between $ 2 and two dollars per normal amount (per for each side). For more details you can look up live spreads from fifteen top brokerages here.

Leverage

The maximum leverage provided from Orbex is 1:500, which is thought to be an extremely high ratio. But, many Cyprus-based brokers offer higher levels of leverage – for instance, XM offers leverage as high as 1:888 or FXTM can go as high as 1:1000. Look up a list brokers offering leverage equivalent to or greater than 1:500.

However, we recommend traders to be cautious when trading margins because higher leverage carries higher risk of loss and may exceed the initial capital invested.

Trading Platform

This broker is compatible with the well-known MetaTrader 4 (MT4), desktop and mobile versions.

MT4 is a highly acclaimed international trading platform that offers the full range of trading tools and tools that include a range available technical indicators built into the program advanced charting software and a variety of Expert Advisors (EAs) as well as numerous back-testing options. Users can download pre-made or design custom EAs as well as let the software take care of the rest.

Furthermore the broker also is also able to offer MT4 MultiTerminal made specifically for professional traders and managers. This allows clients to manage multiple accounts for trading forex simultaneously.

In addition, Orbex provides its clients with a no-cost VPS that is A virtual server that you can use to host your MT4 EAs and provide additional security when trading in foreign exchange.

Additionally, Orbex has partnered with forex analytics company FXStat to provide its customers with automated trading using TradeBook. FxStat Tradebook provides a social automated trade platform that traders to copy signals and to share their experiences with other traders in the world of trading.

Another Auto trading option offered by the brokerage is Orbex Strategizer, developed in partnership with TradeWorks An automated forex system for trading that doesn’t require any programming or coding to develop an experienced advisor.

Promotions

As of the date of this review’s writing, Orbex offers a Refer friend bonus. It’s $100 for each friend who begins trading on Orbex and who trades a minimum of 10 regular lots.

Methods of Payment

The following payment options are accessible to Orbex clients Credit/debit cards and bank wire transfers, K-net Payment Gateway, and electronic-wallet payment methods including Skrill, Neteller, WebMoney or FasaPay.

The broker does not charge any deposit or withdrawal charges.

Conclusion

Orbex is a highly-regulated, award-winning broker offering online forex currency pairs CFDs, precious metals, and CFDs via the MT4 platform.