Review of the company
Orbex was founded in 2011 in Cyprus. The company provides trading on ECN accounts. Liquidity Providers – Deutsche Bank, UBS, Barclays. Orbex – positions itself as an international broker who is ready to communicate with customers in 14 languages. Any customer requests for support are processed within an hour, which not every broker can boast of. The broker’s main office is in Cyprus. Regulation by CySEC (license number 124/10). Additionally, the broker is registered with several other supervisors of financial companies. The broker works according to the laws and regulations of the EU issued by ESMA. An additional guarantee of reliability is registration with the supervisory authorities of European countries: FCA, BAFIN, BANQUE DE FRANCE and others.
Opportunities for investors
It is possible to receive forex signals from Orbex TradeLab, or rather copy transactions opened by hundreds of successful traders. A special type of account for social trading involves a fee of $10 per lot.
The company also participates in an internal investor compensation fund. Customer money is stored in separate accounts with European banks. Each trader Orbex is entitled to receive compensation up to 20,000 euros from the Investor Fund, which the broker is a member of. Funds are paid if the company does not return them to customers on their own due to bankruptcy.
Orbex only offers the MetaTrader 4 trading platform, a transition platform for forex brokers. MetaTrader 4 is quite popular and is often provided as a White Label solution. It supports advisers that allow autonomous trading, and a lot of investments from third parties have been invested in this platform. This remains the most popular trading platform as it is offered by almost every Forex broker. There are Forex brokers who actively use the MetaTrader 4 platform, which can become much more powerful if used with third-party modifications. The max leverage with Orbex is 1:500, which can be thought of as a high ratio.
Orbex lists ECN trading as part of MetaTrader 4 capabilities, which is not possible without a bridge. By default, MetaTrader 4 does not support ECN trading and serves market makers. Orbex doesn’t mention which ECN bridge they use, which means they don’t use it at all. This makes the NDD execution type impossible and therefore points to all types of accounts offered as market maker accounts. It is a system worth looking into for both seasoned Forex traders and newcomers alike.
Trading Central is a registered investment advisor in the USA, Hong Kong and authorized in the EU. It provides customers with round-the-clock access to 85 markets, while Orbex offers its traders the Trading Central MT4 Analysis Indicator plugin. Trading Central has been in business since 1999, and many retail traders will find it a useful tool for gaining an independent second opinion on markets. Trading Central also allows you to find detailed analytical reports on various trading instruments.
Customer service is available 24/5 and in several languages. Customers can send an email, start a chat, or call support directly. Orbex offers a callback service, which is a good feature. In addition, there is a FAQ section that should cover most of the basic questions. Usually customer service is something that most traders will never need, but given the trading conditions and conditions in Orbex, it may be useful to store contact information nearby. Orbex has a quick response to customer requests.
Deposit and withdrawal
Money deposit and withdrawal operations are carried out without commissions from the broker. You can replenish your account using Bank Transfer, Plastic Cards, PayPal, Skrill, Neteller and UnionPay. Account replenishment up to two hours, and withdrawal up to 24 hours. An exception is a bank transfer, where deposit / withdrawal takes up to 5 business days.