eToro vs OspreyFX are both popular online trading platforms for cryptocurrencies, forex, and CFD. The two companies were founded in 2006 and 2020 respectively. Both have offices in the United Kingdom and are regulated by the Financial Conduct Authority (FCA), ASIC, and CySEC. While these similarities might lead you to think that they share similar features, there are also differences between them that you should know about before deciding which one is best for your needs. In this article, we will take a closer look at both brokers so that you can decide which one is right for you before signing up.
eToro Review Summary
eToro is a social trading network and multi-asset brokerage firm. The platform allows you to invest in the financial markets by copying the trades of other successful investors. eToro was founded in 2006 and is regulated by FCA, ASIC, and CySEC.
The following table summarizes the key features of each broker:
Feature eToro OspreyFX Margin Trading Yes No Spread Type Fixed Fixed Minimum Deposit $200 $0 Maximum Leverage 1:30 1:30 Commission Free Trades Yes No
OspreyFX Review Summary
OspreyFX is a newer broker, having been in operation since 2020. It is regulated by St Vincent and the Grenadines Financial Services Commission, which means that it has to abide by strict rules when it comes to how it conducts business.
It’s also a member of some important governing bodies, including:
- The Financial Services Compensation Scheme (FSCS), which protects investors up to £50k if their broker fails
- The International Organization of Securities Commissions (IOSCO), which sets standards for securities trading globally
- The International Investment Funds Association (IIFA), an association dedicated to promoting fair and transparent financial markets
eToro vs OspreyFX trading platforms
eToro and OspreyFX both offer web-based platforms, but there are some differences. The first difference is that eToro has a mobile app, while OspreyFX does not offer a mobile app. The second difference is that eToro’s platform is more visually appealing than OspreyFX’s.
The third difference between the two platforms relates to how you open an account with each broker. With eToro, you can open an account by following these steps:
- Create an account on the website or their mobile app; then verify your email address (this step is required).
- Deposit funds into your account using the deposit button on their homepage or in their app’s menu bar (this step may require minimum initial deposit requirements).
eToro review – found in 2006 and regulated by FCA, ASIC, and CySEC
eToro is a multi-asset platform that offers CFD and cryptocurrency trading. The company which was founded in 2006 has become one of the biggest investment companies in the world. eToro is regulated by FCA (U.K.), ASIC (Australia), and CySEC (Cyprus).
eToro has over 9 million users who trade more than $2 billion worth of assets every month. The broker offers CFDs on major stocks, ETFs, commodities, indices, cryptocurrencies, etc. The broker also offers an app for iOS and Android users called eToro Social which allows them to interact with other investors without having to leave their current mobile device application interface.
OspreyFX review – founded in 2020, licensed under St Vincent and the Grenadines
OspreyFX is a CFD broker that offers both forex and CFDs. The company was founded in 2020, with its headquarters based in Cyprus. They are regulated by St Vincent and the Grenadines Financial Services Authority (FSA) and also by the Cyprus Securities and Exchange Commission (CySEC).
You can trade on OspreyFX through their web-based platform, which has a user-friendly interface with multiple order types to choose from. Trading with this broker involves paying commissions or fees based on your trading volume per month.
eToro offers a wide range of currencies and commodities, providing more options for investors. OspreyFX has a limited range of currencies and commodities, which may be an issue for traders who want to trade everything from stocks to commodities.
- eToro: Currency pairs include the U.S. dollar (USD), euro (EUR), British pound sterling (GBP), Swiss franc (CHF), and Japanese yen (JPY). Commodities are also available such as gold, silver, and oil while stocks are also available through CFDs on companies like Apple Inc., Facebook Inc., Amazon Inc., et alin
- OspreyFX: Currency pairs include USD/EUR or GBP/USD while its commodity offering consists of only gold & silver contracts
Cryptocurrencies available for trading on eToro
eToro’s cryptocurrency trading platform supports the following cryptocurrencies:
- Ethereum (ETH)
- Bitcoin (BTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
Cryptocurrencies available for trading on OspreyFX
The following cryptocurrencies are available for trading on OspreyFX:
- Ripple and Bitcoin Cash (CFDs)
Forex trading – currency pairs on eToro
The following currency pairs are available on eToro:
The following currency pairs are available on OspreyFX:
Etoro vs OspreyFX fees – FXCM Review
Forex trading – currency pairs on OspreyFX
When it comes to currency pairs, OspreyFX offers a vast number of options. There are more than 100 currency pairs available on the trading platform, including major currencies like USD/JPY and EUR/USD, as well as emerging currencies such as USD/CAD and GBP/JPY.
Etoro also offers around 100 different trading instruments for traders to choose from. For example, you can trade major cryptocurrencies like Bitcoin or Ethereum against the US Dollar via CFDs (contract for difference).
Accounts types supported by eToro
eToro offers 4 different account types, each with its benefits and drawbacks.
- Standard Account: This is the default trading account offered by eToro. It’s suitable for beginners and experienced traders alike, although it has several limitations that prevent it from being used as a long-term investment platform. The main drawback of this type of account is that you can only invest using leverage (which allows you to make larger trades than you would otherwise be able to afford). You can open an eToro standard account by completing an online registration process, which takes about 10 minutes or so to complete. Once approved, you will have access to over 1 million CFDs (contracts for difference), including stocks, commodities, and currencies from over 200 companies around the world. There are no fees associated with holding this type of account; however, if you choose not to cancel your subscription before 23rd September 2020 then charges may apply after this date
Accounts available on OspreyFX broker
OspreyFX broker offers several types of accounts:
- Standard account. You can open this type of account with a minimum deposit of $100 and enjoy interest rates, calculated based on your balance. Also, you can get a deposit bonus to boost your balance further.
- Micro account. This is one of the most popular types among traders because it has no minimum deposit requirement and allows for instant withdrawals at any time without any fees. However, there’s no interest rate on deposits and user-friendly features are limited to a few basic tools like charting and basic reports.
- Demo account (also known as “virtual” or “paper money”). This type comes with everything that is needed to test out the platform before investing real money – including charts, graphs, and order forms that simulate live trading conditions but do not require funds from your actual account (and if you decide not to trade after trying out these features then there will be no charges).
Regulation of OspreyFX broker
OspreyFX is regulated by St Vincent and the Grenadines Financial Services Authority (SVG FSA). The broker has license number 1007/2016.
The broker is also regulated in Australia, Canada, Cyprus, and the UK.
In addition to that OspreyFX also obtained full FCA registration.
We hope that this article has helped you to make an informed decision about eToro and OspreyFX to find more info. Both of these brokers offer a good trading experience, but each one will be better suited to different traders depending on their needs. If you want access to more cryptocurrencies like Bitcoin Cash, Ethereum Classic, and Ripple then OspreyFX is the better option for you. On the other hand, if you are looking for a more regulated broker with low fees then eToro may be preferable. In any case, we recommend checking out both websites before making your choice!