Orbisfx review 2023: 5 things you should know about orbisfx.com

Beware! Orbisfx is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Orbisfx is a complicated type of broker. It claims to be owned and operated by another company that is truly regulated. However there is no evidence that can prove that, so we are more or less suspicious of this broker’s credibility. Its website surely looks user-friendly and contains all the necessary legal documents. However because of some worrisome details regarding this broker, we are still not convinced enough that you can trust it. Not to mention that its trading conditions happen to be quite unfavorable as well.

For more detailed information on Orbisfx and what to look out for, keep reading the full review. You’ll see that not everything related to this company is as trustworthy as it seems.

Orbisfx Regulation and safety of funds

Orbisfx claims to be own and operated by company named “Norvesta Invesments” with registered address in South Africa that is said to be authorized and regulated by the local Financial Sector Conduct Authority (FSCA). We searched the registers of the latter just to find out that Norvesta Investments really is licensed in this country. Orbisfx however used to misspell its name, as it’s obvious from the website. We don’t know if this is just some innocent mistake or an intentional error but it brings some additional concerns about this firm’s credibility. But what’s even more worrisome is the fact that there is no evidence for Orbisfx to be owned by the other firm – on the registers there is no domain name or whatsoever that can prove the connection between the two companies.

Beware that many scammers tend to use other reputable firms’ legal data just to look credible. For this reason we advise you to remain vigilant and to trade only with well-established brokers with proven reputation.

In addition, bear in mind that the forex regulation in South Africa is not as good as that in other countries like the UK for example. You won’t be able to get any client protection and your funds aren’t so well protected. That’s why it’s always best to deal with firms licensed by prominent financial authorities like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) of the UK or the Australian Securities and Investments Commission (ASIC) for example.

Orbisfx Trading software

Orbisfx claims to offer the well-known MetaTrader 4. After we registered we were granted access to the platform itself and can confirm that Orbisfx really provides MT4. Take a look:

This platform is proven to be the best in the sector along with its newer version MetaTrader 5. However it would be even better if the broker providing it has a proven forex regulation and impeccable reputation. Once again we encourage you to keep your eyes open and turn to another firm that is 100% legit.

Orbisfx Trading instruments

Orbisfx claims to offer different trading instruments including currencies, commodities, stocks, cryptocurrencies and indices. That sounds great, especially given the fact that MT4 is available here. Don’t forget however that this firm has a suspicious regulation, so investing here may turn out to be not such a good idea.

What’s more, there are many brokers with proven reputation and legit forex licenses that offer the same assets or even a wider choice anyway.

Orbisfx Spreads and cost of trading

This broker claims to offer three account types – Basic, Advanced and Premium. You can see some additional details about them down below:

The spreads for its Basic account are said to be from 2.3 pips that is quite unfavorable at least to say. Such amounts are certainly going to be more costly. However after we opened its trading software things turned out to be even worse. There was a spread of 3 pips for EURUSD and GBPUSD, and the same for USDJPY. These amounts are just unacceptable as they will definitely come with higher trading costs. Not to mention that most reputable brokers tend to provide spreads around or below 1 pip.

Orbisfx Maximum leverage

The leverage this broker offers is not specified and that’s not a good sign either. As a matter of fact there is no leverage restriction in South Africa, but it’s still pretty risky to trade with high leverage. Unlike FSCA, some other watchdogs have made the decision to limit the leverage in order to prevent any sudden losses – for example 1:30 for the UK and the EU and 1:50 for the US. Yet, if you want to try and invest with higher leverage, brokers in South Africa are not a good choice, whether licensed or not. As we mentioned, this regulation has pretty low client protection. Because of that, we recommend looking at some of the offshore subsidiaries of reputable international brokers instead.

Orbisfx Deposit and withdrawal methods

Orbisfx claims to accept several payment methods including Visa, Mastercard and bank transfer. After we opened an account there were a lot of options listed – wire transfer, BrightCart (a type of credit card), Virtual Pay, PayWB and some more platforms for money transfer.

There is no data about the transaction times or any fees applied though. The information in the Withdrawal Policy was also quite insufficient and unclear, so we don’t know for sure if there are any fees upon deposit/withdrawal requests.

Orbisfx Minimum deposit

The minimum deposit Orbisfx requires is 500 USD. This is too much without a doubt especially given the fact that this broker has a questionable authorization. The standard amount for the sector happens to be around 250 USD, even though some legitimate firms offer even lower initial investment – around 10 USD for instance.

Orbisfx Withdrawal requirements

As we stated above, you can hardly find any useful data in this broker’s Withdrawal Policy. There’s just some general information, however nothing’s mentioned about any additional requirements like a minimum withdrawal amount or if there are any fees and taxes.

Bear in mind however that most genuine financial services providers don’t usually ask for any fee upon withdrawal requests. In short, if you find your broker asking for a fee in order to get your money, beware – it’s a scam!

All in all, we don’t think that Orbisfx is a great choice of a broker. Its regulation is quite doubtful and its trading conditions are not advantageous either. For this reason we recommend looking for a truly legitimate firm instead.