Introduction and In-Depth Review of Orbex Broker

Positive Aspects of Orbex Broker

• Offering various deposit and withdrawal methods

• High credibility and security

• Low and competitive trading fees

• The registration and account opening process with this broker is very easy

• Providing very useful educational content

• Fast execution of trades

Negative Aspects of the Orbex broker

• Lack of cryptocurrency offerings

• Relatively slow trade execution

• The Persian-language website has some issues

• Orbex does not offer referral bonuses

• Orbex does not provide welcome bonuses, deposit bonuses, or other bonuses that different brokers might offer to traders initially

About the Orbex Broker

Orbex has become one of the most popular brokers in recent years.

Orbex, a relatively new player in the financial and forex markets, started its operations in 2010. Compared to other more established brokers, this newer brokerage is recognized as a no-frills broker with a growing reputation and has also provided its services to Iranian and Persian-speaking traders.

One of the standout aspects of Orbex is its comprehensive and detailed website, which offers clear and extensive information compared to many other broker websites. By providing accurate information, this broker helps traders to approach their trading with a broader perspective. Below, we introduce the most important features of Orbex brokerage:

Orbex Broker at a Glance

• • Broker Name: Orbex
  • Year Established: 2010
  • Headquarters Location: Cyprus
  • Services to Iranian Traders
  • Support in Persian
  • Average Spreads
  • No Cent Accounts for Beginners
  • Regulated by CySEC, FSA, and MiFID
  • Offers PAMM Accounts
  • Islamic Accounts Available
  • Minimum Deposit for Account Opening: $100
  • Offers Various Deposit and Withdrawal Methods, including Rial, Cryptocurrencies, Perfect Money, etc.
  • Scalping Trading Allowed

Credibility and Security of Orbex Broker

Orbex operates extensively in the global financial markets with several offices established in various countries, including Cyprus. This broker’s high credibility is evidenced by its numerous licenses.

The most important regulations that this broker has received include CySEC and FSA. Orbex’s parent company, operating under the name Orbex HE 258884, is authorized to operate as an Investment Firm (CIF) in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 124/10.

Orbex Limited is authorized to provide investment services, including the receipt and transfer of trading orders, execution of these orders, and trading for its own account, as well as offering ancillary financial services.

Orbex Limited, headquartered in Mauritius, is regulated by the Financial Services Commission (FSC) of Mauritius. This commission allows Orbex to provide services to traders worldwide, except in areas where local laws prohibit it.

As a result, this broker does not offer its services to residents in countries such as the United States, Cuba, Sudan, Syria, and North Korea.

Awards Earned by Orbex Broker

Since its inception in the forex market, Orbex has garnered significant attention from the international community. The brokerage has participated in numerous exhibitions and has won many awards due to its outstanding services and high quality. These awards not only affirm Orbex’s reputation and credibility in the forex industry but also reflect the satisfaction and trust of its business partners. Here are a few of these notable achievements:

• Awarded “Best Educational Broker” at the FX MENA event in 2022.
• Named “Best Provider of Research and Education” in 2022.
• Won in the “Best Trade Execution” category in 2021.

These awards reflect Orbex’s commitment to providing high-quality services and professional support to its clients, as well as demonstrating the broker’s ability to meet the diverse needs of traders in global markets.

Registration and Verification Process at Orbex Broker

Orbex, as a relatively new player in the forex market, has designed its registration and login process to be user-friendly and hassle-free.

To start using this financial platform, simply visit the broker’s website and navigate to the registration section. Enter your basic information such as name and contact number. After this step, you can access your user panel to explore various features.

For logging in, just enter your credentials, including your email and password. If you forget your password, you can use the password recovery option.

The verification process at this broker is also straightforward. You need to enter your personal information and upload the required identity documents such as a national ID card or driver’s license. Once these steps are completed, the broker will review and verify your documents.

In the Orbex user panel, you will have access to various tools and features, including viewing educational videos, making deposits and withdrawals, creating new accounts, and downloading trading platforms.

This broker aims to provide a user-friendly environment, ensuring a smooth, pleasant, and trouble-free trading experience for its users.

