WikiFX Review: Is Orbex24 a scam or a legit broker?

We are reviewing Orbex24 who is presented as a leading forex brokerage providing a secure environment and numerous state-of-the-art platforms. The brokerage apparently strives to create a sense of security, but it‘s a false one! Orbex24 is a scam, and we’ll prove it in the following review.

First, lets move to the WikiFX APP. We find that Orbex24 is listed, but with a score of only 1.09/10. The words unregulated and unlicensed are clearly visible. Also, WikiFX warns investors to stay away from this broker!

Next, please read the review below to learn more about this sham entity and how to trade safely on the forex market.

1. Offshore Regulatory Status

The first thing we should note is that Orbex24 is an offshore brokerage. We claim so because the Terms and Conditions document revealed that the so-called broker is governed by the law of the Marshall Islands, which is a major issue actually.

The country does not license or monitor brokers, and there isn‘t even a financial regulator at all. Hence, all Forex firms registered on the islands are essentially shady offshore companies with unknown ownership. And whenever you deposit with such a brokerage, you’ll neither know whos handling your money nor where it actually is – it disappears, and literally, no one can trace it. Offshore brokers are NOT REGULATED and dangerous, and avoiding them is always recommended!

However, the bigger problem, in this case, is that the German regulator BaFin actually investigates Orbex24 as the latter apparently offers its services in Germany without being authorised to do so. The authority issued a warning that practically exposes Orbex24 as a scam scheme! Beware!

2. Trading Conditions

Orbex24 offers the leverage up to 1:500, which is an overly dangerous ratio that‘s considered inadequate for retail customers. Regulators in many countries, including all EU members, Australia and the UK, impose a leverage cap of 1:30, and needless to say, Orbex24’s services are illegal in those jurisdictions.

Orbex24 allegedly has a Webtrader, but we couldnt access it because of some registration problems – signing up was practically impossible. At any rate, Orbex24 is an officially exposed scam, so whatever the software, nothing would change at all.

That being the case, youd better go for regulated MetaTrader4 brokers or MetaTrader5 brokers, and we recommend them because the two MTs are currently the leading Forex platforms and actually the best choice you can make. Both are proven stable, and customers prefer MetaTrader because of the many advanced features provided – complex indicators, expert advisors, analytical tools and a marketplace where you can find third-party provided trading and analytical tools.

4. Deposit & Withdrawal

The minimum deposit with Orbex24 is $250, not a hefty requirement, but it‘s still an unfavorable one. We claim so because numerous legit brokers are now accepting clients for as little as $1, so it’s a waste of time even to consider Orbex24 an option!

Due to the registration problems, we cannot discuss real funding methods, but Orbex24 claims that Credit/Debit cards, Wire Transfers, Bitcoin and Sofort are accepted.

As for withdrawals, there are no particular minimum requirements, but all conditions will be badly affected if clients accept deposits. When it happens, customers should trade the deposit plus bonus 30 times to become eligible for withdrawal, which is a condition we deem unfavorable. Based on it, Orbex24 can always find an excuse to delay or outright refuse withdrawals – scammers always do it! Beware!

Conclusion

In summary, Orbex24 is extremely risky and may be a scam. If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!