OspreyFX Funded Account Review: Legit or Scam?

OspreyFX Funded Account Review

Hi, welcome to my OspreyFX Funded Account Review.

Are you interested in trading but lacking the financing to make your dream come true?

OspreyFX Funded Account might offer you a great solution to your needs.

I’ll detail everything about this trading broker and prop firm to enable you to make a well-informed decision.

I’m aware that many scammers take advantage of beginners due to their lack of experience in trading.

For instance, most scamming sites use fake promises and claims to entice newbies into joining their platforms.

And after joining the sites, the traders start experiencing problems and losing money.

And for that similar reason, I opted to come up with this review to counter the scammers.

That said, let’s dive in…

Table of Contents

Summary Of OspreyFX Funded Account

Product Name: OspreyFX Funded Account

Product Type: Funding & Trading Platform

Fees: Starts from $220 to $999, depending on your chosen account size.

Official & Correct Website: https://ospreyfx.com/

Program founder: Not revealed

Overall Rating: 4/10

My Recommendation: Not for everyone

OspreyFX Funded Account – Overview

OspreyFX Funded Account Review

OspreyFX is an ECN forex broker that deals with forex pairs and cryptocurrencies.

It is one of the MT4 forex brokers with no regulation from any legal authority, making it risky for the traders to develop trust in them.

Also, the prop firm has no legal authorization from the Central Bank of Nigeria and does not work under any legal or regulatory entities.

OspreyFX prop firm features many trading conditions that are competitive in the market with a profit split of up to 70%

In addition, OspreyFX supports cryptocurrency as their main trading instrument but also accepts others, such as forex pairs and indices, among others.

Also, OspreyFX offers market news important to traders and an additional learning resource that can assist traders with more skills and knowledge.

Related: FunderPro

OspreyFX Pros and Cons

OspreyFX Pros

  • Offers profit split up to 70% to traders in the funded account.
  • Accepts a variety of trading instruments, including cryptocurrencies, forex pairs, commodities, indices, and stocks.
  • Offers instant funding to their funded account.
  • Provides trades with a weekly payout.
  • Accepts several payment methods, including Bitcoin, Debit or credit cards, Wire, and Vload.
  • Offers additional educational resources on forex trading to their traders.
  • Sets realistic targets for their traders in both the demo and funded accounts.

OspreyFX Cons

  • Not regulated by the Central Bank of Nigeria.
  • Doesn’t show the ownership identities in the platform.
  • Not licensed by any legal authority or institution known.
  • The OspreyFX homepage doesn’t indicate any regulatory or licensing details.
  • Doesn’t show their registration certificate or documents.
  • Lacks any documents required to run a brokerage firm in the forex industry.
  • Doesn’t provide live chat support to traders on the platform as claimed.

What Is OspreyFX Funded Account?

OspreyFX Funded Account Review

Osprey FX is a forex broker that allows traders to trade in the forex industry.

The company is based in Grenadines and Saint Vincent and was formed in 2019.

The program claims to have institutional-grade liquidity, which they get from the top trading banks in the world.

According to the official website of OspreyFX, traders who join the platform will be great beneficiaries of institutional-grade liquidity.

The program also claims to offer complete and transparent dark pool liquidity execution venues.

They aim to enable traders to enjoy ultra-tight spreads and start at 0.0 pips.

OspreyFX claims to enable you to trade with the world’s largest banks and other top financial institutions.

Moreover, the program claims to have a genuine ECN trading environment where all your orders will be processed.

When you start trading, the program promises to offer you 24/7 customer support for every step you make to success.

However, they don’t provide live chat support on their platform, making it difficult to justify customer support claims.

How Does OspreyFX Work?

OspreyFX claims that trading is much easier with the different account types that it provides.

The account types help you develop your skills for trading and become more familiar with the program.

OspreyFX Account Types

OspreyFX Funded Account Review

The OspreyFX broker has three account types for trading on the platform.

The account types include:

Demo Account

The demo stage is the first stage you’ll enroll in when you join the OspreyFX platform.

In the demo stage, the program tests to see if you are profitable, passionate, and hardworking to become an expert prop trader.

This stage also helps you become more familiar with the OspreyFX platform and build a good reputation with the program.

So, when you join the demo stage, there are requirements that you will have to reach out for to qualify for the next stage.