Types of Trading Accounts at Orbex

Orbex, a well-known broker in the forex industry, offers three different types of trading accounts, each with its own features and benefits.

These accounts include the Starter, Premium, and Ultimate accounts, designed for various types of traders, from beginners to professionals.

Starter Account

• Minimum Deposit: $200
• Margin Call Level: 20%
• Leverage: Up to 1:500
• Spreads: Floating
• Trading Options: Allows trading in various currency pairs, stocks, indices, and other assets.
• Commissions: No commissions; trading with Expert Advisors (EAs) is allowed.

This flexible trading account allows traders to choose an account that best fits their experience level and needs, aiming to provide a straightforward yet efficient trading experience. Orbex’s goal is to offer a simple and effective experience for traders.

 Orbex Broker offers two advanced account types named Premium and Ultimate for more experienced traders, each with its own specific features.

Premium Account

• Minimum Deposit: $1,000 for Iranian traders, and $5,000 for residents of other countries.
• Leverage: Up to 1:500
• Spreads: Starting from 0 pips
• Commission: $8 per lot for trades

Ultimate Account

• Minimum Deposit: $10,000 for Iranian traders, and $25,000 for international traders.
• Leverage: Up to 1:500
• Spreads: Starting from 0 pips
• Commission: $5 per lot

These advanced accounts are designed for traders seeking greater flexibility compared to the Starter account and access to better trading conditions.

These accounts allow traders to implement more optimized trading strategies based on their experience level and needs.

Copy Trading Account at Orbex

Orbex offers a dedicated account for copy trading, allowing traders to automatically copy successful trading strategies from others.

To use this account, traders need to pay a commission of $10.

Islamic Account at Orbex

This brokerage provides Islamic accounts to Muslim traders, which are exempt from swaps or overnight interest on trades.

To activate an Islamic account, traders must provide documentation verifying their Islamic faith.

PAMM Account at Orbex

Orbex also offers PAMM accounts for investors, allowing their capital to be managed by professional fund managers.

This system enables investors to deposit their funds into a shared account, with profits and losses from the manager’s trading activities automatically distributed based on each investor’s share.

PAMM managers are required to adhere to strict standards and must execute their trading strategies using their own personal capital.

Leverage Review at Orbex Broker

When opening an account with Orbex, traders encounter an initial leverage rate of 1:30, which is standard for retail traders.

However, leverage is adjustable and can vary based on several conditions, including the type of CFD asset, the active trading volume in the account, and the company’s decisions. It can range from 1:1 to a maximum of 1:500 for professional traders or those who meet specific criteria.

Traders interested in changing their account leverage can request this by directly contacting the broker. The broker will decide whether the requested leverage change is permissible based on its rules and regulations.

While higher leverage can offer more profitable opportunities, it also increases the risk of losses. Therefore, it is recommended that traders use higher leverage only if they are confident in their analyses and strategies.

Platforms and Trading Instruments at Orbex Broker

In the introduction to Orbex Broker, special attention should be given to the limited but high-quality range of tradable assets. While Orbex does not support cryptocurrency trading, it offers the possibility of trading across several asset classes.

Here are some of the key assets available for trading at Orbex:

• Forex Currency Pairs: Orbex provides the opportunity to trade over 44 different forex currency pairs.
• Commodities: Orbex enables trading in 7 types of commodities, including products such as gold and oil.
• Stocks: This broker allows trading in more than 66 types of stocks from well-known companies.
• International Indices: With Orbex, traders can trade in 8 global indices, including the S&P 500 and NASDAQ.

While the variety of tradable assets at Orbex is limited, it offers appealing options for traders, especially those looking to access diverse and major markets.

Trading Platforms

Orbex offers its clients the use of three different trading platforms, each designed with unique features to meet the various needs of traders.

