Overall, OspreyFx is a safe and credible broker that offers low and competitive trading fees. OspreyFX is currently not regulated by the CBN but has a high trust score of 4 out 5.
Updated : March 27, 2023
Regulation and Safety of Funds
Account Types and Features
Range of Markets
Deposits and Withdrawals
Education and Research
Pros and Cons
OspreyFx At a Glance
|🏛️ Headquartered||Saint Vincent and the Grenadines|
|🏛️ Nigerian Based Office||No|
|👍 Accepts Nigerian Traders?||Yes|
|📅 Year Founded||2019|
|📱 Nigerian Office Contact Number||None|
|🔎 License Number||None|
|⚖️ CBN Regulation||No|
|✴️ Regional Restrictions||None Specifically|
|☪️ Islamic Account||Yes|
|📈 Demo Account||Yes|
|📈 Retail Investor Accounts||4|
|🚀 Offers a Nigerian Account?||No|
|💻 Dedicated Nigerian Account Manager?||No|
|📈 Maximum Leverage||1:500|
|📈 Leverage Restrictions for Nigeria?||None|
|💳 Minimum Deposit (₦)||10,300 NGN equivalent to $25|
|💳 Nigerian Naira Deposits Allowed?||No|
|💰 Active Nigerian Trader Stats||1.3 million|
|💰 Nigeria Daily Forex Turnover||$1.25 million+
|💳 Deposit Options||Credit Card
Bank Wire Transfer
|💰 Segregated Accounts with Nigerian Banks?||No|
|💻 Trading Platforms||MetaTrader 4
|💰 Tradable Assets||Forex
US Dollar Futures
|🌐 Offers USD/NGN currency pair?||No|
|🌐 USD/NGN Average Spread||N/A|
|📈 Offers Nigerian Stocks and CFDs||No|
|👨💼 Languages supported on Website||English|
|👥 Customer Support Languages||English and Spanish|
|👥 Customer Service Hours||24/5|
|👥 Nigerian-based customer support?||No|
|💰 Bonuses and Promotions for Nigerians||Yes|
|✴️ Education for Nigerian beginners||Yes|
|📊 Proprietary trading software||No|
|💰 Most Successful Nigerian Trader||Uche Paragon ($20 million net worth)|
|✔️ Is Plus500 a safe broker for Nigerians?||No, the lack of regulation makes it risky|
|✔️ Rating for Plus500 Nigeria||4/10|
|✔️ Trust score for Plus500 Nigeria||63%|
|👉 Open an account||👉 Open Account|
OspreyFx Review – 19 key points quick overview:
Osprey is based in Saint Vincent and the Grenadines, with no regulation or authorization through the Central Bank of Nigeria (CBN) or any other regulatory entities, which makes it a risky option for Nigerian traders.
The broker features competitive trading conditions, various promotions and bonuses and supports cryptocurrencies. They also offer some important market news items that are often updated. In addition, OspreyFx provides additional learning resources that can assist traders in enhancing their knowledge and abilities.
This OspreyFx review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
The distribution of traders with OspreyFx is as follows:
United States – 59.8%
France – 3.7%
United Kingdom – 2.5%
Italy – 2.3%
South Africa – 2%
Popularity among traders who choose OspreyFx
🥇 OspreyFx does not have a large market share in Nigeria, but the broker falls within the Top 100 brokers for Nigerian traders.
OspreyFx Regulation and Safety of Funds
Located in St. Vincent and the Grenadines, OspreyFx is an offshore broker that was founded in 2019. A governmental or non-governmental agency has no control over the broker’s activities. As a result, in the unusual event that anything goes wrong, there will be little protection.
According to OspreyFx, customer money is kept separate from the brokers’ assets in a different bank account.
Traders can swiftly and reliably identify between money kept for one customer and those for another, as well as between their own funds and those held for other clients, at any moment. If OspreyFx goes out of business, the broker claims that client funds will not be used to pay creditors.
A wide range of operational risks are identified, analysed, and regulated by OspreyFx regularly, according to the official website. In addition, the policies, and procedures they implement must be evaluated regularly for their effectiveness.
With this, they aim to meet the overall financial and capital demands expected of forex and CFD brokers. Fast and error-free deposits and withdrawals are OspreyFx’s primary goal when working with its payment service providers.
Banks all around the globe, including some of the most prestigious, are presently linked to our network. Fund safety, execution, and customer service are all top priorities for OspreyFx clients.