These requirements include:

  • You must reach a profit target of 10% in not more than thirty days of trading on the platform.
  • You must trade in the platform for at least ten days before moving to the next stage.
  • The prop firm also expects you to respect the maximum overall loss rule of 12%.
  • It also prevents you from surpassing a maximum daily loss rule of 5%.

The platform will automatically move you to the next stage if you meet all these requirements.

Verification Account

This is the second phase of the trading journey in the OspreyFX platform, which you’ll move after successfully passing the demo stage.

The verification stage is also known as the second demo stage, where the prop firm proves your trading skills.

This means the prop firm still sets some requirements for you in the verification stage to prove your skills.

These requirements include:

  • You must reach a profit target of 8% within 60 days.
  • The prop firm also expects you to trade in the platform for at least ten days.
  • There is also a maximum overall loss of 12%, which you should not surpass when trading.
  • You should also not surpass a maximum daily loss of 5% when trading at this stage.
  • Follow the consistent rule while in this stage.
What Is The Consistent Rule All About?

In the consistent rule, your profits from one trading day shouldn’t exceed 30% of the total profit earned.

This means the profits you’ll earn, perhaps on your best trading day, shouldn’t exceed 30% of your total profits in the stage.

If your best trading day produces a profit of more than 30% of your total profits in the verification stage, you have a heavy task ahead of you.

You must continue trading until the day your best trading percentage goes below 30%.

You should keep in check for your daily percentage profits to see if you are on the right track.

This consistent rule is set by the OspreyFX program and only applies to the verification stage.

Ospreyfx Funded Account

After you successfully pass the verification stage, you’ll move to the funded account.

You’ll get funded to start trading with a real account in the funded account.

When you start trading, you’ll earn profits from the trade where the prop firm doesn’t set any profit target for you at this stage.

On earning the profits, the prop firm offers you up to 70% profit split and takes the remaining 30% as their profits.

You’ll also enjoy a weekly payout from the program, enabling you to withdraw your funds as desired.

Despite the program not setting any profit target for you at this stage, there are two other rules you still need to follow.

First, you must respect the maximum overall loss of 12% while trading with a real account.

Second, there is a maximum daily loss of 5%, which you shouldn’t surpass while trading.

What Is The Leverage Of OspreyFX Funded Account?

OspreyFX broker offers a leverage of 1:500 for traders on their platform.

The leverage is both the forex pairs and the cryptocurrency pairs.

In addition, the leverage is available in the funded account to enable traders to earn more in the market.

Therefore, all the traders joining the funded account in the platform can enjoy higher leverage while trading.

Traders can greatly benefit from trading in the financial market if they have a higher purchasing power, sufficient capital, and access to 1:500 leverage.

What Is a 1:500 Leverage Funded Account?

OspreyFX Funded Account Review

In the 1:500 leverage, the ratio represents a share of a business.

For instance, if a broker offers a leverage of 1:500 for their business, then it means that;

For every 1 dollar the trader pays as capital, the company will offer back $500 to the trader to trade with.

In the OspreyFX platform, for instance, the 1:500 leverage enables traders to maximize their trading by getting higher offers from the broker.

Restricted Countries In OspreyFX

OspreyFX has certain restrictions in place for forex traders around the world.

Specifically, traders from Kenya, Botswana, Afghanistan, Burma, Crimea, DRC, Cuba, and Iran are not allowed to trade on the platform.

Additionally, there are several other countries that are restricted, including North Korea, Sudan, Pakistan, Iraq, Lebanon, the Republic of Congo, Malta, Somalia, Sri Lanka, Syria, Zimbabwe, Vietnam, Tunisia, Trinidad, and Tobago.

It is important for traders to check the list of restricted countries before attempting to trade on the platform.

What Are The Trading Rules Used In The OspreyFX Funded Account?

OspreyFX Funded Account Review

Profit Targets

The program expects you to reach a profit target of 10% in the demo account within 30 days and 8% in the verification stage within 60 days.

The funded account doesn’t have any profit target.

Trading Days

OspreyFX expects all its traders to trade for a minimum trading day of 10 days in all the accounts to remain active.

The maximum trading days in the demo stage are 30 days, while in the verification stage are 60 days.

The funded account does not have any maximum trading day set for traders.

Maximum Overall Loss

The platform sets a maximum overall loss at 12%, which should not be surpassed by brokers in all three account stages.