• MetaTrader 4 (MT4): This platform is a powerful trading tool that enhances the user experience with its user-friendly interface and advanced features such as detailed market history, technical analysis displays, and extensive charting tools. It is available in over 40 languages and also supports automated trading.
• MetaTrader 4 WebTrader (MT4 WebTrader): The MT4 WebTrader allows for direct trading via a web browser without the need to download or install additional software. It includes the core features of the MT4 desktop platform and is ideal for traders seeking quick and easy access to their accounts.
• MetaTrader 4 MultiTerminal (MT4 MultiTerminal): This platform is designed for account and fund managers, allowing them to manage multiple accounts simultaneously. MultiTerminal includes features such as collective or individual account management, internal communication, and automatic report generation, which are highly useful for professional trade management.

Together, these three platforms offer a combination of flexibility, user-friendliness, and advanced features, enabling traders to perform optimally in various trading conditions.

Orbex Broker’s Trading Platforms

Orbex offers its trading platforms across three main environments:

• MT4 Web Platform: This platform is a suitable option for traders seeking easy and convenient access to their trades from any device. Despite some limitations in advanced analytical tools and customization, the web platform is adequate for daily trading.
• MT4 Desktop Platform: An ideal choice for professional traders, providing full access to all MetaTrader 4 features, including detailed charts, various order types, advanced analytical tools, and trading robots. Additionally, Orbex Strategies is offered as an algorithmic trading system, allowing the creation of Expert Advisors (EAs) without programming knowledge. There is also a free VPS service available for running EAs continuously at high speed.
• Mobile Platform: The Orbex mobile app for Android and iOS devices provides quick and easy access to trading accounts and positions. With this app, traders can stay updated on market conditions and manage their trades directly from their mobile phones.

Commission and Spreads Review for Orbex Broker

Commissions

• Forex: For the Premium account, there are no commissions with floating spreads, but for fixed spreads starting from 0.0 pips, a commission of $8 per lot is charged. The Ultimate account also charges a commission of $5 for fixed spreads starting from 0.0 pips.
• Commodities and Cryptocurrencies: No commissions are applied.
• Stocks, Indices, and Futures: Standard commission of 0.16%.

Spreads

Spreads at Orbex Broker vary depending on the type of account. For the Classic account, fixed spreads start from 1.9 pips, while the Standard account has spreads from 1.5 pips.

As trading volume and account levels increase, traders can benefit from a discounted commission of $5.

Orbex offers competitive spreads for the Standard account across almost all assets, while spreads for other account types may be higher. This allows traders to utilize a wider range of trading strategies.

Familiarity with Trading Strategies Available at Orbex

Orbex Broker provides a variety of trading strategies, allowing traders to choose from different approaches. Here are some of the key strategies offered:

Scalping Strategy at Orbex

Scalping involves executing rapid trades over short time frames to capitalize on small market fluctuations. Scalping is permitted in Orbex’s ECN accounts.

However, scalping is not allowed in fixed-spread accounts. If a trader is identified as a scalper, Orbex may take actions such as closing the account or changing the account type.

News-Based Trading Strategy

This method allows traders to place orders before or during the release of financial reports. During significant financial news releases, Orbex refrains from accepting fixed orders and may execute or cancel orders at the best available prices.

Hedging Strategy

Orbex encourages traders to use hedging; however, be aware that hedging is not permitted in swap-free accounts.

Understanding Slippage

Slippage can occur under volatile market conditions. Orbex utilizes slippage only during specific market conditions and does not apply it during normal market conditions or when the broker is closed.

Phone Orders at Orbex

Orbex allows order placements via phone in emergency situations. All phone orders are recorded for 10 days. To place a phone order, the customer needs to provide their account number, password, and order details to the support team.

This variety of strategies demonstrates that Orbex offers diverse options to accommodate different trading styles.

Educational Content and Customer Support

Customer support at Orbex is a critical aspect of their services. The broker continues to assist traders in their journey towards success, providing multilingual support during business hours.

Orbex’s support team is available via email, live chat, and international phone lines, addressing frequently asked questions through their help center.

Positive Aspects:

• • High-Quality Customer Support and Live Chat

• Quick and accurate response to requests

• Multilingual Team: They provide support in multiple languages, catering to their international user base.

Negative Aspects:

• Limited 24/7 Support: Customer support is not available around the clock every day of the week.

