OspreyFX HeadlinesTrading PlatformsAssetsLeverageMobile AppsPayment MethodsDemo AccountPromotionsLive AccountsLicensingAdditional FeaturesOspreyFX AdvantagesOspreyFX DrawbacksTrading HoursCustomer SupportSecurityOspreyFX Vs CompetitionOspreyFX VerdictFAQsAccepted CountriesAlternatives to OspreyFX
OspreyFX offers its global clients two of the world’s most popular platforms for trading forex, cryptos, stocks, commodities and CFDs. Though unregulated, the broker is a licensed business in St. Vincent and the Grenadines and offers competitive leverage rates and a range of payment options. This review delves into the benefits and drawbacks of signing up with OspreyFX, including account types, financial assets, scam security and more.
OspreyFX Headlines
Founded in 2019, OspreyFX is an online ECN broker operating from St. Vincent and the Grenadines. Clients can trade a range of instruments, spanning multiple asset classes via the two latest MetaQuotes trading platforms. Its services are best suited to experienced day traders, offering good technical analysis, variable account options and high leverage rates.
Being an ECN broker, OspreyFX does not pass an order flow to market makers, instead electronically matching trade participants and passing orders through to liquidity providers. ECN brokers provide a more transparent set of market data, deeper liquidity and tighter spreads than dealing desk brokers, though often for additional commissions.
OspreyFX is unregulated, meaning that its activities are not necessarily compliant with standard regulatory practices. Clients should be aware that trading with an unregulated broker carries greater risk.
Trading Platforms
OspreyFX clients are spoiled for trading platform choice, offering both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular platforms for forex and CFD trading.
MetaTrader 4 is known for its intuitive interface, fully customisable dashboard and range of charting and analysis tools. MT4 offers 30 technical indicators, nine chart timeframes, market analysis tools, multiple order types and automated trading support. This popular forex trading platform is heavily used, with still more trading volume than its successor, MT5, which has been around for ten years.
MetaTrader 4
MetaTrader 5, the latest platform from MetaQuotes, is MT4’s younger, sleeker brother. MT5 boasts 38 built-in technical indicators, 21 timeframes, 10 order types and 44 graphical analysis tools. MT5 is also better suited for multi-asset trading, leverages more sophisticated software and is more efficient.
Both trading platforms are compatible with Windows and Mac computers, iOS and Android (APK) mobile devices and most browsers for web-based order execution.
MetaTrader 5
Assets
OspreyFX, despite its name, does not limit its clients to speculating on the foreign exchange markets. The full range of financial assets offered by the broker is:
Forex – 53 major, minor and exotic currency pairs
Cryptos – 14 of the biggest cryptocurrency tokens against the US dollar
Indices – 8 global stock indices, including the Dow Jones US30 and FTSE 100
Stocks – shares in 10 EU and 27 US companies
Commodities – 7 CFDs, including energies and metals
Leverage
One benefit of not falling within the jurisdiction of a regulatory agency is that OspreyFX can offer leverage rates of up to 1:500 across its range of assets. While this may be attractive to many, thanks to its opportunity for greater market exposure and profit possibilities, margin trading should be carried out with care. Leverage can also magnify your losses, even losing more money than you have capital in your account.
Mobile Apps
OspreyFX clients are not tied to their desks if they want to access their accounts or execute trade orders. Both MT4 and MT5 mobile applications can be downloaded for free on the App Store or Google Play Store, facilitating on-the-move trading and position monitoring. However, mobile trading does have its limitations, with fewer advanced features and analysis capabilities than are supported on desktop or web-based platforms.
Payment Methods
OspreyFX accounts can be funded and emptied using several payment methods, with varying fees and processing times. The options are:
Bank wire transfer
Credit/debit card
VLoad
Bitcoin
UPay
Bank transfers are charged an additional $25 fee, with an increased minimum deposit requirement of $100. All other payment methods have a minimum deposit of $10. Bitcoin payments may be tracked on blockchain.info for added security.
Withdrawals via bank transfer and Bitcoin are free of charge, excluding third-party bank fees. The withdrawal time for any payment method is at least 24 hours. Deposits and withdrawals must be made from accounts under the same name that the trading account is registered with. Account transactions are made easily from within the OspreyFX portal.
OspreyFX trading accounts can be opened with USD, EUR, GBP, CAD, AUD and BTC base currencies. Such a range can keep fees and risks to a minimum, with less need for currency conversion charges. PayPal payments are not currently accepted.
Demo Account
OspreyFX offers a well-equipped demo account for those who wish to try before they buy. The account is credited with as many virtual funds as desired and supports all forms of trading that are possible on the main account, with the same 1:500 maximum leverage rate.
Practice accounts are a brilliant way to get a feel for a broker, platform or asset range before committing real capital. They can also be used to test new strategies and ideas in a risk-free manner. That being said, spreads, liquidity and slippage may not always match those seen in live accounts, given their unpredictability.
Promotions
OspreyFX regularly runs trading competitions, with a variety of rules and goals, often with monetary prizes. For example, the first quarter of 2021 saw a gold and silver trading competition for the chance to win a PS5, a $2,000 New Year competition and an $80,000 two-month profit competition. The broker also offers a referral bonus scheme.
Live Accounts
OspreyFX offers four account types with a range of features and limits, providing a good range of opportunities for traders of all experience levels:
Standard – spreads from 0.8 pips, $3.50 commission, $50 minimum deposit
PRO – spreads from 0.4 pips, $3.50 commission, $500 minimum deposit
VAR – spreads from 1.2 pips, $0 commission, $250 minimum deposit
Mini – spreads from 1 pip, $1 commission, $25 minimum deposit
Swap fee-free MT4 and MT5 ECN accounts are also offered for Islamic traders.