Maximum Daily Loss

OspreyFX platform sets a maximum daily loss at 5%, which applies to all three account stages.

Consistent Rule

As mentioned earlier, this rule only applies to traders in the verification stage.

What Trading Platform Does OspreyFX Broker Use?

OspreyFX Broker uses the MT4 and MT5 trading platforms, which you must download to begin trading.

The MT4 trading platform makes trading instantly become hassle-free and much more versatile.

Here are the top features of the MT4 trading platform:

  • Has up to three execution modes
  • It has up to two market orders
  • Has four pending orders
  • Two stop orders and a trailing stop.

The program also encourages traders to download the trading platform on their smartphones, laptops, and iPhones to let them trade instantly.

Even if you use a Mac Operating System, you are not left out; the program encourages you to download the MT4 for Mac.

The MT4 has low spreads, leverages of up to 1:500 and no requotes.

Who Is The Founder Of OspreyFX Funded Account?

OspreyFX’s official website does not provide any information about its ownership, which creates a sense of mystery around the platform’s ownership.

This lack of transparency regarding the owner can erode trust in the platform among potential customers.

In fact, keeping the owner’s identity hidden is one of the worst things a business can do, as it can lead to customers feeling unsure and uneasy about the platform.

The OspreyFX Funded Account seems to replicate this same lack of transparency regarding ownership.

It is always much easier for traders to trust a broker who is open and transparent about their identity.

Knowing the person who owns the platform can be especially helpful for traders who need support, as they know whom to approach in case of any issues.

Moreover, when traders and visitors know the identity of the platform’s owner, it can create a sense of security and safety while on the site.

Failure to provide information about the owner can lead to a lack of trust among traders, making it unsafe for them to invest in the platform.

Therefore, it is always in the best interest of a business to reveal the identity of its owner.

Steps For Joining OspreyFX Funded Account

OspreyFX Funded Account Review

Joining OspreyFX allows you to start trading with their live-funded account on the platform.

Here are the steps to help you get started with their account:

Step One: Register On The Ospreyfx.Com

To become an OspreyFX prop trader, you must register your details to the platform.

You must fill in at least two of your names, email addresses, and passwords on the registration page.

You’ll then confirm if you are 18 and above years old.

After registering your details and completing the verification process, you’ll have a secured account that you’ll use for trading.

Step Two: Set Up 2FA On Your Account

From registration, you must set up two-factor authentication, which helps you add more security layers to your trading account.

To set up the 2FA, you must enable the SMS 2FA by clicking the Enable 2FA through the SMS button on the setting page.

Then finally, submit the six-digit passcode, which will be sent to your phone to get your account to be 2FA enabled.

Step Three: Add Funds To Your OspreyFX Wallet

You can safely add funds by adding extra security to your account by clicking the deposit tab.

Then you’ll move to your payment method, Bitcoin, and select the wallet you want to deposit to enter the amount.

You will then click on the Redirect Me to Payments page button to complete the payment.

Step Four: Download & Login To Your Trading Platform

After funding your account wallet in the program, you can now download the trading platform you will use.

Remember, the OspreyFX Funded Account uses the MT4 platform for trading, which you must download.

You’re expected to download the MT4 for any operating system on your device, including Mac, Windows, Android, or iPhone.

Log in to the MT4 trading platform and have an account where you will transfer your funds to start trading.

Step Five: Transfer Funds From Your Wallet To Your Trading Platform.

When you have the trading platform, you can move to the platform from your OspreyFX account by moving to the transfer option.

Select the wallet to trading platform option and choose the currency where your funds are in the wallet.

Enter your preferred amount to transfer and choose the request transfer button to complete the process.

Step Six: Ready To Trade

After transferring funds to your trading platform from the wallet, you’ll be ready to start trading.

You can also verify your identity to enable you to add more funding options to your account and scale it upwards for more income.

What Are the Benefits of Joining the OspreyFX Platform?

  • Allows you to enjoy a profit share of 70%

When you begin trading with the funded account, you receive a profit split of up to 70%.

This profit split will enable you to get motivated toward growing your account.

  • Offers weekly payout to traders.

When you start earning profits from the OspreyFX Platform, you will be allowed to make a withdrawal every week.

  • Offers 24/7 trading time

Traders using the OspreyFX can enjoy full-time trading 24/7 to get their desired maximum profits.

