Broker for US Traders (OspreyFX Review)
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.
1 OspreyFX Review (US Broker) 1.1 Signing Up (The Process) 1.2 OspreyFX Platform (MetaTrader 4) 1.3 Withdrawals and Deposits 1.4 Forex Education 1.5 OspreyFX Trading Competitions 1.6 Conclusion 1.6.0.1 OspreyFX 1.6.0.2 Overall.
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 Bitcoin Wire transfer VLoad.
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.
Forex Education.
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.
Conclusion.
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.
Reputation.