The Significance Of An ECN Account In Profitable Trading – Learn More In This Orbex Review
Orbex is a Forex trading company with a strong European and Middle Eastern presence, which has its representative offices in Cyprus and Kuwait. Orbex is certainly a high-end Forex broker that concentrates its efforts on catering to a niche set of clients, along with the availability of a few smaller account packages that may be suitable for retail traders. Orbex is home to some of the most amazing trading advantages such as free access to VPS, Trading Central subscription, and access to leading third-party market analytics tools such as TradeLab and Strategizer. These trading tools may be able to offer an edge to seasoned traders, which should help in long-term profitability.
What Are The Different Financial Instruments & Orbex Trading Platforms
Orbex clients can access a wide range of financial markets ranging from Forex, metals, energies, commodities, and indices, which are available through the excellent MT4 trading terminal. One of the advantages of offering the MT4 trading platform is the scalability aspect, which ensures that all types of traders can access their trading accounts through a varied choice of trading platforms. Desktop traders can download the MT4 terminal for both Windows, as well as Mac OS, while mobile traders can download the Orbex mobile apps for iOS, Android, Windows, and Blackberry operating systems. Orbex offers comprehensive support for smartphones and tablets, which are further complemented by the MT4 WebTrader that allow traders to access the markets on the move through any supported web browser.
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Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
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Orbex Payment Options & The Regulatory Protection Available For Trader Funds
Payment options seem to be one of the most important points of conversation among retail traders, as it is often difficult to ensure safe, secure, and speedy deposits or withdrawals through conventional payment options. In fact, a majority of Forex brokers usually prefer the Bank Wire transfer as a viable option due to various Anti-Money Laundering laws and KYC norms. Nevertheless, modern Forex brokers are shifting towards an increasingly transparent online platform that follows new payment options such as Skrill, Neteller, credit/debit cards, and other e-wallets. Orbex also accepts these payment options, along with other popular choices such as WebMoney, fasapay, and Knet. The success of a trader’s Forex account not only depends on his/her ability to enjoy consistent profits, but it also depends on whether traders can withdraw their funds in a timely fashion. The reliability of a broker plays a vital role in determining the long-term profitability of a trader, especially when it comes to withdrawing funds and the safety of the trading capital against broker abuse. Orbex is regulated according to the best regulatory standards of the CySEC, which is the primary licensing organization for Forex brokers in Cyprus. The Cyprus Securities and Exchange Commission (CySEC) works with other European regulatory organizations under the European Economic Area (EEA) agreement to create new rules and updated guidelines that have led to the formation of the Markets in Financial Instruments Derivatives (MiFID). Due to the new laws passed down by the CySEC and the ECB on FX broker regulation, Orbex is required to have at least €1 million in operating capital, which should be supported by a sound financial auditing standard and transparent financial history. Obex may face a suspension of its CySEC license or other significant penalties for non-compliance with the laws and regulations passed down from the EU and the CySEC. To promote further confidence among investors, Orbex also protects its customers against internal bankruptcy or insolvency procedures through the Investor Compensation Fund (ICF). The ICF is a popular European compensation scheme that protects traders for their trading capital of up to €20,000. Hence, investing your capital with Orbex is a relatively safe bet, particularly due to the regulatory protection offered by the CySEC and the European MiFID.
What Are The Orbex Account Trading Conditions & Account Specifications?
Orbex has the choice of a market maker account and an ECN account that is offered across two different categories. The market maker accounts are known as Universal Accounts, while the direct market access accounts are referred to as the ECN Accounts. The Universal Accounts are further categorized into three different account packages according to the minimum deposit and the trading costs. Traders must be aware that the Universal accounts have several trading restrictions on scalping, as the broker may term some trading strategies as pip hunting. There are also certain limitations on other trading strategies, which may end up your account getting blocked. Therefore, to prevent any trading restrictions, you should opt for an ECN account, which should not give you any troubles. The minimum Universal account option is a $500 Universal Mini, which is the cheapest account option that has the highest Orbex spreads of 1.9 pips fixed for major currency pairs. The Universal Mini also has the maximum Orbex leverage option at 1:500, while the maximum account equity is limited to $3000. Trading sizes start from 0.01 micro lots that are executed at market conditions. For account equities that are higher than $3000 and up to $50,000, traders can open a Universal Standard account for slightly better Orbex spreads of 1.5 pips and trading volumes starting from 0.1 lots. The Universal Standard account also receives slightly lower leverage of 1:300. The Universal Advanced account is aimed at traders that are willing to deposit larger than $50,000. Such an account does not have any maximum account limits, but the leverage is limited to 1:100, while the spreads are again reduced to 0.9 pips. The Universal Advanced account is the best option for the cheapest STP account with the lowest cost, but it may have a slight conflict of interest due to its hybrid nature. ECN accounts are pretty straightforward in nature, with the broker offering two different ECN account options. The ECN Standard allows a trader to open an account from $500 for a maximum of $25,000 in account equity, which grants access to spreads as low as 0.6 pips at the expense of a $10 commission per lot for round turn. The maximum leverage is also limited to 1:300, while the trade volumes and other trading conditions remain the same as the Universal accounts. The ECN account has an additional benefit of receiving direct market access, which does guarantee no requotes. Regardless, the ECN account does come with slippages, which may affect your pricing and order entry/exit points. The final type of Orbex ECN account is the ECN Advanced account, which requires at least $25,000 in trading capital without any maximum account limits. The minimum trading volume also has a higher limit at 0.5 lots, with the account offering a maximum leverage of 1:100. The spreads are similar to the ECN Standard account at 0.6 pips, which is a disadvantage, but the commissions are reduced to $6 per lot for every round turn trade. Orbex does have an excellent ECN account, albeit with slightly higher trading costs. However, the reliable regulatory aspect is indeed a worthy factor to consider before trading. Orbex does offer an unlimited demo account to all clients if you wish to learn more about the broker’s trading environment.