Beware! Fxorbitaltrade 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.
Fxorbitaltrade is a textbook scam – and one you should avoid at all costs. This fraudulent broker is not only unregulated and anonymous but also does not have that much to offer its clients. Fxorbitaltrade does not offer a functional trading platform which means you would not be able to trade with them at all – and subsequently, that opening an account as a whole is pointless.
Fxorbitaltrade Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Fxorbitaltrade claims to be a UK-based broker. This would generally mean that they have to be licensed to operate by the local financial regulator – the Financial Conduct Authority (FCA). This authority just so happens to be one of the strictest in the world – the FCA definitely does not give out licenses just like that.
In order to obtain a license and be allowed to offer services in the UK, each broker has to:
- maintain a minimum operational capital of at least EUR 730 000 in order to prove their financial stability
- participate in the Financial Services Compensation Scheme (FSCS) – so in case your broker becomes insolvent, you will be entitled to a compensation of up to GBP 85 000
- keep client funds in segregated bank accounts
- provided Negative Balance Protection – you can never lose more money than you have in your account at the time
- report to authorities regularly and allow external audits
It does not seem, however, that Fxorbitaltrade managed to meet all of these conditions. When we checked the register of the FCA, we did not get any matches:
This proves that the broker is not UK-regulated but we hardly had doubts about that – no legitimate broker would provide Terms and Conditions that were only a few pages long (as this one did).
Working with unregulated enterprises is extremely risky because it means that you would have no guarantees that the broker would treat you in a fair and transparent manner. Only work with reliable, legitimate brokerages if you do not want to end up losing money.
Fxorbitaltrade Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Fxorbitaltrade allowed us to open an account but did not provide us with any functional trading platform. We were only offered a chart tracking various markets which is a far cry from an actual trading platform – such software can definitely not be used for trading. And since the broker does not offer trading opportunities, opening an account with them is quite pointless.
We would recommend that you check out platforms like MetaTrader 4 and MetaTrader 5. Both of these platforms remain the most beloved in the world of trading due to their high level of accessibility and the abundance of trading tools and features they offer. You would not only get access to a full charting and analysis package but also to features like Expert Advisors, VPSs, a Strategy Tester, trading signals, a market for additional trading apps, the opportunity to develop your own trading bots and indicators, and much more.
Fxorbitaltrade Trading instruments
Since Fxorbitaltrade does not offer a trading platform, talking about trading instruments is pretty pointless – this broker does not provide access to any sort of markets.
Fxorbitaltrade Spreads and cost of trading
Fxorbitaltrade did not mention anything about its spreads but that is hardly surprising. Things like that are only relevant with brokers that actually offer their clients the chance to trade.
Fxorbitaltrade Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Without a functional trading platform, leverage is another category that becomes pretty irrelevant. However, we would like to point out that this broker claims to offer rates as high as 1:5000. No legitimate UK broker can legally offer such high rates because of the existing UK leverage caps. Retail traders are not allowed access to leverage higher than 1:30 on the least volatile asset, forex majors.
The reason for such restrictions is quite simple – the higher the leverage, the higher the chance of profit but also the higher the risk. Trading with leverage as enormous as 1:5000 could result in enormous losses. That is why we always urge traders to be careful and only trade with the sort of leverage they are sure they can handle.
Fxorbitaltrade Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Crypto||24 hours||24 hours||Fee depends on crypto|
Fxorbitaltrade only accepts cryptocurrency deposits which is quite convenient for them. There are a few reasons why scam brokers prefer to receive payments in crypto. First of all, such transactions are irreversible which means that you would never be able to get a chargeback once you have already deposited. Moreover, they are untraceable – you would only be able to track down your payment to a wallet address but not to a specific person or organization.
We would not recommend that you transfer money in crypto to such shady enterprises – you run a high chance of getting scammed.
Fxorbitaltrade Minimum deposit
Fxorbitaltrade asks for a minimum deposit of $500 to let you start trading. We would call that higher than average – there are plenty of legitimate brokers that would allow you to start trading for far less money – even for as little as $10 on some occasions.
Fxorbitaltrade Withdrawal requirements
In its brief Terms and Conditions, Fxorbitaltrade did not disclose any specific withdrawal requirements. We would like to point out, however, that such brokers often do have such requirements. They might ask you to pay huge withdrawal fees of up to 20% or demand that you reach impossible turnover thresholds before allowing you to withdraw.
All in all, scam brokers are willing to do whatever it takes to prevent you from withdrawing your own money so stay vigilant.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Fxorbitaltrade / offshore brokers||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|