OspreyFX is an ECN/STP brokerage. What this means is that all of the orders made by the traders are directly sent to liquidity providers (LPs) and executed directly. This allows users to get the best possible spread on their trades as the order is executed at the lowest spread offered by one of the LPs. OspreyFX claims that its LPs are top banks from across the world.

While there are four different types of accounts, all of them are quite similar to each other. For example, all of them offer a maximum leverage of 1:500. All of them also make use of TradeLocker, shunning MetaTrader and cTrader in the process. Lastly, margin calls occur at 100% and the stop out level is set at 70% of the position.

Now that we have discussed the similarities, here is how the accounts actually differ:

Mini

Mini is a great choice for beginners. It only requires an initial deposit of $25. The commission per lot is $1 and the spreads begin from 1 pips. However, the account does restrict the amount of currency pairs you can trade (29 pairs are available on Mini compared to 55 for all other account types).

Standard

The standard account should suffice for most people. It requires a deposit of $50 and offers spreads beginning from 0.8 pips. However, the commission per lot is set at $7.00, which is fairly high compared to the competition.

Pro

The pro account requires traders to put up at least $500 initially. In return, they get access to spreads beginning from 0.4 pips. That said, the commission here is $8 per lot.

Var

The last account type offered by OspreyFX is the Var. This account requires an initial deposit of $250. There is no commission on this account, but the spreads are higher, beginning from 1.2 pips.

OspreyFX Trading Fees:

As stated in the last section, commissions vary depending on the account type used. Commissions generally range from $0 per lot to as much as $8.

OspreyFX Non-Trading Fees:

When it comes to additional fees, they depend on the payment method used. Generally speaking, withdrawals are free, while there can be a small amount of fee charged by OspreyFX on withdrawals. For example, there is a fee of $25 for withdrawing funds through wire transfers.

It is very important to remember that traders will also have to fund the network fees themselves for the payment method used. This fee can be low for certain e-wallets and high for cryptocurrencies such as Bitcoin. For cryptocurrencies, the fee can also vary depending on how busy the network is.

To learn more about broker fees and how they earn their money, check out our guide to broker fees here .

One of the main benefits of using OspreyFX as your broker is the amount of payment methods you have access to. All of them can be used to both deposit and withdraw funds.

Visa and Mastercard are both available. Other than that, Skrill, Sofort, AstroPay, GiroPay, PostePay, Thawte, and Diners Club are available. Users can also deposit and withdraw funds using cryptocurrency, although Bitcoin is the only currency that is supported. Due to AML laws, traders that fund their account through a specific e-wallet or card can only receive the amount they deposited back through the same payment method. Only cryptocurrency and bank transfers can be used to retrieve any additional profits

At the time of writing this review, OspreyFX has recently suddenly switched away from MetaTrader. The broker only offers the trading platform “TradeLocker”.

The sudden shift away from the MetaTrader platform is likely due to pressure Metaquotes is facing regarding unregulated brokers.

OspreyFX’s customer support has both good points and bad. The major advantage that traders get is that they have access to 24/7 support. This is important for brokerages that offer cryptocurrencies as the market is open seven days a week. Most forex brokers, even those with crypto products, only provide customer support five days a week.

However, OspreyFX only has a live chat option along with a ticketing support system that can be accessed from the website. There is a lack of e-mail and phone support. That said, there are multiple pages of FAQs that answer most of the regular queries that users may have.

OspreyFX is loaded with features. Here are the main draws of the platform other than the ones mentioned:

• A demo account for testing the platform.
• Lots of resources for novice trading enthusiasts to learn the ins and outs of the profession. There is also a learning platform where intermediate traders can brush up on their skills.
• Information to prevent users from being scammed.
• iOS and Android apps that both support TradeLocker.
• An affiliate program where users can refer people they know and earn a commission beginning from $7.5 per lot.
• Good traders have the option of getting a funded account. This is where OspreyFX gives traders capital to trade with once they have proven themselves using a demo account. Traders get to keep 80% of the profits they make.

Pros of OspreyFX

Here are a few reasons why we think OspreyFX is a great platform for forex traders:

• Minimum Deposits: The amount required to open a trading account on OspreyFX can be as low as $25. Even a ‘Pro’ account only requires users to fund $500 at the beginning. Pro accounts on other brokerages sometimes require tens of thousands of dollars to open.
• Knowledge Base: Lots of resources available for both beginner and intermediate traders.
• Order execution: Being an ECN/STP broker, OspreyFX is able to execute trades with low latency in a fast manner.
• Leverage: Since OspreyFX is not tied down by any regulations, they can offer leverage as high as 1:500.

Cons of OspreyFX

We will be the first ones to admit there isn’t a whole lot that is wrong with OspreyFX. However, it does fall short against the competition in certain areas. Here are a few to keep in mind:

• Number of Assets: In total, there are around 120 instruments that can be traded on OspreyFX. This includes everything from currency pairs to futures. While this is not a bad selection, most brokers tend to offer a lot more nowadays.
• Regulation: OspreyFX is not regulated by any institution. While this generally means that a scam is more likely to occur, we found OspreyFX to be a safe and trusted brokerage in our testing.
• Commissions and Spreads: It is standard in the forex industry to charge either a commission or a spread. However, OspreyFX charges both. While the cost of trading on OspreyFX is not that high as long as you use the right account type (they can also be 0 on the Var account), traders will usually need to account for two fees when placing orders.