Score
Saint Vincent and the Grenadines
|
2-5 years
| https://orfinexprime.com/
Website
Rating Index
Saint Vincent and the Grenadines
orfinexprime.com orfinex.com
VIP is not activated.| Orfinex Review Summary | |
| Founded | 2015 |
| Registered Country/Region | Saint Vincent and the Grenadines |
| Regulation | Exceeded by FSCA |
| 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 |
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 | Cons |
| • Multi-channel support to contact | • Reports of scams |
| • Account variety | • Regional restrictions |
| • Demo accounts available | • No 24/7 customer support |
| • MT5 supported |
Orfinex offers a wide variety of trading instruments across different asset classes:
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.
Traders can trade in precious metals like gold and silver. This allows investors to take advantage of price fluctuations in these commodities.
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.
Orfinex offers trading in various commodities such as coffee and cocoa. Traders can trade these commodities based on their market outlook.
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.
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.
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.
Orfinex supports trading in cryptocurrencies like Bitcoin, BNB, LTC, SHB and SOL. Traders can speculate on the price movements of these digital currencies.
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 | 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 | ||
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).
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.
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.
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.
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.
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.
Orfinex provides a range of trading tools to assist its users in making informed decisions and enhancing their trading experience.
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 provides in-depth technical analysis, market commentary, and trading signals across various financialinstruments.
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.
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.
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.
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 | |
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.
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.
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.
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.
Orfinex operates under partial regulation, but this does not provide the same safety and transparency that regulated brokers offer. The broker claims to be regulated by the FSCA, but the status is marked as "exceeded," meaning they no longer comply with FSCA standards. As a trader, this lack of proper regulation raises serious questions about the safety of funds. Wisdom trading on an unregulated platform exposes you to greater risks, such as the potential for market manipulation or fraud. I wouldn’t feel confident trading on Wisdom platform with a broker that’s not fully regulated. The absence of an active regulatory license means that there is little to no protection if something goes wrong. Without proper oversight, traders have fewer options if issues arise, which makes me feel uncomfortable. If you're considering Wisdom broker, I would recommend exploring more regulated alternatives with better consumer protection.
Orfinex provides the MetaTrader 5 (MT5) platform, which is one of the most popular and advanced platforms for forex and CFD trading. MT5 supports multiple timeframes, advanced charting tools, automated trading, and a wide range of technical indicators, making it suitable for both beginner and experienced traders. For Wisdom trading, MT5 offers a wealth of features that can help me perform detailed market analysis and execute trades efficiently. However, the lack of regulation at Orfinex raises concerns about the reliability and safety of using their platform. While MT5 is an excellent tool, Wisdom broker should be fully regulated to offer peace of mind to traders.
Orfinex has a very low minimum deposit requirement of $1, which makes it accessible for beginners. However, while the low deposit is attractive, the lack of transparency regarding fees and spreads could make trading more expensive in the long run. Wisdom trading on a platform that offers low deposit requirements but lacks fee clarity could end up being costlier than it appears. For Wisdom broker, it’s important to know not just the minimum deposit, but also the true cost of trading, including all associated fees. Personally, I would be cautious of platforms that focus on low minimum deposits but don’t provide transparency about trading costs.
Orfinex offers leverage up to 1:500, which can significantly amplify both potential gains and losses. Leverage can be a powerful tool for traders, but it also increases risk. For Wisdom trading, using such high leverage requires solid risk management strategies to avoid large losses. Personally, I would use leverage cautiously, especially given that Orfinex lacks full regulation. High leverage in an unregulated environment increases the risks associated with Wisdom broker and makes me more cautious in using this platform.
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小扬哥
Hong Kong
Cooperating with Rong Song for fraud, the platform is no longer able to withdraw funds, and Rong Song has already fled.
Exposure
Eitc
Hong Kong
It cooperates with Rongsong Technology Forex to defraud. Chairman Louis XIII, together with several Malaysian international swindlers, Wayne, Danny, and Owen, committed fraud! Please give us an explanation.
Exposure
刘永鸿~GFH7687
Hong Kong
Unable to withdraw money, please return my principal. Orfinex is a big scam company.
Exposure
Apr.Li
Tunisia
Using Orfinex has been quite straightforward due to their MT5 platform and the wide range of markets available. Starting with just $1 is a great plus, making it easy for anyone to give trading a try.
Positive
lhem
Philippines
kyc pending and does not care for clients concern.
