Note: OrbiTrade's official site - https://orbitrade.io/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is OrbiTrade？
OrbiTrade, based in Dominica, offers a range of trading instruments, including currency pairs, stocks, and cryptocurrencies, making it a potentially versatile option for traders. However, it's important to note that OrbiTrade operates without regulatory oversight, which may raise concerns about investor protection and transparency.
The default leverage of 1:100 presents a heightened level of risk, particularly when combined with the absence of regulatory safeguards. Traders should exercise caution and conduct thorough research before considering OrbiTrade as their trading platform of choice. The web-based trading platform provides accessibility, and customer support is available via phone and email, but clients should be aware of the risks associated with trading on an unregulated platform in the financial markets.
Pros & Cons
Pros:
Multiple Trading Instruments: OrbiTrade offers a wide range of trading instruments, including currency pairs, stocks, and cryptocurrencies. This diversity can provide traders with opportunities to diversify their portfolios and explore various financial markets, potentially increasing their trading options.
Competitive Leverage: OrbiTrade offers a competitive leverage ratio of 1:100, which can be appealing to traders looking to magnify their trading positions and potentially enhance their profits. However, it's important to note that higher leverage also increases the risk of significant losses.
Cons:
No Regulation: OrbiTrade operates in an unregulated capacity, which means it doesn't fall under the oversight of a regulatory authority. The absence of regulatory oversight raises concerns about transparency, investor protection, and adherence to industry standards. Clients on unregulated platforms may have limited recourse in case of disputes or issues with the broker, which can pose significant risks.
Only Cryptos Payment Allowed: OrbiTrade's restriction to cryptocurrency payments may be limiting for clients who prefer other methods, such as traditional bank transfers or credit card payments. This limitation can create inconveniences and restrictions for those who do not wish to use cryptocurrencies for transactions.
Website Unavailable: The unavailability of the website can be a significant drawback for clients who rely on online platforms for trading and information. It can disrupt trading activities, hinder access to account details, and impact the overall user experience, potentially causing frustration and inconvenience for clients.
Is OrbiTrade Safe or Scam？
OrbiTrade operates in an unregulated capacity raises significant red flags for potential clients and the trading community at large. Regulatory oversight is vital in the financial industry to ensure transparency, investor protection, and adherence to industry standards. In the absence of such regulation, clients may find themselves in a precarious position, with limited recourse in case of disputes or issues with the broker. Unregulated exchanges can pose a higher risk of potential fraud, misconduct, or other unethical practices, making it essential for traders and investors to exercise caution and carefully consider the implications of choosing an unregulated trading platform like OrbiTrade.
Market Instruments
OrbiTrade provides a range of market instruments to cater to the diverse needs of its clients. These instruments include currency pairs, stocks, and cryptocurrencies.
Currency pairs offer traders the opportunity to engage in the foreign exchange (Forex) market, allowing them to speculate on the relative values of different currencies.
Stocks provide access to equity markets, allowing clients to invest in the ownership of publicly traded companies.
Additionally, OrbiTrade offers cryptocurrencies, enabling clients to trade digital assets like Bitcoin and Ethereum, which have gained popularity as speculative and investment instruments. The availability of these diverse market instruments allows traders to diversify their portfolios and explore various financial markets, potentially enhancing their trading opportunities and strategies. However, it's essential for clients to be aware of the associated risks and market dynamics when trading these instruments.
Leverage
OrbiTrade's default leverage setting, fixed at 1:100, presents a significant concern for traders, and the inability to adjust this leverage ratio adds to the risk profile of the platform. Leverage can be a powerful tool in trading, amplifying both gains and losses. At 1:100, the level of leverage is already considered quite high, making it essential for traders to exercise caution and carefully manage their positions.
Trading Platforms
OrbiTrade offers a web-based trading platform that, unfortunately, falls short in terms of reliability and does not present any significant advantages when compared to established platforms like MetaTrader. While the convenience of web-based trading can be appealing to some users, the reliability of the platform is paramount in the fast-paced world of financial markets. Unfortunately, OrbiTrade's platform may not consistently meet the demands of traders, potentially leading to disruptions or frustrations during critical trading moments.
Deposits & Withdrawals
Orbitrade only takes crypto payments. Investors should know that, regardless of whether they are in Bitcoin, Ethereum or any other cryptocurrency, these payments are never eligible for a chargeback of any kind.
Fund Withdrawal Issues
According to OrbiTrade reviews, the broker is not allowing clients to take any funds from the account. First, the support team is asking for more and more documents, claiming its necessary for AML policy. Afterwards, when the client provides everything and still insists on withdrawal, the account is being blocked and the access is suspended.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: +34932207342; +43720143426; +74953744591
Email: compliance.m@orbitrade.io
Conclusion
In conclusion, OrbiTrade presents a range of trading instruments, including currency pairs, stocks, and cryptocurrencies, providing traders with options to diversify their portfolios and explore different financial markets. However, it's important to approach this platform with caution due to its lack of regulation, which raises concerns about transparency and investor protection. The competitive leverage offered by OrbiTrade may attract traders seeking higher returns but also entails higher risk. Additionally, the restriction to cryptocurrency payments and website unavailability can pose inconveniences for clients. Prospective users should weigh the potential benefits against the associated risks and carefully consider their trading needs and preferences when evaluating OrbiTrade as a trading platform.
Frequently Asked Questions (FAQs)
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.
2023-03-20 17:41
2023-03-01 09:50
