OspreyFX Review – A Look At This Forex Broker

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By Theo Madsen

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OspreyFX Review

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OspreyFX Review

  • Trading Platforms
  • Education & Research
  • Pricing
  • Customer Support
  • Tools and Features
4.1

Summary

OspreyFX is a forex broker founded in 2019 in St. Vincent and the Grenadines. This broker offers multiple currency pairs, crypto trading, and access to MetaTrader 4 and MetaTrader 5. OspreyFX also includes CFD trading, educational materials, four account types, and more. Learn everything you need to know about this forex broker by reading our complete OspreyFX review.

Pros

  • Flexible account types available for all budgets and trading strategies
  • Abundant educational resources, including trading guides
  • Multiple deposit and withdrawal methods available, including wire transfer and bitcoin deposits
  • Islamic accounts and demo accounts
  • Reasonable range of assets
  • Competitive spreads
  • Ideal for day traders, scalpers, and other active traders
  • More than 60 currency pairs to choose from
  • Easy to set up a funded account
  • Aggregate liquidity from global providers

Cons

  • Not a regulated broker, but client funds are kept in segregated accounts
  • No contact telephone number
  • Wire transfers have a fee of $25 per withdrawal

Are you looking for a trustworthy, regulated forex broker? Trading from the comfort of our homes has never been easier, but the plethora of online brokers available nowadays makes it difficult to choose the right service. Not to mention, an offshore broker may have hidden costs, or may not have the features you’re looking for. To help you find the right broker for your needs, we’ve put together this in-depth OspreyFX review.  

About OspreyFX

OspreyFX is a relatively new company, founded in 2019 in St. Vincent and the Grenadines. The forex broker is a relatively new entrant, but its offering is quite competitive, providing multiple currency pairs, crypto trading, and other assets that help traders improve their returns. It employs ECN technology (Electronic Communication Network), which is a computer-based system that automatically matches buy and sell orders for securities.

One of the main benefits of this technology is that it allows OspreyFX to connect liquidity providers with its clients’ orders, which means that you benefit from very low spreads, lightning-fast execution speeds, low slippage, and plenty of assets to choose from.

Although not regulated, the broker located in St. Vincent and the Grenadines has multiple protection measures in place, including segregated clients account, institutional-grade liquidity, and fast payment methods, thanks to its fruitful partnership with tier-one banking institutions around the world. Let’s dive into the OspreyFX review, starting with its main features and how these benefit traders.

OspreyFX Features

Ospreyfx Features

When trading on the forex market, perhaps the most important aspect that will impact your experience is the trading platform. Below, we’ll introduce you to the two platforms compatible with this broker, MT4 and MT5, and a few other crucial features.

OspreyFX Perks

Trading Platforms

OspreyFX offers ECN connectivity via two of the most popular platforms in the world, MetaTrader 4, mainly for forex trading, and MetaTrader 5, a newer, multi-asset platform ideal for CFD trading.

MetaTrader 4 is a leading platform thanks to its tools, features, and ease of use. Although maybe not a beginner-friendly choice due to its highly customizable interface, MetaTrader 4 comes as a full package well-suited for any trader and any strategy. Fortunately, with all tutorials and educational materials available, the platform has a short leaving curve that can help novice traders learn how to use advanced features to improve their returns and boost their all-time profits to new highs.

Some of the main features provided by MetaTrader4 include:

  • Multiple orders, including market and pending orders
  • Instant execution with low slippage
  • A wide variety of customizable charts and drawing tools
  • Mobile application, browser-based WebTrader, or downloadable software
  • Forex and trading CFDs only
OspreyFX MT4

OspreyFX also facilitates access to MT5. It is a newer platform designed for trading more asset classes, including forex, stocks, indices, and commodities. Similar to MT4, MT5 boasts powerful training tools, up to 21 timeframes, an economic calendar, easy access to the latest forex and financial news, and more. Both MT5 and MT4 support copy trading and automated trading.

Assets

While the choice of trading platform is important, a good broker must provide the assets you are interested in. This forex and CFD broker simplifies access to the foreign exchange markets, but the ECN account types also allow trading CFDs and crypto trading.

OspreyFX has a relatively average offering that includes more than 60 currency pairs, more than 20 cryptocurrencies, indices, metals, US dollar futures, energy, and stocks. This selection may be satisfying to most traders, whether they have a forex trading strategy or are crypto enthusiasts.

OspreyFX Spreads & Assets

One of the main benefits of its unregulated status is that OspreyFX can provide up to 1:500 leverage for certain assets. This feature may be attractive to many traders, but keep in mind that leveraged trading instruments also magnify your risk.

Account Types

OspreyFX accounts have a few common features, such as ECN trading, up to 1:500 leverage, a minimum trade size of only 0.01, access to all asset classes, a margin call of 100%, and a stop-out level of 70%. The main differences between its four account types are in terms of spread, deposit, and commission per lot, as discussed in the pricing section below.

OspreyFX Accounts

In addition to this, OspreyFX accommodates Muslim traders by allowing clients to open an Islamic account. This account allows you to trade according to Sharia Law, so there are no swap fees (interest).

Alternatively, you can sign up for a demo account first, so you can try out all the broker’s features and the trading platform, and get familiar with the trading tools before risking any real cash. A demo account is a must if you want to make a sound decision since your trading balance will consist of virtual funds with which you can test your strategy.

OspreyFX Demo Account

Education & Research

Unlike many other brokers, such as EagleFX, OspreyFX excels in terms of educational resources. Firstly, it provides a comprehensive section that introduces you to trading – such as the best way to learn how to trade, short-selling in a nutshell, and a beginner’s guide to trading bitcoin.

