Dear user

We appreciate your trust in BrokersView.

We have forwarded your complaint to the broker,OspreyFX.

At the same time, we feel it's important to remind you that OspreyFX is not regulated by any financial regulator.

While we await their response, please feel free to add more details and information regarding your account and situation if it's needed.

https://ospreyfx.com/

Bitcoin transaction: https://www.blockchain.com/explorer/transactions/btc/a4f6a5ce1a46894187f8c0b4c8d0ab99b07d22c931f0db53984075a839f4922c. My receiving wallet was 34Gxgf9tefdsEqqWjZJ8HSkf7DZCR4ge5j.

On 11/15/2023 I requested a BTC withdrawal of my $19,926 USD trading funds. To fund my withdrawal, OspreyFX sent 296 small inputs to the BTC blockchain.

The issue I have is the broker structured my withdrawal so that they sent 296 small inputs to the BTC blockchain to fund my request to withdraw $19,926 USD. This caused the blockchain to charge a mining fee of approximately $2,400. I expected to pay only $8 for the transfer (https://ycharts.com/indicators/bitcoin_average_transaction_fee).

Trading funds are USD. I selected a BTC withdrawal due to the receiving broker accepts only BTC. When requesting a withdrawal, OspreyFX asks for only the withdrawal type, USD amount, and the receiving wallet. OspreyFX does not provide an estimated blockchain fee. Since April 2023, I have requested 13 BTC withdrawals from OspreyFX. All the withdrawals were funded using only 1 input.

Trustpilot review and OspreyFX response: https://www.trustpilot.com/reviews/655ab291e39118598a4752d3. They seem to understand what happened. I emailed support@ospreyfx.com on 11/19/2023. They replied 11/21/2023 that my email was forwarded to their relevant team for review.