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ORBEX, founded in 2010, is domiciled in Limassol, Cyprus with an additional office in Kuwait. It is a financial services Forex provider licensed by the Cyprus Securities and Exchange Commission (CySEC) and is regulated under the European Union Financial (MiFID). ORBEX LTD, formerly AFBFx, is also FSA registered. It has been recognized many times for its service excellence and educational programs.
There are six different accounts to choose from divided up into 3 Universal accounts, 2 ECN accounts and an Islamic account. The Universal Mini requires a $500 minimum deposit, offers a minimum volume of 0.01 lot and a 1:500 leverage. Maximum deposit is $3,000. Next is the Universal Standard account which starts out with a $3,000 minimum deposit, a maximum deposit of $50,000 and a leverage of 1:300. There is a $50,000 minimum deposit for the Universal Advanced account, an unlimited deposit and a leverage of 1:100.
The two ECN accounts, the Standard and the Advanced, require a minimum deposit of $500 and $25,000 respectively and offer spreads as low as 0.06 pip, with a $10 and $6 commission.
ORBEX offers an Islamic Forex account or Swap-free account for its Universal accounts only that complies with Islamic religious beliefs. According to Sharia law, any business transaction which involves interest is not allowed, so no swap or roll-over interest will be charged on positions that are held overnight.
I was pleased to see when doing this ORBEX review that a free demo account is offered whereby new traders can practice their trading without risking their own money.
My Orbex is the client member area and provides access to Trading Central, a newly introduced free service that gives clients access to detailed technical analysis reports on currencies, metals, and indices over various time frames that address different trading strategies. At Trading Central traders can access ORBEX trading signals, daily reports, live news and real-time streaming quotes and charts.
ORBEX offers over 30 currency pairs, metals, equities, indices, energies, commodities, and futures. A unique item is their comprehensive comparison chart of the major currency pairs and their different features.
ORBEX provides auto trading and is directly integrated with the leading social trading network FXStat TradeBook, allowing their account holders to copy the trading activities of hundreds of other traders. The FXStat technology allows dynamic position monitoring and analysis of data in real time to enable traders to monitor and analyze their open positions without the need to refresh their performance page.
In addition, the Orbex TradeLab is an idea sharing platform that allows traders to see and follow trade ideas from the trading community, or alternatively post their own. There are 3 types of ideas available for publishing: forecasts, signals to buy and signals to sell.
The ORBEX Free VPS is an interesting feature whereby a trader can have an expert advisor place a trade for him 24 hours a day and 5 days a week without even having a PC connected to the internet. Additional features of VPS include increased execution speeds and no censorship and websites restrictions. Hedging, scalping, EAs and all trading styles are allowed, it has tight fixed and floating spreads from 0.6 pips and there are no re-quotes or slippage.
Among the various trading tools are four different calculators: The Pip and Margin Calculator, a Risk Calculator, the Pivot Point Calculator and the Currency Convertor.
ORBEX offers a comprehensive tutorial program with a selection of professionally written instructional lessons and real time access to economic releases such as M4 Money Supply (GBP) Low Impact and Purchasing Manager Index Manufacturing (GBP) Low Impact. A full glossary of financial terms is also provided.
Video instructions can be viewed on various topics such as how to efficiently use Trader Central.
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Their Forex trading e-book is offered free to anyone opening a trading account and a daily newsletter is sent out to all registered traders. Anyone wishing to receive messages to their mobile phones needs only to send the necessary information. Their economic calendar is clear and up to date.
Traders can tune in to Orbex Web TV for all market news, analyses and fundamental and technical reports and updates. Broadcasts are hosted by Kiana Danial covering Forex, commodities, and indices in addition to exclusive CFD and Forex trading opportunities identified by the ORBEX research team.
At the time of this review, ORBEX was offering a $5.00 cash back bonus for every lot traded. This is the only bonus listed.
Funding to accounts can be made via credit and debit cards, Skrill/Moneybookers, CashU, Neteller, FasaPay and wire transfers.
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.
ORBEX prides itself on its excellent customer support which is available 24/5. Chat can be accessed from every page of the broker site and is very responsive. Traders can also leave a message or request a call back and email contact is also available. Telephone numbers go directly to their Cyprus and Kuwait offices. Both the website and customer service is available in English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu and Greek.
Apart from offering traders a wide range of markets to trade in and a wide choice of different account types, ORBEX provides a comprehensive educational program with real time access to news reports and analysis. All in all I found that ORBEX has everything any Forex trader could need. It is easy to navigate and responsive to both individuals and corporate traders.
Review info: Orbex
Review Date: 2015-12-06
Rating : 2
Reviewed By : Sara Patterson (Google+)