To make it even easier, the educational section is split into intuitive categories, so you can choose between beginner, intermediate, and advanced, although the last section only has two articles as of this writing.

OspreyFX Educational Section

Secondly, OspreyFX has partnered with Forex Squad, and the result is a free training resource for aspiring forex traders. On this platform, users can learn the basics of forex trading, advanced forex trading, forex strategies, how to use technical and fundamental analysis, tools and indicators, and even trading psychology.

OspreyFX Forex Squad Platform

Ospreyfx Pricing

The four account types have the following characteristics:

  • The standard account has a spread starting from 0.8 pips, a recommended minimum deposit of only $50, and a $7 commission per lot
  • The Pro account has a spread starting from 0.4 pips, a recommended minimum deposit of $500, and a commission of $8 per lot
  • The VAR account has a spread starting from 1.2 pips, a recommended minimum deposit of $250, and a commission of $0 per lot
  • The MINI account has a spread starting from 1.0 pip, a recommended minimum deposit of $25, and a commission of $1 per lot

Consequently, the OspreyFX trading account is flexible enough to accommodate any strategy and budget. If you want low spreads, you can open a Pro account, while traders who expect to make multiple transactions may open a VAR or a Mini account to keep their commissions low.

These fees are favorable compared to industry standards. For example, Kot4x’s pro account has 0.4 pips spreads and a $7 commission per lot, but it provides no education or training to support beginners. OspreyFX also has a transparent pricing structure, unlike Plus500 which doesn’t specify any trading costs.  

OspreyFX provides multiple payment methods, including bank transfer, credit or debit cards, Instacoin, Bitcoin, and others, but the choice of the payment provider depends on your region, local law, and how quickly you want to start trading. Each payment method is available regardless of which account you choose.

In addition to spreads and commission fees, it’s important to mention that some payment methods like wire transfer have a fee of $25 for withdrawing up to $5,000 and a minimum amount of $100 – and may also take up to 6 days to be completed. Most other payment methods are free of charge, but all crypto deposits come with processing fees based on the crypto’s network.

OspreyFX Customer Service

OspreyFX offers live chat or email on a 24/7 basis. If you have an important issue, you may find that the lack of phone support is a disadvantage, albeit not uncommon among brokers. The live chat feature works well if you need instant guidance.

The non-stop availability of customer service is a great perk, especially if you want an answer within minutes. For less urgent matters, you can send an email and receive an answer within 24 hours. For basic information, the extensive FAQ section may provide quick answers to your queries.

Who Is Ospreyfx For?

OspreyFX is a versatile and competitive forex broker. While providing access to world-renowned trading platforms, this broker boasts great trading conditions, ranging from high leverage to low spreads and ECN trading.

With a deep pool of liquidity, OspreyFX may suit the needs of savvy advanced traders. Thanks to its well-developed and organized educational section, it facilitates the journey in the trading world, which is a particularly strong point for both beginners and intermediate traders.

How Does Ospreyfx Compare?

There are many alternatives on the market nowadays. When comparing OspreyFX to the likes of Oanda, for instance, the lack of regulation may be obvious, but OspreyFX offers more flexibility in terms of leverage and assets, which is possible thanks to its unregulated status. On the other hand, brokers like Oanda come with market experience, being founded more than two decades ago, which improves reputation and trust.

If you want to trade mainly stocks and CFDs on multiple asset classes, a broker like Plus500 or AvaTrade may suit your needs better, as these come with other financial instruments. Just like Fidelity and WeBull, OspreyFX provides support to new traders via the extensive educational section.

However, if you are not excited you join the MetaTrader community, opting for regulated brokers with a proprietary platform like CMC Markets or IG may be more convenient for you and ideal for many trading styles.

FAQ: OspreyFX Review

Is OspreyFX legit and safe?

OspreyFX is a company registered in St. Vincent and the Grenadines, and it is not regulated by any government or non-government body. This place is a popular choice among unregulated brokers, but it’s important to know that a lack of regulation may expose you to high risks, especially in the case of the broker’s insolvency. OspreyFX states that it performs stringent risk analysis and keeps the client funds separate from the firm’s money, which is a step ahead of other unregulated brokers like Kot4x.

Is OspreyFX allowed in all countries?

OspreyFX’s brokerage services are not available in all countries, so you may want to check the allowed regions before registering. In general, UK customers, and traders from the United States and other parts of Europe can join, but residents from multiple countries in Asia and Africa may not be able to.

Does OspreyFX allow mobile trading?

OspreyFX does not have a proprietary app for mobile devices. However, when you access your chosen MetaTrader platform, you also have the option to download the corresponding mobile trading app on your Android or iOS device.

Is OspreyFX suitable for beginners?

OspreyFX may be a good choice for beginners who want to learn the basics of trading or to advance their knowledge. There are multiple tools and features designed to assist you, such as a risk-free demo account, and a detailed educational section, along with all the research and tutorials provided by MetaTrader. However, you should keep in mind that CFDs and forex trading is riskier than conventional trading strategies, so you should practice good risk management.

Final Verdict: OspreyFX

Based on our OspreyFX review above, it is a good brokerage service that provides access to multiple financial instruments, several trading account types, flexible payment options, and access to the world-renowned MetaTrader platforms. The ECN broker provides stellar support to beginners who want to learn the intricacies of the trading universe, while costs are at an average level compared to other brokers. Overall, the trading conditions are competitive and suit any trading style and strategy.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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