OspreyFx Account Types and Features
OspreyFx offers Nigerian traders a choice between four trading account types namely:
The minimum deposit along with the spreads and commission costs are the most significant differences between the accounts. To get a feel for trading online, you may open a demo account or an Islamic account.
The kind of account that traders choose will be influenced by the amount of money Nigerian traders wish to deposit and the trading method that is being applied. Some traders favour the PRO account, while others choose the account with reduced commission costs for long-term trading techniques.
There are no trading limits at OspreyFx, which is beneficial for high volume traders. Expert advisers for automatic trading are welcomed by the broker, as are scalping, news trading, hedging, and other forms of leveraged trading.
There is a two-step verification process for OspreyFx accounts, preventing unauthorized access to the trading account as well as other data.
Live Trading Accounts
The typical account features that Nigerian traders can expect despite the trading account that is being used are as follows:
Minimum trade size of 0.01 lots
Margin call of 100% and stop-out of 70%
Maximum Trade Size of 1,000 lots
Maximum leverage up to 1:500
Access to 31 cryptocurrencies, 37 stocks, 55 forex pairs, 9 indices, 9 commodities
A choice between MetaTrader 4 and MetaTrader 5
The option for an Islamic Account
This is the typical account that caters to most traders regardless of their experience or objectives.
|✴️ Account Feature||✴️ Value|
|💳 Minimum Deposit||10,300 NGN or equivalent to $25|
|📈 Average Spread||From 0.8 pips EUR/USD|
|⌛ Commissions||From $7|
|📊 Forex Pairs offered||55|
This is the premium account that provides traders with the tightest spreads.
|✴️ Account Feature||✴️ Value|
|💳 Minimum Deposit||20,700 NGN or equivalent to $50|
|📈 Average Spread||From 0.4 pips EUR/USD|
|⌛ Commissions||From $8|
|📊 Forex Pairs offered||55|
The VAR Account is the next account tier that offers tight spreads and commission-free trading.
|✴️ Account Feature||✴️ Value|
|💳 Minimum Deposit||103,800 NGN or equivalent to $250|
|📈 Average Spread||From 1.2 pips EUR/USD|
|📊 Forex Pairs offered||55|
The Mini Account offers traders smaller position sizes, lower minimum deposits, and a lower risk of losing funds. This account is ideal for beginner traders and those who are testing trading strategies.
|✴️ Account Feature||✴️ Value|
|💳 Minimum Deposit||207,000 NGN or equivalent to $500|
|📈 Average Spread||From 1 pip|
|⌛ Commissions||From $1|
|📊 Forex Pairs offered||29|
OspreyFx Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and OspreyFx offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
OspreyFx Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
OspreyFx offers Sharia-compliant trading on all its currency pairings and products. OspreyFx’s Islamic Trading Account allows traders to trade all accessible currency pairings and instruments. Having an Islamic Account is an advantage to all OspreyFx customers.
However, the ultimate purpose is to create a secure atmosphere for individuals who need to comply with Sharia Law directly.
OspreyFx Account Registration
👉 To create a trading account with OspreyFx, Nigerian traders must complete a brief online application form. will be required to enter personal information, financial and employment details, and have their identification verified during a KYC procedure.
👉 This can easily be accomplished by uploading a valid copy of a passport or a driver’s license. Additionally, Nigerian traders can confirm their residence by uploading a bank statement or utility bill that is not older than 3 months.
👉 Once the trading account has been approved by a member of the OspreyFx accounts staff, Nigerians will be allowed to begin trading online. The broker makes every effort to authorize every trading account the same business day, but this can be delayed if there are high volume registrations.
How to Register an Account on OspreyFx
👉 Step 1 – Go to the OspreyFx Website
➡️ Go to the official OspreyFx website at www.OspreyFx.com – Click on “Sign up”.
👉 Step 2 – Fill Out Your Details
➡️ Fill out your personal details and create a password for your account. Now click on “Sign up”.
👉 Step 3 – Your Account Is Now Active
➡️ Your account is now active and you can start trading.
