OrbiTrade Review: An In-depth Analysis of Trading Features
Once we saw the owner of OrbiTrade broker, we already knew what we were dealing with. However, for the sake of the OrbiTrade review, we’ve checked this particular brand, hoping that something has changed. But it didn’t. Let’s start our review to see for yourself who is OrbiTrade and who is behind this notorious scam.
|Broker status:||Offshore Broker|
|Regulated by:||Unregulated brokerage|
|Blacklisted as a Scam by:||CNMV, CONSOB, FSMA, DFSA, LB|
|Owned by:||Donnybrook Consulting Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
|Site grid:||www.eurofx.trade; www.neotrade.pro; www.optimarket.co; www.ofxb.io; www.absystem.pro; www.bid-broker-stocks.io; www.energy-markets.cc.|
OrbiTrade Regulations and Security
OrbiTrade is another scam brand owned by DonnyBrook Consulting Ltd from the Commonwealth of Dominica. We already know this company as the owner of several fraudulent brands such as OptiMarkets and Energy Markets. Since we already know the fraud this company is running, we do not see a reason to think OrbiTrade is any different. It’s unregulated, and you have no guarantees for your money.
If you want to start trading, find a broker regulated by Tier1 regulators such as FCA or ASIC.
Warnings From Financial Regulators
As we already mentioned, DonnyBrook Consulting Ltd, the company owner behind OrbiTrade, has its own reputation. It was warned many times by different regulatory bodies for different brands. Here are just some of the warnings.
The first one came from Spanish CNMV.
The Danish regulator, DFSA, issued a warning against the company as well.
Belgium FSMA didn’t stay behind and gave its word to DonnyBrook Consulting Ltd as well.
And in the end, the Lithuanian regulator, LB, published their warning related to the company.
Fund Withdrawal Issues
Once you’ve seen all of the warnings, we assume you won’t be surprised to learn of many withdrawal issues with the company. According to OrbiTrade reviews, the broker is not allowing clients to take any funds from the account. First, the support team is asking for more and more documents, claiming it’s necessary for AML policy. Afterwards, when the client provides everything and still insists on withdrawal, the account is being blocked and the access is suspended.
Many clients decided to express publicly what they think of the OrbiTrade broker. First of all, the broker is asking for a minimum deposit of $250 and promising clients managed accounts. However, on the website it stands that managed accounts come only with higher investments. It’s a way for the broker to make clients, especially inexperienced, invest more money at the very start.
Clients are massively complaining about poor service and withdrawal issues.
How Does Online Trading Scam Work?
After applying on a clearly false ad containing promises of a better future, clients receive numerous phone calls until they finally invest with a trading company. If, as the case with OrbiTrade, the company is not regulated, you will have to overcome many obstacles. For example, the broker has the AnyDesk app on their website. For those uninformed, AnyDesk is software that gives the other side complete access to your computer or phone and everything on it, including banking details. Once they get the access, it’s easy to wipe out your account and leave you with nothing. Beware of this when starting an account with OrbiTrade.
Scammed by OrbiTrade?
If you were scammed by OrbiTrade or some other bogus broker, let us know immediately. We will help you file a dispute and request a chargeback. That’s your only solution to get money back from scammers.
But what is a chargeback?
This is a process in which your bank retrieves the money from the merchant and refunds your card. Contact our support team via online chat for more details. Let’s get your money back now!
What is OrbiTrade?
OrbiTrade is an online trading brokerage without regulations.
Is OrbiTrade a scam?
OrbiTrade has no regulations for providing financial services and does so illegally.
Is OrbiTrade regulated?
OrbiTrade is not regulated and not a legit financial services provider.