Looking for a Forex Broker with a Wealth of Tools and Resources? Read our Orbex Broker Review
Orbex is an online broker with its main office located in Limassol, Cyprus. It is a financial services provider that is licensed and regulated by CySEC. It also operates according MiFID guidelines and is regulated and licensed by a number of other regulatory bodies across Europe. These include the FCA in the UK, BaFIN in Germany, MFSA in Malta, and CONSOB in Italy. It originally went by the name of AFBFx, but underwent a brand change and became Orbex. In recent years it has also been in receipt of some very prestigious awards. In 2016 it was recognised as the Best Education Provider by FXDailyInfo, the Best Analysis Provider at the 9th Saudi Money Expo, and the Best Affiliate Program at the AtoZ Forex Awards. But it has been receiving awards since 2011, so you can be sure you’re on to a winner if you choose Orbex as your broker.
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Orbex offer a great choice of markets
When it comes to reviewing the vast number of brokers who are currently offering their services, we encounter a great diversity in the number of assets available for trading. Some offer just a few which can be rather limiting, but Orbex have a great variety to choose from. Energies, foreign currencies, precious metals, soft commodities and cash indices are there for trading. Orbex offer leverage up to 500:1, a minimum deposit of $500, and spreads as low as 0.9 pips.
The world’s most popular platform MT4 is used by Orbex
Orbex have chosen to stick with a favourite for their trading platform and offer all accounts access to the popular MetaTrader 4, and its various versions. These include MT4 Client Desktop, MT4 Multi Terminal, MT4 Android Trader, MT4 iPhone and iPad Trader, and MT4 Mac OS Trader. We are able to report they also offer a new advanced trading platform to institutional and professional clients. It is a multi-asset class trading platform, allowing the tracking of up to 10 levels of liquidity.
To meet the needs of a wide range of clients Orbex offer more than 1 type of account
When it comes to trading the financial markets there are a number of different people who like to participate, so it pays for a broker to offer a range of different accounts. Orbex have taken this onboard and currently offer 6 options. There are 3 Universal accounts, and 2 ECN accounts as well as the opportunity for a swap free option to cater to the needs of Islamic traders.
Universal mini account – Minimum deposit is $500, with leverage of up to 500:1. Minimum order size is 0.01 lots, and spreads start from 1.9 pips fixed on majors. All trading instruments are available for trading including foreign currencies, futures, indices, precious metals, and commodities. Expert Advisors are permitted and there is free VPS hosting for $500+ account size. An Islamic (swap free) alternative is available.
Universal standard account – Minimum deposit is $3,000, with leverage of up to 300:1. Minimum order size is 0.1 lots, and spreads start from 1.5 pips fixed on majors. All trading instruments are available for trading and Expert Advisors are permitted. There is free VPS hosting and an Islamic swap free account as an option.
Universal advanced account – Minimum deposit is $50,000, with leverage of 100:1. 0.1 lot is the minimum order size, and spreads start from 0.9 pips fixed on majors. All the instruments are available for trading and Expert Advisors are allowed. This account also has free VPS hosting and a swap free option.
ECN standard account – Minimum deposit is $500, and the minimum order size is 0.1 lots. Leverage is up to 300:1, and spreads start at 0.6 pips. There is a commission charge of $10. Foreign exchange, gold and silver, are available for trading, but there is no Islamic account option. Scalping is allowed as are Expert Advisors.
ECN advanced account – Minimum deposit is $25,000, and the minimum order size is 0.5 lots. Leverage is up to 100:1, and spreads start at 0.6 pips. The commission charge is $6. Account holders can choose to trade foreign currencies, gold and silver. There is no Islamic account option. Expert Advisors and scalping are permitted.
What free services are available?
A recent addition for Orbex is Trading Central. It provides detailed technical analysis reports on currencies, metals, and indices, over a range of different time frames. There is also TradeLab, Strategizer, Free VPS, and Autotrading. As with many other brokers, there is also a refer a friend program. When you refer a friend and they open an account and start trading you receive $100.
There is also an extensive education section, with webinars, free Forex ebooks, free Forex video courses, tutorials, and a really useful glossary.
We found Orbex to be a very informative broker, with an extensive list of trading instruments, and a great education section that will be of particular benefit to beginners. If you fancy giving them a try, there is a demo account that will give you ample opportunity to try them for yourself, before risking real money.