Orbex

​Orbex, a forex broker that has been operating since 2011, has recently come under scrutiny due to a series of concerning actions and customer complaints. Despite its claims of transparency and reliability, a deeper investigation reveals a pattern of questionable practices, regulatory maneuvering, and attempts to suppress negative information. This report aims to alert potential investors and urge regulatory authorities to take a closer look at Orbex’s operations.​

Regulatory Evasion: The FCA License Cancellation

In March 2022, Orbex applied to cancel its authorization with the UK’s Financial Conduct Authority (FCA) . While companies may have legitimate reasons for such actions, this move raises eyebrows, especially considering the FCA’s stringent regulatory standards designed to protect investors. By withdrawing from the FCA’s oversight, Orbex conveniently sidesteps the rigorous compliance requirements and scrutiny that come with it. One can’t help but wonder if this is a strategic attempt to operate with more leniency under less stringent regulators.​

Customer Complaints: A Pattern of Discontent

A dive into customer reviews reveals a troubling pattern. Numerous traders have reported issues ranging from unexplained fees to poor execution speeds. For instance, a user named Hossein reported being charged a total of 6% in deposit and withdrawal fees without prior notification or consent, coupled with unprofessional customer support . Another trader, Sam, highlighted significant delays in order execution, which is detrimental for strategies like scalping that rely on split-second decisions. These aren’t isolated incidents but part of a broader trend of dissatisfaction among Orbex’s clientele.​

Profit Cancellations: When Winning Means Losing

Perhaps the most egregious complaints involve Orbex allegedly canceling profits of successful traders. A trader from Portugal reported that after achieving substantial profits, Orbex accused them of “abusing the platform and its prices,” subsequently canceling their earnings . This raises serious concerns about the fairness and integrity of Orbex’s trading environment. If profits can be unilaterally canceled under vague accusations, it undermines the very foundation of trust necessary for any brokerage-client relationship.​

Withdrawal Issues: The Vanishing Funds

Several clients have reported issues with withdrawing their funds. Complaints include significant delays and, in some cases, deductions that are not clearly explained. For example, a trader attempted to withdraw $6,718.77 but received only $6,506, with Orbex attributing the discrepancy to fees charged by the card processor . Such opaque practices regarding client funds are unacceptable and warrant immediate attention from financial watchdogs.​

Fee Structure: The Silent Profit Erosion

Orbex’s fee structure has also come under criticism. Traders have reported high spreads and commissions that make profitable trading challenging. Additionally, instances of slippage and alleged candle manipulation further disadvantage traders. These practices not only erode potential profits but also cast doubt on the legitimacy of the trading environment that Orbex provides.

Customer Support: Adding Insult to Injury

Compounding these issues is the reportedly unprofessional and disrespectful customer support. Traders seeking clarification on fees or attempting to resolve disputes have been met with dismissive responses. Effective and respectful communication is a cornerstone of client relations, and Orbex’s apparent failure in this area exacerbates the mistrust stemming from their other practices.​

Conclusion: A Call for Vigilance and Action

Orbex’s pattern of regulatory evasion, questionable financial practices, and attempts to suppress negative information should serve as a glaring warning to potential investors. The forex market is fraught with risks, and the last thing traders need is a broker that adds to those risks through opaque and potentially unethical practices.​

Regulatory authorities must take immediate action to investigate Orbex’s operations and hold them accountable for any misconduct. Investors are urged to exercise extreme caution and conduct thorough due diligence before engaging with Orbex or similar entities. In a market where trust is paramount, Orbex’s actions have done little to inspire confidence.