There are certain locations which are well-known for the Forex industry, like Great Britain, Cyprus, Eastern Europe, Asia, and the USA, but still, some EU countries keep a low Forex profile like Germany, France, Sweden, Denmark, etc. Many traders from these countries are looking for brokers nearby, so they also have a fair chance in the global market. They often find them in the UK and Cyprus, the two most popular EU Forex locations. The Orbex broker seems to have a different approach from the rest of Cypriot brokers. The broker seems to challenge the strictest regulations and does not hide its business conduct in a typical offshore destination. Let us see what the Orbex broker is actually about in the following Orbex review.
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The Orbex Background
Orbex has entered the Forex market in 2010 and has been showing stability and loyalty throughout these years. Thanks to a strong regulation, the broker’s popularity has been growing. This broker is special because rare are the brokers who get official licenses in Germany and France. The broker is BaFin licensed in Germany and is also officially registered with the Banque de France (the official French capital market regulator). We have seen several brokers with the BaFin license, but very few registered with the Bank of France. The main reasons why it is avoided is the longer administrative registration procedures. In general, all EU regulatory bodies follow the same principles, and generally, have no implementation problems. Still, Banque de France fosters more trust and traders know that the stern French will really make sure that the broker company behaves as supposed to. BaFin is also known for very high standards and eliminates (or fines) every broker who breaks the slightest rule. Of course, traders like to hear this and enjoy to be protected by some of the largest and most influential institutions in the EU. We see that Orbex, equipped with three licenses, offers a new level of security and makes many traders feel safe in the highly volatile and risky market.
The broker opted for the stable, already globally acknowledged Meta Trader 4 platform which took the Forex world by storm. There is not even a single bad thing that can be used against the MT4 since the market participants are crazy about it. Orbex also offers the MT4 Multiterminal for multiple account management, along with the classic desktop version. And, as every well-equipped and prepared broker, this broker also offers its Orbex mobile app for easier access from anywhere. Recently, the broker introduced a new trading platform, called DeltaFlow. This is a multi-asset platform which enables tracking up to ten liquidity levels. The powerful software enables smooth performance with a flawless interface. Also, the platform is suitable for all trading types and levels with many customizable settings. This means that traders can personalize their account with this platform. The platform provides for direct access to liquidity providers, which means direct access to the best quotes, which further means better-winning odds for you.
Orbex distinguishes between its universal and ECN accounts. The broker covered all possible traders’ needs within its five accounts. You can register with:
- Universal Mini account ($500)
- Universal standard account($3,000)
- Universal advanced account ($50,000)
- ECN standard account ($500)
- ECN advanced account ($25,000)
It is clear that some of the accounts are not affordable to the common man. This broker seems to be on the hunt for big traders who have the means, skills, and courage to trade large amounts and deposit large sums. The Universal Mini comes with leverage 1:500, while both standard accounts (ECN and Universal) come with 1:300 leverage, and with the advanced accounts, leverage is 1:100. Spreads for the universal accounts are 1.9 pips (Mini), 1.5 pips (Standard), and 0.9 pips (Advanced). No commission is charged for any of the universal accounts. The ECN accounts come with even tighter spreads, e.g. starting from 0.6 pips for both accounts. The commission for the ECN Standard account is $10 per trade size, while only $5 for the ECN Advanced account. Hedging is allowed on all accounts, while scalping is only supported for the ECN accounts. Swap-free accounts are only supported by the universal account types.
There is no regular Orbex bonus, but the broker runs promotions form time to time which can be very interesting. In the past, we had the Orbex promotion which included winning a $500 bonus for social networks. Sharing the broker’s link on Facebook, Twitter, etc. brought some traders $500. Stay in the loop with this broker not to miss out on great prize money.
Orbex offers a wide range of payment methods. Deposit and withdraw via wire transfer, credit cards, Neteller, WebMoney, Fasapay, Skrill, and K-net Payment Gateway. The processing of withdrawals usually takes 24 hours, except for wire and credit card transfers which take up to 3-5 days. No commissions are charged on behalf of the broker.
The Orbex broker website is available in 14 languages and the FAQ section explains many general and technical issues in detail. If you should need additional help, you can contact the Orbex support team via phone (or request a call-back), e-mail, and live chat. The broker maintains an efficient customer support which will reply to your request as quickly as possible.