Richard Montana | November 17, 2022
OspreyFX is an online brokerage that provides you with trading services via the easy to use MetaTrader platforms on a good range of trading instruments across multiple asset classes. The broker has competitive trading conditions, flexible account types and supports cryptocurrency. They also have some useful market news articles that are frequently updated. They provide additional learning materials and trading tools to help traders improve their knowledge and skills. Anyone can quickly and easily open an account with a minimum deposit of just $25. There are also free demo accounts that come with unlimited virtual funds if you wish to practice trading online without any risk to begin with.
Pros & Cons
- User-friendly MetaTrader 4/5 platforms
- Flexible account types to choose from
- Minimum deposit of just $25
- Competitive commission fees
- Reasonably tight spreads
- News and market insight articles
- Good selection of cryptocurrencies
- No restrictions on trading strategies
- Bitcoin funding available
- Educational resources to help you learn more
- Convenient funding methods
- Prompt 24/7 customer support
- Not currently regulated
- No contact telephone number
- Could add some more payment options
- Could add some more individual stocks
OspreyFX is an electronic communications networks (ECN) forex broker that offers online trading of Forex, Cryptos, CFD’s, Stocks and Commodities with full straight through processing (STP) execution. The brokerage requires a minimum deposit requirement of just $25 and has flexible leverage of up to 1:500 available. For those who may not be aware, an Osprey is a large fish-eating bird of prey with long, narrow wings and a white underside and crown, found throughout the world. This seems to be the inspiration behind the brokers name, as evident from the bird incorporated within their logo.
As an ECN broker, OspreyFX aggregate liquidity from more than 50 different global banks, hedge funds and dark pool liquidity exchanges. Executable Streaming Prices (ESP) are dispatched from these types of liquidity providers directly to the brokers platform, where clients are then free to trade in an environment which is devoid of a dealing desk, rate manipulation, or re-quotes. This enables them to offer competitive spreads and trade execution speeds with minimal slippage. I always prefer to use a non-dealing desk broker as this helps to ensure there will not be any conflict between my trades and the broker.
The OspreyFX ECN account was built for day traders, scalpers and expert advisors, whatever your trading style, they’ve got you covered. Traders of all experience levels and investment size can trade on institutional grade liquidity. I found them to have tight spreads and reliable execution speeds at favourable prices. I wouldn’t hesitate to use them for my automated trading strategies and scalping systems.
Founded in 2019, OspreyFX are an offshore broker located in St. Vincent and the Grenadines. The broker is not regulated by any government or non-government body. This means that there will be limited protection in place in the unlikely event that should something go wrong. If you would prefer to trade with a regulated broker, then you may wish to consider an alternative such as IC Markets.
OspreyFX state that client funds are held in an independent bank account to ensure that the brokers own funds and assets are segregated from client funds. At any time, they can quickly and accurately distinguish the funds which are being held for one client from those being held for another, as well as being able to distinguish from their own funds. Client funds are kept off-balance and should not be used to pay creditors in the event that OspreyFX were to stop operating.
OspreyFX regularly pinpoints, analyses, monitors and regulates each type of risk connected with its day-to-day operations. This includes evaluating on an ongoing basis the performance of the policies and procedures which they implement. This enables the brokerage to be able to cover all of their financial and capital requirements.
OspreyFX brokerage services are not intended for use or directed at any jurisdiction where use would be contrary to local law or regulation. In conjunction with UK financial guidelines and policy, the broker does not offer Contract for Difference (CFDs) or CFD-like trading options to UK customers. If you find that you cannot open an account with them for whatever reason, please feel free to browse our broker reviews for an alternative option.
MetaTrader 4 (MT4)
OspreyFX provide true ECN connectivity to clients via the popular MetaTrader 4 (MT4) trading platform which is developed by the software company MetaQuotes. This is the platform that I have used ever since I started trading online. It does everything that I need it to and much more, so I have never felt the need to switch over to anything else. I use the desktop version of the platform to run my automated systems and the mobile trading app to check my trades whenever I feel like it.
MT4 is well known for its user-friendly and fully customisable interface. It has an abundance of features and functionality to satisfy the needs of different traders. It has a short learning curve which makes it the platform of choice for many beginners whilst maintaining enough advanced capabilities to satisfy the more demanding needs of seasoned investors.
MT4 supports market and pending orders, instant execution and trading directly from a chart, stop orders and trailing stops, a tick chart and trading history. MT4 can make trading instantly become more versatile and hassle-free.
The MT4 online trading platform features include:
- 3 Execution modes
- 2 Market orders
- 4 Pending orders
- 2 Stop orders & a trailing stop
- Multiple chart types & time frames
- 50+ technical indicators & graphical objects
- Automated trading with expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MQL editor to create customised indicators, scripts & EAs
- Price alert notifications can be set via email, SMS & platform pop-ups
MT4 is available for desktop, web and mobile devices. You can use the mobile versions of MT4 on your iPhone/iPad and Android devices to trade in the financial markets whilst on the move from anywhere in the world with an internet connection. The MT4 web version runs directly in most modern browsers without needing to download or install any additional software. The MT4 desktop platform has the most functionality and capabilities.
