OspreyFX Review 2024 with Rankings by Dumb Little Man

OspreyFX Review

As go-betweens in the international currency market, “forex brokers” provide traders with essential resources for trading foreign currencies. OspreyFX stands out as a True ECN Broker because it provides a safe environment for trading that allows users to participate with the market directly, see prices in real-time, and execute trades quickly.

A comprehensive evaluation of OspreyFX is provided in this review that is based on the observations and experiences of experts. It assures readers a thorough grasp of OspreyFX’s offerings by providing an educated perspective on the broker’s strengths in offering a smooth online trading interface and its position in the competitive forex market.

What is OspreyFX?

As a True ECN Broker, OspreyFX provides its customers with an efficient and direct ECN trading environment. Traders can enjoy ultra-tight spreads, beginning at 0.0 pips, with OspreyFX’s access to institutional-grade liquidity and transparent dark pool liquidity execution venues.

In a real ECN setting, this puts traders in the same league as the top banks and financial organizations in the world.

The fact that the broker is so devoted to STP execution shows how seriously it takes honesty and good service. OspreyFX ensures that there are no conflicts of interest by eliminating dealing desk manipulation and re-quotes. An aggregator ensures that clients get the best possible rates by smoothly processing their trades.

In addition to a focus on the client, OspreyFX also has the best affiliate program in the industry. Referring new traders to the platform allows participants to earn commissions on each trade done by referrals, which can add up to a large residual income. As if that weren’t enough, OspreyFX provides round-the-clock customer service so traders may always get the help they need.

Safety and Security of OspreyFX

Unlike in a typical trading broker, safety and security at OspreyFX are paramount, yet it’s essential to note, after thorough research from Dumb Little Man, that it is one of the unregulated brokers. However, it is operated by Osprey Ltd, Company Number 25288 BC 2019, with registered address/agent at Beachmont Business Centre, Suite 4, Kingstown, St Vincent and the Grenadines, K001.

The platform primarily offers MT4 and MT5 trading platforms, with an inactivity fee levied after 60 days of dormancy. Some account types may also incur commission charges.

In order to protect its customers from possible dangers and frauds, OspreyFX takes an active role in teaching them how to be safe when trading online. Official communications from the company will only ever occur through approved channels, and its representatives will never ask their clients to install software or grant them remote access to their computers, two frequent tricks employed by scammers, according to the corporation.

OspreyFX advises customers to use their official support channels to confirm any questionable communication.

Clients are strongly encouraged by OspreyFX to take precautions to protect their online connections, particularly when sending sensitive data over public Wi-Fi. In order to stay safe from viruses, the broker suggests that you only download software from trusted sites. Customers should also be aware that a padlock symbol, which indicates a secure connection, can be found in the URL bar, so they can easily verify the safety of websites.

Another piece of advice for protecting yourself from hackers is to keep your browser and social media privacy settings as high as possible.

Pros and Cons of OspreyFX

Pros

• True ECN Broker
• Diverse Account Types
• Competitive Fee Structure
• Robust Affiliate Program
• Comprehensive Customer Support
• Flexible Deposit and Withdrawal Options
• Mobile Trading

Cons

• Limited Regulatory Oversight
• Restricted Trading Platforms
• Inactivity Fee
• Withdrawal Constraints
• Limited Support Channel Variety

Sign-Up Bonus of OspreyFX

An OspreyFX Bonus Points Wallet is available as a welcome bonus to new customers. Within the wallet, traders are able to track and manage the points they earn from their trading actions. Traders must trade a particular volume, in this case, 1 standard lot for every $2.50 of the bonus, to turn these bonus points into actual dollars. You can use these points to trade cryptocurrency, metals, and tin trading currency pairs.

Every fifteen minutes, the trader’s chosen live account gets credited with the funds from redeemed points. This ensures that the funds are available promptly. When a redemption is successful, the trader will receive a notification in the app. Get in touch with customer service if you run into any problems or if you don’t receive your bonus money right away.

The bonus is easily trackable and transparent because it is recorded as an internal transfer in the transaction history.

