OspreyFX Review
OpsreyFX
OspreyFX, a Forex and CFDs broker established in 2018, operates without regulation. They claim to be a true ECN broker, offering various assets for trading such as Forex, Crypto, Stocks, Indices, and Commodities. By combining elements of ECN and STP models, they eliminate a dealing desk and send orders directly to liquidity providers. The company is based in Saint Vincent and the Grenadines and has yet to obtain a license. Traders' reviews indicate satisfactory trading services but highlight a failed funded account program. We recommend using OspreyFX solely for trading services and avoiding their funded account challenge. Support is available through live chat and an online form, but currently, their website and support services are only provided in English. The broker continuously develops and enhances its platforms, which may explain some negative feedback. Various payment options, including Visa, MasterCard, wire transfers, Skrill, sofort, giropay, and Bitcoin, are available for account funding. Bitcoin and online payments are processed promptly, while wire transfers may take longer and involve a fee of over 25 USD. OspreyFX claims to use segregated bank accounts for client funds, but lacks negative balance protection. They offer two-factor authentication for enhanced client data security. Additionally, an inactivity fee of 10 USD or its equivalent is charged per month after 90 days of inactivity.
Countries
Afghanistan, Albania, Algeria, Andorra +174 more
Regulations
Account currencies
BTC, USD
Assets
CFDs on Stocks, Crypto CFDs, Energies, Indices, Precious metals
Platforms
MT4, MT5
Deposit methods
AstroPay, Bank Transfer, Credit Card, Crypto, Neteller, PayRedeem, Sofort
Others
Copy trading, Demo account, ECN, Exotic Pairs, Expert Advisors, Fast withdrawals, Hedging allowed, High leverage, Lowest minimum deposit, Micro Lots, Negative balance protection, STP, Swap-free
Promos
Visit brokerOspreyFX provides approximately 120 trading instruments and offers four different trading accounts. The typical spreads for major pairs are competitive, ranging from 0.7 pips on EURUSD to 1 pip on NZDUSD, well within industry averages. The broker does not charge any trading commissions. However, the absence of an account with 0 spreads for a small commission is a drawback.
On OspreyFX's MT4 and MT5 platforms, traders can access a wide range of assets, including 55 Forex pairs, 9 indexes, 9 commodities (metals, oil, and soft commodities), 37 stocks as CFDs, and 31 cryptocurrencies. Recently, the broker added the MT5 platform, which offers advanced features to traders.
The trading platforms available are Standard, Pro, VAR, and Mini. Most trading accounts have trading commissions per lot traded and relatively higher spreads, which can be inconvenient. The Standard account requires an initial deposit of 50 USD, with spreads starting from 0.8 pips and a trading commission of 7 USD per lot round turn. The Pro account has a minimum deposit of 500 USD, spreads from 0.4 pips, and a trading commission of 8 USD per lot. The VAR account has a minimum deposit of 250 USD, spreads from 1.2 pips, and no trading commissions. The Mini account has a minimum deposit of at least 25 USD, spreads starting from 1 pip, and a trading commission of 1 USD per lot round turn.
OspreyFX's trading platforms are available across desktop, mobile, and web devices, supporting traders on all platforms. The broker also provides Forex calculators and introduces a beta version of TraderLocker, their proprietary trading platform. To sum it all up, OspreyFX is still a relatively young broker that strives to innovate and offer new features constantly, it has average trading conditions and has positive reviews from traders for its trading services, while negative feedback is provided for its funded accounts.