Licensing
OspreyFX is headquartered in St. Vincent and the Grenadines, where it is a legally licensed business. That being said, it is not a regulated forex broker, which may put some investors off. Regulated brokers typically have several protective measures in place, such as segregated bank accounts, negative balance protection and legal recourse opportunities. We generally recommend selecting a regulated broker for these reasons.
That being said, being unregulated affords OspreyFX some opportunities. For example, leverage rates are not capped, the broker can provide crypto derivatives to UK traders and client anonymity can be preserved to a greater level.
Additional Features
OspreyFX offers its clients more than just brokerage services, the website is home to a range of financial news and insight articles, a suite of topical content, such as myth debunking, and online calculators. Unfortunately, the broker does not provide any educational resources, which are particularly useful for less-experienced traders. Therefore, if you are new to trading, you may be better off finding a broker that provides more support in this area or finding external educational content.
OspreyFX Advantages
Regular, lucrative trading competitions
Competitive commission fees
Range of base currencies
Low minimum deposits
Flexible account types
ECN brokerage model
MT4 and MT5 access
High leverage rates
Bitcoin deposits
Crypto trading
OspreyFX Drawbacks
Bank transfer deposit fee
Limited funding options
No UK or US clients
Unregulated
Trading Hours
The forex market is open 24 hours a day from the first stock exchange opening time to the last closing time each week. Forex trading opens at 21:00 GMT on a Sunday and closes at 10:00 GMT on a Friday. Despite being open throughout this window, different currency pairs are best traded at times when their respective exchanges are open. For example, the GBP/USD pair is most liquid when both the London Stock Exchange (LSE) and New York Stock Exchange (NYSE) are open, between 13:00 GMT and 16:00 GMT. The main global trading sessions are:
Sydney – 22:00 – 07:00 GMT
Tokyo – 01:00 – 10:00 GMT
London – 08:00 to 16:00 GMT
New York – 13:00 – 22:00 GMT
Other financial instruments have different market times. Stocks are only tradeable while their local exchanges are open, commodities have a range of trading times and cryptos are available 24/7. For full details of trading times in your time zone, visit the broker’s website.
Customer Support
If you find yourself in need of help, perhaps your account is locked or you have received a margin call, OspreyFX’s customer service team are contactable 24/7 via a range of standard methods. The quickest way to get in contact is using the live chat feature in the lower right corner of their website. You can also provide your email address or phone number to submit a ticket request for the broker to contact you back. Finally, the broker is also active across social platforms including Facebook, Twitter, Instagram and LinkedIn. Customer reviews of the support provided by OspreyFX are generally positive.
Security
Despite no legislative requirement to do so, OspreyFX segregates client funds from its own using reputable banking institutions to ensure the security of client capital in the event of broker insolvency. OspreyFX also implements KYC protocols and a two-factor authentication process to sign in to your account, using a QR code to verify your identity.
While unregulated, OspreyFX clearly takes the safety of its client funds seriously, demonstrating transparency. That being said, policies such as negative balance protection and insurance are not offered.
OspreyFX Vs Competition
With so many brokers to choose from, it can be difficult to know where to start. When comparing OspreyFX to the likes of Oanda, TradersWay and Hugosway, its main advantages lie in the trading platform offerings and asset range. However, Oanda is a regulated broker, affording its clients an extra layer of security and legal protection.
OspreyFX Verdict
OspreyFX is an offshore ECN broker offering a good range of trading instruments alongside access to both MT4 and MT5 trading platforms. The broker has good levels of accessibility and customer service, with mobile trading support and a competitive fee structure, including a zero-commission account. However, the lack of educational resources, payment options and regulation leads us to recommend prospective traders with less experience to consider alternative brokers.
FAQs
Is OspreyFX A Legit And Safe Broker?
OspreyFX is not regulated by any financial watchdog, creating an inherent level of risk for anyone that opens an account. Unregulated brokers are not required to implement protective measures or abide by legislative limits that are put in place to protect retail investors. However, OspreyFX maintains a good level of site and account security, segregates its client funds and uses two-factor login authentication.
Who Owns OspreyFX?
The owner of OspreyFX is OspreyFX Limited, a holding company also registered in St Vincent and the Grenadines. The broker has been operating since 2019.
Does OspreyFX Offer A Demo Account?
Yes, OspreyFX provides clients with a demo account on both its trading platforms. Users can fund their practice accounts with as much virtual money as they want and trade with all the same instruments, leverage rates and functionalities available with live trading.
Where is OspreyFX located?
OspreyFX’s headquarters are in St. Vincent and the Grenadines, where it has been operating since 2019 and holds a local business license.
Is OspreyFX on MT5?
OspreyFX offers both MT4 and MT5, appealing to more experienced traders that have grown fond of MT4 and supporting both more advanced traders and new investors with the sleeker, more sophisticated MT5.
Does OspreyFX Allow US Investors?
No, OspreyFX does not accept US clients, whether citizens or residents of the country. Other restricted countries and locations include the UK, Japan, Malta and North Korea.
Accepted Countries
OspreyFX accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use OspreyFX from Botswana, Myanmar, Congo, Congo DR, Cuba, Ethiopia, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, Palestine, Somalia, Sri Lanka, Sudan, Syria, Trinidad And Tobago, Tunisia, United Kingdom, United States, Viet Nam, Yemen, Zimbabwe.
Alternatives to OspreyFX
If you are looking for alternatives to OspreyFX we have compiled a list of the top 5 brokers that are similar to OspreyFX below. This list of brokers like OspreyFX is in order of similarity and only includes companies that accept traders from your location.
Pacific Union – Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.
FXPro – Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
AdroFX – AdroFX is a regulated, global broker offering forex, CFD and crypto trading with MT4 access and attractive welcome bonuses.
Just2Trade – Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4