Osprey FX Overview:
- Regulated: FSA SVG
- Head Country: New Zealand
- Min $100 Deposit
- Operating Since: 2018
- Type: STP
- Spread: N/A
- Commission: N/A
- Platforms: Passfolio Trading App
- Funding: Wire Transfer, eWallets
- Spread: N/A
OspreyFX is an unregulated offshore brokerage that offers online trading via the MetaTrader 4 platform on a range of trading instruments across multiple asset classes. The broker has competitive trading conditions, flexible account types and supports cryptocurrency. They also have some useful market news articles that are frequently updated.
Despite this, the customer support is lacking whilst the account funding options are limited and we found the brokers spreads to not be the tightest. They do not provide any additional learning materials, trading tools or social trading platforms.
In this detailed OspreyFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
OspreyFX is an electronic communications networks (ECN) forex broker that offers online trading of Forex, Cryptos, CFD’s, Stocks and Commodities with full straight through processing (STP) execution. The brokerage requires a minimum deposit of $50 and has flexible leverage of up to 1:500 available.
For those who may not be aware, an Osprey is a large fish-eating bird of prey with long, narrow wings and a white underside and crown, found throughout the world. This seems to be the inspiration behind the brokers name, as evident from the bird incorporated within their logo.
As an ECN broker, OspreyFX aggregate liquidity from more than 50 different global banks, hedge funds and dark pool liquidity exchanges. Executable Streaming Prices (ESP) are dispatched from these types of liquidity providers directly to the brokers platform, where clients are then free to trade in an environment which is devoid of a dealing desk, rate manipulation, or re-quotes. This enables them to offer competitive spreads and trade execution speeds with minimal slippage.
The OspreyFX ECN account was built for day traders, scalpers and expert advisors, whatever your trading style, they’ve got you covered. Traders of all experience levels and investment size can trade on institutional grade liquidity.
Founded in 2019, OspreyFX are an offshore broker located in St. Vincent and the Grenadines. The broker is not regulated by any government or non-government body. This means that there will be limited protection in place should something go wrong.
Most professional traders and financial experts would advise against trading online with an unregulated brokerage. With so many brokers to choose from, you may wish to consider an alternative option from our online broker reviews.
OspreyFX state that client funds are held in an independent bank account to ensure that the brokers own funds and assets are segregated from client funds. At any time, they can quickly and accurately distinguish the funds which are being held for one client from those being held for another, as well as being able to distinguish from their own funds. Client funds are kept off-balance and should not be used to pay creditors in the event that OspreyFX were to stop operating.
OspreyFX regularly pinpoints, analyses, monitors and regulates each type of risk connected with its day-to-day operations. This includes evaluating on an ongoing basis the performance of the policies and procedures which they implement. This enables the brokerage to be able to cover all of their financial and capital requirements.
OspreyFX brokerage services are not intended for use or directed at any jurisdiction where use would be contrary to local law or regulation. In conjunction with UK financial guidelines and policy, OspreyFX does not offer Contract for Difference (CFDs) or CFD-like trading options to UK customers.
Some OspreyFX broker features and products mentioned within this OspreyFX review may not be available to traders from specific countries due to legal restrictions.
MetaTrader 4 (MT4)
OspreyFX provide true ECN connectivity to clients via the popular MetaTrader 4 (MT4) trading platform which is developed by the Russian software company MetaQuotes.
MT4 is well known for its user-friendly and fully customisable interface. It has an abundance of features and functionality to satisfy the needs of different traders. It has a short learning curve which makes it the platform of choice for many beginners whilst maintaining enough advanced capabilities to satisfy the more demanding needs of seasoned investors.
MT4 supports market and pending orders, instant execution and trading directly from a chart, stop orders and trailing stops, a tick chart and trading history. MT4 can make trading instantly become more versatile and hassle-free.
The MT4 online trading platform features include:
- 3 Execution modes
- 2 Market orders
- 4 Pending orders
- 2 Stop orders & a trailing stop
- Multiple chart types & time frames
- 50+ technical indicators & graphical objects
- Automated trading with expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MQL editor to create customised indicators, scripts & EAs
- Price alert notifications can be set via email, SMS & platform pop-ups
MT4 is available for desktop, web and mobile devices. You can use the mobile versions of MT4 on your iPhone/iPad and Android devices to trade in the financial markets whilst on the move from anywhere in the world with an internet connection. The MT4 web version runs directly in most modern browsers without needing to download or install any additional software. The MT4 desktop platform has the most functionality and capabilities.
OspreyFX Trading Tools
Unfortunately, OspreyFX do not have any additional trading tools to assist with daily trading activities. Although that being said, the MT4 platform is likely to have plenty of tools to meet the needs of most retail traders.
There is a section of the brokers website where they cover the latest Forex and Crypto news as well as any breaking financial stories that can impact your trading. It must be said that there is a good range of frequently updated articles covering a variety of topics in detail.
