At first glance, OspreyFX looks great. The company offers transparent trading terms and a variety of options, including funded accounts and more.
Yet, a second look reveals negative sides, such as offshore headquarters and a lack of a license. Our detailed OspreyFX review will elaborate on all you need to know before depositing the money.
OspreyFX says to be owned by Osprey Ltd, registered in Saint Vincent and the Grenadines. While this country has no official Forex regulator, they have a company register. Therefore, we searched for the said owner. Yet, our search yielded no results.
The brokerage firm offers prop services and funded accounts. They provide clients with their own money and give them a chance to earn a percentage of profit in return. While this type of business doesn’t require a license, providing trading services does.
Just in case, we looked for OspreyFX regulation with Tier 1 authorities such as FCA in the UK, CFTC in the US, and ASIC in Australia. Unfortunately, once again, we found nothing.
While there are companies with Tier 1 licenses and offshore branches for more widespread reach and tax reasons, rarely do we find an offshore-only firm providing fair terms to its customers. Therefore, further information in this article will show you whether or not you can trust OspreyFX with your funds.
Like many brokers out there, OspreyFX is advertising its services through social media and Google Ads. They mainly target the following countries, according to traffic reports:
Note that OspreyFX is not regulated in the US, the EU, or Canada for offering trading services.
Here comes the category where we have nothing negative to say. OspreyFX trading platform offer is immense. The company provides access to both MetaTrader versions, MT4 and MT5.
While slightly older, MT4 still holds a significant market share. It’s advanced software with vast functionalities, including add-ons for social trading and EAs.
At the same time, MT5 is a newer, faster version. It has different execution types and offers quicker and more user-friendly navigation. Just like its predecessor, MT4, it has advanced functionalities.
Another great perk of these platforms is a dedicated mobile app. Both MT4 and MT5 offer Android and iOS-based applications that enable quick and easy login.
Instead of using your mobile browser and entering your data each time, you can set up the platform directly on your phone and use different protective measures, such as 2FA, to secure your funds.
Before we start talking about trading assets, let’s remember that OspreyFX has no authorization to offer trading in the first place. So, if you’re still interested, here’s a brief summary of instruments:
The website says the company offers tight spreads starting at 0.1 pips. It’s pretty solid. However, the leverage goes up to 1:500, which is forbidden in most Tier 1-regulated areas. According to ESMA, the leverage in the EEA zone and the UK cannot exceed 1:30, while the US limit is 1:50.
Other fees depend on the account type, ranging from $0 to $8 per lot for Forex trading. Additionally, you have to pay a commission of $7 per lot for trading all other assets on the Standard account.
We’ve found a mention of four different OspreyFX account types, those being:
According to the FAQ section, the minimum deposit is $25-50 for card transfer and $10 for crypto transfer. If you decide to use PayRedeem, the minimum depends on your tier level. However, it’s unclear what the difference is besides the already mentioned commission.
If you opt for a funded account, you can choose one of the following:
You’re getting money from the company once you prove your level of expertise in a Demo account. Then, you can keep 70% of the profit you make.
Yes, you can use the OspreyFX Demo account on both MT4 and MT5. You can use it for trading practice or to demonstrate your skill before being accepted for a funded account.
Testing the system risk-free is a great benefit since you can see how you handle high leverage and whether you are feeling comfortable with other trading terms. However, since the broker is unlicensed, we advise you to find a legitimate one.
The company allows the following payment options for fund withdrawals:
Regarding OspreyFX withdrawal to your debit/credit card, the amount is limited to the same one you deposited. All excess must go to your bank account or crypto wallet.
However, since we already elaborated on the broker’s unregulated status and certain withdrawal issues we found in the comments, we’d advise you to find a regulated broker. With them, you can always file a complaint with authorities and request to be reimbursed from the compensation fund if something goes wrong.
Let us know if you lose your funds trading with OspreyFX without any apparent reason or have issues withdrawing your profits. Global Fraud Protection has dedicated chargeback experts and CipherTrace crypto analysts to assist you with this matter.
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OspreyFX is an unregulated trading brokerage based offshore. If you experience any withdrawal issues, let us know, and we might be able to help you with this matter.
Yes, OspreyFX offers MT4 and MT5 mobile apps for trading on Android and iOS.
The minimum deposit depends on the method, being $10 for crypto and $25-50 for debit/credit card.
OspreyFX is an unregulated trading brokerage based offshore. If you experience any withdrawal issues, let us know, and we might be able to help you with this matter.
Yes, OspreyFX offers MT4 and MT5 mobile apps for trading on Android and iOS.
The minimum deposit depends on the method, being $10 for crypto and $25-50 for debit/credit card.
The post All You Need to Know About OspreyFX in One Review appeared first on Global Fraud Protection.
