Orbex

Key Points

• Orbex, a forex broker, faces severe allegations of fraudulent practices, including manipulating trades and withholding client funds.

• Regulatory concerns include operating with questionable licenses and a history of non-compliance in multiple jurisdictions.

• Customer reviews are overwhelmingly negative, citing issues like account freezes, withdrawal delays, and unresponsive support.

• Significant financial and legal risks, including potential insolvency and ongoing lawsuits, make Orbex a high-risk entity.

• Lack of transparency in business operations and associations raises further red flags about legitimacy.

Overview

Orbex is a forex and CFD broker claiming to offer trading services across global markets, including forex, commodities, and indices. Headquartered in Cyprus, with additional offices in Mauritius and other regions, Orbex markets itself as a regulated broker under authorities like CySEC and FSC Mauritius. The company promotes high leverage (up to 500:1), low spreads, and a variety of trading platforms, such as MetaTrader 4. However, its operations have come under intense scrutiny due to allegations of misconduct and a poor track record with clients.

Allegations and Concerns

Orbex faces numerous allegations that question its legitimacy and operational integrity:

• Trade Manipulation: Clients report suspicious trade executions, including unexplained slippages and stop-loss hunting, suggesting deliberate manipulation to benefit the broker.

• Fund Withdrawal Issues: Multiple complaints highlight Orbex’s refusal or delay in processing withdrawals, with some clients waiting months or receiving no funds at all.

• Regulatory Violations: Orbex’s licensing is dubious, with reports of operating in jurisdictions without proper authorization. Its CySEC license has been flagged for non-compliance, and the Mauritius FSC license is considered weak due to lax oversight.

• False Advertising: The broker has been accused of misleading clients about trading conditions, such as promising low spreads that are not honored in practice.

• Scam Allegations: WikiFX and other platforms label Orbex as a potential scam, citing a lack of transparency and consistent client losses.

Customer Feedback

Customer reviews of Orbex are predominantly negative, with few positive comments overshadowed by widespread dissatisfaction:

• Negative Feedback:

  • A user on WikiFX stated, “Orbex froze my account after I requested a withdrawal. No response from support for weeks.”

  • Another review noted, “Trades were manipulated to hit my stop-loss repeatedly. Lost $10,000 in a month with no explanation.”

  • Trustpilot reviews mention, “Unprofessional and likely a scam. They keep your money and ignore complaints.”

• Positive Feedback: Rare positive reviews praise Orbex’s platform interface but are often vague and lack detail, raising suspicions of being fabricated. For example, one review said, “Good trading platform, easy to use,” but provided no specifics.The volume of negative feedback, coupled with consistent themes of financial loss and poor service, paints a grim picture of Orbex’s client relations.

Risk Considerations

Engaging with Orbex involves significant risks across multiple domains:

• Financial Risk: High likelihood of losing invested funds due to withdrawal issues and potential insolvency. Clients report funds vanishing without trace.

• Reputational Risk: Associating with a broker accused of fraud could damage the credibility of traders or partners.

• Legal Risk: Ongoing lawsuits and regulatory investigations increase the chance of Orbex facing penalties or shutdown, leaving clients stranded.

• Operational Risk: Unreliable trading platforms and poor customer support exacerbate the risk of financial losses during trading.

Business Relations and Associations

Orbex’s business relationships are opaque, with limited public information on key partners or affiliates:

• Leadership: The company’s executives are rarely named in public documents, raising concerns about accountability.

• White Label Services: Orbex offers white-label solutions, potentially partnering with other brokers, but these relationships are not disclosed, increasing the risk of exposure to unregulated entities.

• Regulatory Bodies: Claims of regulation by CySEC and FSC Mauritius are undermined by reports of non-compliance and weak oversight.The lack of transparency in Orbex’s network suggests potential ties to high-risk or fraudulent entities.

Legal and Financial Concerns

Orbex’s legal and financial standing is precarious:

• Lawsuits: Multiple clients have initiated legal action against Orbex for unpaid withdrawals and fraudulent practices. Specific case details are limited but mentioned in forex forums and review platforms.

• Regulatory Fines: Orbex has faced penalties from CySEC for failing to meet compliance standards, including inadequate client fund protection.

• Insolvency Risks: Reports of delayed payments and frozen accounts suggest potential liquidity issues, increasing the risk of bankruptcy.

• Unpaid Debts: Some vendors and partners have reported non-payment for services, further indicating financial instability.These concerns collectively signal a broker on the brink of collapse, with significant legal exposure.

Risk Assessment Table

Expert Opinion

Orbex presents a textbook case of a high-risk forex broker with little to recommend it. The overwhelming evidence of client losses, regulatory issues, and operational misconduct suggests that Orbex is either deliberately fraudulent or grossly incompetent—both scenarios are unacceptable for a financial services provider.
Pros: The only potential positive is a user-friendly trading platform, but this is irrelevant given the broader issues.
Cons: Fraud allegations, withdrawal problems, weak regulation, and poor customer service dominate the narrative. Cautionary Advice: Avoid Orbex entirely. Traders should prioritize brokers with strong regulatory oversight (e.g., FCA, ASIC) and a proven track record of reliability. If already engaged with Orbex, attempt to withdraw funds immediately and document all interactions for potential legal recourse.

Key Citations

• WikiFX: ORBEX Review, covering licenses, user reviews, and scam allegations.

• WikiFX: Arabic evaluation of Orbex, highlighting regulatory and user concerns.

• Trustpilot: Customer reviews detailing experiences with Orbex.

• WikiFX: General information on forex broker risks and regulatory checks.