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OspreyFX Forex Broker Review – Can you trust unregulated brokers?!

ospreyfx.com
nika
Written by:
Nika
Av
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
23 February 2024
Date
Last edit:
4 March 2024
Our rating:
4.4

4.4

Summary
Safety & Security of OspreyFX
0.1
0.1
Account types available for traders on OspreyFX
6
6.0
Fees & commissions review of OspreyFX
6
6.0
Trading platforms and mobile trading reviewed at OspreyFX
7.4
7.4
Education and research tools offered by OspreyFX
4
4.0
Customer support of OspreyFX
4.8
4.8
Conclusion

OspreyFX Forex Broker Review – Can you trust unregulated brokers?!

ospreyfx.com
nika
Written by:
Nika
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
23 February 2024
Date
Last edit:
4 March 2024
Our rating
4.4

4.4

Visit broker
Trading is risky
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Main summary

OspreyFX is a verified STP (Straight Through Processing) Forex broker, however the company is not regulated. And while lack of regulations is a drawback for many traders, it can be attractive for others. Brokers that are unregulated can offer high leverage and various promotions that regulated brokers are unable to. It should be mentioned that the broker has approximately 5 years of experience operating in the financial markets. Furthermore, the company owns multiple proprietary trading firms around the world.

There are a decent amount of tradable instruments and spreads are also acceptable. While most accounts come with both spreads and commissions, there is an option without commission. We have decided to have a deep look at this broker to ensure our readers have full, transparent, and unbiased information about OspreyFX. 

Pros & cons of OspreyFX broker

  • Ability to withdraw with $0 fees
  • Offers access to MetaTrader 4, MetaTrader 5
  • Fast and digital account opening/verification
  • Offers access to 55 Forex pairs
  • Low minimum deposit requirement from 25 USD
  • Most payment options are free and instant
  • No regulatory oversight to ensure investors and traders safety
  • High stop-out and margin call levels
  • There are no accounts with 0 spreads

OspreyFX Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivity
Minimum deposit 25 USD
Minimum account activation 25 USD
Number of available assets 141
Leverage up to 1:-
Available trading markets Forex, Indices, Commodities, Metals, Stocks, Cryptocurrencies
Account currencies USD, GBP, EUR, CND, AUD
Demo account Yes
Live account types Standard, Pro, VAR, Mini
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account -
Assets
Forex
Shares
Cryptocurrencies
Indices
Commodities
Total -
Fees & spread
Forex From 0.8 pips
Shares -
Cryptocurrencies -
Indices -
Commodities -
Software
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety & Security of OspreyFX

Unfortunately, OspreyFX is not a regulated broker by any authority. On the other hand, the company has years of experience and a loyal customer base. 

Because CFD trading involves use of leverage, traders may lose more money than what’s on the account balance. There is a negative balance protection on all accounts, preventing traders from losing more than their initial investment. 

image1.png

Account types available for traders on OspreyFX

OspreyFX markets itself as a true ECN broker and promises lightning-fast order execution speeds. But this high execution speed can also indicate a B-book broker and is more like a red flag than a convenient feature. 

Standard, Pro, Var, and Mini are four ECN accounts that share many similarities and the difference is spreads, minimum deposit requirements, and trading commissions.

The maximum leverage is capped at 1:500 for all these accounts, and the minimum lot size starts from 0.01 lots. All accounts provide access to the same markets such as FX, Indices, Commodities, Metals, Stocks, and Cryptos.

From these diverse assets, traders can choose between 55 Forex pairs, 9 indices, 9 commodities, 37 stock CFDs, and 31 crypto CFDs. Using CFDs, traders can enjoy the fastest execution speeds when trading digital currencies. 

The trading platform is MetaTrader 4 for all devices, offering advanced functionality and both manual and automated trading capabilities.

A margin call is 100% and stop-outs are set at 70%, making it super risky to trade with 1:500 leverage. 

As for the spreads for each trading account, the standard account comes with variable spreads from 0.8 pips, Pro accounts offer spreads on major pairs from 0.4 pips, the VAR account comes with 1.2 pips, and the Mini account offers spreads from 1 pip. 