OspreyFx Vs Exness VS HotForex – Broker Comparison
|⚖️ Regulation||None||FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA||FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions|
|📱 Trading Platform||MetaTrader 4|
|💰 Withdrawal Fee||No||No||No|
|📊 Demo Account||Yes||Yes||Yes|
|📈 Minimum Deposit||10,300 NGN||4,100 NGN||2,000 NGN|
|📊 Spread||From 0.4 pips||Variable, from 0.0 pips||0.0 pips|
|💰 Commissions||From $1||From $0.1 per side, per lot||$3 to $4|
|✴️ Margin Call/Stop-Out||100%/70%||60%/0%||40%/10%, 50%/20%|
|✴️ Order Execution||Market||Market||Market|
|💳 No-Deposit Bonus||No||No||No|
|📊 Cent Accounts||No||Yes||No|
|📈 Account Types||Standard Account|
Standard Cent Account
Raw Spread Account
|HotForex Nigeria Micro Account
HotForex Nigeria Premium Account
HotForex Nigeria HFcopy Account
HotForex Nigeria Zero Spread Account
HotForex Nigeria Auto Account
|⚖️ CBN Regulation||No||No||No|
|💳 NGN Deposits||No||Yes||No|
|📊 Nigerian Naira Account||No||No||No|
|👥 Customer Service Hours||24/7||24/7||24/5|
|📊 Retail Investor Accounts||4||5||5|
|☪️ Islamic Account||Yes||Yes||Yes|
OspreyFx Trading Platforms
👉 OspreyFx offers a choice between MetaTrader 4 and MetaTrader 5 that can be used across desktop computers, internet browsers, and mobile devices.
OspreyFx Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 OspreyFx connects customers to the genuine ECN market using the widely used MetaTrader 4 (MT4) trading platform built by the Russian software firm MetaQuotes. MT4 is well-known for its intuitive and completely customizable user interface. It has a plethora of features and capabilities to meet the demands of a variety of traders. MetaTrader 4 is available to desktop computers that run Linux, Windows, and macOS.
👉 It has a low learning curve, making it the platform of choice for many newcomers, while nevertheless retaining sufficient sophisticated capabilities to meet the more demanding demands of seasoned investors.
👉 Forex, Stocks, and Commodities may all be traded using MetaTrader 5, a multi-asset platform. It provides a wide range of advanced tools for price research, algorithmic trading applications, and copy trading through trading robots (Expert Advisors).
👉 Multi-asset traders throughout the globe rely on MetaTrader 5 to add a competitive edge to their trading. In addition to a tick chart and Time & Sales statistics, the MetaTrader 5 trading platform supports all kinds of trading orders and execution modes and has an enhanced Market Depth function.
👉 Nigerian traders can easily monitor as many as 100 different financial instruments at once using the platform’s charting tools.
OspreyFx WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 The WebTrader of MetaTrader 4 and 5 offers the advantage that traders can simply log in and start trading, without having to download and install any software.
👉 Market and pending orders, quick execution and trading straight from a chart, stop orders and trailing stops, a tick chart and trading history are all supported in MetaTrader platforms, which can rapidly increase the versatility and ease of trading.
OspreyFx Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 Nigerian traders can easily trade the financial markets on the go using the mobile versions of MetaTrader 4 and MetaTrader 5 on a variety of smart devices such as iPhone/iPad or Android smartphones from anywhere in the globe with an internet connection.
👉 With technical indicators and graphical elements, the mobile trading platform enables traders to carry out trading operations and examine currency quotations.
➡️ Quotes for financial instruments in real-time
➡️ Complete collection of trade orders, including those that are pending
➡️ Trading from iPad charts
➡️ Execution of all sorts of trades
➡️ Detailed transaction history
OspreyFx Range of Markets
OspreyFx’s range of markets are spread across the following financial markets:
US Dollar Futures
OspreyFx Vs Exness Vs HotForex – Broker Comparison for Range of Markets
|➡️️ Precious Metals||Yes||Yes||Yes|
OspreyFx Trading and Non-Trading Fees
The spreads that traders can expect with OspreyFx will depend on the type of account they use, with average spreads as follows:
Standard Account – from 0.8 pips EUR/USD
PRO Account – from 0.4 pips EUR/USD
VAR Account – from 1.2 pips EUR/USD
Mini Account – from 1 pip
The commission that is charged by OspreyFx differ between trading accounts as follows:
Standard Account – from $7
PRO Account – from $8
VAR Account – None, commission-free
Mini Account – from $1
Overnight Fees, Rollovers, or Swaps
When Nigerian traders keep a long position overnight, it means that they have a buy position that is kept open. When traders keep a short position overnight, it means that it is a sell position that is being kept open.
To calculate the long and short swap fee, traders can use the following formula:
Long Swap – One point x Trade Size x Swap Long in Points
Short Swap – One point x Trade Size x Swap Short in Points
Traders can find the overnight fees on their trading platform under every instrument. Traders must note that 3x the swap charge day can vary per instrument and at the discretion of OspreyFx.
OspreyFx Deposits and Withdrawals
OspreyFx offers the following deposit and withdrawal methods:
Bank Wire Transfer
How to Deposit Funds with OspreyFx
👉 Step 1 – Login/ Sign Up.
