Abstract：Are your funds stuck with OspreyFX, a Saint Vincent and the Grenadines-based forex broker? Does your trade execution price always remain far away from the requested price due to heavy slippage? Does the broker, contrary to its claims of low-cost trading experience, widen spreads to inflate your costs? Like others, do you always witness constant fund withdrawal denials by the broker? In this OspreyFX review article, we have investigated complaints against the forex broker. Read on!
Are your funds stuck with OspreyFX, a Saint Vincent and the Grenadines-based forex broker? Does your trade execution price always remain far away from the requested price due to heavy slippage? Does the broker, contrary to its claims of low-cost trading experience, widen spreads to inflate your costs? Like others, do you always witness constant fund withdrawal denials by the broker? In this OspreyFX review article, we have investigated complaints against the forex broker. Read on!
Top Forex Trading Complaints Against OspreyFX
The Fund Scam Allegation Against OspreyFX
Contrary to the hassle-free withdrawal claims made by OspreyFX, a trader reported severe misconduct by the broker in this case. The trader claimed that the broker stole his and many others‘ funds. What’s more, the trader accused the broker officials of changing his password to wipe out his account balance. Despite emailing OspreyFX as many as 50 times, the trader allegedly did not receive any response from the broker. Frustrated by the lack of response, the trader shared this negative OspreyFX review.
A Reported Scam Involving a Capital Worth Over $19,000 at Stake
After a reported good experience for a year, the trader started facing issues with OspreyFX. The trader, after failing to withdraw capital worth $19,532, complained about it to the brokers customer service team. However, nothing worked out, according to the complaint. Here is the OspreyFX review shared by the trader.
Repeated Withdrawal Attempts and Potential Charges
A US-based trader expressed frustration over difficulties withdrawing funds from OspreyFX, claiming that the withdrawal process repeatedly resets after three days and requires him to submit the request again. The trader also raised concerns that his remaining funds could face additional charges while the issue persists, describing the experience as extremely disappointing. Here is the trading recount.
Spread & Slippage-related Complaints
OspreyFX is accused of charging higher spreads than advertised due to the heavy slippage that traders witness. The trade order execution for several traders does not meet the price they expect. Here are multiple OspreyFX reviews concerning spread and slippage allegations.
Trader Alleges Stop-Loss Failure Led to Larger Loss on OspreyFX
A trader complained that a stop-loss order placed on OspreyFX was not executed as expected during a trade. According to the trader, the stop-loss was set to limit the loss to about $5.34, but the position reportedly remained open as the market moved, resulting in a loss of around $68. Frustrated by the experience, the trader advised others to look for a different broker.
The Platform Freeze Allegation Against OspreyFX
A trader from the US allegedly rued trading with OspreyFX, thinking that it was a good choice. However, the trader supposedly witnessed a continuous platform freeze, which resulted in losses for him. As the experience turned bad, the trader made it known to all with this complaint.
The Inactivity Fee Claim Used to Draw Deposits
Several traders highlighted how OspreyFX allegedly used the inactivity fee claim to draw deposits. According to the complaints shared online, the trader accused the broker of claiming an inactivity fee of $10 a month should traders fail to use their trading accounts. You can go through these complaints on this matter.
The Blame Game Following the Account Hack
While reviewing OspreyFX, we came across a complaint where the trader admitted an account hack and notified it to the broker. Instead of helping the trader, the broker allegedly shifted the blame to her, accusing someone in her home of doing this, which was described as BOT scalping. The trader alleged that his trading account was drained due to hundreds of trades happening over 15-20 minutes on the OspreyFX login. To know more about this complaint, check out this review.
Lack of Funded Accounts Despite Passing Challenges
Several traders have complained about the lack of funded accounts by OspreyFX despite the successful passing of the challenges by them. Upon contacting the customer support, they receive generic responses about a particular department reviewing the case each time when enquired. Sharing below a couple of negative reviews of Osprey concerning the lack of a funded account.
OspreyFX Review by WikiFX: Investigating the Brokers Regulatory Status
Numerous complaints concerning issues such as heavy slippage, wide spreads, stop-loss misuse and withdrawal denials must have made you ask this: Is OspreyFX legit or a scam? While investigating, the WikiFX team found it to be unregulated despite having an operational track record of over five years. With this revelation, the investment risks have gone up substantially for OspreyFX. As a result, the team gave it a score of just 1.57 out of 10.
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