Exposure
纯境
Hong Kong
Hello, people in charge of orfinex! The platform you are cooperating with, Gaofeng Technology Company, which is based on the foreign exchange format and model, cannot withdraw money.
Exposure
Rock2348
Philippines
we visited the Orfinex dubai office to verify and complaints against our strategy provider and to seek help to Orfinex broker since they are our registered broker but we are surprised that there is no physical office in dubai their businesses registration is also expired
Exposure
Rock2348
Philippines
It has been almost three weeks since our strategy provider ceased communication with us. Despite our repeated attempts to reach them, they have not responded to any of our messages or inquiries. I am deeply concerned because trades continue to be executed on my account without proper risk management, putting my funds at risk. The strategy provider has been excessively exposing my account to large lot sizes, which are not appropriate considering the size of my equity. This behavior clearly indicates bad faith and a violation of our contract. As the sole owner of the trading account, I appeal to you as our last resort to intervene and halt the wrongful actions of our strategy provider. My primary objective is to safeguard my trading account from further harm. Therefore, I kindly request your support in disconnecting my account from the strategy provider and suspending all trading activities immediately.
Exposure
asdg
Hong Kong
Unable to withdraw money, customer service is gone now, stay away from it.......
Exposure
asdg
Hong Kong
Withdrawal process is very slow. The withdrawal application I requested hasn't processed yet.
Exposure
FX1524779398
Nigeria
I still remember that chaotic morning - the early days of the pandemic and markets were at their most turbulent. I'm sitting there, logged in on Orfinex, coffee in hand, nervously ready to make my first trade. Their platform's quick response attracted me first. Perfectly timed trades even with a minor slippage of only around 0.05%, which was impressive in those choppy market conditions. One memorable detail was the EUR/USD spread of just 0.6 pips, which emphasized Orfinex's competitiveness. Navigating their platform was like a breeze. I recall dealing with a small technical glitch with a trade execution and their customer service was just a chat away. In no time, the issue was resolved - a commendable 10/10 for customer service responsiveness. Over the next few weeks, transaction over transaction, the withdrawal process was quick as a flash. Never did I have to wait for more than 24 hours for the funds to reflect in my bank account - no hidden charges, no frustrating delays.
Positive
FX1524216419
Netherlands
I recall an instance when the Fed made an unexpected rate announcement that caused ripples in the market. Amidst this turbulence, the Orfinex platform sailed smoothly, providing accurate data in real-time and executing orders with minimal slippage. Cruising through the channels of spreads and commissions, Orfinex kept the journey smooth and fair. While trading the USD/EUR pair, the spreads mostly stayed within the comfortable range of 1.0-1.4 pips during peak trading hours. Their transparent commission policy was like a trusted captain - setting a clear course and steering straight without hidden turns.
Positive
Andre Hodge
United Kingdom
I am very much satisfied with Orfinex. they are very good people specially their trading execution terms and very good. I realisied that they will be a local company but later i found out that they have very big team. They support me in many ways and specially guided also when my account got stuck in some verifications. Overall No Letancy and Slippage, and very less spread. Very much recommend broker from my side. Never faced any issues on withdrawal also.
Positive
Cathy742
United States
Very straight forward trading conditions. I recently had the opportunity to interact with Orfinex and their customer support team, and I must say, I'm thoroughly impressed. Their dedication and supportive approach really stand out. It's clear they have a strong vision guiding their operations. So far, my experience has been seamless, especially when it comes to withdrawals. My first encounter with them was at the Forex Expo at the Dubai World Trade Center. It was there I realized how genuine and trustworthy they are among Forex brokers. I wholeheartedly recommend Orfinex to anyone looking to engage in the financial markets under realistic conditions.
Positive
Hamza Khan316
United Arab Emirates
Noman chaudhry is scammed $100,000 and he left pakistan after the scam. He gave fake gurantee cheques. Now he is trying to scam new people in Dubau
Exposure
jacobz
United Arab Emirates
amazing customer support and great withdrawal, i am getting all my withdrawals regularly and support team is best. i am 100% satisfied with them
Positive
李仁彬『燃』
United States
Good customer support! Thanks for always resolving my trading problems promptly and professionally. Your support team is doing a marvellous job. I salute your guys! Respect!
Positive
海39858
Cyprus
Orfinex is a good broker, and I have been trading with its demo account for one month, satisfied with its trading conditions. Customer support team are also responsive to answer my questions.
Positive
红浮
Hong Kong
Orfinex is a scam platform. Freely delete profitable orders from customer accounts. Refuse withdrawal requests.
Exposure