Need a broker review

hatemypips

Well-known member
496 36
Is anybody having any idea about this broker called OspreyFX?
This name sounds completely new for me. The rule of thumb is to stay away from Fx brokers which are new in the market because the test of time is a best way to ensure safe choice of a company from this industry.
 

rossored

Senior member
2,090 49
They're not regulated by anyone. If they can't get regulation even by the likes of cysec, I'd be steering well clear.
 

GMoore87

Junior member
46 5
This name sounds completely new for me. The rule of thumb is to stay away from Fx brokers which are new in the market because the test of time is a best way to ensure safe choice of a company from this industry.
Makes sense! Would this still be valid if I have good recommendations from some fellows?
 

rossored

Senior member
2,090 49
Higher leverage? Hmm. How is that important if they've pissed off with all your money because they're not regulated and they can basically do what they want with it?

As for your other question, in my opinion, yes it would still be valid regardless of other 'fellows' opinions because those 'fellows' may not be being honest. If you're entering into the business of FX or any other security, why would you not want to be regulated? Yes, it's a cost to the broker, factored in during your funding rounds usually, and in the interests of attracting funds and clients, it's a substantial benefit. Even if they were regulated in NZ or even bloody Belize it would be something, but not to be regulated at all??? :oops:

Run, do not walk, away.
 

hatemypips

Well-known member
496 36
Makes sense! Would this still be valid if I have good recommendations from some fellows?
Depends on the fellows, their progress and their desire to make you trade under their IB :). Many factors should be considered because affiliate business is popular in this industry.
 

GMoore87

Junior member
46 5
Higher leverage? Hmm. How is that important if they've pissed off with all your money because they're not regulated and they can basically do what they want with it?

As for your other question, in my opinion, yes it would still be valid regardless of other 'fellows' opinions because those 'fellows' may not be being honest. If you're entering into the business of FX or any other security, why would you not want to be regulated? Yes, it's a cost to the broker, factored in during your funding rounds usually, and in the interests of attracting funds and clients, it's a substantial benefit. Even if they were regulated in NZ or even bloody Belize it would be something, but not to be regulated at all??? :oops:

Run, do not walk, away.
I see this from a very different perspective. For me, trading is also on trust. If you can't trust a broker, you cannot. No matter if they are regulated or not. Also, these regulated brokers are mafias, they literally manipulate quotes to churn out money from traders. Nobody can deny that.
 

GMoore87

Junior member
46 5
Depends on the fellows, their progress and their desire to make you trade under their IB :). Many factors should be considered because affiliate business is popular in this industry.
I totally get your point. but these recommendations are not from affiliation point of view. I know these people for a while now and nobody didn't really manifest the idea of getting more traders under their affiliation.
 

Vellfx

Junior member
16 2
ospryfx seems new in the market & whatever i hv read on review sites, not very comfortable to trust the broker.
though i'm nowhere promoting offshore brokers but have been with turnkeyforex for long with no bad surprises. there are other brokers that i have traded with like evolve markets and lqdfx all are fair. just search read online before making a decision on a broker and the best way is to deposit very small amount that you dont mind losing and test them yourself.
 

rossored

Senior member
2,090 49
I see this from a very different perspective. For me, trading is also on trust. If you can't trust a broker, you cannot. No matter if they are regulated or not. Also, these regulated brokers are mafias, they literally manipulate quotes to churn out money from traders. Nobody can deny that.
Okay ... so why would you trust a broker who isn't regulated? Regulation implies trust all by itself. It says "you can trust us, we're not going to fuck off with your money" (assuming they aren't regulated in, for example, Belize, which would probably be less worthy). Whereas a complete lack of regulation would imply the opposite.

As for 'mafias' - come on. No FCA or NFA broker is going to screw about like that. 10 years ago, maybe a little, but these days? The penalties would be absolutely horrific. Even Cysec have been on the ball lately there. There may well be some brokers out there who are money laundering operations - allegations have been made in the past - but price manipulation from FCA brokers? No. You simply have to understand that in many cases you are not trading the underlying market, but the brokers interpretation of the underlying. You want "proper"quotes? Then you'll have to pay for them with brokers like Interactive Brokers who give DMA.
 
  • Like
Reactions: GMoore87

GMoore87

Junior member
46 5
ospryfx seems new in the market & whatever i hv read on review sites, not very comfortable to trust the broker.
though i'm nowhere promoting offshore brokers but have been with turnkeyforex for long with no bad surprises. there are other brokers that i have traded with like evolve markets and lqdfx all are fair. just search read online before making a decision on a broker and the best way is to deposit very small amount that you dont mind losing and test them yourself.
FPA is paid reviews and so are other review websites. Maybe I should try putting in $10 and see what happens.
 

hatemypips

Well-known member
496 36
FPA is paid reviews and so are other review websites. Maybe I should try putting in $10 and see what happens.
Well 10 bucks to try a broker won't show you anything because the conflict of interest you want to test becomes the real tension between you and broker only when decent money is on the stake,
 

rossy0309

Newbie
4 0
they charge a commission for replenishment of almost $ 10, which is not written anywhere, and this can only be found out after replenishment. thats not nice
 

Similar threads


AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock