Orbonex is a forex broker offering to unlock the potential of smart investing with advanced AI technology, enhancing your trades for speed, efficiency, and profitability. Has the AI industry really reached CFD companies? The firm looks quite contradictory, as despite the stated headquarters in Switzerland, we did not find licenses from FINMA or other regulators. There are no real guarantees of safety, although the organization claims the opposite on its website, but these are just words. Online reviews are very few, so it’s impossible to learn anything about the platform from them. So, our task is to figure out whether this is a scam or not.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Orbonex.com
The official website is designed in a stylish and modern design, emphasizing the firm’s aspiration to high technology, AI, and financial markets. Throughout the resource, there are images related to trading and investments: cryptocurrencies, bulls and bears, and charts. All pictures are made in a unified style. From the point of view of design and appearance, Orbonex tried to create a quality official website, for which the broker can be given a high rating.
However, it is the only positive aspect, as there are also shortcomings. For example, a low indicator of the usefulness and specificity of the text. Orbonex uses meaningless phrases, which seem to be generated by an AI. Such texts predominate, while really useful and necessary information is almost absent. The company almost does not reveal details about itself.
In the upper part of the page, you can familiarize yourself with the main sections:
- Account types.
- About Us.
Navigating the Orbonex website is simple, but visitors are unlikely to want to spend time reading meaningless text with pseudo-advantages and a lack of specifics.
Partnership and Bonuses
Judging by the official website, currently, there are no bonuses in Orbonex, but at any time the firm may introduce bonus promotions for its clients. In such a case, it’s important to remember the conditions that come with the bonuses. The broker does not describe them in detail because each bonus program has its own rules, but often, you need to make some huge and unimaginable trading turnover before the bonus funds and the profit gained with their help can be withdrawn.
An affiliate program is neither mentioned nor indicated anywhere. However, when registering an account with Orbonex, you can specify a promo code. What is this, if not a clear sign of an affiliate program? Is it really so hard to mention the existence of such an opportunity and to describe the conditions?
Account Opening on Orbonex.com
The registration process should not cause any difficulties; here it is standard. Just provide your name, contacts, address of residence, and password. You also need to agree to the user’s terms.
Above, we mentioned the presence of a promo code when creating an account. As it turns out, this code is mandatory to fill in. Without it, you cannot register a personal account in Orbonex. And how and where to get it – we were not informed. By the way, such an approach is often encountered in fraudulent brokerage companies that do not allow registering an account without a promo code. The purpose of this is unknown.
Apparently, there is no demo account in Orbonex. Such an option was not found on the website.
The broker provides a document dedicated to KYC policy, which can be found in the footer of the website. Therefore, verification here is a mandatory process, without which one cannot use the company’s services. Orbonex requires standard confirmation of identity and address of residence. The full list of acceptable documents is in the KYC policy.
How to upload documents and whether it is convenient is unclear, as it is impossible to access a personal account without registration. In addition, the firm does not disclose details regarding verification processing times.
- The processing time for documents is not specified.
Orbonex praises its platform as if it is the best: trade on the go, as the terminal is adapted for all types of devices, cutting-edge tools, online quotes, risk management, pending orders, and even AI-assisted trading algorithms. However, it seems to us that AI is mentioned here for the sake of hype, and in reality, the terminal is unlikely to support such an option.
In the “download center” section, there are links to download the MetaTrader 5 platform and its web version. In the lists of brokers connected to MetaTrader 5, we did not find Orbonex, and the web version does not even open. Another deception by the firm.
Since it is impossible to register an account without an invitation, we cannot check in practice what the terminal actually is. Therefore, it is not possible to describe it in detail and thoroughly, but there is confidence that the software is unlikely to be professional and multifunctional. Most likely, it is a primitive WebTrader.
How Can I Trade With Orbonex?
The list of instruments available to clients for trading is diverse: forex, metals, indices, commodities, stocks, and cryptocurrencies, including NFTs. Additionally, the site mentions AI trading, where artificial intelligence trades automatically, adhering to risk management and strategy. However, the main conditions and additional opportunities in Orbonex depend on the selected account type, which we will examine further.
All Info About Accounts
The broker has only 6 tariffs with a minimum deposit of £250 and higher, and the gap between the required amounts for opening an account is simply staggering. If the first tariff is available from £250, then the second requires an unaffordable £10,000. The difference is visible to the naked eye. The third, fourth, and other types of accounts start from £25,000, £50,000, and more. We do not doubt that this is a typical marketing move by Orbonex to extract as much money as possible from traders.
The first type of account, aimed at beginners, offers 24/7 technical support, including via WhatsApp messenger, expert analysis of charts, a seven-day trial period working with a professional, and a leverage of 1:10. Overall, a standard set of services. The second tariff in Orbonex, differing by £9,750, allows the trader to receive private market analysis, an introductory class, guaranteed access to 3 financial markets, and one commission-free withdrawal. The services are not explained, so we do not understand whether there is a significant difference from the first tariff or not.
There is little point in considering the other types of accounts, as it is unlikely that anyone would want to invest such serious sums in a broker without a name and with a dubious reputation. Moreover, the maximum leverage is 1:50, and the swap-free option only appears with a deposit of £100,000, although this opportunity should be available to everyone.
To briefly summarize the trading conditions in Orbonex, they are very similar to those we have repeatedly observed in scam firms. For some reason, illegal brokers like to set a minimum threshold of 250 dollars, do not provide a demo account, and hide the size of commissions and spreads.
- Not found.
- The broker has created a range of account types based on the principle of “pay more – get more”.
- High minimum deposit, and important conditions are hidden.
Market Analysis and Education With Orbonex.com
Fresh analytics and ready-made educational courses, unfortunately, are absent here. Although these are standard additional options for every popular and client-oriented broker. Orbonex only offers small materials explaining how a certain class of market is structured, terminology, FAQs, news, and an economic calendar.
Deposit, Withdrawal, and Fees
Orbonex accepts money transfers by bank cards and through electronic payment systems. Also, at the broker’s discretion, other options may be used, depending on the client’s residency, so it is quite likely that cryptocurrency is also an option. Withdrawals are made only by the same method as the balance was deposited.
Commissions are not specified. Judging by the description of the tariff plans, only the first type of account has a free withdrawal of funds, and the others are subject to a commission. By the way, Orbonex also does not disclose the processing time for withdrawal requests.
How Can I Contact It?
Clients can call technical support at one of the two listed numbers, write an email, or submit a request for feedback through a special form. We checked Orbonex’s contacts but did not find anything. However, accounts on social networks are absent, although this is a mandatory attribute for any online broker. Also, there is no online chat on the website, which is excellent for promptly resolving issues.
- There is a phone number and email address.
- Online chat has not been created.
- Social media accounts are absent.
Is Orbonex Dangerous?
The firm absolutely does not look suitable for trading. Its trading conditions raise many questions, and the opaque and hidden activities of the broker are clearly visible. Although we are not yet ready to definitively conclude that it is a scam, we are almost prepared to. It remains to consider the operating period of Orbonex, as well as their licenses, and then we can draw a conclusion.
How Long Does The Broker Work?
The concealment or ignoring by the company of its foundation date is a serious red flag. Any transparent and verified brokerage intermediary will indicate when it started its services. Obviously, if there is no foundation date, it is intentionally hidden. And why? Because the period of operation is very short. And so Orbonex appeared on the internet only on October 24, 2023. That’s when the domain of the official website was registered. Additionally, there is total silence on the internet, meaning a small number of reviews mentioning the broker.
How Is Orbonex Regulated?
And the last point, but the most important one that needs to be thoroughly analyzed, is regulation. On its website, the broker says nothing about a license but indicates the jurisdiction of Switzerland. As is known, any Swiss brokerage firm must obtain a license from FINMA, as without it, the activity is considered illegal. So, checking the FINMA registry showed that Orbonex is not listed there.
Is the legal address in Switzerland real? The answer to this question will be hinted at by the Central Business Name Index. It turns out that Orbonex is also absent in the Swiss legal registry, so the specified address is fictitious.
Frequently Asked Questions (FAQ)
How to Trade With Orbonex?
Is Orbonex Legit?
How Risky Is It?
The fraudsters used the popular theme of artificial intelligence, but it did not help them create an impression of a safe, profitable, and serious broker. Total anonymity, absolute opacity, and a lack of popularity did their job. Orbonex did not tell anything about themselves except for the fake legal address, and the trading conditions are exactly the same as in any other scambroker. And this was not even mentioning the business model with a conflict of interest, as the company operates as a dealing desk. I do not recommend getting involved with the firm, do not try to find a promo code to register an account, as it is pointless. And do not read positive reviews, neither on the scam site nor anywhere else, because they are fake.