Orbit Network

Orbit Network is an online trading platform registered in Canada and founded on July 5, 2023. According to its website, the company also operates as a blockchain development firm, offering services such as ICOs and STOs. The platform, named Orbitex, provides access to forex, CFDs, commodities, and cryptocurrencies. The broker targets both retail and institutional traders, but details about its corporate structure or management are not publicly available.

Orbit Network presents itself as a technology-focused entity leveraging blockchain and big data. However, as an unregulated entity with a short operating history, its claims should be approached with caution. The broker's website includes pages for individual traders, introducing brokers, and affiliates, indicating a multi-tiered client acquisition strategy.

Orbit Network is not regulated by any financial authority. Our research found no evidence of a licence from a Tier-1 regulator such as the FCA, CySEC, or ASIC, nor from any other recognised regulatory body. The absence of regulation means traders have no recourse to a financial ombudsman or compensation scheme in case of disputes.

This lack of oversight is a significant risk factor. The FXCanary Scam Risk Score for Orbit Network is 85 out of 100, categorised as 'Severe'. Prospective traders should be aware that unregulated brokers often operate with lower transparency and may not segregate client funds.

The broker's website does not specify account types, minimum deposits, spreads, or leverage ratios. It mentions that positions can be opened in any lot size except on forex, but concrete trading conditions are not disclosed. The platform Orbitex is described as cross-device and intuitive, but no demo account option is mentioned.

Without clear information on account tiers and conditions, traders cannot assess the suitability of the broker for their needs. This opacity is common among high-risk brokers and may indicate that terms are customised on a case-by-case basis.

Orbit Network claims to offer a multi-asset trading platform called Orbitex, which is accessible across devices. The instrument list includes forex, CFDs on commodities, indices, treasuries, and cryptocurrencies. Additionally, the broker operates its own digital assets: NYE Coin, SNL, and RKN.

Trading is executed via a web-based platform, but no specific software (e.g., MetaTrader, cTrader) is mentioned. The broker also highlights educational modules and real-time market news, but the quality and source of these tools are unverifiable.

Orbit Network's website provides a contact section but no live chat, phone numbers, or email addresses are readily visible. The privacy policy outlines a privacy coordinator for inquiries, but responsiveness is unknown. Support is likely limited given the broker's small scale.

For an online broker, customer support is critical, especially for resolving trading issues. The lack of transparent contact details is a drawback and adds to the overall risk profile.

The broker's IB program is restricted to US and Canada residents, suggesting a primary focus on these regions despite the global reach of its services. The affiliate program is open to all registered members. The website also addresses 'non-commercial traders' and 'non-reporting traders', indicating an attempt to attract small retail traders who may not be subject to CFTC reporting requirements.

Orbit Network appears to target both inexperienced traders seeking education and experienced individuals looking to earn commissions through referrals. However, the unregulated status should give pause to any potential client.