OspreyFX is registered in 2019 offshore. It is an ECN forex broker with the Company Number: 25288 BC 2019. Company headquarters is registered at Beachmont Business Centre, Suite 4, Kingstown st, St Vincent and the Grenadines, K001.
What Sets OspreyFX apart?
OspreyFX is not regulated by any financial authority with strict standards. This fact can actually make some traders uncomfortable since in case of any disputes, you’re on your own. On the other hand, the OspreyFX works with trusted providers such as Lmax, Charter Prime, and Bitfinex, which gives them some legitimacy signals.
- Multiple account types
- Competitive spreads starting from 0.8 pips
- Maximum leverage of up to 1:500
- 120+ assets such as: forex, stocks, commodities, and cryptocurrencies
- Multiple deposit and withdrawal methods
- Efficient customer support
- Limited educational resources
- No regulatory oversight from financial authority
- Limited trading platforms, only offering Tradelocker
- Inactivity trading fee charged after 60 days
- Commission on some account types
- Limited transparency on company ownership and management
- Limited deposit and withdrawal methods
Trading Features
| Category | Leverage | Minimum Deposit |
|---|---|---|
| Forex & Metals | 1:500 | $25 |
| Cryptos | 1:100 | $10 |
| Energies | 1:200 | $10 |
| Indices | 1:50 | $10 |
| Stocks | 1:20 | $10 |
Account Types
OspreyFX offers 5 trading accounts, including a demo account. Minimum deposit requirements vary based on the account type you’ve selected.
| Account Type | Minimum Deposit |
|---|---|
| Mini | $25 |
| Standard | $50 |
| Variable | $250 |
| Pro | $500 |
Fees and Charges
OspreyFX charges withdrawal fees and trading fees, so make sure you’ve read Terms and conditions to check the prices.
Spreads and Commissions
Spreads on OspreyFX’s trading platform start at 1.0 pips on Mini Account. The commission of only $1 per lot. All accounts have different spreads and commission structures. Check the table below to get more details:
| Account | Spread | Min. Deposit | Forex pairs | Commission Per Lot |
|---|---|---|---|---|
| Standard | From 0.8 | $50 | 55 | $7.00 |
| PRO | From 0.4 | $500 | 55 | $8.00 |
| VAR | From 1.2 | $250 | 55 | $0.00 |
| Mini | From 1.0 | $25 | 29 | $1.00 |
Trading Platforms
OspreyFX offers the Tradelocker platform. Tradelocker is a new platform that is growing rapidly. It has replaced MT4 and MT5 on many broker platforms. Trdelocker has a user-friendly interface and TradingView integration.
Customer Service 24/7
OspreyFX has highly responsive customer support. You can contact them on live chat or by filling out a contact form on their website.
Restricted Countries
Restricted countries include: Burma, Congo, Cuba, Iran, Iraq, Japan, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, Vietnam, and Zimbabwe.
Deposit and Withdrawals
OspreyFX Forex broker has fast processing times for all deposit and withdrawal methods. They usually pay immediately, but have in mind that a third party can also charge you fees.
Deposit and Withdrawal Methods
- Bank wire
- Credit/debit cards
- Cryptocurrencies
KYC Process
You need to verify the account at OspreyFX when you reach the $2000 deposit limit or within a 30-days. The OspreyFX team will contact you and request IDs and/or utility bills to prove your identity.
Real User Reviews and Ratings
OspreyFX receives mixed user reviews, with positive feedback on trading conditions and customer service, but concerns about regulation and potential issues with withdrawals. The broker has a 2.9/5 score on Trustpilot. Users from Quora and Reddit have similar experiences and mixed reviews.
Authors Opinion
OspreyFX has very low spreads, fast execution, and many other cool features and interesting promotions. Have in mind that you will have to invest your time and resources if you’re learning currency trading.
I would advise that you don’t change brokers too often. Make sure you are with a broker that is reliable, has a proven track record, free education, and license. OspreyFX is an offshore forex broker, which basically means that it is not regulated by any major financial authority.
