OspreyFX Broker Review 2020

General Information

Website URL: https://ospreyfx.com/

Regulation: N/A

Languages: English

Deposit methods: Credit/Debit Card (Visa or MasterCard), Neteller, Qiwi, AstroPay, PostePay, Thawte and Wire Transfer.

Minimum deposit: N/A

Demo account: Yes

Types of assets: Forex, Indices, Commodities, Metals, Stocks, Cryptocurrencies

Osprey FX is an unregulated Forex and CFD broker that exists since 2019, based in Saint Vincent and the Grenadines, and it provides a secure Electronic Communications Network trading.

Trading Platform

The trading platform on offer is MT4. They made a wise choice because MT4 is a popular platform with a user-friendly interface. Since it is fully customisable, it is a great option for everyone. You get 50+ technical indicators, three execution modes, multiple chart types, two market orders, four pending orders, two stop orders and a trailing stop, and price alert notifications.

We all know that the platform is fully efficient only if it is optimised for mobile devices, too. That said, they have an efficient and responsive platform that can be used on computers and mobile/tablet devices. It works without interruptions and you can download it or use the Web Trader.

As an addition, they added step by step guides that will help each client who doesn’t have experience with MT4. There are a lot of articles about customising the platform, so you can read them all and learn how to adjust it according to your needs.

Account Types

There are three different account types that you can choose. First one is a Demo Account where you receive virtual money to practise, and you can choose from 100 to 100,000 in virtual funds. Next one is OspreyFX MT4 ECN. You will choose this account only if you want to trade completely by yourself. You can switch between different currencies (USD, EUR, GBP, CAD, AUD, and BTC) and choose the leverage (50, 100, 200, 300, and 500).

The third one is OspreyFX MT4 Islamic. The only difference is that there is one available currency, the US Dollar.

We have to mention one more thing about the accounts. If you do not trade within a period of six months, you will be automatically charged $10 as an inactivity fee. Aside from that, you have to pay 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).

Customer Support

They have agents that are available 24 hours, 7 days a week. Send them an email, fill in the contact form on the website or contact them using the Live Chat option. Whatever you prefer.

If we have to point out the negative sides of their customer support, it would be the lack of phone numbers. You cannot call them, but if you send them a message on Live Chat, they will reply instantly. They are responsive and prepared, so we can give those pluses for that.

Deposit and Withdrawal

The deposit process is quite simple. You have to make an account, log in and go to Deposit Funds in the Client Area. After that, just click on the desired currency (USD, EUR, GBP, CAD, AUD, and BTC), select the type of payment and amount. That’s it.

The same thing happens with withdrawals. The process is easy, and you have to wait two to five business days for approval. After that, the money will be on your account within two or three business days.

The only problem with this part is payment methods. They listed numerous methods like wire transfers, leading card providers, online wallet options. But once you make an account and go other methods are out of function.

Keep in mind that you will be charged $25 fee on withdrawals that are up to 5,000. Aside from that, they charge additional fees depending on the withdrawal method.

Education

The News section is updated daily with Daily News on Affiliates, Trading and Crypto. But not only that, there are additional posts for each update on the website, so you can know if something changes.

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Unfortunately, OspreyFX doesn’t provide education for their clients besides the News section. This is too bad since they have a lot of things to offer. They could add some Forex lessons or eBooks. We all know how important it is to stay educated.

We are disappointed with this part, but since they are on the market for one year only, we assume they will work on the education section as well. Overall, we can say that OspreyFX does offer great things, even though they do not have a licence. If you are looking for an above-average broker then I’m afraid that you would need to look elsewhere.