MetaTrader 5 (MT5)
MetaTrader 5 is a multi-asset platform that allows CFD trading on Forex, Stocks, Commodities and more. It offers superior tools for comprehensive price analysis, use of algorithmic trading applications through trading robots (Expert Advisors) and copy trading. Successful traders from around the world have chosen the MetaTrader 5 multi-asset platform for trading online. In addition to the desktop and mobile versions, the platform is available on the web and can be accessed from any device.
The MetaTrader 5 trading system offers an advanced Market Depth feature (with a tick chart and Time & Sales information), a separate accounting of orders and trades, the support of all types of trading orders and execution modes.
Up to 100 charts can be opened in the platform to enable monitoring of all required financial instruments. The MetaTrader 5 charting system includes 21 time-frames, from one-minute to one-month. Such a diversity of time-frames allows examining short-term price fluctuations along with long-term trends. MetaTrader 5 also provides over 80 built-in technical indicators and analytical objects for the most detailed price analysis.
Fundamental analysis tools, such as financial news and the economic calendar, can also be used to forecast the price dynamics of financial instruments in MetaTrader 5. Analyse various economic indicators, read news reports from international news agencies, and try to forecast their effect on currency and stock prices.
Despite being the newer platform, I still prefer to use MT4. That is probably because it was the first platform that I became accustomed to. However, once you learn how to use one of the MetaTrader platforms, you could probably use both without any problems. I don’t think you can go wrong with either platform but just keep in mind that MT4 is more widely available if you decide to switch brokers down the line.
The OspreyFX trading platforms have plenty of tools for conducting market analysis, placing and managing traders with relative ease. The broker also has some additional trading tools to assist with daily trading activities. Although that being said, the MetaTrader platforms are likely to have plenty of tools to meet the needs of most retail traders. You can also find plenty of additional trading tools to add to the MetaTrader platforms from the market place within the platform. This includes indicators, scripts, trading signals and trading robots.
Forex Squad is a platform that aims to teach you how to trade. You will be able to see tutorial videos with hints and tips on how to trade. The best thing about this is it doesn’t matter if you are a beginner or advanced trader, the broker has tutorials which will cater for all levels.
You are able to sign up for Forex Squad by navigating to the “Education” Tab from within your OspreyFX account and signing up from there. After signing up from within your account, you will receive an email with your login details immediately.
You will be able to see tutorials on the following categories:
- Forex for Beginners
- Forex for Advanced
- Forex Strategies
- Trading Tools & Indicators
- Technical Analysis
- Fundamental Analysis
- Trading Psychology
- Trading Like a Pro
- Analytic Session Reports
As you can see above, they are catering for all different level traders. Anyone can take advantage of these tutorials to improve their trading ability or just to get a better understanding of the trading world.
You can follow the latest news and economic releases on the world’s largest markets with the OspreyFX economic calendar. An economic calendar is used by investors to monitor market-moving events, such as economic indicators and monetary policy decisions. Market-moving events, which are typically announced or released in a report, can have a high probability of impacting the financial markets. I think this is a vital tool for any trader and always try to check the news before I take any trade decision.
The broker has a decent selection of trading calculators which can help you to prepare for trades and calculate costs, all using real time values. This makes it quick and easy to perform complex calculations.
The required minimum amount in your account, which is necessary to open the desired position
Financing costs play a special role in forex. Check the amounts that are due or will be credited to your account for positions that are held overnight.
It is always good to know how much the current profit or loss will change when the price of the underlying asset moves by one pip.
The currency converter allows you to calculate live currency and foreign exchange rates.
There is a section of the brokers website where they cover the latest Forex and Crypto news as well as any breaking financial stories that can have an impact your trading. It must be said that there is a good range of frequently updated articles covering a variety of topics in detail.
There is a section dedicated to the latest market news. The broker covers a range of markets in good detail, with articles that can be useful to help inspire trade ideas and keep you up to date with the latest market happenings.
The broker has a trading academy with some useful additional learning materials. It can be beneficial when a broker provides a variety of educational resources such as tutorial videos, trading guides, eBooks, webinars, seminars, etc. This could help support more informed trading from their clientele.
There are forex trading guides geared towards beginner, intermediate and advanced traders alike. You can learn more about trading online, trading strategies, risk management, trader’s psychology and much more. All of the courses are completely free for you to work through at your own leisure.
With OspreyFX you can trade CFDs on Forex, Commodities, Metals, Cryptocurrency and Stocks. You will find major currency pairs, stocks of major companies and popular cryptos. I think there is something for everyone to trade. If you want even more instruments, Swissquote have thousands to choose from.
- 55 Forex currency pairs including major, minor & exotic currencies
- 9 Indices
- 9 Commodities
- 37 Stocks
- 31 Cryptos
CFD trading is a method that enables individuals to trade and invest in an asset by engaging in a contract between themselves and a broker, instead of acquiring the asset directly. The trader and the broker agree between themselves to replicate market conditions and settle the difference amongst themselves when the position closes. CFDs (short for “Contract for Difference”) offers traders and investors the opportunity to profit from price movements in the financial markets without owning the underlying instrument.
