OspreyFX Review and Analysis
Named after the very large, distinctively shaped, fish preying hawk, which suitably decorates the brand’s logo, OspreyFX is a relatively new entrant in the world of forex brokerages, aiming to offer existing and aspiring traders an innovative venue in which they can satisfy all their trading needs, including the trading of cryptocurrencies.
The review below has been prepared by our resident team in order to present and highlight all the aspects of the OspreyFX offering, aiming to help interested users decide if OspreyFX is the most suitable brokerage to best match and serve their own specific trading needs.
What is OspreyFX?
As a true ECN broker, OspreyFX aggregate liquidity from different global providers, which they directly provide to their clients, ensuring competitive spreads and fast execution, devoid of slippage, and staying away from re-quotes and rate manipulation. Though not a regulated broker, OspreyFX can boast of the added legitimacy they receive by the fact that they aggregate liquidity from multiple well-known and trusted providers, such as Lmax, Charter Prime, and Bitfinex. Such institutional grade liquidity allows traders of all experience levels and irrespective of their investment size to effectively trade on OspreyFX, which is a brokerage catering for all trading styles, including day traders, scalpers, and expert advisors usage.
Another distinguishing aspect of the OspreyFX offering is the leverage ranges at the disposal of their clients, which are 1:500 for Forex and Metals, 1:100 for Cryptos, 1:200 for energies, 1:50 for Indices, and 1:20 for stocks. The ranges for forex, metals, and cryptos are exceptionally high and well above current industry standards.
Investor Protection & Regulations
Since its foundation in 2019, OspreyFX has not yet been regulated or licensed by any pertinent watchdog in any jurisdiction. OspreyFX is in fact an offshore broker since it is located in St. Vincent and the Grenadines, and therefore its clients potentially enjoy limited protection or at least no protection adhered to through the imposition of a government or non-government body.
This being said, OspreyFX takes active measures to offer protection for their clients such as ensuring that the broker’s funds and assets are fully segregated from client funds. Moreover, they constantly monitor and assess all types of risks linked to their operations to be able at all times to cover all the associated financial and capital requirements and actively mitigate any risks as soon as they arise.
Furthermore, by implementing obligatory two-factor authentication, they help their clients keep their personal data and account safe and secure.
OspreyFX offer a satisfactory range of tradable assets across the main assets’ classes of Forex, Cryptos, Metals, Energies, Futures, Indices, and Stocks. The selection of tradable instruments is adequate to satisfy the needs of most traders, thus catering to portfolio diversification.
The offering in terms of forex currency pair includes all the majors, as well as minor and exotic pairs, providing ample lucrative opportunities, while with 31 different cryptocurrencies available, crypto enthusiasts will be more than happy trading on OspreyFX, which is particularly supportive of crypto trading, also accepting cryptos as a method of funding one’s trading account.
Fees and Commissions
In terms of account types, Osprey FX is a flexible brokerage offering 4 different account types, namely the Standard, PRO, VAR, and Mini ECN/STP trading accounts with up to 1:500 leverage, 0.01 minimum lot size, and 1000 maximum lot size, however, each comes with different minimum deposit requirements, as well as spreads and commission fees. Thus, when selecting the most suitable account type, a trader should consider their available funds as well as the strategy they plan to follow when trading. For example, traders wishing to ensure the tightest spreads should open a PRO account, while those relying on long-term strategies, the account carrying the lowest commission fees.
A Standard account needs a minimum deposit of $50, a PRO account a deposit of $500, a VAR account, which comes with 0 zero but higher spreads, a deposit of $250, while a Mini account can be opened with an initial deposit of $25.
It is possible to open a demo account on OspreyFX, which allows novice traders to practice before risking their real funds, while also enabling seasoned traders to test and try out new strategies and techniques. Islamic accounts which could be a barrier for Muslim traders in the past are now available.
The fees charged vary depending on the account type held, the payment methods used, and the actual transactions performed, however, as a general assessment the OspreyFX fees compare favorably with industry standards and averages.
The trading platform used on OspreyFX is the MT4 platform, the most popular and widely platform in the industry. The MT4 is preferred by most traders due to its user-friendliness, coupled with the fact that it is fully customizable. Simplicity makes it attractive to beginners, while the abundance of advanced features and additional capabilities it incorporates, fully satisfies the needs of seasoned traders.
OspreyFX offers all the versions of the MT4 platform, namely the desktop, web trader, and mobile versions. This means that traders can trade at all times, from any device and irrespective of their operating system, while also being able to trade on the go.
In terms of account types, Osprey FX is a flexible brokerage offering 4 different account types, namely the Standard, PRO, VAR, and Mini accounts. All accounts are ECN/STP trading accounts with up to 1:500 leverage, 0.01 minimum lot size, and 1000 maximum lot size.
Since OspreyFX is not regulated, its brokerage services are naturally not directed towards any particular jurisdiction and hence are neither intended for use in locations where local laws and regulations forbid such services. For example, in accordance with UK financial regulations, OspreyFX does not offer Contract for Difference (CFDs) or CFD-like trading services to UK customers. Currently, and due to local restrictions, residents from Burma, Congo, Cuba, the Democratic Republic of Congo (Republic of Zaire), Iran, Iraq, Japan, Lebanon, Libya, Malta, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe, are not allowed to trade via OspreyFX.
Deposit and withdrawal
There are plenty of deposit and withdrawal methods available for OspreyFX users, such as credit/debit cards, Wire transfer, Bitcoin, Instacoin, Vload, and Upay. Bitcoin and Instacoin are particularly popular as payment methods since such transactions are completed with ease and speed, while not carrying any additional fees. Wire transfers come with a $25 fee and have a minimum required amount of $100, while they may take up to six days to be completed. It should be noted that not all deposit and withdrawal methods are available everywhere, as restrictions differ from country to country as well as from payment provider to payment provider. Since using an account in one’s own currency comes with no conversion fees, it is particularly useful that OspreyFX allows clients to open an account in any of the major fiat currencies (USD, EUR, GBP, CAD, AUD), as well as in BTC.
The user experience when trading on OspreyFX’s website is exceptional and the clear and professional layout and structure of the site, as well as its intuitive and responsive navigation greatly enhance the user experience.
Osprey FX customer support is available on a 24/7 basis, via live chat or email, though many may find the lack of a phone line an obvious disadvantage especially when clients may need an urgent response for a specific matter or if a query pertains to a complicated matter that cannot be effectively communicated via electronic means.
This being said, the live chat customer service method is efficient and responsive and users are provided with answers in just a few minutes. The online ticket submission and email contact methods are also an effective and efficient means of communication and customer support since on top of being available on a 24/7 basis, responses are usually provided within 24 hours.
Education and Research
The absence of a trading academy section containing learning materials and educational resources, such as videos, ebooks, and trading guides is a notable downside of the OspreyFX offering since such resources greatly help traders improve their knowledge base and skills and leading to better chances for trading success.
This being said, the lack of educational resources is partly offset by the dedicated section on the OspreyFX website which covers the latest forex and crypto news, alongside breaking financial headlines and developments directly or indirectly impacting the markets and thus trading decisions. The fact that the articles contained herein are updated frequently and offer in-depth and detailed coverage of a great variety of important topics is very useful and an invaluable resource at the disposal of OspreyFX users.
Overall Conclusion – Final Thoughts
Overall, OspreyFX is a brokerage that could adequately meet the needs of existing and aspiring traders and a very attractive choice particularly for those traders wishing to trade on or with cryptocurrencies. In fact, on top of the overall trading conditions offered, which are above average in terms of leverage, spreads, transaction execution and the processing of deposits and withdrawals, a particular strong point of OspreyFX is the offering of the Instacoin and Bitcoin, both of which are super-fast and do not entail any transaction charges either. Moreover, OspreyFX also runs a very appealing affiliate program, which may well be a very promising and lucrative opportunity for seasoned traders and those wishing to engage in referrals in order to supplement their income.
Frequently Asked Questions (FAQs):
What is OspreyFX?
OspreyFX is a true ECN broker, that aggregates liquidity from different global providers, which they directly provide to their clients, ensuring competitive spreads and fast execution, devoid of slippage, and staying away from re-quotes and rate manipulation.
Can US residents trade with OspreyFX?
At the time of writing, it is not yet clear which countries exactly are supported by OspreyFX and their residents are allowed to become OspreyFX clients as this depends on changing conditions as mandated by watchdogs and financial authorities across the globe. To be sure if OspreyFX serves customers in your own location, contact them directly to inquiry, as the relevant list of bans and restrictions is regularly updated.
Is OspreyFX regulated?
OspreyFX is in fact an offshore broker that is not currently regulated by any financial regulator in any jurisdiction, but it does adhere to and follows strict and streamlined KYC procedures, as well as ensuring that all clients' funds and data are safe and secure.
Is OspreyFX a scam?
OspreyFX is definitely not a scam. OspreyFX is an offshore forex broker vastly superior to other unregulated brokers with very strong data security procedures in place and that is why is on our list of trusted forex brokers. As with any Offshore Broker it has several benefits and drawbacks compared to regulated brokers. These are important to be aware of before you decide to open an account.
Does OspreyFX have a demo account?
Yes, it is possible to open a demo account on OspreyFX parallel to your trading account for an unlimited time. That will allow novice traders to practice before risking their real funds, while also enabling seasoned traders to test and try out new strategies and techniques before using the most effective ones on the real account.
Does OspreyFX have Islamic account?
Yes, Islamic accounts also known as swap-free accounts which could be a barrier for Muslim traders in the past are now available with OspreyFX.
Is OspreyFX Sharia compliant?
Yes, OspreyFX offers 100% Shariah law compliant trading accounts for investors in need. Forex trading is halal (lawful) and not haram (forbidden) when traders use swap free trading accounts because riba or interest element doesn't exist in that case. OspreyFX offers Islamic swap free trading accounts that do not charge or pay overnight interest on the open positions, allowing Muslims to engage in online forex trading in conformity to Sharia law.
How can I contact OspreyFX.com in order to open a trading account?
The easiest way to contact OspreyFX is by visiting the broker's website and submitting a ticket form, to which you can expect a swift response from a member of their dedicated customer service and support team.
How do I Withdraw my Funds from OspreyFX?
To process a withdrawal, kindly follow these steps:
- Navigate to "Withdrawals"
- Choose Method and follow the instructions
- Enter an amount
- Process the withdrawal
How Much are the Deposit Fees on OspreyFX?
- Bitcoin (BTC): 0%
- Credit/Debit Card (3rd Party Platform/Direct): 0%
- VLoad: 0%
*According to its website Blockchain network fees apply to Bitcoin deposits which originate from the Blockchain. OspreyFX is not responsible for any network fees deducted from any transactions.