Orbex Analysis
Orbex is a licensed online Forex broker that was founded in 2009. However, the company only officially launched its online platform in 2010.
This broker started its operations under the name AFBFx but later in 2013, changed its name to Orbex. The company rebranded its business in an attempt to establish itself as a top online broker in the Forex trading industry. The company’s headquarters are located in Limassol, Cyprus. It recently opened a new office in Kuwait.
Orbex is a fully regulated broker under theCyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA). However, these financial authorities do not allow U.S. traders on the platform.
Orbex expanded its services to Southeast Asia that led to the achievement of winning multiple awards in the Forex industry. In 2011, this broker was awarded the “Best FX Arabic Broker” then in 2012, it became the “Fastest Growing Broker in China.” In 2016, Orbex was awarded as “Best Analysis Provider” and “Best Education Provider.”
Orbex’s Trading Accounts and Conditions
Orbex has several account options that are suitable for every different kind of traders. This broker has a total of five account options separated into two categories: Universal and ECN.
Universal Mini Account
Universal Mini account is suitable for beginner traders and it has a low minimum deposit worth $500. The spreads are fixed (1.9 pips on majors) while there is no commission fee. Scalping and hedging are allowed. There is a free virtual private server (VPS) hosting option for a $500+ account size. The volume step is set at 0.01 pips. The maximum leverage is at 1:500.
Universal Standard Account
Universal Standard account requires a minimum deposit of $3,000. The spreads are fixed and it has 1.5 pips for majors. The volume step is at 0.1 lots and leverage is set to 1:300.
Universal Advanced Account
Universal Advanced account has a required minimum deposit of $50,000. The spreads are fixed and it has 0.9 pips for majors. The maximum leverage is set to 1:100.
ECN Standard Account
ECN Standard Account Has a required minimum deposit of $500. Variable spreads could start as low as 0.6 pips. The stop out level is 20% and there is a $10 commission fee. The leverage is at 1:300.
ECN Advanced Account
The ECN Advanced account has a required minimum deposit of $25,000 and it is almost the same as the ECN Standard account. The only difference is that ECN Advanced has lower maximum leverage of 1:100 and a lower commission fee worth $6.
All account types include Expert Advisors (EA). However, universal accounts have a swap-free feature.
Orbex’sSecurity and Customer Support
Orbex had already proven itself as a distinguished award-winning company. It aims to provide advanced security measures to ensure that clients’ funds would always be safe. Secure Sockets Layer (SSL) encryption is installed all over the company’s website to ensure that the clients’ personal data are protected. In addition, Orbex’s website could be translated into fourteen different languages.
Orbex’s customer service is one of a kind and it has 24/5 coverage. There are plenty of ways to contact Orbex’s client support including several phone numbers, request a callback option, emails, faxes, and postal addresses. The “Live Chat” option is available and it is one of the most used contact methods. A trader could also get in touch with the company’s representatives at Orbex’s social media websites such as Facebook, Google+, Twitter, and LinkedIn.
Orbex provides a vast selection of educational materials including webinars, eBooks, tutorials, trading tips, and many more.
Funding your Orbex trading account
This broker has different available methods in funding an Orbex trading account. Orbex has zero transaction fees and processing times are relatively quick. Most methods take two hours for the money to be transferred. To withdraw funds from your trading account, you need to fill out a withdrawal form and then wait for it to be processed. The processing time for withdrawals could take up to 24 hours while others could take three to five business days. There are no withdrawal fees from this broker. However, transaction fees may occur during a bank wire transfer.
Conclusion
Orbex is a fully regulated broker that offers different account options that are suitable for every kind of traders. All of its account types include Expert Advisors (EA) that could guide clients into a successful trade.This broker won multiple awards in the Forex industry since 2011.
Orbex has different available methods for deposits and withdrawals. This broker has a wide variety of educational materials for its traders. Clients could get in touch with the company’s representatives at its social media websites if they have concerns regarding their accounts.
