Is Orbex24 a scam or legit broker? Read Orbex24 Review
To begin with, Orbex24 and Orbex are two very different brokers, where Orbex is a legitimate broker licensed in Cyprus and the larger EU, and Orbex24 is a potential scammer.
Orbex24’s website is https://orbex24.com/ and is not a legitimate FX and CFD broker at all, but rather an unlicensed, completely anonymous offshore website that is a scam.
Orbex24 claims to be based in the UK, however, it is just untrue because, if they were, the Financial Conduct Authority in that country would likewise have required them to obtain licenses and authorizations.
Moreover, that is also untrue. Even though we took the time to search the FCA registries, we were unable to locate any brokers or businesses by the name of Orbex24. We don’t know the real name of the company that runs the website because it isn’t mentioned anywhere, not even in their terms and conditions. And for the same reason, we claim that the website seems to be entirely anonymous.
The Federal Financial Supervisory Authority (BaFin) in Germany also says that this broker is providing financial services in a way that is against the law. According to BaFin, “In accordance with Section 37(4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that the company Orbex24 has not been granted authorization under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin and is not affiliated with the supervised company ORBEX Ltd. The information provided on the company’s website, orbex24.com, gives reasonable grounds to suspect that Orbex24 is conducting banking business and providing financial services in Germany without the required authorization.“
Possible scam activities of Orbex24
Forex trading scams, Binary OPtions trading scams, Cryptocurrency trading scams and other investment trading scams are harder to spot. But there are some signs.
Here are some of the very possible reasons why we have flagged this broker as a scam broker in this Orbex24 review.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker may have made a number of false claims through its website.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or would be hidden.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes the name and website URL without any notice to existing traders.
- The broker may be located in the countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are havens for scam brokers.
- This broker provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals, and ultimately you are not able to make a withdrawal.
Negative Orbex24 Reviews and Complaints
Orbex24 has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed this broker in the list of scam brokers 2023.
Example of Negative Orbex24 Review
After Searching internet you will find many negative Orbex24 Reviews. Users have frustrations and feel cheated after trading with this broker. ReportScam does not recommend traders to trade with this broker and your funds may not be safe with this broker and Orbex24 reviews are negative. Instead we recommend looking for regulated and reputed brokers who can really help in growing your investments.
Scammed by Orbex24? How to get your lost money back from Orbex24?
The best solution recommended for getting your lost money back from Orbex24 is Report Scam Community
It is one of the few legit recovery assistance organizations which are actually concerned with a victim’s recovery from losses. They are a committed team of Recovery specialists who have already helped hundreds of scam victims in recovering their lost money. Report Scam provides free Consultation and anyone can register by filling a very short complaint form.
Orbex24 Review: Conclusion
To begin with, Orbex24 is a mysterious site that needs validity. It isn’t authorized to offer trading services as it does not hold any valid license and is targeting clients of different nations. So, we advise you to stay away from a such brokers as your money may be at high risk with them.
Also, to prevent yourself from scams like – Forex scams, Binary scams, Romance/Dating scams, Cryptocurrency scams, or any other scams, you should pick a broker or company regulated by some major regulators like FCA, FINMA, SEC, FMA, ASIC, etc. Check the reviews of brokers and also read the policies and terms and conditions. These small details will prevent you to become a victim of broker scams.
To read more about Scam Brokers and their Reviews, Visit Scam Brokers 2023 Page to avoid Cryptocurrency trading scams, Forex trading scams, or other online scams.
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Note: Report Scam Community has conducted many researches before flagging Orbex24 as a possible scam in this Orbex24 Review. Are you planning to trade with Orbex24 and invest your money? Report Scam suggests you to read this Orbex24 Review first.