What Is the Cost of Joining the OspreyFX Funded Account?

OspreyFX doesn’t take any fee from you to join the platform.

You will only have to buy an account size to enable you to get funded by the prop firm.

The platform offers you up to four funded accounts at different prices.

The program claims to make all the funds refundable to traders if they experience issues trading on the platform.

However, no testimony or justification for the claim cannot be guaranteed.

These funded accounts include the following:

  • $25,000 or Basic Package.

A $25,000 account, or the basic package, is purchasable on a one-time payment.

And to purchase the basic package, you will have to pay a fee of $220.

The program also claims to offer you a bonus of up to $1,000 when you successfully pass the verification with the basic package.

  • $50,000 or Starter Package

This is the second package available on the platform, which you can buy at a one-time fee of $359.

The program also claims to offer you a bonus of up to $1,000 if you complete the verification challenge.

  • $100,000 or the Pro Package

In the $100,000 pro package, you must pay a one-time payment of $599 to get the package.

The program also claims to offer you a bonus of up to $1,000 when you pass the verification stage with the package.

  • $200,000 or Advance Package

This is the last package offered by OspreyFX for a one-time payment fee of $999.

Once you get the package, you will be offered a bonus of $1,000 upon passing the verification stage with the package.

Alternative Prop Firm: Glow Node

What Is OspreyFX Minimum Deposit?

The minimum deposit amount in the OspreyFX platform is $10.

This amount applies to traders using Bitcoin, Ethereum, Litecoin, Tether (ERC20), Ripple, Tether (TRC20), Dogecoin, and USD coin (TRC20).

As for the pay redemption, the amount depends on the tier level.

As for credit cards or debit cards, the minimum deposit amount is $25 to $50.

The maximum deposit amount in all the payment methods is unlimited.

This means you can deposit as much money as you want in your account.

What Is The OspreyFx Withdrawal Schedule?

The OspreyFX platform allows you to request a weekly withdrawal once you join the funded account.

The program allows you to withdraw your profits to credit or debit cards.

You can also withdraw your profits using Bitcoins by logging in to the platform and then navigating to the withdrawal option.

Choose your preferred withdrawal method and follow the simple instructions on the platform.

Allow your withdrawal request to be processed to receive your funds.

The program aims to process your withdrawal within 24 hours to prevent keeping you waiting as they operate 24/7.

The process should take 1-3 hours as soon as the confirmations from the blockchain are received.

Once the request is processed, you will receive your funds instantly.

Is OspreyFX Regulated And By Whom?

OspreyFX isn’t regulated by any known regulatory authority or body.

The broker doesn’t include any license details or regulatory information on their official website homepage to confirm it.

Any real broker who wants to build trust among traders will always post their registration and license numbers on their homepage.

The two details will be available for everyone who visits the site to see as proof that they are dealing with a recognized broker.

In addition, OspreyFX does not provide its registration documents and certificates on its website.

For this reason, OspreyFX is not authorized by any known body, institution, or authority to conduct any business in the forex industry.

Is OspreyFX Funded Account Legit?

It’s important for traders to be cautious when considering the OspreyFX Funded Account.

Some traders might not be comfortable with the risks involved and therefore may want to avoid the platform.

The platform seems to use some tactics that are commonly associated with scammers to attract new traders, particularly those who are inexperienced.

One example of this is using a fake demo account to showcase success rates of over 90%, which may not reflect reality when traders switch to the real account.

Furthermore, there are other factors that make the OspreyFX Funded Account questionable.

For instance, the platform doesn’t provide any information about its team on its website, making it difficult for traders to seek support if needed.

Additionally, the platform lacks any known regulatory or licensing details, which can raise doubts about its legitimacy.

It’s important for traders to thoroughly research any platform before investing, and to consider all available information when making their decision.

While OspreyFX Funded Account may not be the right choice for some traders, others may feel comfortable taking the risks involved.

If you want a legit prop firm to seek funding, you can check out the FundedNext platform.

What Is The Overall Rating For Ospreyfx Out Of 10?

I have personally had a mixed experience with the OspreyFX Funded Account, and I would rate it as 4 out of 10.

While there have been some issues that have caused concern, there have also been positive aspects of the platform.

One issue that has raised concerns is the lack of regulation, which can be seen as a red flag for some traders.

However, it’s important to note that some traders may be willing to take the risk of working with an unregulated broker if they feel comfortable with the platform’s other features.

