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/10
The WikiFX Score of this broker is reduced because of too many complaints!

Orfinex

Saint Vincent and the Grenadines|2-5 years|
Financial Service Corporate|MT5 Full License|Regional Brokers|Suspicious Overrun|High potential risk|

https://orfinexprime.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

4
Server Name
OrfinexPrime-MT5 MT5
Server Location Netherlands

Contact

+1 (833)5300055
support@orfinex.com
https://orfinexprime.com/
6th Floor, Ken Lee Building, 20 Edith Cavell Street, Port Louis, Mauritius.
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+1 (833)5300055

Other ways of contact

Broker Information

More

Company Name

Orfinex Capital Limited

Abbreviation

Orfinex

Platform registered country and region

Saint Vincent and the Grenadines

Company website
Twitter
Facebook
YouTube
Linkedin
WhatsApp
  • +1(833)5300055

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 3
Previous Detection : 2024-07-25
  • The number of the complaints received by WikiFX have reached 9 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 53184)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!

WikiFX Verification

Orfinex · WikiFX Survey
Danger A Visit to Orfinex in Mauritius – No Office Found
Mauritius

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Orfinex · Company Summary

Orfinex Review Summary
Founded 2015
Registered Country/Region Saint Vincent and the Grenadines
Regulation Regulated by FinCEN
Market Instruments Forex, gold and silver, oil, commodities, indices, CFDs, shares and stocks and cryptocurrencies
Demo Account Available
Leverage 1:500
EUR/ USD Spreads 1.0 pip (Classic account)
Trading Platforms MT5
Minimum Deposit $1
Customer Support Phone, email, Twitter, Facebook, YouTube and Linkedin, live chat

What 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 and it is regulated by FinCEN.

Orfinex's home page

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Pros Cons
• Regulated by FinCEN • Reports of scams
• Account variety • Regional restrictions
• Demo accounts available • No 24/7 customer support
• MT5 supported
• Multi-channel support to contact

Orfinex Alternative Brokers

There are many alternative brokers to Orfinex depending on the specific needs and preferences of the trader. Some popular options include:

  • FXTM - A well-regarded broker with a range of financial instruments and flexible account types, including Islamic accounts.

  • Grand Capital – A multi-asset trading platform that provides traders with access to various financial markets, innovative trading technologies, and an extensive range of investment options.

  • GVD Markets- A platform that stands out as a reputable financial institution, abiding by the regulations set forth by CySEC and FSA.

Is Orfinex Safe or Scam?

Orfinex is regulated by Financial Crimes Enforcement Network (FinCEN), whose mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. It is regulated by reputable authorities, has been in operation for several years, and has received positive reviews from many customers. Based on the information available, Orfinex appears to be a reliable and trustworthy broker.

However, as with any investment, there is always some level of risk involved, and it is important for traders to do their own research and carefully consider their options before investing.

regulated FinCEN license

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.

Market Instruments

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 Account Prime Account ECN Account
Setup cost Free Free Free
Minimum Trade Size 0.01 lots 0.01 lots 0.01 lots
Products 300+ FX pairs, Metals CFDs 500+ FX pairs, Metals CFDs 800+ FX pairs, Metals CFDs
Pricing 5 digit pricing
Mobile trading Yes
Metatrader 5 Yes
Base account currencies USD EUR, GBP, USD USD, EUR, GBP, AUD, CAD
Demo period 45 days 45 days 45 days
EA compatibility Yes
VPS 10 $ Monthly** Free** Free**
Autochartist Free
myfxbook Autotrade Free
PsyQuation Free
PsyQuation Premium Free
Accounts
  • Islamic 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.

However, it is crucial to note that while high leverage offers the potential for higher returns, it also comes with higher risks. The same leverage that can multiply profits can also magnify losses. If a trade moves against the trader's position, the losses can escalate rapidly. It is therefore essential for traders to exercise caution and carefully manage their risk exposure when utilizing high leverage.

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.

Account Commission Fees Spreads (Pips)
VIP Lowest 0.0
Classic None 1
Prime $2 per trade 0.5
ECN $7 per lot 0.0

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
Orfinex 1 pip (Classic) None (Classic)
FXTM 0.2 pips $4 per lot
Grand Capital 0.0 pips None
GVD Markets 0.0 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.

MT5

See the trading platform comparison table below:

Broker Trading Platform
Orfinex MT5
FXTM Trading Station
Grand Capital iTrade, Webtrade
GVD Markets MT4

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.

Auto Chartist
  • Trading Central:

Trading Central provides in-depth technical analysis, market commentary, and trading signals across various financialinstruments.

Trading Central
  • 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.

SVG Teamviewer Support
  • 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.

Economic Calendar
  • 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.

