The internet is replete with a gamut of forex trading companies promising huge profits; this promise of massive profitability is often too alluring to potential traders and challenging to resist. Therefore, the result is that a lot of traders fall victims to scammers.
However, the fact remains that for traders seeking to invest in the forex trading business, choosing the right brokers among the sea of options available is always a difficult challenge. A well-informed customer would not only look at the products on offer but seek to understand the core values behind the company they intend to invest in; this is why OspreyFX Review is a must-read for traders.
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What is OspreyFX?
OspreyFX is a reputable offshore Electronic Communication Network (ECN) forex and CFD broker founded in 2019. It is registered in Saint Vincent and the Grenadines as a forex broking company that trades forex, cryptos, CFDs, stocks and commodities through Straight Through Processing Execution.
OspreyFX at a Glance
OspreyFX provides an enabling platform for traders to trade on institutional grade liquidity from the leading investment banks, in addition to a completely transparent dark pool liquidity execution venue.
By implication, this means that you will be able to trade on ultra-tight spreads, starting at 0.0 pips. With the added advantage of your orders being processed directly through OspreyFX’s genuine ECN trading environment, OspreyFX remains your choice.
OspreyFX affiliate program is one of the reasons behind its success and growth. It allows you to refer others to OspreyFX, while you easily earn a substantial residual income. You can visit OspreyFX’s affiliate page to register, and then introduce new clients to the platform through your dedicated affiliate link. Each time a referral clicks through and completes a trade, you will earn an attractive commission.
Why are Traders Choosing OspreyFX?
OspreyFX platform is fast becoming popular with traders for various reasons as you will find out shortly through this OspreyFX Review.
OspreyFX Trading Platforms:
MetaTrader 4 (MT4)
Signing up with OspreyFX means access to ECN connectivity through the popular metaTrader4 (MT4) trading platform. MT4’s popularity accrues from its user-friendly interface that can be bespoke to user’s needs. Most important is the fact that it provides short learning curves making it the preferred platform for newbies and experienced traders. Furthermore, in this OspreyFX Review, you will find:
The under-listed features of MT4 available to users:
1. Multiple chart types and time frames
2. For pending orders
3. Ability to set price alert notifications through SMS, email and platform pop-ups.
4. Two market orders
5. Three Execution orders
6. Automated trading with Expert Advisors (EAs)
7. MQL editor to create customized indicators, scripts and EAs
8. Two stop orders and a trading stop.
MT4 can be deployed on desktop, used on web browsers or on mobile devices which offers an additional advantage of trading while on the go.
MT4 on Desktop
If you choose to use the web trader or downloadable advanced trading platform, making trades is seamless. You can right-click here to trade directly from charts or click on the buy and sell buttons on the top of the chart; this takes you to the order window where you can set the entry, stop loss, and profit target. You may also enable the one-click trading setting for swift trade execution.
Traders have the benefits of accessing charts, news, positions, economic calendars, news, and trade/order history as well as market analysis from OspreyFX analysts on the platform. It is worth mentioning here that traders can access tons of indicator and drawing tools, and that the drawbacks to the platforms are few.
MT4 on Mobile
The functionality of Mobile App makes it the ideal choice for most traders who are always on the move. It provides traders with one-stop access to all their account information.
Trading from a mobile device offers traders the privilege to remain connected with the market irrespective of their location. Consequently, they do not need to sit in front of a computer to trade. MT4 Mobile lets you maintain continuous contact with the market from all locations when installed on your mobile device.