The broker does not have a trading academy or any additional learning materials. It would be beneficial if they had a variety of educational resources such as tutorial video, trading guides, eBooks, webinars, seminars, etc. This could help support more informed trading from their clientele.
With OspreyFX you can trade Forex, CFD’s, Commodities, Metals, Cryptocurrency and Stocks.
- 55 Forex currency pairs including major, minor & exotic currencies
- 9 Indices
- 9 Commodities
- 37 Stocks
- 31 Cryptos
OspreyFX Accounts & Fees
OspreyFX provide ECN/STP trading accounts with up to 1:500 leverage, 0.01 minimum lot size and 1000 maximum lot size. The main difference between the accounts are the minimum deposit requirement, spreads and commission fees.
The account type that you opt for may depend on your investment size and trading strategy. Those who require the tightest possible spreads may prefer the PRO account whereas those who use more long-term trading strategies may prefer the account with the lower commission fees. OspreyFX do not offer Islamic accounts which is dissapointing for Muslim traders.
- Spreads from 0.8 pips
- Minimum $50 deposit
- $3.50 commission fee ($7 round turn)
- 55 FX currency pairs
- Spreads from 0.4 pips
- Minimum $500 deposit
- $3.50 commission fee ($7 round turn)
- 55 FX currency pairs
- Spreads from 1.2 pips
- Minimum $250 deposit
- $0 commission fee
- 55 FX currency pairs
- Spreads from 1.0 pips
- Minimum $25 deposit
- $1 commission fee ($2 round turn)
- 29 FX currency pairs
You can open a demo account with OspreyFX to practice your trading strategies and test out the brokers services. Demo accounts can have an unlimited amount of virtual funds and you can choose any leverage up to 1:500. It should be noted that trading conditions can differ between demo and real accounts due to factors such as spreads, slippage and liquidity.
OspreyFX accounts require two-factor authentication. This helps to protect your account and data from unauthorized access attempts.
As broker fees can vary and change, there may be additional fees that are not listed in this OspreyFX review. It is imperative to ensure that you check and understand all of the latest information before you open an OspreyFX broker account for online trading.
If you have any questions for the OspreyFX support team, there is an online form that you can complete and they will aim to get back to you within 24 hours. They have an automated online chat bot that aims to guide you in the right direction and provide some pre-prepared answers to commonly asked questions.
We believe it would be more beneficial if the broker added a human online chat support option and contact telephone number. This is especially important if there was an emergency and you needed to speak with someone right away. For these reasons, we consider the support to be lacking when compared to many other brokers who offer multiple avenues of support.
OspreyFX Deposit & Withdrawal
OspreyFX support account funding via bank transfer, credit/debit card, Bitcoin, VLoad and UPay. They charge $25 banking fees for wire transfers with a minimum requirement of $100. Wire transfers can take up to 6 days but the broker aims to have them processed on their end within 1 business day. OspreyFX works closely with its payment service providers to ensure fast and flawless deposits and withdrawals.
You can follow these steps to make a deposit or withdrawal with OspreyFX:
- Login to your OspreyFX account
- Navigate to deposit or withdrawals
- Choose method and follow the instructions
- Process deposit/withdrawal
The total amount that you fund your OspreyFX account with, using your chosen credit/debit card, is the total amount that the broker is legally allowed to return to that card. You can withdraw all other profits out using either Bitcoin or bank transfer. You can track the progress of Bitcoin withdrawals with the transaction information on blockchain.info.
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods. The withdrawal time can vary depending on the payment provider and method. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites.
You may need to verify your account to remove limits on particular methods in some countries. OspreyFX strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your OspreyFX trading account.
Accounts can be opened USD, EUR, GBP, CAD, AUD, BTC. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
OspreyFX Account Opening
OspreyFX have a short online application form which you can complete to open a trading account. You will need to provide some personal information and verify your identity. This can be with a passport or drivers license. You can also verify your address with a bank statement or utility bill. Once a member of the OspreyFX accounts team have confirmed your account, you will be able to commence trading online. The broker aims to approve your account during the same business day.
OspreyFX is an unregulated broker with a basic online trading service that includes a range of trading instruments across multiple asset classes, the user friendly MT4 platform and flexible account types. They do have a good selection of cryptocurrencies to trade and also facilitate Bitcoin funding. They provide frequently updated market news and insights which is very useful.
However, the broker does not have any educational materials or additional trading tools to support traders. The customer support team can only be reached via an online form with no online chat or telephone number provided. The e-wallet payment options are limited whilst we did not find the account spreads to be the tightest when compared with other online brokers that we have reviewed. There is also no social trading platform intergration.
Despite this, we believe the lack of regulation is the main reason we would consider a different brokerage. For some inspiration, please feel free to browse our best brokers list.
Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.