That being said, it’s important for beginners in the forex industry to carefully consider their options before choosing a broker.

While OspreyFX Funded Account may not be the best choice for everyone, it may still be a viable option for some traders.

However, it’s always recommended to research any platform thoroughly and make an informed decision.

Lastly, while I do have some reservations about OspreyFX Funded Account, there are other options available (like FundedNext) that may be worth exploring.

It’s always best to consider a range of options and choose the one that best fits your individual needs and preferences.

My Assessment Of The OspreyFX Funded Account

After doing due diligence about this platform, here are some assessment points I considered:

Profits Split – 5/10

OspreyFX claims to offer its members a 70% profit share, making it easy for them to grow their businesses.

However, the profit share is lower than the percentage shares offered by other prop firms in the forex industry.

Scaling Opportunities – 0/10

OspreyFX broker does not offer any scaling opportunities to their traders.

Profits Targets -4/10

The platform offers realistic profit targets to their traders, which are easy to reach.

For instance, the demo stage only has a profit target of 10% in 30 days, while the verification stage has a profit target of 8% in 60 days.

The funded account does not have any profit target set for traders.

Affordability – 4/10

OspreyFX program is fairly affordable to traders compared to other prop firms in the forex industry.

Trader Supports – 1/10

OspreyFX doesn’t provide any live chat support to its traders.

In addition, the platform doesn’t show the real identity of their own, making it difficult for their traders to reach them.

Tradable Assets – 8/10

The broker accepts several tradable assets such as FX majors, crosses, exotics, cryptocurrencies, indices, metals, etc.

Trustworthiness – 2/10

It is difficult to trust OspreyFX because they are an unauthorized broker in the forex industry.

The program is not regulated by any legal authority, including the Central Bank of Nigeria, to conduct forex trade.

FAQs About OspreyFX?

What Deposit Methods Are Accepted In OspreyFX Funded Accounts?

Even though the OspreyFX program promises to add more payment methods, they currently accept the following:

Bitcoin (BTC), debit/credit card direct, which involve third-party platforms, which may include purchasing bitcoin via the card and transferring to them.

They also accept Litecoin (LTC), Ethereum (ETH), USDT (ERC20), USDT (TRC20), USD COIN (TRC20), Dogecoin (DOGE), and Ripple (XRP).

How Do I Fund My Account On OspreyFX Funded Account?

To fund your account, you’ll begin by logging into the platform and then navigating to the deposit section; you can register first if you don’t have an account.

In the deposit section, choose your preferred payment method, wallet, and the total amount you want to pay.

Complete the process by clicking the direct me to the payments page button, where each method will have its unique easy process.

How Can I Change The Address On My OspreyFX Funded Account?

You have two options for changing your address on your OspreyFX Funded Account: visiting their back office or contacting their support team.

To contact their support team, initiate a live chat on the platform and ask the support team to help you change the address on your account.

They will prompt you to provide more documentation details before changing the address, which you must present.

How Long Does It Take To Approve An Account On OspreyFX Funded Account?

The program promises to verify your account as soon as possible on the same business day.

However, there are some rare occasions where it can take more than a day to have your account approved.

The program encourages their traders to contact their support team via live chat if their account takes more than 24 hours before approval.

Are My Funds Safe With OspreyFX Funded Account?

It’s important to note that investing in an unregulated broker does come with risks.

The lack of regulation means that the broker is not subject to the same oversight and regulations as regulated brokers, which could potentially put your funds at risk.

The anonymity of the broker is also a concern as it can make it difficult to hold the broker accountable in case of any issues or disputes.

However, it’s worth mentioning that not all unregulated brokers are fraudulent, and some may have strong track records and reputations.

That being said, it’s important to do your due diligence before investing with any broker, regulated or unregulated.

Researching the broker thoroughly, checking reviews and ratings from other traders, and looking into their history and track record can help you make an informed decision.

Ultimately, the decision to invest with an unregulated broker is a personal one, and it’s important to weigh the potential risks and benefits before making a decision.

It’s recommended to work with a regulated broker if possible, but if you do decide to invest with an unregulated broker, be sure to take extra precautions and monitor your investments closely.

Thank you for reading my OspreyFX Funded Account Review.

Do you have any questions regarding this review?

I’ll be happy to respond to your concerns in the section below.

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