Introduction
Hey guys, we’re back with another review for you. Today, we’re going to be talking about OspreyFX and the funding program that they’re offering to traders around the world. OspreyFX is actually a well-established brokerage that is also offering a funding program to its traders, which was implemented back in December 2021.
They are a fairly attractive funding option to numerous traders who maybe lack the capital in order to enhance their trading careers, especially since OspreyFX is already a reputable brokerage that decided to expand into the prop trading industry.
But let’s take a deeper look into OspreyFX and see what traders can expect while working with them. And as always, make sure you stick with us right until the end of the article.
Funding Program Details
OspreyFx, they’re a brokerage that joined the prop trading firm industry by introducing a funding program for traders around the globe with the intention of providing traders a chance to work with significant amounts of capital for a low one-time fee.
Now, OspreyFX has its headquarters located in St. Vincent and the Grenadines. They offer traders a chance to choose between four two-step evaluation programs ranging from $25,000 all the way up to $200,000.
| Capital | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|
| Targets | Phase I- Propfit Target = 10%, Phase II- Profit Target = 8% | Phase I- Propfit Target = 10%, Phase II- Profit Target = 8% | Phase I- Propfit Target = 10%, Phase II- Profit Target = 8% | Phase I- Propfit Target = 10%, Phase II- Profit Target = 8% |
| Profit Split Upto | 70% | 70% | 70% | 70% |
| News Trading | Allowed | Allowed | Allowed | Allowed |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 10 Days in Both Phase | 10 Days in Both Phase | 10 Days in Both Phase | 10 Days in Both Phase |
| Time Limit | Phase1 = 30days, Phase2 = 60days | Phase1 = 30days, Phase2 = 60days | Phase1 = 30days, Phase2 = 60days | Phase1 = 30days, Phase2 = 60days |
| Daily Starting Drawdown | 5% | 5% | 5% | 5% |
| Overall Drawdown | 12% | 12% | 12% | 12% |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | 220$ | 359$ | 599$ | 999$ |
Since they are a broker, traders that decide to join their funding program are allowed to trade through their own brokerage. We’ll touch more on the details in terms of the platforms as we go. But let’s take a closer look at the funding programs that they are offering to traders around the globe.
Evaluation Phases
So OspreyFX offers its traders a two-step evaluation program with four different accounts: $25,000, $50,000, $100,000, and $200,000 accounts. The evaluation program aims to identify serious, consistent, and talented traders who are awarded for their consistency throughout the two-phase evaluation period, and the program account allows you to trade with 1:100 leverage.
Phase one requires a trader to reach a profit target of 10%, and you can’t surpass your 5% daily loss or 12% overall maximum loss rules. You’re required to hit your profit target in 30 calendar days from the day that you place your first position on your evaluation account, and you also have a minimum of 10 trading days in order to proceed to phase two.
Evaluation Phase Two
Now, phase two requires you to reach a profit target, this time of 8%. Again, keep in mind your daily and overall loss rules of 5% and 12% respectively. This time you’re required to hit your profit target in 60 calendar days from the day you place your first position, and you’ve got 10 minimum trading days in order to proceed to a funded account.
By completing both evaluation phases, you are awarded a fully funded account. Of course, that’s the goal. And where you have no profit targets, as always, just required to respect the daily and overall loss rules.
Payouts and Trading Style
Now, your first payout is seven calendar days from the day that you place your first position on your funded account. And just keep in mind that with your first payout, you’ll receive a refund of your evaluation account fee and an additional $1,000 bonus for successfully completing your verification challenge. Not bad.
After your first payout, you will continue to receive payouts on a weekly basis. Your profit split will be 70% based on the profit that you make on your funded account. Just note that the evaluation program accounts don’t have a scaling plan, which has become quite prevalent around the industry.
Trading Instruments and Education
In terms of trading instruments, you can trade forex pairs, commodities, indices, stocks, and crypto with up to 1:100 leverage. Now when looking at the evaluation program accounts, some key rules that traders are required to respect and always keep in mind include:
- The profit targets during both evaluation phases, which do differ.
- The maximum daily and maximum loss limits will be consistent throughout the entire evaluation period.
- Minimum trading day requirements.
- Maximum trading day period during each evaluation phase.
- The consistency rule that limits the profits that are earned on your best trading day to not exceed 30% of the overall profit target. This consistency rule only applies to the second evaluation phase.