Minimum Deposit of OspreyFX

The lowest amount you can deposit at OspreyFX is dependent on the method you choose to pay with. Traders have a lot of leeway with a $10 minimum deposit and no cap on cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, DogeCoin, Tether (ERC20), Tether (TRC20), and USD Coin (TRC20).

Depending on the provider’s terms and conditions, the minimum deposit for payments made using Credit/Debit Card via various third-party providers can be anywhere from $25 to $50. Just as with cryptocurrencies, traders are free to invest according to their financial capacity and trading strategy, as there is no maximum deposit limit.

OspreyFX Account Types

Traders at different points in their careers can choose an account type from demo accounts to funded accounts that suits their needs with OspreyFX’s planned development. Experts at Dumb Little Man conduct extensive study and testing to acquire this knowledge.

To make sure traders are prepared and legit before they can get their hands on a funded account, the three-tiered system is structured according to the different account kinds. Here is a structured list of OspreyFX trading accounts and where they are in the lifecycle:

Demo Account (Stage 1)

• Unlimited funds with leverage up to 1:500.
• Requirements:
  • Profit target of 10%.
  • Minimum of 10 trading days.
  • Maximum overall loss of 12%.
  • Maximum daily loss of 5%.

Verification (Stage 2)

• Proceed after completing Stage 1 on a second demo account.
• Requirements:
  • Profit target of 8%.
  • Minimum of 10 trading days.
  • Maximum overall loss of 12%.
  • Maximum daily loss of 5%.
  • Adherence to the Consistency Rule (Best Trading Day profit must not exceed 30% of overall profits).

Get Funded (Stage 3)

• Access to a real account upon successful completion of Stage 2.
• Benefits and Requirements:
  • Receive 80% of profits with weekly payouts.
  • Maximum overall loss of 12%.
  • Maximum daily loss of 5%.
  • Note: If the best trading day profit exceeds 30% of overall profits, trading must continue until it falls below this threshold.

OspreyFX Customer Reviews

OspreyFX customer reviews showcase a mixed spectrum of experiences. Some traders express dissatisfaction, citing issues with funds being withheld for extended periods without clear communication. In contrast, others praise the broker as a drama-free, unregulated entity that values its customers, highlighting smooth operations in trading, deposits, transfers, withdrawals, and customer support since 2022.

Positive remarks also extend to the affiliate program, with users appreciating the additional income through referrals. New traders express optimism about starting their journey with OspreyFX, mentioning helpful interactions with support staff like Chris, who provides informative resources. The ease of transferring cryptocurrency to the platform is also noted as a convenient feature.

Overall, while experiences vary, many acknowledge the broker’s efforts to maintain a user-friendly and supportive trading environment.

OspreyFX Fees, Spreads, and Commissions

OspreyFX structures its fees, spreads, and commissions based on the account type and the assets being traded. For those trading Cryptos, Metals, Energies, Indexes, and Shares with a standard ECN Account, commission fees are set at 7 USD/GBP/EUR/CAD/AUD or 1500 BIT for Bitcoin trading accounts.

The same charges also apply to shares and indices. Traders should be aware that these commission fees can alter depending on market monitoring, and that each lot for these categories contains 100 units.

The types of accounts have different commission prices for Majors, Crosses, and Exotic Pairs. Rates for USD/EUR/GBP/CAD/AUD accounts are 7.00, 8.00, 0 for Var, and 1.00 for Mini.

Bitcoin ECN accounts have several commission structures: Standard and Pro accounts pay 1500 BIT, Var accounts pay 0 BIT, and Mini accounts pay 15 BIT. There are a hundred thousand units in each of these lots.

If you’re looking for a place to make a deposit using cryptocurrencies like Bitcoin, Litecoin, Ethereum, DogeCoin, Ripple, or Tether (TRC20), OspreyFX has you covered. Credit and debit card deposits processed by a variety of third-party services are subject to the same pricing structure.

Crypto deposits may incur costs from the different processing networks; however, OspreyFX is not responsible for these fees. Traders should be aware of this.

Deposit and Withdrawal

An expert trader at Dumb Little Man verified via extensive testing that OspreyFX’s deposit and withdrawal processes are simple. You can use a variety of cryptocurrencies to buy anything on the site, such as Bitcoin, Litecoin, Ethereum, DogeCoin, Ripple, and Tether (ERC20). Furthermore, there is no fee associated with using third-party platforms that take credit/debit card transactions.