Educational Section:

• Free Access to Extensive Educational Resources: Orbex provides free access to a wide range of educational materials, including webinars, eBooks, and online courses.
• Focus on Enhancing Trader Knowledge: Their resources are aimed at improving traders’ knowledge and enabling informed decision-making.

Analytical and Research Support:

• Free Analytical and Research Tools: Orbex offers various free tools such as economic calendars, calculators, and weekly reports.
• Enhanced Focus on Trading Goals: These resources assist traders in focusing more effectively on their trading goals and making well-informed decisions.

Bonuses at Orbex Broker

Brokers often use incentives such as bonuses to attract new clients and encourage trading activity. Offering deposit bonuses or welcome bonuses is a common way to assure traders that they will receive additional funds based on their initial deposit.

Similarly, many brokers provide no-deposit bonuses to attract more clients. This type of promotion not only helps brokers gain new customers but also benefits traders who face strict budget limitations.

Although Orbex currently does not offer any bonuses, awards, promotions, or contests, traders considering opening an account with this broker should not view this as a deterrent to registering a live account. It is important to note that bonus offerings may be under review and could be announced by Orbex in the future.

Orbex has, at various times, offered different types of bonuses, including welcome bonuses, deposit bonuses, and referral bonuses, though it does not provide bonuses on a permanent basis. Bonuses offered by Orbex are typically tradeable and cannot be withdrawn directly.

Welcome Bonus at Orbex

This type of bonus is awarded by Orbex upon registration and before making any deposit into your account, and it is given only once to new users. To request this bonus, contact Orbex support before registering to confirm its availability, and then create your trading account to receive the bonus.

Referral Bonus at Orbex

Orbex currently offers a referral bonus of $28 per lot, up to a maximum of $1,500 CPA. These referral bonuses are strategies used by brokers to attract new clients.

To be eligible for this bonus, both the trader and the referred individual must meet specific conditions. These conditions often include, but are not limited to:

• The referred individual must open a live account through a specific referral link for the registration to be attributed to the referring trader.
• The bonus is only applicable for referrals who have opened a live account, as demo accounts are not eligible for this bonus.
• The referred individual must make a minimum deposit amount.
• The referred individual may need to complete a specified number of trades in the new account for the referring trader to qualify for the referral bonus.

Referral bonuses may have a limited time frame for traders to utilize them, often during periods when brokers observe decreased activity and attempt to compensate by offering such rewards.

Current Bonus Program of Orbex Broker

Orbex is currently offering a limited and exciting “Double Your Profits” program for all new clients who have registered under the oversight of the FSC-regulated entity, Orbex Global Limited.

During a limited period, this opportunity allows novice traders and those who have not previously traded with Orbex to double their profits on their first ten trades with Orbex. To benefit from this 100% profit increase or up to $2,000 in additional profits, you need to register through the “Claim x2 Profit” campaign and trade in forex currency pairs and commodity CFDs with leverage up to 1:500.

As a new trader, you can participate in this promotion by selecting either a basic or advanced trading account and depositing a minimum of $100 as your initial capital to start trading.

Deposit and Withdrawal Methods at Orbex Broker

Orbex offers users various methods for depositing and withdrawing funds, including international bank transfers, credit cards, and online payment systems such as WebMoney.

Deposits via online payment methods are usually completed within two hours, and deposits are processed swiftly when contacting support via chat or email.

At Orbex, deposits can be made without incurring additional fees. Furthermore, Iranian users can use local online payment systems for rial deposits and withdrawals, providing a convenient and efficient way to manage their finances.

Final Words

Orbex is recognized as a reliable and reputable forex broker with strong regulations and extensive services.

The broker is particularly reputable among Iranian users, thanks to its Persian support and easy methods for direct deposits and withdrawals from Iran.

With a range of trading assets, three unique trading accounts, and an Islamic account, Orbex meets various investor needs. Additionally, the broker offers competitive rebates of up to 55% and tradable bonuses at specific times, making it an attractive choice for traders. Overall, Orbex is considered a suitable and trustworthy option for Iranian traders.