Minimum deposit requirements are also different for each account. Standard comes with a 50 USD or equivalent deposit, Pro starts from 500 USD, VAR from 250 USD, and Mini from 25 USD. Trading commissions are 7 USD per lot, 8 USD per lot, 0 USD, and 1 USD respectively. 

The broker is very transparent with spreads and commissions and offers real-time spreads on its website. 

Pros & cons of OspreyFX account types

ProsCons
There is a very low minimum deposit of $25The majority of accounts have both spreads and commissions
Enables traders to use Demo and Islamic account typesThere are no accounts without spread markups
Margin call and stop-out levels are set high and can be easily triggered 

Fees & commissions review of OspreyFX

Comparing OspreyFX fees with other brokers

OspreyFX fees compared to Interactive Brokers fees

Type of FeeOspreyFXInteractive Brokers
EUR/USD SpreadFrom 0.8 pipsFrom 0.6
Fees on Deposits0 USD1%
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

OspreyFX fees compared to CM Trading fees

Type of FeeOspreyFXCM Trading
EUR/USD SpreadFrom 0.8 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityYes, 15 EUR/USD per month after 60 days of inactivity

OspreyFX fees compared to plus500 fees

Type of FeeOspreyFXplus500
EUR/USD SpreadFrom 0.8 pipsFrom 0.8 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityYes, 10 USD per month after 3 months of inactivity

OspreyFX fees compared to XM fees

Type of FeeOspreyFXXM
EUR/USD SpreadFrom 0.8 pipsFrom 0.6
Fees on Deposits0 USDNo
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityYes, 15 USD after 12 months, +5 USD/m

OspreyFX fees compared to AvaTrade fees

Type of FeeOspreyFXAvaTrade
EUR/USD SpreadFrom 0.8 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityYes, 50 USD after 3 months, 100 USD administration fee after a year

OspreyFX fees compared to Capital.com fees

Type of FeeOspreyFXCapital.com
EUR/USD SpreadFrom 0.8 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee10 USD/GBP/EUR/CND/AUD per month after 90 days of inactivityYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at OspreyFX

The main trading platform provided by OspreyFX is MetaTrader 4 which offers very advanced functionality. With OspreyFX MT4, traders can analyze markets using various inbuilt indicators or initialize trading robots. The broker offers MT4 for all devices and there is a web terminal version also. With MT4 mobile apps on both Android and iOS, traders can initialize and monitor trading positions on the go, together with numerous inbuilt market analysis tools. 

There is also MT5 available for all devices, giving traders greater flexibility to trade markets from anywhere in the world.

Education and research tools offered by OspreyFX

There are no educational resources available at the moment at OspreyFX which is understandable as there is no regulator to require education. With this said, there are multiple market research tools available including Forex calculator and Trade locker. Trade locker is a trading platform offered for maximum convenience and with useful functionality, but it is still inferior to both MT4 and MT5. 

Customer support of OspreyFX

The broker only offers live chat and online forms and is available on Telegram and other social platforms. With the live chat, it is comfortable to connect with the broker in a short time. 

However, there is no hotline support which raises immediate red flags about OspreyFX. Another downside with the OspreyFX support is that there are no other languages available besides English. 

Conclusion

In the end, OspreyFX offers acceptable spreads, commissions, and overall trading conditions. Advanced trading platforms ensure a multitude of technical tools are available for all traders. Leverage is more than enough, and the support offered includes live chat. The company has years of experience, and uses the STP execution model. STP brokers enhance the trading experience by seamlessly automating the entire trade execution process, ensuring swift and efficient transactions from initiation to completion.

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FAQs about OspreyFX

Is OspreyFX a regulated broker?

No, OspreyFX is not regulated by any authority. However, while many traders avoid unregulated brokers at all cost, others are attracted to availability of high leverage and special promotions that regulated ones aren’t allowed to offer.

Is OspreyFX a cheap broker?

OspreyFX offers spreads and commissions within the Forex industry standards, but the majority of its accounts come with both spreads and commissions. This makes the broker expensive to trade on most of its accounts. 

What can I trade at OspreyFX?

OspreyFX offers diverse instruments across a multitude of asset classes. Assets offered include Forex pairs, Indices, Commodities, Metals, Stocks, and Cryptos.