There is a never-ending list of service providers in the Forex space. Often, only popular platforms in mainstream media get the attention.
To prevent others from falling into a rut, experts at Traders Union make sure they carefully go through all promising brokers in the market to give a complete and unbiased result in every TU Ranking.
In the spotlight today is OspreyFX, a Straight Through Processing (STP) broker registered in Saint Vincent and Grenadines, which has been operating since 2018.
Despite being an STP broker, it leverages Electronic Communication Network (ECN) technology to deliver speed and transparency, at the most attractive price.
Going into the specifics, OspreyFX requires a low minimum deposit between $10 to $25, with a leverage of up to 1:500. This is comparably low compared to the industry standard of $100 minimum deposit, while the leverage is at par with some of the biggest names in the Forex industry like RoboForex.
The typical spread starts at 0.4 pips, which is not the lowest but still within the reach of novice traders. Moreover, it offers a lucrative referral program where one can make $2.5 for each lot sold by a referred client.
In total, OspreyFX offers tight spreads, an attractive leverage, and a referral program which gives traders a chance to earn passive income, all at a low minimum deposit and commission.
On the other hand, Traders Union has awarded the platform a mere score of 2.5 out of 10.0, taking the 316th place among 350 companies evaluated during the period.
For companies placed within this threshold, general expert advice is to look elsewhere as this signals unreliability and lack of good track record.
It is worth noting that the platform does not hold an international license to operate, resulting in a low placement.
Those looking for entry-level companies offering a more promising future, CMC Markets Forex is the one to browse into.
CMC Markets is a broker regulated by the United Kingdom Financial Conduct Authority (FCA) and stands out for its remarkably low minimum deposit requirement of just $1.
With over three decades of experience in the market, CMC’s track record underscores its legitimacy. Notably, it offers a diverse array of assets, including metals, cryptocurrencies, CFDs, indices, stocks, and exchange-traded funds (ETFs), in addition to Forex.
The broker has a well-established presence in key markets, with 21.33% of its user base in Australia, 16.67% in the United Kingdom, 14.72% in Germany, and 9.35% in Singapore.
However, CMC received a modest score of 4.9 out of 10.0 in the TU Overall Score, ranking 93rd in the most recent evaluation.
Experts suggest that while some companies in this category are reputable but fall short only in terms of meeting licensing requirements, traders are advised to explore platforms with higher ratings for greater consistency and reliability.
Traders Union is a financial portal with 13 years of experience in broker reviews in the Forex market. It is committed to providing complete and unbiased assessments of platforms in the space using its trusted TU Overall Score matrix.
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