What Sets OspreyFX Apart
What makes OspreyFX different from other prop firms?
Well, they’re different from some of the industry-leading prop firms due to almost never regulating your trading style.
I mean, you can hold trades during news overnight, during the weekends. You’ve got that consistency rule to keep in mind. Again, that only applies to the second evaluation phase. But even looking onto the website in what they differentiate themselves with, fast and easy funding.
I mean, they’ve got zero restrictions, deep liquidity, which is a big factor. More ways to earn, which you can touch on and look into. Faster execution, tighter spreads, great client support, exclusive trading tools.
They’ve got a really deep education and support platform, which we'll touch on a little bit more as well. So look, OspreyFX, they’re doing things a little differently. They are definitely setting themselves apart from a lot of the industry-leading prop firms that we do touch on.
So overall, I mean, OspreyFX in our eyes is a great choice to get funded with since the evaluation program accounts that you can choose all have very realistic trading objectives to follow and the conditions to receive payouts and be a profitable trader.
Payment Proof and Reviews
Now in terms of payment proof, that is a little limited from OspreyFX. They’ve had reported numerous successful traders since they launched their funded account challenge on the 30th of December 2021.
So while working with OspreyFX, you are eligible for weekly payouts after you pass the two-phase evaluation challenge, of course. So regarding payment proof, you can find it in a YouTube video where a trader shares how he received over $70,000 worth of payouts while working with OspreyFX.
So always go through and jump into any private community that each trading company has. Generally, you’re gonna find a lot of insightful information inside of Discords, Telegrams, private communities, where in terms of payment proof, but otherwise, OspreyFX, very legitimate prop firm, looking after their traders.
In terms of brokerage, OspreyFX is an ECN broker that has implemented a funded account challenge for its clients, which would probably be the main differentiation between what they’re doing and other industry-leading prop firms.
So they provide traders with institutional-grade liquidity from top investment banks, which basically allows them to trade on ultra-tight spreads, starting from 0.0 pips, which means that traders that decide to join their funding program challenge, trade through their own brokerage and enjoy the excellent trading conditions that they are providing. Love that.
Trading Platforms and Education
In terms of trading platforms, you can trade on MetaTrader 4 or MetaTrader 5, as well as the newly introduced TradeLocker trading platform. And again, in terms of trading instruments, you can trade with Forex pairs, commodities, indices, stocks, and crypto.
In terms of education and support for traders, which in our eyes is a very crucial aspect of supporting traders and what I personally look for if I’m looking into a prop firm. So OspreyFX offers heaps of educational content which you can access through the website.
You’re providing traders with lots of educational sections: beginner, intermediate, advanced, and affiliate referrals. Additionally, you can find a thread about OspreyFX on Forex Peace Army, where you’ll see numerous comments regarding the company.
OspreyFX is also one of the few firms that allows you to make a free trial account before starting with the evaluation challenge. So you can really prepare yourself and reduce the chances of errors, therefore expediting your success.
You’ll have the opportunity to test their very well-structured dashboard, which will help keep track of your progress throughout the challenge. So really OspreyFX is doing everything they can to support their traders in a myriad of ways, and that’s why they’re continuing to grow exponentially in the industry, and a lot of traders are having great experiences working with OspreyFX.
Trader Reviews and Conclusion
Speaking of other traders' comments, let’s jump on over here to Trustpilot and check it out. Now I will be upfront in saying that maybe not the best median score or a heap of reviews really to look through, potentially could be just a result of not being in the industry that long, but also some prop firms really prioritize getting reviews and testimonials from their traders, which maybe OspreyFX isn’t doing, but we’ll take it on what we can see here.
They’ve got a bit of a mixed bag here; for the most part, their comments are very, very good. A couple of not so good ones, which again are all relevant and worth taking into consideration, but overall as I have a look through, and I’m not going to look through all of the reviews here, there’s a pretty overwhelming sentiment of positivity in there, and then there are some drawbacks as well. But what I really like is that OspreyFX responds to those comments.
And so, therefore, that gives you a lot of validity and confidence that they’re always working on getting better for their traders. It’s worth keeping in mind that no Proprietary trading firm is perfect from the get-go.
In fact, no one’s perfect, and they’re all continuing to work on the conditions and the experience for their traders. OspreyFX, they’re doing the same thing, but it is worth keeping in mind all of their comments. So go through and have a look, do your own due diligence.