Orbex Broker Review - Overview
Orbex are a Forex Broker providing MT4 trading on desktop and Android / IOS phones and tablets. Orbex set themselves apart from most brokers through their high-liquidity Electronic Communication Network (ECN) setup. As an ECN broker, Orbex focus on providing transparency to their clients and the best liquidity possible. Primarily a Forex broker, Orbex do offer a few metals and indices, but currencies is clearly their main business. CySec regulated with FCA registration and a declaration of segregated client accounts means that your money should be safe and you are covered by the Cypriot depositor protection scheme. They also offer EA builder software, a signals service and daily technical analysis for free to live account clients. Orbex are making a stand as a transparent ECN broker that provides many value adds in addition to their core promise of customer-first operation.
Orbex Broker Review - Products and Spreads
Orbex are clearly a Forex focussed broker. All of the majors and crosses are available as well as lesser traded currencies such as the Turkish Lira, Mexican Peso and South African Rand. However, you won’t get quite the same spread of currencies as you will with one of the very large market-making CFD brokers like CMC Markets or IG Index. But, unless you want to trade something very exotic, Orbex should have you covered for currencies. They also have gold, silver and oil and some basic indices. If you want to take the occasional non-currency trade, those options are there and at decent spreads, but if you want to be a regular commodities or indices trader you’ll probably want to look elsewhere - Orbex are definitely Forex focussed.
Like many MT4 Forex brokex, Orbex have a few different account types. They have a fixed spread, non ECN account, but this is really for some new traders only. Most traders, even new ones, will be looking at Orbex to take advantage of their ECN accounts, in which case you will have 3 options - Standard, Premium and VIP. Which account you get depends on your deposit amount 500 / 5000 / 25000. The only real difference between the accounts is the spread you can get, which tends to be pretty similar on all majors: from 1.5, 1.2 and 0.8 respectively.
This makes sense - as an ECN broker Orbex get paid only on the spread and don’t take a commission, so larger accounts (which tend to trade more lots and be more profitable for longer) will make them more money, so they can offer more benefits. This is fair and is a result of their ‘A Book’ model which means they never take the other side of your trade and only profit from the volume of transactions they process.
Orbex Broker Review - Interface and Platform
Orbex is an MT4 only broker. As MT4 is the most widely used trading platform in the world this is fair enough, but if, for whatever reason, you aren’t really a fan of MT4 then you will have to look elsewhere.
MT4, of course, offers basically all of the indicators and functionality that you will need in any normal trading strategy. All of Orbex’s accounts allow Expert Advisors (EAs) and any trading strategy you desire (including scalping), as they make it clear that it is your ‘right’ to trade however you wish.
Moreover, if you wish to trade EAs but can’t code, then Orbex offer ‘Trade Strategizer’, which is designed to enable automated trading without programming. It is based on TradeWorks software, which is making waves in algo trading, and has been featured previously on the TBT podcast.
In addition to the above, Orbex have a presence in the ‘Social Trading’ sphere, with a copy trading functionality and ‘TradeLab’ signals service. This isn’t a core business area for them it seems, but if it is something you are interested in then it is definitely worth checking out.
They offer desktop, Android and IOS MT4, so in terms of MT4 Forex brokers, Orbex offer everything you could need.
Orbex Broker Review - Service
Orbex offer a 24/5 phone and live chat service and are proud of their 1 hour maximum turnaround time on any other queries. You can put in a call back request too if you don’t want to make the call yourself.
Aside from their Support, Orbex offer a lot of educational material as well as daily analysis for all live account clients. Their ‘Trading Central’ hub provides daily technical analysis giving key support and resistance levels and other technical factors to note. In a cool touch, this is available as an MT4 plugin so you won’t need to keep flipping back to their site to take advantage of this feature.
Orbex Broker Review - Safety
Orbex are CySec regulated and make it clear that they understand the need to segrate client accounts. They also have FCA authorisation, although this is not quite the same as being separately regulated by the FCA. They are authorised and or registered with a large number of other regulatory bodies, as detailed on their website; regulation is clearly something Orbex take very seriously.
Orbex Broker Review - Conclusion
Orbex is a Forex broker that stands out for being a true Electronic Communications Network (ECN) broker that uses the latest pricing software to connect traders to Tier 1 bank liquidity. This means true anonymised trading in a No Dealing Desk model with no worry about being shaken out of positions, or otherwise interfered with, by an unscrupulous broker or liquidity provider. On top of that they offer decent spreads, which become really very good if you deposit larger amounts. They have a lot of free services, including all manner of MT4 platform options and plugins. They don’t discriminate on trading strategy as the ECN model leaves them in no disadvantage if you make quick bucks on short term scalping etc. If you want an open and upfront broker with great liquidity and solid regulation, and you are a fan of MT4, then Orbex are a great option for you!