OspreyFX review

OspreyFX review


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Overall score

Osprey FX is a Forex broker based in Saint Vincent and the Grenadines. It provides a secure ECN (Electronic Communications Network) trading environment which permits clients to trade exclusively online.

If you become their client, you will be able to trade on institutional-grade liquidity and transparent dark pool liquidity execution venues. This means you can trade on tight spreads, starting at 0.0 pips. Of course, those are the promises of OspreyFX, but we are here to see whether they stick to those promises or not.

They exist since 2019 and for now, their services are restricted in some areas like Bahamas, Botswana, Burma (Myanmar), Cambodia, Democratic Republic of Congo, Cuba, Ethiopia, Ghana, Iran, Iraq, Japan, Kenya, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Republic of the Congo, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, United Kingdom, Vietnam, Yemen, Zimbabwe.

The rest of the world can enjoy things like 30+ FX pairs, 100+ Stocks, Cryptocurrency and CFDs trading with a maximum leverage of 1:500, $10 minimal deposit and 0.01 minimum lot. But the main question everyone has — can we trust this broker?

The first thing to keep in mind is that OspreyFX does not have a licence. That said, you can never fully trust them. But, on the other hand, they do have a lot of interesting offers that are worth your attention. So, let’s go through all of them.

They offer three Account Types. OspreyFX MT4 ECN, the account you choose if you want to trade by yourself. With it, you choose currency (USD, EUR, GBP, CAD, AUD, and BTC) and the leverage as well (50, 100, 200, 300, and 500).

The next one is OspreyFX MT4 Islamic. Everything is the same as with the previous one, except currencies. The only one that is available is the U.S. Dollar. Lastly, there is a Demo Account. You receive virtual money to practice, and you can choose from 100 to 100,000 balances. 

One important information about the accounts is that you will be charged a $10 fee or equivalent in the alternative currency if you do not trade within the last 6 months. This is an inactivity fee and if your account is not active, they will take the money automatically. Aside from that, there is also a commission/trading fee (USD - Standard: $5.00, Pro: $7.00, Var: $0 and Mini: $1.00; BIT - Standard: 1500 BIT, Pro: 1500 BIT, Var: 0 BIT, Mini: 15 BIT).

OspreyFX review

Platform and Execution SCORE: 90%      

As a trading platform, they offer MT4. This is an excellent choice since many traders are used to it. MT4 is popular because it has a user-friendly and customisable interface. It has great professional tools, so as an OspreyFX client you get three execution modes, two market orders, four pending orders, two stop orders and a trailing stop, multiple chart types, 50+ technical indicators and price-alert notifications.

OspreyFX review

It is available for computers and mobile devices so I can say it is fully efficient. When it comes to platforms, I can say they did a great job. It works just fine, without any interruptions or errors. You can download it or use the Web Trader, both options are provided.

They also provided a step by step guide, so if you are a beginner and you do not have experience with Meta Trader 4, you can read that, and you will be able to easily manage the platform. There are more than 15 articles about customising the platform on their website, so I have to give them additional points for that too.

OspreyFX review

Withdrawal Speed SCORE: 70%

If you decide to become their client and deposit money, the process is very simple. You have to log in to your account, go to Deposit Funds in the Client Area and choose the desired currency (USD, EUR, GBP, CAD, AUD, and BTC), select the type of payment and amount.

There is one little problem I have when it comes to payment methods. On the landing page, they listed numerous methods like wire transfers, leading card providers, online wallet options (for example Visa, Neteller, Qiwi, AstroPay, PostePay, Thawte, etc.). But once you make an account and go to deposit methods, only two options are available, Credit/Debit Card and Bitcoin. Apparently, different methods are just false promises.

OspreyFX review

When it comes to withdrawals, you need to choose the same method you chose for deposit. The process is similar as previous, you should go to the Clients Area, click on the Withdrawals and choose the desired currency, method and amount. 

OspreyFX review

They need two to five business days to process the withdrawal request. If you choose Wire Transfers, that usually takes six business days. After that, you will need to wait about two to three business days to have money on your bank account. The approval process could be faster, I have to admit. But with some other brokers, you wait even longer, so I won’t give them negative points for this. Those negative points go to the fees they charge. You will have to pay $25 to OspreyFX on withdrawals that are up to $5,000. Aside from that, they charge additional fees depending on the withdrawal method.

OspreyFX review

Support and Assistance SCORE: 85%

OspreyFX offers constant support. You can contact them 24 hours, 7 days a week and their agents will be on disposal. This is an amazing thing since we all know how important it is to have someone who will answer your questions and help you find a solution for any potential problem.

You can send them an email, fill in the contact form on the website or simply contact them using the Live Chat option. There isn’t any phone number, so you cannot call them. But if you decide to send an email, be aware that you can wait up to 24 hours for a reply. That said, with the Live Chat you will get instant answers and you don’t need to have an account. The only requirement is to leave your email address, that’s it.

OspreyFX review

The only support language available is English, but overall, they are responsive and efficient. So, I can only say they did a pretty good job when it comes to assistance.

Education and Tools SCORE: 10%

This broker does not have any educational material. They do not offer the possibility to read guides or eBooks with specific accounts, and that is disappointing. We all know how important it is to have a good education when it comes to Forex and CFD trading in general.

This is the part they need to improve a lot. They do have a News section, which is updated regularly, and that is great. But it doesn’t compensate for missing eBooks and Forex lessons. Since they have a lot of things to offer, I really hoped education will be on the list. Apparently, I was wrong and the only thing I can say is that I am completely disappointed by this part.

When it comes to the News section, you can find different posts. So, depending on your area of interest you can choose between Daily News, Affiliates, Trading and Crypto. Aside from that, they make posts for each update, to keep you informed about any change that happened on the website.

OspreyFX review

The Bottom Line

Overall, this broker has some negative and positive elements. However, the positive things are much more spread than the negative ones. In addition, the website is neatly done. It is responsive and the design is easy to navigate through, so you won’t waste time looking for a specific section.

So, if I set aside the licence issue, I could say that this broker is not that bad. It offers a decent selection of tradable instruments and is available for any questions that you might have. That said, if you are not comfortable trading with an unregulated broker then I would suggest that you look elsewhere.

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Trust score

Platform & execution

Withdrawal speed

Support & assistance

Education & Tools

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