OspreyFX Review- Lighting fast brokerage
OspreyFX forex broker is a newly established company which is based in the Caribbean island country of St. Vincent and the Grenadines. The company is an Electronic Communication Network (ECN) broker that offers Forex, Crypto, and CFDs trading to traders from all parts of the world. There is a lot of debate about whether OspreyFX is a scam or not because they have no indicated information about the licenses or authorization. The brokerage company is very fresh in the industry so there are very few reviews and analyses about how customers like trading in OspreyFX. However, we will write a detailed examination of the company in this OspreyFX review.
The brokerage company is considered to be one of the fastest ECN broker firms with low spreads and high leverage. The minimum deposit for the OspreyFX is 10 USD. The leverage varies from 1:1 to 1:500. They have only two accounts available which are Demo and ECN. We will discuss the other features of the company and its accounts down below.
Account Types: Demo And ECN MT4
There are several account options for the customers including a demo account and 1 ECN MT4 Account. Each has different categories. In 1 ECN MT4 Account, there are four sections including Standard, PRO, VAR, and Mini. Customers can clearly see the minimum deposits recommended for each of them separately. The typical spread varies from 0.4 to 1.2. The average spread is considered to be 0.1 pips which the company is really proud of. They claim that aggregate liquidity from over 50 different banks. The commission fees in the 1 ECN MT4 Account are:
- Standard: 5.00 USD
- Pro: 7.00 USD
- Var: 0 USD
- Mini: 1.00 USD
Bitcoin commission fees for the same account are:
- Standard: 1500 BIT
- Pro: 1500 BIT
- Var: 0 BIT
- Mini: 15 BIT
As we can see OspreyFX accounts are not diverse but traders have an opportunity to choose the account that matches their experience and needs.
OspreyFX withdrawal features
The brokerage company says that there is a $25 fee on withdrawal of up $5,000. They use the Wire Transfer method. They have written on their webpage that it may take about 6 days for the money transfer to be processed because of the Wire Transfer. OspreyFX thinks that they are lightning-fast but the withdrawal process takes a quite too long time. There may be other payment method fees up to 20 USD, besides, the company writes that there might be other additional fees as well but we don’t know what they are talking about exactly as it is kinda vague.
To start OspreyFX current withdrawal method you should:
- • Sign-up and Login
• Navigate to Withdrawals
• Choose Method and follow the instructions
• Process Withdrawal
• Sign up and trade
Overall overview
OspreyFX brokerage is a relatively new company with a minimum deposit of 10 USD. The leverage varies from 1:1 to 1:500. They have two kinds of account types including demo and ECN MT4. Those accounts are quite flexible and they cover the basic crypto industry needs. Probably, the main advantage of the OspreyFX is that they are considered to be lightning-fast as their average spread is 0.1. However, their major disadvantage is that they don’t have any kind of license or authorization. Do we recommend OspreyFX? Yes, we do as we believe that the company is reliable enough to trade with and matches up with all the standards consumers desire.
