OspreyFX is a modern trading platform for forex trading in the US that provides its user with an exemplary trading experience. It offers advanced trading with the help of automated expert advisors that help you in making a quality decision with respect to your investments.
OspreyFX Broker provides a user-friendly experience to all its clients that simplify trading and makes it less intimidating. They are one of finest US forex broker that is recommended for people are either starting fresh with trading or are seasoned traders.
With this OspreyFX review, you will get a piece of detailed knowledge about their functionality and how you can become a member of their system.
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Types of trading accounts with OspreyFX
OspreyFX provides some ECN and STP types of trading accounts that offer a maximum leverage of up to 1:500. It has a 0.01 minimum lot size and 1000 maximum lot size. The difference in these accounts lies in the deposit requirements, the commission fees needed, and the spreads.
You can opt for a suitable account type depending on the size of your investment and the type of trade strategy. They offer three types of trading accounts based on your needs.
A standard account is a suitable choice for almost everyone starting off in trading. It spreads from 0.8 pips and requires a minimum deposit of only $50. You can trade with about 55 different forex currency pairs with a minute commission fee of $3.50
The PRO account comes with 0.4 pips spread. It has the highest deposit fee in comparison to all the trading account on OspreyFX. You have to deposit a significantly hefty amount of $500 with an added commission fee of $3.50. You get access to trade in 55 different forex currency pairs along with other trading asset classes.
The VAR account comes with 1.2 pips spread. You are required to deposit a minimum amount of $250. But you will not be charged any commission fee for the VAR accounts. It also allows you to trade in 55 different forex pairs and other asset classes with ease.
The mini account offers 1.0 pips spread. It has the lowest deposit requirement of $25 and a $1 commission fee. Since the account type is mini, you only get access to 29 different forex currency pairs to trade-in.
Apart from all the advanced accounts, OspreyFX allows you to open a demo account as well. With the help of a demo account, you can plan and test all your trading strategies and broker services. Since it is a practice account, you can choose any leverage that goes up to 1:500.
The trading conditions of demo and premium accounts will indeed be different from each other. A demo account will have more of a stimulating environment where factors like spreads, slippage, and liquidity are not in place.
The fees charged by the broker can change or vary. There might be some additional charges as well that might not be listed on the OspreyFX website and come as a surprise for you. It is, therefore, recommended to go through any latest updates and details available on their website before making an account.
Deposit and withdrawal services
The OspreyFX accounts support all types of funding. You can use a bank transfer, Bitcoin, VLoad, Upay, or debit and credit cards. For a wire transfer, you will be charged a banking fee of $25, and the transfer amount should be at least $100.
A wire transfer can take about 6 days to process, but from the broker’s end, it will get cleared in one business day. One of the flawless services of OspreyFX is their close working connection with their payment service providers. This enables them to deliver fast deposits and withdrawals.
- For making a deposit or withdrawal;
- Sign in to your OspreyFX account
- Select the deposit or withdrawal option
- Opt for the particular method and follow the instructions that come
- Process your withdrawal or deposit
You can open accounts in a different currency. The commonly used ones are USD, EUR, GBP, CAD, AUD, and BTC. The benefit of opening an account for that particular currency is that you won’t have to pay a conversion fee whenever you make a withdrawal.
Opening an account with OspreyFX
In order to open an account with OspreyFX, you are required to fill in your details in an online application form. You are asked to fill in some personal data so that your identity can be verified. For identity verification, you can use a passport or a driver’s license. Address verification can be carried out with the help of a bank statement.
After the OspreyFX account team has confirmed your credentials and personal details as provided, you will be able to commence trading online. The account approval usually happens on the same day or latest, within one business day.
The procedure remains the same for any type of account you wish to opt for. The deposit requirements and commission fees will change accordingly.
OspreyFX is a type of unregulated trading platform that lets you put your investment in multiple trading instruments. This platform is known for offering a great selection of cryptocurrencies and an actively facilitated trade in bitcoin funding. The frequent updates on market trends and the valuable insights that follow can also help in boosting your investments.
However, there are not a lot of features to work with. Since OspreyFX does not have its own features, the customers are only left with the features that come with the MT4 platform. Even though it is loaded with quality features, it might not appear much appealing to seasoned traders.
OspreyFX is a great way of starting your trading game and climbing a ladder towards better and profitable investments.