Although OspreyFX does not pay processing fees, traders need to know that different cryptocurrency networks may charge different fees.

The user-friendly and uncomplicated withdrawal process only requires selecting a wallet, entering the desired amount, and submitting the request. You must first request a refund to your original Bitcoin address, up to the amount of your initial payment, before you may choose an alternate withdrawal option from OspreyFX. Verifying an individual’s identification is a prerequisite to processing a withdrawal in order to ensure security and compliance.

The platform’s withdrawal methods are adapted to its deposit structure. If a deposit is made via a Credit/Debit Card through a third-party provider, withdrawals must be processed using a crypto method available on OspreyFX.

For deposits made with any cryptocurrency, withdrawals must also be carried out using a crypto method available on the platform, though profits may be withdrawn via crypto or an alternative method, providing flexibility and convenience for traders.

How to Open a OspreyFX Account

Opening an account with OspreyFX is a straightforward process, designed to be quick and user-friendly. Follow these simple steps to set up your trading account and embark on your trading journey.

1. Enter your full name.
2. Input your email address and create a password.
3. Accept the terms and conditions and confirm you are over 18.
4. Select the Sign Up button.
5. Find the confirmation email and open it.
6. Locate the email’s “Complete Sign Up” link and click on it.
7. Fill out the blanks with your full name, date of birth, phone number, and address.
8. To complete the account setup, click proceed.
9. Open an account with OspreyFX and begin trading right away.

OspreyFX Affiliate Program

Earnings from referrals can be rather significant with the OspreyFX Affiliate Program. There are just three steps to calculating your prospective earnings: enter the number of referrals, and the lots they trade, and then watch your earnings add up. Commissions are given out monthly and can be doubled per lot on TradeLocker, which enhances the program.

By integrating state-of-the-art technology, design, and marketing, OspreyFX opens up a world of limitless possibilities for those who partner with them. Earnings are paid out to affiliates every week straight to their wallet, and there are no limits on how much they can earn. Introduced with TradeLocker, a new way to earn $7.5 for every lot traded through referrals.

All of the program’s features, including a state-of-the-art Affiliate Portal that is accessible at all times, comprehensive tracking capabilities, the ability to trade referrals, and configurable reports, are accessible from a single account. Affiliates may also optimize their strategy and track the performance of their IB using extensive information. You can rely on a specialized Affiliate team for all of your content, creative asset, and support needs.

For those introducing their network to OspreyFX’s Funded Account Challenges, there’s an additional earning potential, with 20% commissions on the first paid Challenge price. Becoming an affiliate is straightforward: sign up, create an OspreyFX trading account, and access all your affiliate tools in one place to start earning.

OspreyFX Customer Support

An example of the thorough and quick assistance provided by OspreyFX Customer Support is Dumb Little Man. Filling out a form is a quick and easy way for users to contact an Affiliate Manager. This approach ensures that every person will receive tailored assistance promptly.

A friendly “Hi there 👋” button represents the platform’s support team, who are available 24/7 to help users through the Live Chat feature. OspreyFX is proud of its accessibility around the clock, which means help is at your fingertips whenever you need it.

A user can formally discuss and resolve concerns systematically by submitting a ticket for more organized queries or difficulties. The dedication of OspreyFX to offering a responsive and supportive trading environment is reaffirmed by this multi-faceted support system.

Advantages and Disadvantages of OspreyFX Customer Support

OspreyFX vs Other Brokers

#1 OspreyFX vs AvaTrade

When it comes to cryptocurrency and all kinds of trading accounts, OspreyFX is well-known for its True ECN Broker model, which provides a direct and efficient trading environment. Regulators do not exercise extensive control over it, though. In contrast, AvaTrade has been around since 2006 and is a reputable broker that specializes in foreign exchange markets (FX) and contracts for difference (CFD) trading among other tradable products.

Verdict: AvaTrade might be better for you if you value a large variety of tradable products and high-quality educational materials. To trade cryptocurrencies in a True ECN environment, OspreyFX could be the way to go.

