Orbex Account Types Reviewed ☑️ (Updated 2024) (2024)

Orbex offers 3 account types, the Starter account, Premium account and Ultimate account. Orbex offers the standard MT4 trading platform to its clients and since partnering with TradeWorks, it also provides a third-party automated trading tool for new traders.

Orbex at a Glance

Choose your quick section of our OrbexAccount Typesbelow.

Orbex Account Types – 8 key points quick overview:

1. ✔️Orbex Overview
2. ✔️Orbex Account Types
3. ✔️Account Features
4. Orbex Demo Account
5. Orbex Islamic Account
6. Orbex Pros and Cons
7. Conclusion
8. Frequently Asked Questions

Here is an overview of the Orbex Account types as well as the treading features and benefits offered for each account.

Orbex Overview

Orbex is a forex broker company in Cyprus. The broker provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

Orbex Holding LTD, known in the industry as Orbex, was founded in 2011 and based in Cyprus while Orbex Global LTD is based in Mauritius.

Orbex offers the standard MT4 trading platform to its clients and since partnering with TradeWorks, it also provides a third-party automated trading tool for new traders.

The broker requires a minimum deposit of $200 but offers zero spread accounts for deposits from $5 000. Its asset selection is more suitable for less-advanced traders.

Orbex is secured for online trading and transactions, with all data being backed up and protected in a highly secure encrypted technological environment. All information provided by or on behalf of clients and employees is treated with strict confidence and is only disclosed by a formal notice in accordance with regulations.

Orbex has accumulated several awards during its years of service to traders, including that of Best forex broker in 2019, Best trading education provider in 2018 and 2016, Best Analysis Provider in 2016 and Best Affiliate Program Atozforex in 2016.

In 2013 the broker was awarded for Best FX Forecast and Strategy Provider, Most Innovative ECN Broker, Best FX Technology Provider, and in 2012 as Fastest Growing Broker in China, Best Arabic FX Provider, Best Arabic Platform and Best Retail FX Provider.

Th broker has good educational resources for new traders and their research options are sufficient too.

Orbex Account Types

Orbex offers 3 types of accounts – a Starter Account, Premium Account, Ultimate Account and Swap-free or Islamic account.

To open a Starter Account, a deposit of $200 is needed and for a Fixed Spread Account, $500 is needed. A Premium Account can be opened with a deposit of $ 5 000 and an Ultimate Account with $ 25 000.

The maximum leverage ratio on all accounts is 1:500 and a stop-out level of 20% applies. All account types are listed as NDD execution accounts.

Clients can open an account with either Orbex LTD (regulated by CySEC and under the EU framework), or with Orbex Global LTD (regulated by the FSC in Mauritius). Both registrations involve the same two-step online application.

Account Features

Starter Account

The minimum deposit to open this account is $200 and variable spreads apply. No commission is charged and leverage of up to 1:500 can be used.

Monthly webinars are offered, and scalping is allowed.

Premium Account

To open this account a minimum deposit of $5000 is required and spreads start from 0 pips. Commission of $8 is applicable and leverage of up to 1:500 can be used.

Ultimate Account

The minimum deposit required to open this type of account is $25000, and it has spreads that start from 0 pips. Commission is $5 and maximum leverage also up to 1:500.

Swap-free or Islamic account

Accounts that comply to Islamic standards can be opened on all the above options.

Islamic Account

Orbex does offer traders who follow the Sharia law the option of an Islamic Account.

In this case an Islamic account is provided as an option where traders can convert their live trading account to an Islamic Account, while in other cases it is a standalone account with a separate application procedure.

Orbex Demo Account

Orbex offers traders the option to open a demo or practice account which can be utilized in several ways, including the following:

➡️️​A practice account for beginner traders who wish to hone their trading skills and gain experience in a risk-free environment using virtual funds.

➡️️​Traders who want to evaluate and compare brokers and would like to explore Orbex’s trading conditions in a risk-free environment.

➡️️​Traders who want to test their trading strategies in an imitated live trading environment without risking their own capital.

➡️️​The demo account can be used for 30 days.

Orbex Islamic Account

The purpose of an Islamic Account is that it caters explicitly for Muslim traders who follow the strict rules of Sharia law. These rules prevent followers from paying any type of interest, such as overnight fees, which is seen as exploitive or wasteful.

Overnight fees are charged when traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should traders hold positions open for longer.

Brokers offers an Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which may differ vastly from the other individual account types, such as minimum deposits, spreads and more.

Traders who are interested in registering for an Islamic account must contact the broker’s customer support team to verify the availability and current conditions of such an account as conditions may have changed from the time of writing.

Orbex Pros and Cons

Conclusion

Orbex offers 3 types of accounts – a Starter Account, Premium Account, Ultimate Account, and Swap-free or Islamic account. The trading conditions are quite attractive and Orbex is not only a reputable broker but one that caters to beginners as well as more advanced traders.

You might also like: Orbex Review

You might also like: Orbex Demo Account – Step by Step

You might also like: Orbex Fees and Spreads

You might also like: Orbex Islamic Account Overview

You might also like: Orbex Minimum Deposit

You might also like: Orbex Sign up Bonus

Frequently Asked Questions

Trading environment

How many instruments can I trade with Orbex?

You can trade several different instruments with Orbex, which include the following:

• Forex
• Energies
• Precious Metals
• Cash Indices

Which platforms are supported by Orbex?

Orbex provides the popular trading platform MetaTrader 4.

Does Orbex offer leverage?

Yes, Orbex offers a maximum leverage of up to 1: 500.

What spreads can I expect with Orbex?

Orbex offers spreads from 0 pips.

More information should first be obtained from the customer support service to make an informed choice.

Does Orbex charge commission?

Some accounts offer commission-free trading and some offer commission-based trading. More information on commissions should become available after opening an account or can be obtained from the customer support service.

Are there additional charges on the Islamic account?

Orbex does offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

Is Orbex regulated and by whom?

Orbex is regulated by CySEC and the FSC.

Is Orbex a recommended forex trading broker for experts and beginners?

Orbex offers a fair-trading environment for most types of traders. Its asset selection however may be more suitable for less-advanced traders.

What is the overall rating out of 10 for Orbex?

6/10.

Accounts

What is the difference between a demo and live trading account?

A demo account as is offered by broker companies like Orbex is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.

Does Orbex offer a demo account?

Yes, a demo account is one of the account types offered by Orbex

How long is the demo account valid?

With the Orbex demo account, a trader has a 30-day trial with unlimited access to market research and analysis.

Which live trading accounts does Orbex offer?

• Starter Account
• Fixed Spread Account
• Premium Account
• Ultimate Account
• Swap-free or Islamic account

Does Orbex offer an Islamic Account?

Yes, as an option on the general account types.

What are the deposit currencies for a live trading account with Orbex?

USD.

Deposits and withdrawals

What is the minimum deposit required to open an account with Orbex?

$ 200.

How do you make a deposit and withdraw money with Orbex?

Orbex offers the following deposit and withdrawal methods:

• Credit and debit cards
• Bank wires
• Skrill
• Neteller
• WebMoney
• Fasapay
• K-Net
• Klarna

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

Does Orbex charge withdrawal fees?

No.

How long does it take to make a withdrawal?

Withdrawals usually takes up to 24 hours except for credit or debit cards and wire transfers which may take 3 to 5 business days.