OrangeFX Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
VFSC Revoked 
Orangefx.com is operating with Vanuatu Financial Services Commission license ID 15052 for scamming clients. After creating account and making deposit, there is absolute silence. No one will respond to you. The money is gone, they didn't credit my account. Once money is sent to their platform its lost.
Summary: OrangeFX has garnered a largely negative reputation among traders, primarily due to its offshore status and dubious regulatory framework. Key findings include a lack of client fund protection and unusual withdrawal conditions that raise significant concerns about the safety and reliability of trading with this broker.
Notice: It's important to note that the various entities operating under the OrangeFX name may differ by region, which is a relevant factor when assessing their legitimacy. The methodology used in this review aims for fairness and accuracy, drawing from multiple sources to provide a comprehensive overview.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are derived from a combination of user feedback, expert opinions, and factual data regarding the broker's offerings and regulatory status.
Founded in 2018, OrangeFX operates under the name Orange FX Limited and is based in Vanuatu. The broker claims to provide a diverse range of financial instruments, including over 50 forex currency pairs, commodities like gold and silver, and indices. Trading is facilitated through the widely-used MetaTrader 5 platform, which offers advanced charting capabilities and automated trading features. However, the broker is not regulated by any major financial authority, which raises serious concerns regarding the safety of client funds.
Regulated Geographical Areas/Regions:
OrangeFX is primarily registered in Vanuatu, which is known for its loose regulatory framework. While it claims to be licensed by the Vanuatu Financial Services Commission (VFSC), this license has been criticized for offering minimal protection to traders. Furthermore, reports indicate that OrangeFX may be on the verge of losing its license due to non-compliance with regulatory requirements, such as failing to submit annual reports.
Deposit/Withdrawal Currencies/Cryptocurrencies:
The broker does not clearly specify acceptable deposit and withdrawal methods in its documentation. However, it is reported that the minimum deposit required to open an account is as low as $10, which is attractive for new traders. On the downside, the withdrawal process is fraught with unusual conditions, including a stipulation that clients cannot withdraw their deposits for at least 45 days.
Minimum Deposit:
The minimum deposit to open a standard account with OrangeFX is set at $10, which is significantly lower than many other brokers. This low entry barrier may attract novice traders, but it also raises questions about the brokers intent and trustworthiness.
Bonuses/Promotions:
OrangeFX offers trading bonuses, which are often viewed skeptically by experts due to the additional withdrawal conditions attached. Clients may find themselves required to meet high trading volume thresholds before being able to withdraw bonus-related profits, which can often be impossible to achieve.
Tradable Asset Categories:
The broker claims to provide access to a variety of asset classes, including forex pairs, commodities, and indices. However, it does not appear to offer cryptocurrency trading, which is a growing market segment among many competitors.
Costs (Spreads, Fees, Commissions):
OrangeFX advertises competitive spreads starting from 0.6 pips on standard accounts. While this may seem appealing, the overall cost structure, including withdrawal fees and inactivity fees, could erode any perceived advantages. Reports indicate that OrangeFX charges high fees for withdrawals and has a punitive inactivity fee of 10% after six months.
Leverage:
The broker offers a maximum leverage of up to 1:500 for standard accounts and 1:100 for professional accounts. While high leverage can amplify potential profits, it also significantly increases the risk of substantial losses, especially for inexperienced traders.
Allowed Trading Platforms:
OrangeFX supports trading through the MetaTrader 5 platform, which is well-regarded for its user-friendly interface and advanced trading tools. However, the absence of a mobile or web-based version that matches the desktop experience may limit accessibility for some traders.
Restricted Regions:
While specific restrictions on trading regions are not explicitly mentioned, the lack of regulatory oversight makes it likely that traders from many jurisdictions should exercise caution when considering this broker.
Available Customer Service Languages:
Customer support is reportedly available in English and simplified Chinese. However, the quality and responsiveness of customer service have been criticized, with users reporting long wait times and unsatisfactory support experiences.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions:
The account conditions are concerning, particularly the unusual withdrawal restrictions and the high leverage offered, which can lead to significant losses. The low minimum deposit is appealing but may attract inexperienced traders to a risky environment.
Tools and Resources:
While the MetaTrader 5 platform is a strong point, the lack of additional trading tools or educational resources limits its effectiveness. The absence of a mobile trading app is also a drawback.
Customer Service and Support:
Customer service ratings are low, with many users reporting difficulties in getting timely assistance and resolution of issues. This is a critical area for any broker and can significantly affect user experience.
Trading Setup (Experience):
The trading experience is marred by concerns over the broker's trustworthiness and the potential for withdrawal issues, overshadowing the benefits of using a reputable trading platform like MT5.
Trustworthiness:
Trustworthiness is a major concern for OrangeFX, primarily due to its offshore status and lack of robust regulatory oversight. The negative reviews and reports of withdrawal issues further diminish its credibility.
User Experience:
Overall user experience has been reported as poor, with many users expressing frustration over withdrawal processes and customer service interactions. This can deter potential traders from engaging with the platform.
In conclusion, while OrangeFX offers some attractive features, the overwhelming concerns regarding its regulatory status, withdrawal conditions, and customer support make it a broker that potential traders should approach with caution.
