OspreyFX Review: this is the name of a brokerage that is located in Saint Vincent and the Grenadines. Is osprey.com a legit broker or a scam that should be avoided?
The brokerage is registered in an offshore location, on the Islands of Saint Vincent and the Grenadines. There is no address published on the page.
It claims that it is a “Lightning fast ECN broker” that allows trading in forex, cryptos, CFDs, Stocks and Commodities “with full STP execution”.
Osprey FX does not offer a demo account and claims to give clients fund safety via “segregation of funds”. It also mentions that its services are ready 24/7 and trades can be carried out whenever the trader wants.
Deposits made via Vload is said to guarantee clients a bonus of 5% extra. From the website, there is no information on licensing published.
Osprey FX Trading Platform
The trading software of Osprey FX allows traders use the MetaTrader4 platform.
This platform along with the MetaTrader5 are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments allowed by Osprey FX includes: 30+ cryptocurrencies, 55+ Forex currencies, CFDs on 100+ stocks, indices and commodities.
Leverage offered by OspreyFX is a maximum of 1:500 which is quite high considering that it could also lead to high loss rates. The spreads on the EUR/USD is averaged at 1.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods on Osprey FX
Payments and withdrawal of funds can be made via; Visa, MasterCard, Bank Wire and Bitcoin.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for Osprey FX and this is not a good sign.
A minimum deposit of $10 is required by Osprey FX and this is encouraging as the obtainable average is between $100-$250. We could not find any information on withdrawal charges and fees.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Osprey FX Licensed?
No. Osprey FX is not a licensed broker as it is located in an offshore location where brokers are not regulated. These locations have become notorious for harboring scammers and con artists.
To contact a customer care representative of this broker, clients are directed to use the live chat bubble on the bottom right of the page. They can send an email to firstname.lastname@example.org
Osprey FX is an offshore broker that is operating under no regulatory body and without a license. It has no good reputation on the internet and the website is basically filled with promises of making profit.
The minimum requirement is good but the payment methods are limited and this is also a disadvantage.
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