OspreyFX is a new offshore brokerage accepting US (United States) clients. This brokerage is recommended by many large Forex YouTube channels, and is becoming a top option for new traders, thanks to their low deposit requirement of just $10.
The benefit of being with an offshore broker is simple, you don’t have to adhere to FIFO rules and regulations. You can use leverages up to 1:500, and trade low spreads, giving you the advantages that traders outside of the US generally benefit from exclusively.
The drawback is that the broker doesn’t adhere to strict rules or regulations. Some traders feel that this makes for unnecessary risk. Though, personally, I don’t take major issue with this, and I’m confident in the services that I’ve received thus far. I have not had any issues with them raising the spread or swaps, and the overall experience is positive.
OspreyFX Review (US Broker)
Trying to find a Forex broker is always more difficult in the US, due to the tighter guidelines on trading. There is no arguing that the the FIFO regulations, setting a leverage cap and having high spreads puts traders in the United States at a disadvantage. It certainly doesn’t mean that traders will fail, but its the main reason why traders are often seeking alternatives like OspreyFX.
Traders that sign up with OspreyFX get access to 1:500 leverage, 0.01 minimum lot sizes, a $10 minimum deposit, 30+ crypto pairs, 55+ currencies and over 100 stocks to trade. In addition, the broker offers very low, and competitive spreads.
These main stats are why I’m drawn to the service, and why I just recently signed up.
Signing Up (The Process)
It is a quick and easy process to sign up and have an account activated with OspreyFX. I think this is one of the main positives features. The user interface is very user-friendly and you can register an account without depositing funds just to see what the back-end is like.
I sent in my proof of address, proof of identity and a selfie. It took less than an hour to receive my approval.
If a process is slow or convoluted, I get frustrated quickly and often lost interest. This certainly isn’t that. It’s easy to navigate the signup process, which gives me more confidence with the broker.
OspreyFX Platform (MetaTrader 4)
The OspreyFX brokerage uses the most popular Forex trading platform available, MetaTrader 4. I use both MT4 & MT5, but the majority of my trading accounts are on the MT4 platform.
The Metatrader platform offers instant execution, direct chart trading, stop orders, trailing stop, and full trading history. It also provides traders with mobile access, so they can trade on the go directly from any IOS or Android compatible phone.
I do all my trading on the PC, but I see the value of being able to monitor ongoing trades if you have to go grab groceries or step away from your computer for any reason.
Withdrawals and Deposits
Withdrawing and depositing with OspreyFX is an easy process. You simply go to the members area, select a deposit type and then pick the method you most prefer. For both withdrawals and deposits they offer the following methods:
- Credit or debit cards
- Wire transfer
I haven’t completed my first withdrawal yet, but I will likely do my first within the next month or so. When I do, I will update the review to let you know how fast the process is.
In my research, I’ve found no issues with withdrawal requests or completions. This is key, because being able to access your earnings is really the only thing that matters.
Unlike most other brokers, OspreyFX actually provides a unique Forex Education program. In order to access the program, just click education in the members area, and sign up to the “ForexSquad.”
There is no additional fee to get access to the Forex Squad, and once registered, traders get access to a new website filled with educational material.
Traders can expect to learn, and gain additional knowledge on the following topics:
- Basics of Forex trading
- Advanced Forex trading
- Forex Strategy
- Tools & Indicators
- Pro trader tips
- Trader psychology
- Fundamental analysis
- Technical analysis
All of this education is free, and it does not require a deposit to access, so if you’re just starting out and you want a free education, go for it.
OspreyFX Trading Competitions
If you’re the competitive type, OspreyFX provides frequent trading competitions, where they award the top traders prizes. In one of their most recent competitions, they gave away $80,000, where the top trader came away with a $50,000 first prize.
Even if you don’t have the skill level to win one of these competitions, they do help make trading fun. I like the additional push for a reward, even when the win is generally reward enough.
OspreyFX isn’t going to be the best Forex broker for every US trader, but it’s a great alternative for trader’s looking to trade with higher leverages. While the majority of US traders are happy with Forex.com, IG, or Nadex, these brokers have very strict rules and guidelines, which can hurt returns.
Ultimately, it’s your decision as a trader to determine the level of risk you are willing to take. The same goes for the broker that you choose to sign up with.
Right now, I’m happy with OspreyFX, and recommend them to traders looking for a new platform to trade with.
OspreyFX is an offshore broker, providing US clients an alternative to some of the more traditional brokerages.
$10 minimum deposit
Accepts US clients
Hey so I was just wondering, is OspreyFX actually legal in the United States because I looked it up and it said they weren’t accepting US clients?
Maybe they stopped accepting US, try here https://forexrobotnation.com/best-forex-brokers/
Hi Patrick,I want to deposit money on Ospreyfx but only accept crypto( bitcoin,eth.usdt). Now,if I want to trade on forex,how to use crypto in forex??? Im new in crypto and all this deposit,transfer,withdrawal is confusing to me, You should make a video how to charge MT4 account thru Ospreyfx,Paxforex,etc.. It would be really helpful for all of us. Best regards
Hi Dario, did you reach out to OspreyFX? They have fantastic support and would respond to your requests to help you.
hey good review this is where im at even after gotting the robot still trying to find that broker, sure is hard to pick one from hundreds of different ones, these videos sure help a person out a lot in what to expect. I like the videos but sure hard to get started to find the broker with a platform thats good and not cheep. Quick question how do people get that profit and loss stop indicator, the one with the red and green box for stop loss and take profit or is it on the platform being used. thanks keep the videos coming
Could give an update on this broker? Do you still recommend them? Have you had any issues withdrawaling from them to bitcoin?
HI Scott, I’ve had no issues.
I created a new account at OspreyFX, and after the new account was setup, I found out that there is no easy way to deposit to the platform, you can only use Bitcoin or vload, but not credit card or bank transfer, which is weird for a forex broker.
I think it’s a bad signal for the broker.
I never noticed since I have bitcoin, but it’s definitely something I’ll look into. If it’s too hard I’ll test out some other brokers and give you another option.
Hi Patrick, have you found any other broker that is similar to OspreyFX. I like the spread and the commission, etc. But, as the previous comments, I’m a little sceptical about the company. I don’t mind paying with Bitcoin since I have bitcoin and I can transfer anytime. I just need to make sure my investment is on a safe brokerage company. Do you think OspreyFX is legit?
Hi Kusmayadi, yes I do. I have an account with them, and I’m happy to be with them.