OspreyFX

What seems to be a stable and convenient broker, slowly starts showing its colors once the pages start turning. The difference with this shady broker is that here they have meticulously covered their steps. However, that did not stop us to expose them for what they really are. Read on to find out more.

There is a lot of talk about segregated bank accounts, Two-Factor authentication, Tier One Banking, STP Execution and more, which is impressive as far as brokers go, yet with OspreyFX the authenticity of these claims is suspicious at best due to the lack of regulation. The first clue one get about the shadiness of regulation is located on the footer as a footnote:

It clearly says that the website falls under no jurisdiction, which immediately deems it unregulated. Usually, the footer is where a short text introduces the regulation and company details. Here we have only the above statement and a Risk Warning. Nevertheless, the Risk Disclosure was more helpful regarding the license, yet still presented us with a dead-end. There is mention of Saint Vincent and the Grenadines as a place where Osprey Limited is registered.

Taking into account the fact that the FSA SVG in St. Vincent and the Grenadines does not regulate Forex and CFD brokers we can safely conclude that that OspreyFX IS NOT REGULATED.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for its subordinates. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage is shown to be as high as 1:500. This is the standard measure for offshore brokers.

The average cost of trading for the EUR/USD pair is said to be 0.1 pips. This is incredibly low, and in our experience, only globally renowned brokers have the audacity to grant such spreads.

Apart from currency pairs, the other instruments for trade are Cryprocurrencies, Metals, Indices, Stocks, Futures and Energies.

The only language made available is English.

OSPREYFX LOGIN

OspreyFX has adapted the MT4 platform as its sole trading terminal.

METATRADER 4

MetaTrader 4’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro.

The maximum leverage is 1:500. The spread indicated on the website is 0.1 pips for EUR/USD, yet on the MT4 platform we got a spread of 1.1-1.2 pips.

The existing commissions are what you might call the industry average. The agent claimed that the commission was $7 only when opening a position. Nevertheless, when adding the extra $7 to the spread it directly increases the cost of trading from 1.1-1.2 pips to 1.8-1.9 pips.

MT4 is accessed as a standalone desktop trader and on Android and Apple devices.

OSPREYFX MINIMUM DEPOSIT

The minimum deposit is just $10. Depositing funds happens via Credit/Debit Cards, Wire Transfer and BitCoin.

Once more: this broker is clearly unregulated, and if you choose to fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly adviсe to avoid all brokers who do not have a proper license. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

OSPREYFX WITHDRAWAL TIME AND FEES

The withdrawal methods are the same as the depositing ones: Credit/Debit Cards, Wire Transfer and BitCoin.

Wire Transfers are eligible for a $25 fee when withdrawing. There is an inactivity fee of $10 if a customer has not traded within 6 months, as written in the Terms and Conditions. However, if you check the FAQ you will stumble upon a misleading piece of information claiming that there are no dormant account fees:

Be WARNED that there are unexpected charges such as markups and markdowns, statement charges, idle account charges, order cancellation charges, account transfer charges, introducing broker, money manager fees and others. These charges are said to be changeable without notice, and directly withdrawn from the client’s account should one agree to the T/Cs.

Processing times for withdrawals are said to be completed during the same work day (9-5 GMT) as the request. After that it take the following amount of time for your payment system to pay you: Credit/Debit Cards take 3-6 days; Bank Transfers take up to 6 days; withdrawals through bitcoin take 1-3 hours.

ADDITIONAL FEES AND TAXES

Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

BOTTOM LINE

OspreyFX goes to great lengths to conceal its true intentions, at times almost fooling us into actually believing it was still in its early stages. The biggest tip-off is the St. Vincent and the Grenadines location which as mentioned does not regulate CFDs and Forex. Make no mistake, this is an UNREGULATED broker.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

One thing is for certain: OspreyFX cannot be trusted. Stay back!