#2 OspreyFX vs RoboForex

OspreyFX offers a transparent trading environment with a focus on cryptocurrencies and direct market access. RoboForex, established in 2009, serves a global clientele and is recognized for its tailored trading conditions and a wide range of trading platforms including MT5, MT4, cTrader, and R Stock Trader.

Verdict: If you value a variety of trading platforms and tailored trading conditions, RoboForex could be preferable. However, if your focus is on a True ECN broker with a strong emphasis on cryptocurrencies, OspreyFX might be more aligned with your needs.

#3 OspreyFX vs FXChoice

One distinguishing feature of OspreyFX is its emphasis on Bitcoin and its ECN trading environment. Forex and CFD trading in emerging economies, such as the Russian Ruble, the Norwegian Krone, and the South African Rand, are available at FXChoice. It also gives you the chance to trade commodity CFDs in precious metals and big energy markets.

Verdict: The opportunity presented by FXChoice is attractive to traders interested in commodity CFDs and emerging forex markets. If you prefer a True ECN broker that offers a robust cryptocurrency offering, OspreyFX is a better fit for you.

Choose Asia Forex Mentor for Your Forex Trading Success

The professionals at Dumb Little Man suggest Asia Forex Mentor to anyone who want forex trading education. This platform, run by the famous Ezekiel Chew, is famous for turning out consistently profitable traders. Several benefits of working with Asia Forex Mentor are as follows:

Students will get a firm grasp of the FX, stock market, and cryptocurrency trading industries thanks to the program’s all-encompassing curriculum.

Asia Forex Mentor is also an effective program because its instructors and mentors have a history of turning their students into profitable traders.

Ezekiel Chew is an experienced mentor who shares his extensive knowledge with students, providing them with individualized support as they navigate the challenging world of trading.

Traders on the site can find each other and share ideas in a welcoming environment, which greatly enhances the learning experience.

Asia Forex Mentor also has an emphasis on reasoning and self-control. This is to help traders self-regulate and make reasonable decisions, Forex Mentor adds crucial psychological training because we know how important a trader’s mindset is.

Students are given regular updates and resources so that they can stay up-to-date with the latest market strategies and trends.

The numerous student success stories of achieving financial independence attest to the value and success of Asia Forex Mentor’s instruction.

Finally, Asia Forex Mentor is the greatest platform for teaching foreign exchange, stocks, and cryptocurrencies to aspiring traders who want to make it big in these markets. Asia Forex Mentor offers a comprehensive curriculum, skilled coaching, and a supportive community to assist traders become professionals in the financial field.

Conclusion: OspreyFX Review

As a True ECN Broker, OspreyFX stands apart by providing traders with transparent trading conditions and direct access to the market. Flexible deposit and withdrawal methods, a strong affiliate network, and a variety of account types make it a great trading platform for all kinds of traders. But for people who value security and platform diversity, the lack of governmental supervision and limited trading platforms can be a problem.

To sum up, OspreyFX has many great features, such as its ECN trading methodology and emphasis on cryptocurrencies, but prospective traders should weigh these advantages against the platform’s restrictions and regulatory concerns. In weighing these factors, consider enrolling in programs like Asia Forex Mentor to increase your chances of success.

>> Also Read: LonghornFX Review 2024 with Rankings By Dumb Little Man

OspreyFX Review FAQs

Is the OspreyFX broker legit?

Trading forex, cryptocurrencies, and other assets is made easy with OspreyFX’s platform, which is known as a True ECN Broker. It is still an unregulated forex broker, even though it offers a transparent trading environment and has received good evaluations. Before making a selection, prospective traders should think about this.

What country is OspreyFX from?

With its electronic communication network (ECN) trading services, OspreyFX mainly serves an international clientele online. As a reflection of its global and digital nature, it may not provide particular details regarding the place of origin or headquarters, even though it offers services worldwide.

How long does it take to withdraw from Osprey?

Withdrawals are processed quickly by OspreyFX. The internal processing methods and withdrawal method selected can affect the exact timing. When compared to other ways, cryptocurrency withdrawals are typically faster. Check the particular terms and limitations associated with the selected withdrawal method or contact their customer care directly for the most precise timing.