Beware! OrbiTrade.io is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OrbiTrade.io is a brand of a fraudulent offshore company that was blacklisted by numerous financial regulators in Europe. Well, as scammers are operating the broker, we can only label it as a scam. In fact, we found some disturbing facts about it, and we are going to share what we know in the full OrbiTrade.io review.
OrbiTrade.io REGULATION AND SAFETY OF FUNDS
OrbiTrade.io is a brand of Donnybrook Consulting Ltd. It’s a Dominican offshore company linked with various suspicious brokers, some of which we already reviewed. Follow the links provided to see the ones we wrote about: NeoTrade review, EuroFX.trade review, OctoFinance review, Optimarket review, OFXB review.
Now, to the question. Donnybrook Consulting Ltd. was officially exposed as a scam by literally all financial regulators in Europe. For practical purposes, we’ll put an excerpt from the CNMV warning at the bottom of this page, so have a look for more information. Therefore, as scammers manage OrbiTrade.io, we can rationally conclude your funds will be in danger if you deposit.
As for the country of registration, Dominica is a shady tax haven poorly regulating its financial sector and doesn’t even license Forex brokers. The regulators’ warnings aside, we recommend to our readers to stay away from Dominican entities, as those are working under no supervision at all. In fact, Dominica is overcrowded with scammers, and that’s only due to the lack of transparency and regulations.
Avoid OrbiTrade.io and see the high-rated EU brokers and British brokers on both lists instead. The European FX companies are regulated and covered by deposit insurance funds protecting traders’ money if things go wrong. For example, when trading with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP per person. The deposit insurance funds grant extra protection, so it’s a no brainer if you are eligible to open accounts with Europeans.
OrbiTrade.io TRADING SOFTWARE
OrbiTrade.io provides a web-based primitive platform for trading that’s unreliable and can’t offer any significant advantages over MetaTrader, for example. Moreover, the EUR/USD spread is 3 pips, which is no longer a competitive Buy/Sell difference. Spread forms some of the trading costs, so the lower it is, the better for clients. Fortunately, today you can find a plethora of regulated brokers providing a difference of 1 pip and below, so it’s worthless dealing with OrbiTrade.io anyway.
While speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Interestingly, MT5 surpassed MT4 for the first time in terms of brokers delivering the platform, but its volumes are still weaker.
The default leverage is 1:100, and it’s impossible to change it. Well, 1:100 is risky enough, so OrbiTrade.io puts clients in a dangerous trading environment where they can lose all funds while the broker is pocketing those losses. That’s a scam!
In fact, leverage has been a subject of regulatory restrictions for quite some time due to the high risks involved. For instance, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
OrbiTrade.io DEPOSIT/WITHDRAW METHODS AND FEES
OrbiTrade.io claims the minimum deposit is $250 via Credit/Debit cards, which is indeed higher than the industry standards- $100 on average. However, the only funding methods possible are cryptocurrencies such as Bitcoin, Ethereum and others. So, as the broker is lying, we have to raise yet another red flag. That’s inconsistency and evidence of a scam nonetheless.
Now, we need to warn traders that Bitcoin or other cryptocurrency deposits are final and non-refundable, i.e. risky. In addition, the transfers are totally anonymous, and if you send Cryptos, you don’t even know who’s on the other side of the transaction. Well, we don’t intend to label cryptos as bad. It’s just that scammers beloved this form of money as it allows them to remain anonymous. Beware.
Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
OrbiTrade.io doesn’t specify the minimum withdrawal amount or transaction costs. Still, the only thing we found in the Terms is that the broker processes requests within 7 days, which is a lifetime compared to regulated companies’ practices- 48 hours on average to send the money to the client.
However, the withdrawal provisions can change if clients accept incentives. In such a case, they need to execute the bonus plus the deposit 25 times to become eligible for withdrawal. Too tricky to reach anyway, so after a bonus, traders won’t be able to take out any money whatsoever.
OrbiTrade.io mentions nothing about other fees, too. So, we are unaware of their inactivity and refund charges, if any and so on. Well, the absence of such provisions is a worrying sign nonetheless, especially when OrbiTrade.io reserves the right to impose fees if incurring. Eventually, OrbiTrade.io can invent charges on the run and cut a big chunk of your balance before you know it. Beware!
Overall, OrbiTrade.io is a scam we exposed just now, so make sure to stay away.
HOW DOES THE SCAM WORK
The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.
From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.
You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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