If you’re considering signing up with OspreyFX, please take a moment to read our OspreyFX review. At first glance, the platform appears professional, but upon closer examination, it raises some significant concerns. Traders have raised concerns about the regulatory status of the platform, including issues with withdrawals, spreads, and technical problems. Let’s consider a few reasons that suggest that OspreyFX won’t be the best choice for your trading journey.
OspreyFX Overview
- Company Name: OspreyFX
- Website: https://ospreyfx.com/
- Address: Beachmont Business Centre, Suite 4, Kingstown, St Vincent and the Grenadines, K001
- Regulation Status: Not Regulated
- Operating Since: 2018-11-30
- Warned By: No Warning
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We’ve created a brief video that highlights the main warning signs of OspreyFX. View it here:
Is OspreyFX Regulated?
Offshore and Unregulated
- OspreyFX is registered in Saint Vincent and the Grenadines, which is famous for its lax regulatory environment.
- OspreyFX is not regulated by any tier-one regulatory body like the FCA (UK), FINMA (Switzerland), CNMV (Spain), CySEC (Europe), ASIC (Australia), etc.
- Being unregulated means that you do not benefit from investor protection legislation at all, there is no recourse regarding the funds you placed with the broker, and you will not have any legal recourse if it goes wrong.
Trading Conditions and Leverage
High Leverage
- OspreyFX offers leverage of up to 500:1, which can be risky for inexperienced traders.
- Leverage can increase profits, but it can also increase losses.
Deposit and Withdrawal Policies
Crypto Transactions
- OspreyFX accepts cryptocurrency payments, which are non-reversible and untraceable.
- Many users have reported withdrawal issues, where profits are shown on the platform but never made accessible.
What Real Users Are Saying
Negative Trustpilot Reviews
OspreyFX has a rating of 2.2 on Trustpilot, and it may not be a surprise that their record is mostly poor.
Some common complaints among users include:
- Inability to withdraw funds.
- They restrict the user’s account suddenly.
- Unresponsive customer service.
“All the profits you are going to see are a mirage; they show you to feel good, but will not give you access,” is one common review from frustrated users.
Technical Issues That Can Cost You
Glitchy Platform, Missed Trades
- Several users reported that the trading platform was struggling and that many technical glitches caused every user to lose trade opportunities, or worse, suffer losses in volatile market conditions.
- To a trader, timing is key, and OspreyFX fails at that very simple task.
“The spreads were way bigger than they stated and ended up costing me more to trade.”
Red Flags to Consider
- No regulation and offshore
- Funding methods for crypto
- Issues with withdrawal
- Poor user ratings
- The platform is glitchy
If you have already placed money or traded with them, please know that you are not alone. There are users who were successful in getting their funds back after having dealt with OspreyFX and made a formal complaint to a professional fund recovery service.
Final Verdict: Is OspreyFX Legit?
No. OspreyFX has so many red flags that a serious trader would not consider trading with it. The broker is unregulated, it lacks transparency, and users raise too many complaints regarding withdrawing money, technical difficulties, and many more. All signs point toward OspreyFX being more concerned with perception than serving traders.
Have You Been Affected?
If you have fallen victim to OspreyFX, you can take action.
Report your experience or file a complaint today at BrokersReviewer.com
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