Since CFD trading does not involve the actual asset and operates independent of the market, it allows for greater flexibility than traditional trading — for example, access to foreign markets, leveraged trading, fractional shares, and short selling.
Trading with leverage means using capital borrowed from a broker when opening a position. Sometimes traders may wish to apply leverage in order to gain more exposure with minimal equity as part of their investment strategy. Leverage is applied in multiples of the capital invested by the trader, for example 5x, 10x, or higher, and the broker lends this sum of money to the trader at the fixed ratio. Leverage may be applied to both buy (long) and short (sell) positions. It is important to note that any losses will be multiplied as well as profits.
OspreyFX provide ECN/STP trading accounts with up to 1:500 leverage, 0.01 minimum lot size and 1000 maximum lot size. The main difference between the accounts are the minimum deposit requirement, spreads and commission fees. There are also demo accounts to practice trading online and Islamic accounts for Muslim traders. If you want access to even higher leverage, Traders Way go up to 1:000.
The account type that you opt for may depend on your investment size and trading strategy. Those who require the tightest possible spreads may prefer the PRO account whereas those who use more long-term trading strategies may prefer the account with the lower commission fees. OspreyFX does not impose any restrictions on trading strategies. I think it is great that they welcome scalping, news trading, hedging and expert advisors for automated trading.
OspreyFX accounts require two-factor authentication. This helps to protect your account and data from unauthorized access attempts.
- Spreads from 0.8 pips
- Minimum $50 deposit
- $3.50 commission fee ($7 round turn)
- 55 FX currency pairs
- Spreads from 0.4 pips
- Minimum $500 deposit
- $3.50 commission fee ($8 round turn)
- 55 FX currency pairs
- Spreads from 1.2 pips
- Minimum $250 deposit
- $0 commission fee
- 55 FX currency pairs
- Spreads from 1.0 pips
- Minimum $25 deposit
- $1 commission fee ($2 round turn)
- 29 FX currency pairs
You can open a demo account with the broker to practice your trading strategies and test out the brokers services. Demo accounts can have an unlimited amount of virtual funds and you can choose any leverage up to 1:500. It should be noted that trading conditions can differ between demo and real accounts due to factors such as spreads, slippage and liquidity.
OspreyFX welcome Muslim traders by offering an Islamic trading account that does not have any swap fees and complies with Sharia law. You can simply apply to the broker for this account type and provide them with evidence of your religious beliefs.
OspreyFX have a short online application form which you can complete to open a trading account. You will need to provide some personal information and verify your identity. This can be with a passport or drivers license. You can also verify your address with a bank statement or utility bill. Once a member of the OspreyFX accounts team have confirmed your account, you will be able to commence trading online. The broker aims to approve your account during the same business day.
If you have any questions for the OspreyFX support team, there is an online form that you can complete and they will aim to get back to you within 24 hours. They have an automated online chat bot that aims to guide you in the right direction and provide some pre-prepared answers to commonly asked questions. Once you have gone through the live chat automated process, they can put you directly in touch with a human at the broker to talk to. This is especially important if there was an emergency and you needed to speak with someone right away. I found them to be very helpful, answering my questions in a quick and satisfactory manner.
OspreyFX support account funding via bank transfer, credit/debit card, Bitcoin, VLoad and UPay. They charge $25 banking fees for wire transfers with a minimum requirement of $100. Wire transfers can take up to 6 days but the broker aims to have them processed on their end within 1 business day. OspreyFX works closely with its payment service providers to ensure fast and flawless deposits and withdrawals. I think they could improve by adding some more digital wallet methods. I find these to be the most convenient way for me to move funds between my trading accounts. If you want more options, FXChoice have a great selection of payment options.
You can follow these steps to make a deposit or withdrawal with OspreyFX:
- Login to your OspreyFX account
- Navigate to deposit or withdrawals
- Choose method and follow the instructions
- Process deposit/withdrawal
The total amount that you fund your OspreyFX account with, using your chosen credit/debit card, is the total amount that the broker is legally allowed to return to that card. You can withdraw all other profits out using either Bitcoin or bank transfer. You can track the progress of Bitcoin withdrawals with the transaction information on blockchain.info.
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods. The withdrawal time can vary depending on the payment provider and method. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites.
You may need to verify your account to remove limits on particular methods in some countries. The broker strictly strictly not accept third-party payments. All funds deposited into your trading account must be under the same name as your trading account.
Accounts can be opened in a good choice of currencies which includes USD, EUR, GBP, CAD, AUD, BTC. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I believe that OspreyFX is a good brokerage service that includes a range of trading instruments across multiple asset classes, the user friendly MetaTrader platforms and flexible account types. They do have a nice selection of cryptocurrencies to trade and also facilitate Bitcoin funding. They provide frequently updated market news and insights which is very useful. The broker also has some helpful educational materials and additional trading tools to support traders. The e-wallet payment options are flexible whilst the trading conditions are very competitive when compared with other online brokers that we have reviewed.