FXLORDS Increase Your Profits
Who are they?
Formerly AFBFX (Arab Financial Brokers). The company decided to re-brand itself at the end of 2013 to Orbex. This caused some consternation, as might be expected in the world of Forex, and there were unfounded rumors that this was done to evade liabilities.
Orbex is located in Limassol where it is regulated by CySEC, The company also in line with the MiFID as it is a requirement on financial orgnizations in the country due to Cyprus membership to the EU regulations and authorities.
Orbex’s re-branding coincided with the introduction of a new philosophy; to put client satisfaction at the heart of their business.
On their platforms, clients can trade 29 pairs of currencies and 6 Forex futures. They also offer trading in indices, soft commodities, precious metals and energy.
Orbex is located in Limassol where it is regulated by CySEC, The company also in line with the MiFID as it is a requirement on financial orgnizations in the country due to Cyprus membership to the EU regulations and authorities.
Orbex’s re-branding coincided with the introduction of a new philosophy; to put client satisfaction at the heart of their business.
On their platforms, clients can trade 29 pairs of currencies and 6 Forex futures. They also offer trading in indices, soft commodities, precious metals and energy.
Review Overview
Compliance to Different Authoroties
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Customer Support and Offers
Acceptable
How do they help me learn?
The education section offered by Orbex is still evolving and as such they are possibly not the best in the FX sector by means of calling to new traders, although what their website shows is that is made up for one to one help. This includes:
- Demo Account – As with all brokers, Orbex allows you to develop and refine your trading skills with a free demo account. There, you can test what you learn from their tutorials on the use of fundamental analysis and technical indicators. Once you feel you’re ready, you can proceed and open a live account. Even during the use of the demo account, Orbex executives will offer help with understanding the use of the platform or the market. They gave me reasons on why demo trades fails to make profits.
- Forex Articles – Orbex mainly educate clients through the use of detailed and clear articles on every Forex topic. Usefully, they include ‘How to Choose a Broker’, a glossary, an eBook on Forex trading and an introduction to fundamental and technical analysis.
- Economic Releases – They give the public instant access to them as they are displayed on their website. They are very useful as fundamental analysis material, but they are practically unusable in short term trading. They rank each release in order of importance to save traders time when the market is on the move.
- Account Managers – Orbex offer assistance by their account managers, all the way through from beginners in their first days on a demo account to experienced traders. Assistance is available in more than ten languages, which is one the strengths AFBFX had. The client will always be sure that wherever he is in the world, there is always someone who is ready to assist and explain what needs to be made aware of, such as change is trading conditions or market working hours and holidays.
How is the clients support service in general?
Orbex prides itself on the industry leading customer support level they have, and offers full access and assistance through telephone calls with call back facility, email and live chat, which are all available in several different languages. The company was not mistaken in priding itself on the client service, it is excellent and won’t disappoint. Response times were excellent and the staff were friendly, courteous and well-informed.
What does the industry say?
There was some concern when the company changed name at the end of last year with some clients feeling it was to avoid obligations to clients or escape liabilities. However, the company has responded saying that the change of name was merely to give it a more international appeal instead of the previous name of Arab Financial Brokers, which they have a point in. Traders now seem to have accepted this and the company is rated well. They have won a number of awards, more so in their new guise, confirming their status as one of the best brokers for communication and customer service.
How safe is my money?
Orbex is registered with and regulated by CySEC which has not been slow in the past to punish wrongdoers. The company also states that they have strong liquidity provided by tier 1 international banks and, under the CySEC regulations, have to keep their clients’ funds separate from the company’s.
What platforms does Orbex offers?
Sensibly, Orbex offer only the full range of the MetaTrader4 trading platform which they make available for desktop, web, mobile and tablets. Metatrader is renowned for its reliability, ease of use and customization and means that clients can transfer in to Orbex without having to worry about unfamiliar trading platforms.
What about their trading conditions?
There are no margin requirements for equity less than $50000, which is a first in the Forex world and is a very good advantage for the trader. Above this level, margin requirements are 50% up to $500000 and 100% for amounts above this, which is a disadvantage in our point of view. Leverage varies depending on the type of account, Standard, Premium and VIP starting from 1:100 on standard accounts over $50000 or on all advanced accounts, and up to 1:500 on Mini Accounts . Leverage often is based on the size of the position.
Being based in the Middle East and with its pedigree, it’s not surprising to learn that Sharia compliant Islamic accounts are available.
Spreads are variable on ECN trading but as low as 0.6 pips on majors whilst they’re fixed on all other trading and from 0.9 on majors like the EUR/USD
You can use Expert Adviser on all their MT4 platforms. Orbex do not guarantee no slippage but try to minimize the frequency when slippage may occur.
Being based in the Middle East and with its pedigree, it’s not surprising to learn that Sharia compliant Islamic accounts are available.
Spreads are variable on ECN trading but as low as 0.6 pips on majors whilst they’re fixed on all other trading and from 0.9 on majors like the EUR/USD
You can use Expert Adviser on all their MT4 platforms. Orbex do not guarantee no slippage but try to minimize the frequency when slippage may occur.
How much will it cost me?
Orbex offers trading only with fixed spreads on their normal accounts but variable on ECN trading. Spreads are kept tight to maximize client profits and average spreads show that Orbex are good at keeping to their word over it. No commissions are charged on trading in Forex, the company makes its profits only on the spread.
Fees apply on some withdrawal and deposit methods but the range of options they allow are good and include credit cards, payment systems such as Skrill and bank transfers. Application of funding and execution of withdrawals is one of the best available with some deposits appearing within two hours.
Fees apply on some withdrawal and deposit methods but the range of options they allow are good and include credit cards, payment systems such as Skrill and bank transfers. Application of funding and execution of withdrawals is one of the best available with some deposits appearing within two hours.
Any special deals?
At the moment Orbex are offering a ‘double your profits’ deal up to $3000 and a refund of up to 20% of the spread. The company regularly have promotions including trading contests as appetizers for new and existing clients.
The bottom line
Orbex are hard to beat for customer service with it being a central part of their philosophy. We found response times to be good and questions answered satisfactorily in good time.
The company is still getting into its stride as it new incarnation; Orbex, as can be seen from the lack of comprehensive education available on the website.
There are plenty of positives from this small and growing company but for now, we think it is better suited to traders who have a little experience.
The company is still getting into its stride as it new incarnation; Orbex, as can be seen from the lack of comprehensive education available on the website.
There are plenty of positives from this small and growing company but for now, we think it is better suited to traders who have a little experience.
Do you like this broker?
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