Is OspreyFX Scam or Legit Broker?

It is not safe to sign in with OspreyFX. The main reason to stay away from the broker is its offshore registration. The Broker does not hold any serious license that provides a safe trading environment. Instead, it is registered in St. Vincent and the Grenadines. The latter is a well-known offshore zone that does not provide sufficient guidelines and rules.

  • Although OspreyFX has rather attractive offerings and features, it is still located in St. Vincent and the Grenadines. Brokers under the entity are not trustworthy and often turn out to be financial scams. For more information about why to avoid brokers from St. Vincent and the Grenadines read our detailed article.

About OspreyFX
🏢 Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is OspreyFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is OspreyFX?

Our research showed that OspreyFX is an ECN broker, located in St. Vincent and the Grenadines. The broker was established in 2019, and offers over 120 Forex and Contract for Difference (CFD) assets, also leverage that ranges up to 1:500.

  • We found that OspreyFX has quite interesting and attractive offerings, including Funded accounts, tight and low spreads starting from 0,1 pips, and 24/7 customer support. However, in Forex Trading the most important factor is regulation. No matter how attractive the features are, if the broker does not provide sufficient protection and safety measures, it is still recommended to avoid the broker.
  • So, in the case of OspreyFX, the main red flag is its lack of a license from a top-tier authority. With its St. Vincent and the Grenadines license it is not the most reliable broker to sign with. We recommend checking our list of regulated brokers that are both trustworthy with years of proven experience and offer great opportunities in trading.
  • We always look for genuine reviews and feedback from real traders during our research. This is one of the most accurate ways to learn about the broker. As always happens with other offshore brokers, we found that OspreyFX has issues with the withdrawal process. This is a huge drawback, as the safety and accessibility of funds are crucial in Forex trading. We advise traders to always dig deeper and learn about regulation, the funding process, customer support, and other important factors before choosing a broker.

OspreyFX - official website

Overall OspreyFX Ranking

Our research revealed issues regarding OspreyFX reliability and regulations, thus we do not rank positively OspreyFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • OspreyFX Overall Ranking is 4 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingOspreyFXTrading 212Interactive Brokers
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Platforms

OspreyFX Alternative Brokers

Based on the issues we were able to reveal regarding the safety and regulation of OspreyFX here are much better Alternatives to OspreyFX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

  • eToro – Good for CopyTrading and Cryptocurrency Trading
  • Dukascopy – Excellent for Shares, Futures Trading
  • BlackBull Markets – Good for High Leverage Trading

Deposits and Withdrawals

OspreyFX claims to offer a range of funding options including Bitcoin, Crypto, Credit/Debit Cards, and PayRedeem.

  • The funds traders deposit into their OspreyFX account using a Credit or Debit card are limited to the amount legally authorized to refund to that specific card. However, any additional profits accumulated can be withdrawn using either Bitcoin or Wire/Bank Transfer methods.
  • Besides, we found reviews from traders claiming issues with withdrawals and inability to withdraw money, which is unfortunatelly a typical practise unathorized and scam brokers do. 

Account Types

OspreyFX presents a selection of four distinct account types, each tailored with specific features and limitations:

  • Standard Accounts offer spreads starting from 0.8 pips, a commission fee of $7.00 per trade and require a minimum deposit of $50.
  • PRO Accounts offer spreads starting from 0.4 pips, a commission fee of $8.00 per trade, and require a minimum deposit of $500.
  • VAR Accounts offer spreads starting from 1.2 pips, do not include any commission fee, and require a minimum deposit of $250.
  • At last, Mini Accounts offer spreads starting from 1.0 pips, a commission fee is $1.00, and require a minimum deposit of $25.

OspreyFX Review Conclusion

Based on the information we were able to come up with about OspreyFX, we found that the broker is not reliable and trustworthy enough. Although the features and offerings of the broker are quite attractive, it is still registered in an offshore zone, huge red flag traders need to consider. Besides, trader feedback and reviews are another reason to hold back from signing with the broker.

Our recommendation, which is based on years of experience in the financial market, is to find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC. Some notable options to consider among reliable brokers with good standing include but are not limited to Go Markets, BlackBull Markets, and FP Markets.

  • Overall ranking and experience for OspreyFX is Negative

 

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