➡️ Log into your OspreyFx account.
👉 Step 2 – Navigate to “Deposit Funds”.
➡️ Click on the deposit funds option and choose a method.
How to Withdraw Funds with OspreyFx
👉 Step 1 – Click on the Menu
➡️ Access the “Transfers” tab on your OspreyFX
👉 Step 2 – Click “Withdraw”
When the funds are available in your wallet, you may withdraw them. Choose the wallet you wish to withdraw the funds from. Enter your amount and Click “Request Withdrawal”.
👉 Step 3 – Enter your Bitcoin (BTC) address
Copy and paste this from your “Bitcoin (BTC) Wallet” to ensure its correct or scan the QR Code.
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About OspreyFX’s Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.
OspreyFx Education and Research
OspreyFx offers unique educational resources to beginners, intermediate, advanced, and affiliate-referral traders. Some of the topics that are covered by OspreyFx include:
The best way to learn forex trading
The basics of precious metals trading
Demo account versus live account – benefits and risks
Short-selling in a nutshell
How to prepare a forex news calendar and more.
OspreyFx does not offer a wide range of research tools or resources, but offers the following:
OspreyFx Bonuses and Promotions
OspreyFx offers traders an early spring trader’s competition where traders can win a share of a total of $2,000 in prize money. To enter, traders must sign up for a live account, deposit at least $50, execute a trade, and they will be entered into the competition.
There are three prize tiers that traders could win as follows:
1st prize – $1,000
2nd prize – $600
3rd prize – $400
OspreyFx Affiliate Program
OspreyFx combines innovative technology, design, and the best marketing to offer affiliates the tools that they need to expand their business. With OspreyFx’s affiliate program, traders can expect the following benefits:
Uncapped commissions are paid weekly for every trader that is referred to the broker.
24/7 access to the affiliate portal, referral trading activity, and more, all from a single account.
Access to marketing materials that help affiliates build creative campaigns and offer them the tools to watch leads being converted effortlessly.
Fast and transparent payments along with access to advanced reporting features, transparent statistics, and more.
Detail analytics, allowing affiliates to track introducing brokers and to draft customizable reports, helping affiliates increase their overall earning potential.
Access to dedicated help from affiliate specialists that can help affiliates develop their business by providing content, and any other support that they may need.
How to Sign Up for the OspreyFx Affiliate Program
👉 Step 1 – Go to OspreyFx.com
➡️ Go to the official OspreyFx website at www.OspreyFx.com
👉 Step 2 – Go to Affiliates in the Dropdown
➡️ Go to “Affiliates” in the menu and click on “Affiliate program”.
👉 Step 3 – Click on “Sign up”
➡️ Click on the “Sign up” button and fill out your details.
Verdict on OspreyFx
OspreyFx is a brokerage that can suit the demands of both present and prospective traders and is a very interesting option for Nigerian traders who want to trade a wide range of cryptocurrencies.
In addition, the overall trading conditions offered by OspreyFx are above average in terms of leverage ratios as well as variable spreads, transaction execution, and deposit and withdrawal processing, a particular strength of OspreyFx is the availability of Instacoin and Bitcoin, both of which are lightning-fast and incur no transaction fees.
Additionally, OspreyFx offers an enticing affiliate program that may be a highly profitable prospect for seasoned traders and those looking to augment their income via referrals.
OspreyFx Pros and Cons
|✔️ Pros||❌ Cons|
|OspreyFx offers both MetaTrader 4 and 5 across devices||OspreyFx is unregulated|
|There are competitive spreads and commission fees on trades||Nigerian traders cannot set Naira as their base account currency, which may subject them to currency conversion fees|
|There is a low minimum deposit requirement|
|There is a choice between four account types and the benefit of a demo and Islamic account|
|Traders can use crypto to fund the trading account|
|There are convenient funding methods supported|
|There is a decent selection of cryptocurrencies offered|
|Nigerian traders have access to news and market insights|
Frequently Asked Questions
Is OspreyFx regulated and by whom?
No, OspreyFx is not regulated.
Which financial instruments can I trade with OspreyFx?
- Precious Metals
- US Dollar Futures
Does OspreyFx offer leverage and what is the maximum ratio offered?
Yes, OspreyFx offers leverage up to 1:500.
What is the overall rating for OspreyFx out of 10?
Is OspreyFx suitable for beginner and professional traders?
OspreyFx accommodates both beginner and professional traders, but the broker is not recommended because of the lack of regulation and authorization.