The features derivable from trading mobile MT4 include
1. Live charts in multiple periodicities
2. Interactive touchscreen display
3. Trading history available
4. Open, close, and modify orders easily.
5. Live quotes in multiple trading instruments
1. MetaTrader4 platform
2. Operates flexible account types
3. Minimum $50 deposit
4. News and market articles and updates
6. Automated Live chats
1. Offshore registration.
In order to offer customers a seamless trading experience, multiple funding sources are available on the platform. They include:
2. Debit/credit card direct and third-party platform
4. Wire Transfer
5. Ole platform
To fund your account, you have to sign up, navigate to deposits, choose a method appropriate to you and follow the instructions. The different currency wallets available for trading on OspreyFX makes it easy to trade almost anywhere. Take a look below
1. USD – US Dollar
2. EUR – Euro
3. GBP – Great British Pound
4. CAD – Canadian Dollar
5. AUD – Australian Dollar
6. BTC – Bitcoin
Using your chosen credit or debit card, you are only legally allowed to return the total amount you fund your OspreyFX account. The company permits you to take all other profits out using either Bitcoin or Wire/Bank Transfer.
In consonance with anti-money laundering guidelines, however, only a specific limit is permitted to be sent back to your Credit card or Debit card by OspreyFX. You can also make a request for withdrawal through bitcoin inside your account, and it will be processed and sent back to you same day.
You could also choose Wire Transfer which is fast gaining acceptance as the most widely used money transfer method globally. With the incur charge of $25 for banking fee on withdrawals of up to $5000. Although Wire Transfer can take up to 6 days, OspreyFX fast tracks the process in one business day. The process of withdrawal is the same steps as with funding.
One excellent way a company can ensure that customers or the general public make an informed decision about what they are purchasing or the services available is through customer education.
OspreyFX regularly engages in frequent customer education through its dedication to releasing latest forex and crypto news and updating the public about breaking financial news; this, in no small measures impact on the trading performance of clients. Articles covering extensive topics are published continuously on OspreyFX websites too for the benefit of community members.
As part of customer education, when you sign up on OspreyFX’s trading platform, you can open a practice account to familiarize yourself with trading strategies. A practice account is intended to facilitate the testing of forex trading skills, and one great way to do so is in a risk-free environment using simulations.
It is important to note; however, that results obtained on the demo account are hypothetical and should not be considered an accurate representation of reality.
There is a good number of trading instruments available to clients to choose from
1. 9 commodities
2. 31 cryptos
3. 55 forex currencies pairs which include major, minor and exotic currencies
4. 37 stocks
5. 9 indices.
When prospects decide to sign up or deal with brokers, one of the services they look forward to enjoying is customer support; this can come in the range of customer services to assist customers in the making cost-effective and correct use the broker’s services. It could also come as a mode of assistance in installation, training, troubleshooting, upgrading, and cancellation of a product or service.
Osprey makes available multiple ways for customers to contact its support team. Queries or questions can be submitted online with responses within 24 hours. An extensive FAQ and articles are also available on the OspreyFX website.
Automated online chat is available round the clock for prospective and current customers. There is also a provision for an agent of the support team to call a client back through phone support.
It is the quickest way to have questions answered for a live agent. It will have been much delightful if social media support is available to engage clients.
OspreyFX is very strict when it comes to protecting clients’ funds. Only clients’ URL is accepted when signing in to trade. With making it expressly clear to prospective traders that they are not affiliated to any off-site membership, account or academies. Adopting MT4, which is regarded as a highly secure and stable platform, is also a way to ensure that monetary transactions are performed in a secure environment. Here, there is an encryption of data exchange between client terminals and servers through a 129-bit key. RSA digital signatures and hidden IPs are some other features which are available to traders on this platform.
OspreyFX also mandatorily implements Two-Factor Authentication (2FA) as an authentication process to ensure the security of our clients’ accounts. Every new customer is expected to go through the process of authentication, which starts at the point of registration. In contrast, existing customers who have not enabled this feature will be prompted to do so after the next login.
Conclusion of OspreyFX Review
There you have the OspreyFX Review covering all aspects a trader needs to know. And while OspreyFX operates with offshore registration, traders need not exercise fears as customers’ funds are segregated and protected.
OspreyFX is highly recommended for traders who are looking to sign up with a broker with innovative products. And reading through the OspreyFX Review should further confirm it, If you want to raed more reviews then please check our best forex indicator blog!