Orfinex Forex Broker

Orfinex Review SummaryFounded2015Registered Country/RegionSaint Vincent and the GrenadinesRegulationExceeded by FSCAMarket InstrumentsForex, gold and silver, oil, commodities, indices, CFDs, shares and stocks and cryptocurrenciesDemo AccountAvailableLeverage1:500EUR/ USD Spreads1.0 pip (Classic account)Trading PlatformsMT5Minimum Deposit$1Customer SupportPhone, email, Twitter, Facebook, YouTube and Linkedin, live chatWhat is Orfinex? Registered in Saint Vincent and the Grenadines, Orfinex is an online forex broker offering a series of forex and CFD trading services through the advanced MT5 trading platform. With the Orfinex platform, investors have the flexibility to choose from five trading accounts.Pros & ConsProsCons• Multi-channel support to contact• Reports of scams• Account variety• Regional restrictions• Demo accounts available• No 24/7 customer support• MT5 supportedIs Orfinex Safe or Scam?Orfinex is regulated by FSCA, while the current status is exceeded. Market Instruments Orfinex offers a wide variety of trading instruments across different asset classes:Forex (Foreign Exchange): Orfinex allows traders to trade in major currency pairs such as USD/EUR, USD/JPY, GBP/USD, etc. Traders can speculate on the exchange rate movements between different currencies.Gold and Silver: Traders can trade in precious metals like gold and silver. This allows investors to take advantage of price fluctuations in these commodities.Oil: Orfinex provides trading opportunities in oil. Traders can speculate on the price movements of crude oil, which is influenced by factors such as supply and demand dynamics, geopolitical events, and economic indicators.Commodities: Orfinex offers trading in various commodities such as coffee and cocoa. Traders can trade these commodities based on their market outlook.Indices: Orfinex allows traders to trade in stock market indices, such as the S&P 500, Dow Jones, or Nasdaq. This enables investors to take positions on the overall performance of a basket of stocks representing a specific market or sector.CFDs (Contracts for Difference): Orfinex offers CFD trading on various assets, including US, UK and EU Share CFDs. CFDs allow traders to speculate on price movements without owning the underlying asset.Shares and Stocks: Orfinex provides trading opportunities in individual stocks. Traders can invest in shares of publicly listed companies, taking advantage of stock price movements and potentially earning dividends.Cryptocurrencies: Orfinex supports trading in cryptocurrencies like Bitcoin, BNB, LTC, SHB and SOL. Traders can speculate on the price movements of these digital currencies.Accounts Orfinex offers five types of trading accounts: Classic, Premium, ECN, Islamic and VIP Elite accounts. Each account has its own features and minimum deposit requirement:Classic Account: It requires a minimum deposit of $1. This account is suitable for beginners or traders who prefer lower initial investment amounts.Premium Account: The Premium account is designed for more experienced traders who are willing to invest a larger amount. It requires a minimum deposit of $1000.ECN Account: The ECN (Electronic Communication Network) account is tailored for professional traders or those who require direct market access with efficient execution. It demands a minimum deposit of $5,000.Classic AccountPrime AccountECN AccountSetup costFreeFreeFreeMinimum Trade Size0.01 lots0.01 lots0.01 lotsProducts300+ FX pairs, Metals CFDs500+ FX pairs, Metals CFDs800+ FX pairs, Metals CFDsPricing5 digit pricingMobile tradingYesMetatrader 5YesBase account currenciesUSDEUR, GBP, USDUSD, EUR, GBP, AUD, CADDemo period45 days45 days45 daysEA compatibilityYesVPS10 $ Monthly**Free**Free**AutochartistFreemyfxbook AutotradeFreePsyQuationFreePsyQuation PremiumFreeIslamic Trading Account: The Islamic Trading Account provided by Orfinex Capital is designed for traders who adhere to Islamic principles that prohibit the earning or payment of interest (also known as riba).VIP Elite Account: Orfinex Capitals VIP Elite Account is specifically tailored to high-volume traders seeking an enhanced trading experience. This account offers several benefits that aim to provide an extra edge in the trading process.Demo account: Orfinex also provides demo accounts for traders who want to practice