Orbex Forex Broker Review
Last Updated: October, 2019.
It always makes sense to go with a broker that has received prestigious industry awards. Orbex.com started operations in 2011, but has it has already been recognized seven times for its service excellence and educational program. You may have known the firm before as AFB FX, but they have recently gone through a name change to Orbex to signify that they are a player on the global stage. The firm is located in Cyprus and is regulated and licensed by both local and other regulatory bodies across the European continent.
As per their website, Orbex offers “a diverse range of products including Foreign Exchange, Precious Metals, Future Contracts (OTC), Equity Indices (OTC), CFDs and Energy Contracts on the MetaTrader platform.” Either standard desktops or smartphones, tablets, and multi-screen applications can be your tools of trade. There are both standard spread (3) and ECN capability (2) accounts. The latter is a must-have if you are into scalping. Islamic and free Demo Accounts are also in the mix at Orbex.
Regulatory compliance is complete at Orbex, and the firm goes to great lengths to protect your funds by employing accepted segregation techniques with Tier-1 banks. For a further add-on, the company also partakes in the domestic Investor Compensation Fund. The management team and their Managing Director willingly profess that, “At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction.”
Spreads and Leverage
Minimum deposit to open an account can be as low as $500, and leverage can be as high as 500:1. Spreads vary by account type: as low as 0.9 pips on Standard accounts and 0.6 pips for ECN accounts.
The Orbex team utilizes the popular Metatrader4 product line, which includes MetaTrader 4, MT4 multi-terminal, Android Trader, MT4 iphone & iPad trader and MT4 Mac OS Trader. If you can get on the Internet, then you can trade with Orbex, any time or anywhere. ECN accounts are designed for professional and institutional traders that desire high volume through put for lower fees and tighter spreads.
Unique Features of Trading with Orbex
Why trade with Orbex.com? The firm lists these reasons:
- Seven prestigious awards for its excellence in service and execution received in the past four years;
- Regulatory compliance by the Cyprus Securities and Exchange Commission (CySec) and the European Union Markets in Financial Instruments Directive (MiFID);
- Client deposits are in segregated accounts with Tier-1 banks;
- The Cyprus Investor Compensation Fund provides a second layer of protection;
- Major Tier-1 banks provide to deep liquidity and security;
- Metatrader4 products and trading platforms;
- Trading products include Foreign Exchange, Precious Metals, Future Contracts (OTC), Equity Indices (OTC), CFD’s and Energy Contracts;
- Initial account deposit minimum = $500;
- Leverage as high as 500:1;
- Three standard account classifications: Universal Mini ($500 to $2,999), Universal Standard ($3,000 to $49,999), and Universal Advanced ($50,000) with spreads as low as 1.9 pips on major pairs;
- ECN Standard ($500) and ECN Advanced ($25,000) accounts provide increased transparency and higher speed for lower transaction fees and spreads, some pairings as low as 0.6 pip;
- Extensive partnering and affiliate relationships and benefits available;
- Customer service representatives have been honored with many awards for their excellence and may be reached via email, telephone, live chat, or by requesting a call back;
- The latest in 256-bit SSL technology encrypts all sensitive data and personal information.
Deposits and Withdrawals
Orbex supports the standard deposit methods, i.e., bank wire transfers, credit cards, and local payment providers, to make your process of moving money easy and reliable. All withdrawal requests are processed quickly, but all clients are advised to have all internationally mandated identity information on file before a request is submitted. These rules apply to all forex brokers across the globe.
The Customer Service Department at Orbex is top of the line, having received many prestigious awards for its excellence. The Orbex team of customer service reps can speak to you in ten languages including English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu and Greek. It can be accessed via live chat, phone, or email “24X7”. Online educational and training materials abound, along with ample market research to enhance your trading experience.
Orbex has it all, from an intuitive website with easy access to professional support, and from excellent pricing and execution, to a variety of accounts designed for both retail and institutional traders. The Managing Director of Orbex, Mr. Abdullah Abbas is intently client focused, as per his published remarks: “Service to our clients is the foundation of Orbex, and we are thrilled to offer a variety of resources to make trading easier for our clients. We value every trader and company we work with.” If he is willing to put his personal name on the line, perhaps, you should try him out.