Recommended Broker: Orbex - My Guide
Fed up of being stopped out by sudden unexplainable spikes?
Sick of high spreads that are more volatile than a newbie retail trader with leverage?
Want a state of art trading platform with more bells and whistles than you can shake a stick at?
After being asked 24/7 which forex broker I use – thanks, Rudolf, you finally snapped my band! – I thought it’d be a good idea to come clean and give you all a big breakdown. That way, if anybody wants to sign up and start using the same broker, they know what they're getting into and what to expect from the service.
So, my current broker is, of course... Orbex!
Based in Mauritius but open to clients worldwide - aside from the US and Japan (sorry guys!) - Orbex has become one of the biggest players in the forex space in recent years. What's behind this huge rise?
Well, three KEY things...
- ZERO buy and sell spreads - part of why I switched... I'll explain more later.
- Solid trading platform - intergrated with MT4, which makes trading VERY easy.
- Negative Balance Protection - for all you newbies, this is a lifesaver.
I've used Orbex for around 3 years now, having switched from IG - my previous broker - back in 2017... and let me tell you guys, I WISH I made the jump sooner. Since joining, my trading has improved TEN-FOLD; I've not only made more money - thanks in no part to zero spreads - but I'm also losing less - a winning combo!
If you want to join Orbex, head to the site using the link below:
For all you newbies who just want to get your feet wet, they also provide a solid demo trading platform - using MT4, of course - which you can download through this link:
If you want to learn how to use Orbex (place/close trades, set stops, etc), scroll down for a full breakdown of how to use and navigate the platform.
Getting Started... How To Sign Up And Use Orbex
Signing up to Orbex is simple - literally, piss easy.
Compared to some brokers, who want to talk to you on the phone for hours and verify all kinds of private information, Orbex has you up and running in no time. Just head over to their site using the link below, enter your details using the sign-up page, and confirm your account via email.
Then, deposit your money - Orbex supports all payment processes.
Key Point: Orbex only provides ZERO spreads if you open a premium account - i.e, if you deposit $5000 or above.
For Starter accounts (minimum $200 deposit), which I think is probably most of you guys, the spread is variable - like most forex brokers, really. If you deposit $500 or above, you can open a fixed account - this fixes the spreads to their average, aside from during peak times (news releases, big economic events) when they revert to variable.
Understanding The Trade Window
Once you've created an account and downloaded MT4 - which Orbex uses as a trading platform - you'll get taken to the trade window...
If you've ever used MT4 before, you should be right at home here.
The trade window is your base of operations - the place where you'll analyze charts, place trades, monitor orders, and do just about anything else you can think of. Right now, things are a bit messy - I made a new account to show you the default screen... this is how the platform will look when you open it.
So, let's clear this window up - make everything a bit more orderly.
What you want to do is right-click one of the charts - best to expand it first, make it a little bigger - and hit the "Properties" option at the bottom. Now change the colours to what I use below...
You can use your own style, but the above is standard in forex.
With the colours set, go and change them to the same style for each pair you plan on trading. If a pair isn't open in the window, right-click its name in the "Market Watch" panel and hit "Chart Window"; the second option down.
See how Eur/Gbp is now a tab next to Usd/Jpy?
Hopefully, you know how to use the different options of MT4 - change timeframe, select chart types, zoom in/out, etc... If not, here's a quick guide on what everything does...
Top Menu (Red):
1. File - hit this to open your account options, switch to a different account, print screen, etc...
2. View - open new information widows - e.g, market watch panel, mentioned above.
3. Inset - add lines and shapes to the chart, as well as custom and default technical indicators.
4. Charts - change chart type, add/save template, open objects list - i.e, placed lines, rectangles, etc.
5. Tools - Place new orders, view trade history.
6. Window - Edit layout of the trade window.
7. Help - Open the help center, view help topics, ask for help.
1. Timeframe Selector (Blue)- use this to change between timeframes - from 1 minute - 1 month.
2. Chart Types (Green) - cycle between three types of chart: Candlestick (best), Bar (okay), and Line (avoid like the plague).
3. Drawing Tools (Yellow) - add lines, fibonacci retracements, and rectangles to the chart.
How To Place, Close, And Modify Trades
Placing and managing trades on Orbex MT4 really couldn't be easier. To place a trade, click the "New Order" button at the top, and wait for the following menu to appear...
This is the order screen - use this to edit your trade details.
From this menu, you can decide how much to buy or sell (Volume), set stop loss and take profit levels, and whether to enter using a market order (Market Execution) or pending order.
Market Order = trade is placed instantly at the current market price.
Pending Order = trade gets entered once the market reaches a price you set.
If you select "Pending Order", the following options will appear...
"Type" allows you to select which type of pending order to place. Most of the time, Buy Limit and Sell Limit are all you need - Buy Stop and Sell Stop are only really useful in specific situations.
Next, select which price you want the order to execute.
When the market reaches this price, the pending order will execute, and your trade will be open in the market.
DON'T FORGET: If the market doesn't reach the price and execute the order, REMOVE it using the order tab at the bottom. If you leave it open, the market could still trigger it one day, giving you a nasty unexpected loss.
Expiry - if you want to set a time for your order to close automatically, enter it into this box.
If the market fails to execute the order by this time and date it'll automatically be removed from the market.
With everything set, hit the "Buy" or "Sell" buttons to place your trade...
It'll now appear inside the "Trade" tab at the bottom - if you can't see it, go to "File" and hit the "Terminal" button.
Right-click the trade you want to modify and click "Modify" from the drop-down list.
The Trade menu should pop back open.
Now, simply change the price of your stop - or take profit, which you can also change - and hit the blue "Modify" button at the bottom. The trade will update to reflect the new changes.
To close an open trade, right-click and select "Close Order".
The trade menu will open again...
Here, you can either close the trade completely - hit the big yellow "Close" button - or partially close by buying back or selling some of what you sold/bought initially. If you want to partially close, enter the amount into the "Volume" box, select which order type to use - instant execution or pending order - then click the buy or sell button.
The amount you select will be bought or sold, and you'll see the credited money appear in your account.
Like I said at the beginning, I've used Orbex for 3 years now and the service has been nothing short of excellent.
Depositing and withdrawing is a breeze, with multiple options available. No spreads - tiny spreads if you go variable - is a game-changer, substantially increasing profits. And to top it all off with MT4 functionality... well, that's just the icing on the cake - keep in mind, I've only used web-based brokers, so the jump to MT4 (for me) has been massive.
All in all, Orbex is a great broker well worth checking out: