OspreyFX Review
4.3

OspreyFX Review

OspreyFX is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

OspreyFX is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Pros
  • A brokerage offering
  • 1:100 leverage
  • Weekly payouts
  • A $1,000 bonus with the first payout
  • Straightforward trading rules
  • Overnight and weekend holding
  • News trading
  • EAs allowed
  • <liFree forex education
  • Diverse trading instruments
Cons
  • Minimum trading day requirement: 10 days
  • Challenge accounts come with high prices
  • High commission costs associated with trading

What is OspreyFX?

Logo of OspreyFX

On December 30, 2021, OspreyFX, an ECN broker headquartered in Saint Vincent And Grenadines, initiated its funded account challenge program. Through this program, traders can potentially earn a maximum of $200,000 in funded accounts by a two-phase evaluation challenge. 

They will also receive a hefty profit share of 70%. The broker’s main office is located at Suite 305, Griffith Corporate Centre, Saint Vincent And Grenadines.

OspreyFX sets itself apart by offering high-quality liquidity obtained from leading investment banks, creating a favorable atmosphere for traders to achieve success. Traders have the freedom to independently execute trades and keep their positions for any desired duration, without any limitations on their trading strategies. 

OspreyFX prioritizes loss limit regulations and seeks to recruit traders that consistently match the criteria. These traders are then rewarded with a 70% profit share for their successful trading activities.

OspreyFX Funding Programs and Challenges: Rules and Requirements 

OspreyFX provides traders with a two-step evaluation program that includes four distinct account sizes.

Evaluation Program Accounts

Demo Stage Verification Get Funded 
To become familiar with the platform, traders will start with a demo stage(stage 1)Once stage 1 is completed, traders will continue to prove their skills on a second demo account (stage 2) Once stage 2 is completed, traders will get funded and can start trading with a real account (stage 3)
Requirements: Requirements: Benefits and Requirements: 
Profit of 10% in 30 daysProfit of 8% in 60 daysReceived 70% of profits 
Minimum trading days: 10Minimum trading days: 10Weekly payouts 
Max overall loss of 12%Max overall loss of 12%Max overall loss of 12%
Max daily loss of 5%Max daily loss of 5%Max daily loss of 5%
Follow the consistency rule 

The OspreyFX assessment program account is designed to find skilled and dedicated traders who are rewarded for their consistent performance during the two-phase evaluation period. The evaluation program account grants customers the ability to engage in trading with a leverage ratio of 1:100.

During the initial evaluation phase, traders are required to attain a profit target of 10% during 30 calendar days, while ensuring that their maximum daily loss does not exceed 5% and their maximum overall loss does not exceed 12%. Phase two can only be reached after a minimum of 10 trading days.

The second evaluation phase requires achieving a profit target of 8% during 60 calendar days while keeping the same daily and maximum loss restrictions. To advance to a funded account, a minimum of 10 trading days is required.

Upon completing both evaluation processes, a funded account will be awarded, which is not subject to profit targets. Traders alone need to adhere to the 5% cap on daily losses and the 12% limit on overall losses. 

The initial reimbursement is made within 7 calendar days after opening the funded account. It includes a refund of the evaluation account charge plus a $1,000 incentive for completing the verification challenge. Weekly payouts are received thereafter, with a profit distribution of 70% based on the earned profit from the financed account.

Evaluation Program Account Scaling Plan

The evaluation program accounts do not incorporate a scaling plan.

Evaluation Program Account Rules

  • Profit Target: A predetermined percentage of profit that traders must attain to successfully conclude an assessment phase, extract gains, or expand their accounts. Phase 1 entails achieving a profit target of 10%, while Phase 2 requires reaching an 8% target. Funded accounts, on the other hand, do not have any profit objectives.
  • Maximum Daily Loss: It refers to the largest permissible amount of money that can be lost in a single day before an account is considered breached. It is important to note that all account sizes have a uniform maximum daily loss of 5%.
  • Maximum Loss: It refers to the most acceptable level of total loss that can occur before an account is violated. Regardless of the size of the account, a maximum loss of 12% is allowed.
  • Minimum Trading Days: The obligatory period of trading that must be completed before entering an assessment phase or making a withdrawal. Both evaluation stages necessitate a minimum of 10 trading days, whereas funded accounts are exempt from this requirement.
  • Maximum Trading Days: The designated period during which traders are required to reach a predetermined profit or withdrawal goal; Phase 1 permits a maximum of 30 trading days, while Phase 2 permits a maximum of 60 trading days.
  • The Consistency Rule: It is a regulation that requires maintaining consistent position sizes, risk management, losses, gains, etc. It explicitly states that the profits made on the best trading day should not exceed 30% of the overall profit target. This rule is relevant only during the second evaluation period.

OspreyFX Broker: Do They Use a Reliable Platform? 

When evaluating proprietary trading firms for suitability with the forex trading techniques, it is crucial to go beyond the attractive possibility of a large profit share on a well-funded account. The achievement of the trading endeavors relies on a harmonious amalgamation of profit aims & maximum drawdown allowances.

OspreyFX is a highly appealing option in this particular situation, as it provides a pragmatic method for acquiring cash through its assessment program accounts. These accounts have marginally elevated profit objectives of 10% in Phase One and 8% in Phase Two but also have higher-than-average restrictions on maximum loss. 

The stringent 5% cap on daily losses and 12% limit on overall losses may appear daunting, but they enhance the resilience of the risk management system.

OspreyFX stands apart due to the authenticity of its assessment program accounts. Although the profit targets are challenging, the mix of attainable goals and sensible maximum loss regulations fosters a favorable atmosphere for profitable trading. 

This approach guarantees that traders have a legitimate chance to make payments while upholding a well-rounded and sustainable trading strategy.

OspreyFX offers a comprehensive choice for traders looking for funded accounts, providing practical trading goals and payout criteria through their assessment program. Adopting this practical technique enhances the probability of traders attaining achievement and acquiring funds for their forex trading endeavors.

Which broker does OspreyFX use?

OspreyFX, operating as an Electronic Communication Network (ECN) broker, presents a funded account challenge to its clients. The platform provides traders with access to high-quality liquidity obtained from top-tier investment banks. It allows trading with very narrow spreads, starting at 0.0 pips. In addition, OspreyFX offers versatility in trading platforms, giving consumers the option to choose between MetaTrader 4, MetaTrader 5, or TradeLocker.

OspreyFX Fees: How Much Do They Charge? 

Trading Commission:

AssetsFee Terms
Forex 7 USD / LOT
Commodities7 USD / LOT
Indices 7 USD / LOT
Stocks7 USD / LOT
Crypto7 USD / LOT

Education and Support for Traders

OspreyFX provides educational resources on its website, which can be accessed by clicking on this link. Their page features four instructional platforms:

  • Beginner
  • Intermediate
  • Advanced
  • Affiliates-Referrals

Furthermore, traders may locate a discussion on OspreyFX on ForexPeaceArmy, where they will come across a plethora of remarks about their organization.

OspreyFX offers a meticulously organized dashboard accessible to all clients, facilitating risk management by providing 24/7 access to comprehensive statistical data that is routinely updated.

OspreyFX Proof of Payment:

OspreyFX has not disclosed any proof of payments since the start of its funded account challenge on December 30, 2021. Traders who complete the two-phase evaluation challenge are entitled to receive weekly rewards, in addition to a 70% profit share. 

To view proof of payment, please refer to the corresponding YouTube video demonstrating a trader earning rewards beyond $70,000 while trading with OspreyFX.

OspreyFX Customer Support: 

OspreyFX actively maintains a presence on various social media platforms, facilitating enhanced connectivity and interaction with its audience. Engaging with their community, the brokerage extends its reach beyond traditional channels, fostering a dynamic and accessible online presence. 

Platforms such as Facebook, Twitter, Instagram, and others serve as valuable mediums through which OspreyFX shares updates, and market insights, and engages in direct communication with its client. 

I. Facebook: 

OspreyFX has cultivated a community of 1.2k followers on Facebook. This platform functions as a dynamic environment for instantaneous updates, news, plus interactions with the trading community. Traders can acquire up-to-date information and participate in discussions with similar interests by monitoring their Facebook profiles.

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II. Twitter:

OspreyFX has cultivated a community of 14,489 followers on Twitter. This platform is a dynamic environment for immediate updates, news, and engagements with the trading community. By monitoring their Twitter feeds, traders can acquire up-to-date information and participate in discussions with individuals who share similar interests. 

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III. Instagram: 

OspreyFX has a strong presence on Instagram, with a total of 5,371 followers. This platform delivers a visually immersive experience into the realm of trade, offering a distinct viewpoint on the company’s operations and accomplishments. It serves as a catalyst for traders’ creativity and a means of maintaining connectivity with others.

IV. Telegram: 

The OspreyFX community has discovered a welcoming haven on Telegram, where the company’s dedicated channel boasts an impressive 537 subscribers. This platform stands as a dynamic hub, fostering interactive discussions, sharing valuable experiences, and seeking guidance within the realm of trading. It undeniably reflects OspreyFX’s steadfast commitment to cultivating a nurturing and supportive environment for traders.

V. FAQs Page and Support:

  • Utilize OspreyFX’s FAQ page to access missing information.
  • Submit a ticket for inquiries, and receive answers via the provided email.
  • Directly contact OspreyFX through their email at support@ospreyfx.com.

What Makes OspreyFX Unique? 

OspreyFX distinguishes itself from other renowned proprietary firms by using a unique method that imposes minimal restrictions on traders’ trading approaches. OspreyFX distinguishes itself by offering traders the opportunity to participate in activities that include trading during news events, holding positions overnight, and even trading on weekends. 

The key principle to bear in mind is the consistency rule, which is only relevant during the second review phase. This rule limits the gains obtained on the most profitable trading day to a maximum of 30% of the total profit.

Unlike typical prop firms, OspreyFX’s evaluation program consists of two distinct steps, both of which must be effective traders to qualify for payments. The profit objectives for phase one and phase two are established at 10% and 8% respectively, with further regulations restricting daily gains to 5% and limiting losses to a maximum of 12%. 

Traders are required to complete a minimum of 10 trading days in each phase to attain funded status. Significantly, OspreyFX’s assessment programs do not have a growth strategy, which sets them apart from other companies in the market.

Proficient traders who trade with OspreyFX are eligible for a $1,000 incentive and have the chance to initiate their initial withdrawal from funded accounts. In addition, OspreyFX distinguishes itself from other prominent proprietary organizations in the sector by offering the advantage of weekly withdrawals. 

Therefore, OspreyFX’s strategy combines adaptability with a systematic assessment procedure, offering traders distinctive prospects and motivations for achieving success.

For instance- A comparison between OspreyFX and E8 Funding 

Trading ObjectivesOspreyFXE8 Funding (Normal)
Phase 1 Profit Target10%8%
Phase 2 Profit Target8%5%
Maximum Daily Loss5%5%
Maximum Loss12%8% (Scaleable up to 14%)
Minimum Trading Days10 Calendar DaysNo Minimum Trading Days
Maximum Trading PeriodPhase 1: 30 Calendar DaysPhase 2: 60 Calendar DaysPhase 1: UnlimitedPhase 2: Unlimited
Profit Split70%80%

OspreyFX Reviews: What Do Their Customers Say?

Trustpilot: 

OspreyFX has a rating of 3.1 out of 5 stars on Trustpilot, based on feedback from 127 consumers. They have been verified as a company on Trustpilot. The company is thriving on this platform.

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#1. Kyle Gibson informed me that a reliable acquaintance suggested OspreyFX as a hassle-free, unregulated brokerage firm. He established an account in the year 2022 and commenced live trading in March of 2023. The daily trading activities, deposits, transfers, withdrawals, & customer assistance have all been enjoyable and devoid of any complications. 

He highly recommends them to any forex trader seeking a reputable broker. By utilizing his affiliate link, he successfully referred a family member as well as an additional individual, resulting in a total of $420 in commissions earned thus far. It is a pleasant additional benefit to the regular monthly profit from forex trading.

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#2. Chris Whitten, who has been engaged in trading with Osprey for more than 2 years, expresses great satisfaction with their service and brokerage. He finds them to be highly cooperative and efficient in facilitating deposits, albeit limited to cryptocurrency transactions. The user’s rationale for giving 4 stars instead of 5 is due to the limitation of only being able to deposit using cryptocurrency. 

Although XRP deposits are allowed, withdrawals are only possible with Bitcoin, which incurs greater transaction fees compared to XRP. The user expresses a desire for the platform to accept XRP withdrawals.

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#3. Jasmine Simmons expressed her enthusiasm for signing up after witnessing one of her beloved YouTubers endorsing his trading broker. She was enamored with the concept of the wide range of trading pairs they provide, but she is extremely disillusioned to discover that they solely facilitate deposits and withdrawals through cryptocurrencies. 

Grant the customer the autonomy to determine whether they are willing to assume the potential hazards associated with utilizing their debit card. Due to this restriction, she will refrain from utilizing this trading brokerage. 

Regrettably, they have forfeited a patron. In the current market, which is set in the year 2023, adaptability is crucial. She surmises that not every brokerage is suitable for everyone.

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#4. The Anointed One advised against placing any confidence in this broker under any circumstances. They will cause the people to feel frustrated. He initiated a withdrawal from his trading account with this broker, transferring funds to his account balance. The money was withdrawn from his trading account, but the account value of his Ospreyfx account remains at zero. The customer care department exhibits a lack of promptness in responding to communications, often replying several hours later, particularly when they ascertain that customers are not actively engaged. 

Completely disregarding the posed questions, an automated message is sent, followed by the termination of the chat. Upon contacting them via email, they will inform them that they have escalated their issue and assure of a prompt response. It has been three days since he initiated this transfer from his trading account and the funds were deducted accordingly, but I have not received any resolution or assistance thus far. Suppose this was a transaction where the funds were taken out and transferred to his wallet.

The user intends to revise this rating after their problems are addressed. However, now, they consider customer support to be exceptionally poor, with automatic responses that give the impression of scripted communication. Ensure the safety and protect the finances, please.

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ForexPeaceArmy:

OspreyFX has a rating of 1.659 out of 5 stars on ForexPeaceArmy, as determined by comments from 20 consumers. The company’s verification on ForexPeaceArmy has been confirmed. 

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#1. According to JuanjoLamba, initially, he had doubts about the offerings of OspreyFX. To assess its credibility, he began by using a demo account to understand its functioning. Once he confirmed that the broker was not fraudulent, he proceeded to make a small deposit. The entire process went smoothly, including the easy withdrawal. He appreciates the fact that he did not have to invest a large sum initially. 

He encountered an issue with his Mt4 platform, and the customer service showed an unexpectedly high level of responsiveness and proficiency. He appreciates the introduction of a new promotional offer in which the broker provides funding for an account, allowing anyone to commence trading. Exercising caution regarding the potential hazards, however, thus far, has proven to be a highly positive and enriching experience for him.

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#2. Kmail claimed that individuals must be prepared for failure, as this company employs various measures to ensure that one does not succeed in their endeavor.

He completed my challenge multiple times, but when he asked why he wasn’t receiving the login details for my funded account, they provided a different explanation. They now allege that he earned an excessive amount of money in a single day and he must earn an additional 6,000 dollars within one week to complete the challenge, which is currently in its second phase. The customer support representative was unable to provide a clear explanation of the steps required to improve their best day. Consequently, the client had to independently determine the necessary actions.

Last month, I completed the challenge’s first step, and they asserted that it took me 59 seconds after the deadline. Retakes are not available, even if you score inside the top 9.85% of the 10% range.

Furthermore, the response time for customer assistance is very long, often spanning several days.

Not advisable!!!!

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#3. Deltoid88 expressed having previously possessed a satisfactory level of familiarity with this broker, but the situation has since undergone a significant transformation. He took part in their sponsored account program, and completed both levels, but did not receive a funded account. No valid justification is presented. They violated their terms and conditions. They actively search for unskilled traders who will inevitably fail their financed challenge and incur financial losses. Furthermore, if an individual completes their challenge, they will arbitrarily dismiss them without justification. This is a fraudulent scheme!

September 25, 2019 – Rated 5 out of 5 stars Osprey FX hosted a live trading competition with a substantial prize pool of $160,000. A total of $80,000 was allocated to the prize fund for the trader’s contest, while an additional $80,000 was allocated to the prize fund for the affiliates’ contest. He is the esteemed champion of the trading tournament and was awarded a remarkable prize of $50,000 for securing the 1st position. The withdrawals were executed seamlessly, and within a few days, he received the complete sum of $50,000 in his Bitcoin wallet and UPayCard account.

In addition to this remarkable competition, Osprey FX offers highly favorable trading conditions. Minimal deviation, narrow bid-ask spreads, and a modest commission rate of around $3.5 per lot. The execution is also outstanding. In addition to Forex, Metals, and Indices, they provide a wide range of Cryptocurrencies.

The chat support service is accessible round the clock, and staffed by courteous and skilled professionals who are consistently available to assist. Their team diligently strives to implement enhancements to the site every week.

The only issue he could find is the absence of regularly utilized deposit/withdrawal methods such as Skrill and Neteller. UPayCard offers partial coverage, but not comprehensive coverage, which may complicate the life of a trader. However, he is confident that it is only a matter of time before they offer other deposit and withdrawal choices.

In summary, OspreyFX is a reputable and top-tier broker that deserves the attention of both experienced and novice traders. They merit and ought to be investigated. He will remain with them.

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#4. According to StarLord’s statement, he followed the advice of a YouTuber he believed to be trustworthy and made an account on Friday. He initiated a demonstration account and promptly received login credentials along with a notification stating that the process may take up to 5 minutes, which was acceptable. However, even after 2 days, he is still unable to access the account.

Furthermore, when he logs in to the main web page, there is still no information displayed in the accounts section. He attempted to utilize the help chat, which proved to be completely non-functional. He desires to deposit funds with them, but they seem incapable of mastering the fundamental aspects.

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Conclusion

To summarize, OspreyFX is a reputable ECN broker that offers its services to traders through sponsored program accounts. Traders can select from four different account sizes for evaluation programs.

OspreyFX’s evaluation programs adhere to a conventional two-phase assessment process, which requires traders to complete both phases to be eligible for funding and profit sharing. To meet the objectives, it is necessary to attain profit margins of 10% during phase one and 8% during phase two. Additionally, it is important to ensure that the daily loss does not exceed 5% and the overall loss does not exceed 12%. 

The established goals are considered attainable, and active engagement in assessment initiatives grants traders a 70% share of profits. It should be emphasized that none of OspreyFX’s assessment program accounts have a scaling plan that can be applied. In addition, traders are granted a $1,000 bonus upon their first withdrawal, and they continue to qualify for weekly withdrawals.

If a person is looking for a funding program that is well-regarded and has well-defined guidelines, OspreyFX is an excellent option. OspreyFX, essentially a brokerage, offers a compelling funding program that provides advantageous trading conditions suitable for a range of trading styles. 

Considering the extensive range of services provided by OspreyFX, it stands out as a practical choice for traders seeking significant funds to enhance their trading activities.

Account size up to:
$200,000
Profit Split Up to 70%
*Choose your account type and start trading

4.0
Fees
4.0
Trading Platforms
5.0
Deposit and Withdrawal
4.0
Customer Support
4.3 Overall Rating

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OspreyFX Review
4.3/5
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