Deposits Withdrawals
Payment Method Minimum Amount Commission Execution Time Minimum Amount Commission Approval Time Transfer Time
Wire Transfers 1000.00 USD Free 1-12 hours - - - -
PerfectMoney 25.00 USD 0.5% Instant 5.00 USD Free 1-3 hours Up to 5 minutes
Visa 25.00 USD Free 1-5 minutes 20.00 USD Up to 1 hour
Bitcoin 0.00037000 BTC 3-30 minutes 0.00009000 BTC Up to 30 minutes
Skrill 50.00 USD Instant 5.00 USD Up to 5 minutes
Neteller 50.00 EUR Instant 5.00 USD Up to 5 minutes
Litecoin 0.30000000 LTC 3-30 minutes 0.11000000 LTC Up to 30 minutes
Dogecoin 230.00000000 DOGE 3-30 minutes 75.00000000 DOGE
Tether ERC-20 50.00000000 USDTE 3-30 minutes 20.00000000 USDTE
Tether TRC-20 50.00000000 USDTT 3-30 minutes 20.00000000 USDTT
Pakistan local banks 50000.00 PKR 1-3 hours 20000.00 PKR Up to 1 hour
MasterCard 50.00 EUR Instant - - - -
Ethereum 0.02000000 ETH 3-30 minutes Free 1-3 hours Up to 30 minutes 0.00500000 ETH

Orfinex minimum deposit vs other brokers

Orfinex Most other
Minimum Deposit $1 $100

User Exposure on WikiFX

On our website, you can see that reports of scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

User Exposure on WikiFX

Customer Service

Orfinex offers live chat (24/5). With live chat, customers can get their questions answered quickly and receive help with any issues they may have. It's a convenient and effective communication channel that can improve customer satisfaction and increase sales.

Customers can visit their office or get in touch with customer service line using the information provided below:

Telephone: +1 (833)5300055

WhatsApp: +1(833)5300055

Email: support@orfinex.com

Address: 6th Floor, Ken Lee Building, 20 Edith Cavell Street, Port Louis, Mauritius

contact details

Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, YouTube and Linkedin.

Twitter: https://www.twitter.com/orfinex

Facebook: https://www.facebook.com/orfinex

YouTube: https://www.youtube.com/@orfinex

Linkedin: https://www.linkedin.com/company/orfinex/

Orfinexoffers online messaging as part of their trading platform. This allows traders to communicate with customer support or other traders directly through the platform. Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders.

online messaging

Conclusion

In conclusion, Orfinex Capital is a regulated broker supervised by FinCEN. They offer a variety of trading instruments across different asset classes and provide clients with MT5. Orfinex also offers a range of trading accounts and tools to enhance the trading experience.

However, it's important to note that there are reports of scams associated with Orfinex. Therefore, traders should verify the reviews of Orfinex or any broker they choose to work with to ensure compliance with industry standards requirements.

Frequently Asked Questions (FAQs)

Q 1: Is Orfinex regulated?
A 1: Yes. It is regulated by FinCEN.
Q 2: How can I contact the customer support team at Orfinex?
A 2: You can contact via telephone, +1 (833)5300055 and email, support@orfinex.com.
Q 3: Does Orfinex offer demo accounts?
A 3: Yes.
Q 4: Does Orfinex offer the industry leading MT4 & MT5?
A 4: Yes. It offers MT5.
Q 5: What is the minimum deposit for Orfinex?
A 5: The minimum initial deposit to open an account is $1.
Q 6: Is Orfinex a good broker for beginners?
A 6: Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT5 platforms. Also, it offers demo accounts that allow traders to practice trading without risking any real money.
Q 7: At Orfinex, are there any regional restrictions for traders?
A 7: Yes. Orfinex does not offer its services to residents of certain jurisdictions such as USA, Canada, Cuba, Sudan, Syria, North Korea, Iran, Belarus, Venezuela

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

News

“Not been able to withdraw money since I deposited”

Exposure“Not been able to withdraw money since I deposited”

2024-04-23 14:48

An Orfinex user from the Philippines recently filed a complaint with WiKiFX. The complainant stated, "I've never been able to withdraw money from my account since I deposited it." "I am one of the victims of the scam of affiliate trading with ISE and Orfinex Prime," the user wrote.

WikiFX
2024-04-23 14:48
Exposure
“Not been able to withdraw money since I deposited”
Breaking: Orfinex defrauded $40,000.

ExposureBreaking: Orfinex defrauded $40,000.

2024-04-23 11:59

The world of forex trading has its fair share of success stories, but unfortunately, there are also instances where unscrupulous brokers take advantage of investors. One such case involves Orfinex, a forex broker that stands accused of scamming an investor out of $40,000. This alarming incident sheds light on the importance of due diligence when selecting a forex broker and the need for stronger regulatory oversight in the industry.

WikiFX
2024-04-23 11:59
Exposure
Breaking: Orfinex defrauded $40,000.
Investor Scammed as Orfinex Withholds Funds and Negligently Trades Accounts

ExposureInvestor Scammed as Orfinex Withholds Funds and Negligently Trades Accounts

2024-04-19 20:12

In a distressing turn of events, Mr. Ninonuevo, a 54-year-old investor from the Philippines, finds himself embroiled in a financial quagmire after transferring his accounts from Vllado to Orfinex, only to face rejection of Know Your Customer (KYC) procedures and subsequent withholding of funds by the latter. This alarming revelation has left Mr. Ninonuevo and other members of Intersphere Enterprises (ISE) in a precarious position, unable to access their transferred funds as initially promised by Orfinex.

WikiFX
2024-04-19 20:12
Exposure
Investor Scammed as Orfinex Withholds Funds and Negligently Trades Accounts
WikiFX Most Complained Trading Brokers in Philippines, March 2024

ExposureWikiFX Most Complained Trading Brokers in Philippines, March 2024

2024-04-03 12:56

Learn about the most complained-about online trading brokers in Philippines March 2024 through WikiFX reports, underscoring the critical need for choosing regulated and reliable investment platforms.

WikiFX
2024-04-03 12:56
Exposure
WikiFX Most Complained Trading Brokers in Philippines, March 2024

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