and familiarize themselves with the platform before trading with real funds. Demo accounts simulate real market conditions, allowing traders to execute trades using virtual funds.Leverage Orfinex offers a maximum leverage of 1:500 to its traders. Leverage is a powerful tool in trading that allows traders to control a larger position with a smaller amount of capital. With a leverage of 1:500, traders can potentially increase their trading positions by 500 times their initial investment.Spreads & Commissions The VIP account offers the lowest commission fees and spreads starting from 0.0 pips. The Classic account has a spread of 1 pip with no additional commission, while the Prime account has a tighter spread of 0.5 pips and a fixed commission of $2 per trade. The ECN account provides a competitive spread of 0.0 pips but charges a commission of $7 per lot traded.AccountCommission FeesSpreads (Pips)VIPLowest0.0ClassicNone1Prime$2 per trade0.5ECN$7 per lot0.0 Below is a comparison table about spreads and commissions charged by different brokers:BrokerEUR/USD SpreadCommissionOrfinex1 pip (Classic)None (Classic)FXTM0.2 pips$4 per lotGrand Capital0.0 pipsNoneGVD Markets0.0 pips$7 per lot Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.Trading Platforms Orfinex provides its clients with the MetaTrader 5 (MT5) trading platform. MT5 is a popular and widely-used platform in the financial industry, offering advanced features and tools for efficient trading. MT5 is known for its user-friendly interface, making it accessible to both beginner and experienced traders. The platform offers a range of technical analysis tools, charting capabilities, and customizable indicators, empowering traders to conduct in-depth market analysis and make informed trading decisions. Besides, MT5 is available as a desktop application, but it also offers mobile and web-based versions. This provides flexibility for traders to access their accounts and trade from anywhere using their preferred devices.Trading Tools & Educational Resources Orfinex provides a range of trading tools to assist its users in making informed decisions and enhancing their trading experience.Auto Chartist: Orfinex offers Auto Chartist, a user-friendly technical analysis tool. Auto Chartist helps traders identify potential trading opportunities by analyzing chart patterns and generating real-time trading signals.Trading Central: Trading Central provides in-depth technical analysis, market commentary, and trading signals across various financialinstruments.SVG Teamviewer Support: Orfinex simplifies remote client support through SVG Teamviewer. This tool allows users to receive personalized assistance from the Orfinex support team by securely sharing their screens.Economic Calendar: Orfinex offers an Economic Calendar that provides information on important events and happenings that may impact the financial markets. Traders can stay updated with key economic indicators, corporate earnings, central bank meetings, and other significant events.Zulu Trade: Orfinex supports Zulu Trade, a platform that simplifies social trading by allowing users to easily copy the trades of experienced traders. Zulu Trade offers a wide selection of signal providers and automated trading strategies.Deposits & Withdrawals Orfinex provides its clients with various options for depositing and withdrawing funds, including VISA (Credit card), Mastercard (Debit card), NETELLER, Skrill, bank transfer, China Union Pay, and Bank Wire.DepositsWithdrawalsPayment MethodMinimum AmountCommissionExecution TimeMinimum AmountCommissionApproval TimeTransfer TimeWire Transfers1000.00 USDFree1-12 hours----PerfectMoney25.00 USD0.5%Instant5.00 USDFree1-3 hoursUp to 5 minutesVisa25.00 USDFree1-5 minutes20.00 USDUp to 1 hourBitcoin0.00037000 BTC3-30 minutes0.00009000 BTCUp to 30 minutesSkrill50.00 USDInstant5.00 USDUp to 5 minutesNeteller50.00 EURInstant5.00 USDUp to 5 minutesLitecoin0.30000000 LTC3-30 minutes0.11000000 LTCUp to 30 minutesDogecoin230.00000000 DOGE3-30 minutes75.00000000 DOGETether ERC-2050.00000000 USDTE3-30 minutes20.00000000 USDTETether TRC-2050.00000000 USDTT3-30 minutes20.00000000 USDTTPakistan local banks50000.00 PKR1-3 hours20000.00 PKRUp to 1 hourMasterCard50.00 EURInstant----Ethereum0.02000000 ETH3-30 minutesFree1-3 hoursUp to 30 minutes0.00500000 ETH