Orbex began its services in 2011, previously known to traders by a different name AFB FX. The broker went through changes and rebranding, eventually renaming itself to Orbex and reentering the market stage.
The broker is located in Cyprus and regulated by the local regulatory authorities Cysec and MiFID. Orbex offers trading in currencies, precious metals, commodities, CFDs and Futures.
The official website of Orbex has a nice feel to it. The navigation is intuitive and uncomplicated.
You can choose from standard spread or ECN accounts. Scalping and hedging strategies are welcomed. Islamic accounts are available upon request. There is, of course, demo account for newbies and strategy back testing.
Upon our Orbex review, we have found out that the broker offers 3 different type of accounts:
Universal Mini – with minimum deposit requirement of $500
Universal Standard – with minimum requirement of $3,000
Universal Advanced - costly account with minimum of $50,000 deposit requirement but spreads as low as 1.9 pips on major currency pairs.
ECN accounts include standard ($500) and Advanced ($25,000) with overall transparency and speedy transactions.
Leverage is available at 500:1. Spreads depend on the account type you choose but overall you can expect 0.9 for standard accounts and 0.6 pips on ECN.
Orbex employs the well-known and widely respected platform MetaTrader 4 which is synced with Android Trader, iphone and iPad version and MT4 MAC Trader.
The platform is accessible from any device with the internet which proves the necessary flexibility.
Broker claims to provide simple funds withdrawal. The minimum deposit to open an account is $500, which is quite costly compared to other brokers in the market today.
Deposit and withdrawal options include Wire Transfer, Credit Cards, Neteller, Skrill, CashU an WebMoney. Pretty good set of options to make the payment process easy and fast.
Orbex offers fast response for sales and support requests. Live chat, email and call-back feature are available around the clock. The services are available in 10 languages including English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu and Greek. The broker has been awarded for customer support excellence on several occasions.