Orbex Review: Why Your Funds Might Not Be Safe With Orbex Broker

Let’s just say we are not keen on trusting brokers with too many offshore entities. And Orbex surely has them.

Therefore, we evaluated their business through our detailed Orbex review. Keep reading to determine whether your funds are safe with this investment firm.

Is Orbex Legit, or Is It Another Trading Scheme?

Orbex is a brand of Orbex Ltd, registered in 2010 in Cyprus. Formerly, the company was known as AFB FX Ltd, with the CySEC license 124/10.

However, what’s concerning is the number of offshore entities that Orbex has. Namely, the company registered in Mauritius, Seychelles, and Saint Vincent and the Grenadines. They obtained an FSC Mauritius license in 2018, trading as Orbex Global Ltd. In Seychelles, the firm is registered as Orbex Limited, a securities dealer.

It’s important to note that SVG has no regulator in charge of Forex trading. While the firm is incorporated as Orbex Ltd, they have no authorization to provide financial services based on this entity only.

Where Does Orbex Broker Operate?

As mentioned, the Orbex website was incorporated with the company in 2010. Then, the firm got offshore entities in 2018, spreading its business to a larger scale.

According to a traffic report, the majority of customers come from:

• UK,
• Poland,
• Egypt,
• US,
• Kuwait.

It’s important to note that Orbex has only one Tier 2 regulation, coming from Cypriot authorities. As a CIF, it also has permission to operate in countries where it complies with the regulatory regime, such as Kuwait and Egypt.

However, the US and the UK have their own respective Tier 1 regulators requiring brokers to register in the country. And yet, we didn’t find Orbex with the CFTC or FCA. Hence, exercise caution.

Traders’ Reviews – User Feedback About Orbex Broker

What’s weird is that Orbex has been on the market for so long, yet it has so few reviews. At the time of writing, we found only 31 comments on Trustpilot, with a broker rating of 3.9/5 stars.

Almost 30% of reviews are negative, pointing out issues with the trading platform and customer balance going into the minus. As a CySEC-regulated brokerage firm, Orbex would need to provide negative balance protection. And yet, it seems that they don’t, presumably from offshore entities.

Trading Features – All You Need to Know

Let’s evaluate the different trading features this broker offers to its offshore and CySEC-registered customers. You will see how they vary depending on the entity. This is another reason to be cautious when trading with Orbex.

Orbex Trading Platforms

With an offshore entity operating under orbex.com, the brokerage offers two trading platforms – MT4 and MT5. Both of these are exceptional software, offering a wide range of trading tools, including social trading and EAs.

However, those who register with a Cypriot entity can only access MT4. For unknown reasons, MetaTrader 5 is not available for EU customers. It’s a significant drawback and a lure for traders to choose an offshore website over one with more protection.

Mobile Trading Apps

Each MetaTrader comes with dedicated apps for Android and iOS. Therefore, Orbex login is enabled from a mobile device. It’s easy and convenient and indeed a green flag.

Available Trading Assets

Once again, there’s a difference between offshore and onshore entities. Namely, users of offshore websites can trade the following:

• Currency pairs – EUR/USD, GBP/AUD, CAD/NOK
• Indices – AU200, BE20, FTSE100
• Shares – Amazon, Apple, Microsoft
• Cryptocurrencies – BTC, BCH, ETH
• Commodities – gold, silver, natural gas

Conversely, those trading through orbex.com.cy can only trade in currencies, indices, and commodities. The range is rather limited.

Account Types on Offer

Both entities offer three account types:

• Starter – $100
• Premium – $500
• Ultimate – $25,000

If you check their features, they’re pretty much the same, with variable spreads, webinars, and allowing most trading strategies. In addition to standard live accounts, both entities offer Islamic swap-free and a practice Demo account.

Leverage, Fees, and Trade Commissions

What’s odd, the leverage on both accounts goes up to 1:500. This goes directly against CySEC regulations. As an EU regulator, CySEC follows ESMA rules and sets a leverage limit for retail traders of 1:30 for major Forex pairs.

While the company has a disclaimer saying that the leverage depends on your trading skills and instrument types, we’re not quite convinced that they operate according to laws.

As per the fees, you will have to pay variable spreads starting at 1.5 pips for the Starter account. If you choose a regular account, there will be swaps as well. Finally, there’s a commission of $8 for the Premium account and $5 for the Ultimate one.

Orbex Support – How Can I Get in Touch?

The company offers various ways of communication, which is quite good. Namely, you can contact Orbex through a dedicated phone number, email, live chat, or website form, or get answers to your questions through a Help Center.

The company offers support in English, Turkish, and Arabic, according to what we were able to find on the website.

Orbex Withdrawals – How to Get Money Back?

Depending on the entity, there are different payment options available to you. With a CySEC-regulated company, you can use the following:

• Debit/credit cards,
• Skrill,
• Neteller,
• Bank wire,
• Klarna/Sofort.

In addition, an offshore entity offers the following:

• Perfect Money,
• UnionPay,
• ENet,
• Fasapay,
• Knet,
• Zotapay,
• Cryptocurrencies.

Allegedly, it can take up to 24h to process the request, excluding bank transfers, which take 3-5 business days. However, some reviews indicate issues and delays, so be wary.

What Can I Do If I Have a Problem With My Orbex Account?

Let us know if you’re experiencing trouble with your Orbex withdrawal or account. We can help you prepare a detailed report for the relevant regulator and other authorities.

Our chargeback experts and CipherTrace crypto analysts may assist you with the necessary steps to help you resolve the issue. Don’t hesitate to book a free, non-obligatory consultation today. 

FAQ