The online broker called Orbex was founded back in 2010, which means that they should have quite an experience in this industry. Their headquarters are in Mauritius and Cyprus. However, in this Orbex review, we will be revealing why we DON’T RECOMMEND working with this company.
Its status as an offshore regulated broker and the fact that it is not available for people in the United States made us question their professionalism. This is why this review will detail some of the reasons why Orbex is not trustworthy. Here we go!
About Orbex’s regulations
Orbex Group Limited is the company that owns this broker, a company that is also part of Orbex Global Limited. It is registered in Cyprus under the name Orbex Ltd and regulated by CySEC. However, the Mauritius headquarters of this company is regulated by FSC. This basically makes Orbex an offshore regulated broker. Moreover, considering that the regulation comes from an old entity called AFB FX, the one established back in 2010, it is not a certainty.
As you can see, there are a lot of issues with Orbex’s regulations. All of these changes in names and the different headquarters do nothing else than make us believe that they are a scam. A company that is regulated under a different name twelve years ago, with one of the regulatory bodies being an offshore one is clearly sketchy.
This is a major issue that is not only extremely harmful for its reputation but also dangerous for clients. Any beginner trader could easily fall into their trap. Unregulated or sketchy brokers use a common trick to get people’s money and personal information. They first persuade clients to make an immediate deposit through aggressive phone calls or e-mails. Usually, it’s by a team of people who are only doing this as a job.
After that, they will make offers that seem incredible in order to entice people to become their victims. Once the first deposit is made, traders will be trapped in an endless cycle that will continue to extort money from you.
About Orbex’s trading offer
As a client, Orbex offers you the chance to trade with stocks, currencies, indices, and commodities. When it comes to leverages, clients from the EEA zone, which works under the Cyprus branch enjoy maximum leverage of 1:30. For the customers trading under the Mauritius branch, the maximum leverage of 1:500. Again, this is sketchy and definitely not recommended. All of these differences between their entities should make you think twice about giving them your money.
Clients can make deposits using their credit/debit card, wire transfers, or e-wallets. The minimum required deposit is only $200 for the Starter account. This is meant to attract people that don’t have experience in this field. These people usually think that they won’t have to spend too much to make a profit. In reality, this is how these scam brokers get you and your money. There is also a Premium account along with an Ultimate account.
According to their website, withdrawals only take up to 24 hours to be processed. However, in the case of such shady brokers, this is clearly not true. They will drag your withdrawal procedure for as long as possible until you are unable to get your money. The numerous negative reviews from former clients stand proof of this. Plus, the fact that Orbex offers a demo account too does nothing else than convince us that they want to attract clients desperately.
About the Orbex trading platforms
When it comes to the Orbex trading platform, this broker uses the super popular and famous MetaTrader 4. This can be a two-bladed knife because the MT4 is clearly professional and one of the most trustworthy out there. However, most scammers also use it to draw people in and steal money from them. Traders can use both the web-based platform as well as the mobile trading app. Both of those are available in forty languages. The mobile app is compatible with both iOS and Android systems.
Orbex – NOT RECOMMENDED
All in all, Orbex is an online trading broker that we clearly do not recommend. This is mostly because of the bizarre regulation situation and their two entities that seem sketchy. As a client, you will never be sure of where your money is and whether or not you will ever get it back. This broker has all the ingredients of a scam that’s only looking to make money from inexperienced people.
We hope that this Orbex review convinced you to think twice before picking it as your trusted broker. At the end of the day, everyone is free to make their own choices. However, there are a plethora of trustworthy and professional brokers out there that you can pick from. Never go for obscure, unregulated, and pushy services because you will regret it.