Orbex Review

Orbex Review
  • Instrument Variety
  • Leverage: (500:1)
  • Scalping: Prohibited
  • EURUSD Spread: 0.6-1.9 + Comm.
  • Regulation: CySEC
  • History: Clean


Orbex is yet another CySEC regulated Forex and CFD providers with sort of an average variety of instruments. There is nothing particularly bad about it, besides that it doesn’t allow scalping. The spreads are low but together with high commissions, the trading conditions are better with other regulated ECN brokers. It’s not a bad choice in any case.

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Important Facts

  • Company: Orbex is the trading name of Orbex Limited.
  • Founded: Orbex launched it’s services online in 2010, under the name AFBFX. In 2014, the company re-branded itself and now uses the Orbex name.
  • Account Types: Universal Mini, Standard and Advanced Accounts, as well as offering ECN Standard and Advanced Accounts.
  • Payment Options:
  • Platforms: MetaTrader 4
  • Accounts Available In: EUR and USD
  • Minimum Deposit: $500
  • Regulation: Regulated by CySEC of Cyprus
  • Social Trading: N/A
  • Support Options: Callback, Email and Livechat.


There is not much choice in terms of platforms for traders who opt to trade with Orbex, with the brokerage only offering one platform to traders. The brokerage has taken the bold choice to make MetaTrader 4 (aka MT4) their sole trading platform. Since the platforms launch in 2005, MetaTrader 4 has become the most popular trading platform with retail FX traders and is offered by the vast majority of Forex brokerages. This is in part due to the fact that the platform was among the first to let retail traders automatically trade financial markets, via it’s built in Expert Advisor functionality. MetaTrader 4 has begun to lose favour in recent years with other platforms such as cTrader increasing in popularity. Despite this many traders still only use the MetaTrader 4 platform, and those traders will pleased to know Orbex offer the platform for a full range of devices and operating systems.

Trading Conditions

  • Leverage: Up to 500:1
  • Scalping: Allowed with ECN accounts, prohibited with Universal Accounts.
  • Expert Advisors: Yes. Scalping limitations with Universal Accounts.
  • Hedging: Allowed.
  • Trailing Stops: Yes.
  • Spreads: Universal Mini EUR/USD Fixed 1.9 pips, ECN Accounts as low as 0.6 pips.
  • Commission: ECN Accounts only, between $6-10 per round turn lot.

Orbex offers two main types of account. Firstly, clients can open a Universal Account with the brokerage, with the brokerage operating a dealing desk for this set of clients. Universal Accounts offer clients the ability to trade a range of instruments with fixed spreads, with spreads on major FX pairings as low as 0.9 pips. The tightness of spreads depending on the level of Universal account that the trader signs up for, with bigger deposits leading to tighter fixed spreads. Though traders are not are able to use scalping strategies with Universal accounts, meaning many short time frame traders will not want to open such an account. Additionally, increasingly traders have sought to avoid dealing desk accounts, as they believe such an execution model can lead to a conflict of interest between a broker and their client. This has seen a rise in the number of traders opening ECN/STP accounts with brokerages who offer such services.

As a reflection of this increasing demand for non-dealing desk execution, Orbex also offers potential clients the possibility to open ECN accounts with the brokerage. These accounts do not feature the same limitations on scalping, and offer clients the ability to trade with tighter spreads. Though the brokerage charges an additional $6-10 per round turn lot in commission. This makes the lowest EUR/USD spread (inclusive of commission) possible with such an account to 1.2 pips. It is possible to find a number of other brokerages that offer more competitive ECN/STP spreads on major currency pairings. Which may mean traders may want to shop around before opening an ECN account with Orbex.


  • Number of Currency Pairings: 28 Pairings
  • Other Instruments: Gold and Silver (ECN and Universal Accounts). Indices, Futures and Commodities (Universal Accounts Only) via CFD’s.

Orbex offers a relatively small range of currency pairings, with the brokerage only offering a total of 28 currency pairings. This is smaller than the range offered at mos competing brokerages and is unlikely to interest those who are interested in trading more exotic or minor pairings. The majority of retail traders who tend to stick to the majors, should find no problems with the range of currency pairings offered by the brokerage.

Additionally, those who are using Universal accounts are able to trade a range of other markets. As often with FX brokers, Orbex offers the ability to trade major indices and a range of different commodities via CFD’s. However, Orbex also offers Universal Account holders the chance to trade futures a nice touch from a retail FX brokerage.

Customer Service

  • Contact Methods: Callback, Email, Livechat
  • Telephone Numbers: Cypriot Number
  • Support Languages: Number of major global and European languages.

Orbex offers a number of different ways to for clients to get into contact with the firm, providing 24/5 LiveChat on their site. The brokerage only offers a Cyproit number for those who want to discuss any potential issues over the phone, which means those trying to call the firm could run up a considerable bill. Support is additionally available in a number of different European and global languages.


  • Regulated: By CySEC of Cyprus.
  • MiFID Regulated: Yes, Orbex can accept clients from throughout the European Union.
  • US Traders: No, Orbex lacks the necessary regulatory approval.
  • Regulatory Record: Orbex Limited has not been on the receiving end of regulatory action from CySEC.

Orbex, the trading name of Orbex Limited is based and regulated in Cyprus, by the local regulator CySEC. Since joining the European Union in 2004, Cyprus has become a popular destination for Forex brokers for a number of different reasons. Being regulated in a European Union jurisdiction, allows the brokerage to accept clients throughout the European Economic Area. It also ensures that customers trading with Orbex are provided with the minimum level of protection as outlined in MiFID (Markets in Financial Instruments Directive). This legislation provides retail traders with important protection and is something many traders feel is particularly valuable. Orbex and it’s predecessor AFBFX, have never been on the receiving end of any regulatory action from CySEC, which suggests a high level of compliance with Cypriot law.


Regulated in Cyprus by CySEC, Orbex offers traders the opportunity to trade a wide range of markets using the popular MetaTrader 4 platform. However, the trading conditions are not perfect with scalping being prohibited for those using Universal accounts and with other brokerages able to offer tighter ECN/STP spreads (inclusive of commission). The firm has an unblemished regulatory record and may attract traders who are not interested in scalping and want to open a simple fixed spread account.

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