Table of Content
OpoFinance Review – Who Is Behind OpoFinance.Com Broker?
Table of Content
The OpoFinance review starts off by examining the basic information about the offshore broker known as OpoFinance. Previously known as OpoForex, the unauthorized broker operates within Opo Group Ltd in the Seychelles and Opo Group LLC in Saint Vincent and the Grenadines (SVG).
|Leverage||Up to 1:500|
|Headquarters||Saint Vincent and the Grenadines|
|Minimum Deposit||100 $|
|Broker Type||Forex, CF|
|Platforms||MetaTrader 4 & MetaTrader 5|
OpoFinance was meticulously designed and presented to appeal to potential clients. Behind the attractive facade lies a typical broker scam. Extreme caution is advised when dealing with such brokers, especially with unregulated ones.
OpoFinance Regulation and Funds Safety
On its official website, OpoFinance states that it is based in Saint Vincent and the Grenadines. However, the broker also claims that it is authorized by Seychelles’ Financial Services Authority (FSA) with license number SD124.
There are zero results regarding OpoFinance on Seychelles’ FSA website, implying that the company is, in fact, unauthorized. Furthermore, it is well known that the local FSA in SVG does not regulate forex brokers, making OpoFinance unregulated as well. The laws in SVG are such that make this place an ideal destination for all sorts of scammers.
Finally, OpoFinance states that it is a member of The Financial Commission, which is a self-governed dispute resolution organization and certainly not a Tier 1 regulator you would trust! You’re putting yourself at risk if you decide to give your funds to OpoFinance.
Trading Platform Overview
Unlike many other scam brokers, OpoFinance actually offers approved and popular trading platforms – MetaTrader 4 and MetaTrader 5. That is an excellent bait to lure in clients since the two platforms offer numerous useful and advanced tools.
MetaTrader 4 is used in the online retail forex market, and Meta Trader 5 is an all-in-one platform for trading, covering both centralized and non-centralized financial markets, including, stocks, futures and FX trading instruments.
However, brokers getting a hold of these platforms is not an unusual thing. The files they offer could possibly contain malware and you better hope your PC warns you on time about it.
What Account Types Does OpoFinance Provide?
As the broker’s website states, OpoFinance offers 4 types of trading accounts:
- Standard account (min. deposit of $100);
- ECN account (min. deposit of $100);
- Social trade account (min. deposit of $200);
- ECN Pro account (min. deposit of $5,000).
Each of these accounts offers a leverage of up to 1:500. The ECN and ECN Pro account types charge a commission of $6 and $4 respectively. Here is the trick – the standard account does not require any commissions, but the spread is higher than average, which serves to prompt users to switch to other account types and pay more.
There are many other legitimate brokers that offer a spread lower than 1 pip on EURUSD, much more favorable than OpoFinance’s 1.9 pips. Trading with high leverage could result in you losing a lot of money, especially in volatile markets.
What Can Be Traded on the OpoFinance Market?
According to the broker’s website, the trading instruments that OpoFinance offers include:
- Forex – EUR/USD, EUR/AUD, GBP/CHF, etc.
- spot metals – spreads in gold (XAU/USD, XAU/EUR, etc.)
- spot energies – WTI/USD, BRN/USD and NGC/USD
- CFD shares – AAPL (Apple), FB (Facebook), AMZN (Amazon), etc.
- cryptocurrencies – Bitcoin vs US dollar, Bitcoin vs Euro, Ethereum vs Euro, etc.
OpoFinance states on its website that it offers great liquidity, low transaction costs, excellent flexibility and a 24-hour market. It claims to offer ultra-tight spreads in its markets, but that has already been debunked in the previous section. Also, the broker says it demands few to no tariffs for the CFD market.
Deposit and Withdrawal Process
For depositing funds, OpoFinance offers you the possibility to deposit via cryptocurrencies, e-wallet, wire transfer, Visa, MasterCard, bank transfer and local transfer. Most of the options are either instant or take up to 24 hours and almost all of them do not charge fees or commissions except for bank transfers and crypto.
Payment options also include TC Pay, Perfect Money, Advcash, FasaPay, FastAsiaPay, and UnionPay. Unlike other classic scammers who typically offer crypto since it is irreversible, OpoFunds does indeed offer a much wider variety of payment methods.
There is little information regarding withdrawals besides the fact that requests the very same day. Taking all this into account, it seems much more legit than other more obvious scam brokers but you are still at risk since this broker is unregulated.
OpoFinance Scammed Me – How Can I Get My Money Back?
If you made your deposit via credit/debit card, you can request a chargeback at your bank within 540 days. A reversal of a wire transfer, also known as a recall, implies reversing funds to a bank account. Keep in mind that once the payment is accepted, the transfer cannot be reversed, which is why it’s important to act quickly.
Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.
Scams can happen to anyone, but getting your money back is possible. If you have any negative experience with this or any other fraudulent broker, we would be grateful if you could share it with us.
- OpoFinance is an unregulated offshore broker;
- It is designed to look attractive and offers numerous benefits;
- It offers great trading platforms, but proceed with caution;
- Much lower minimum deposits than other outright scammers, but can still deceive you;
- There are other approved brokers with more favorable leverage and smaller spread.
FAQs About OpoFinance Broker
Is OpoFinance A Legitimate Broker?
OpoFinance is not a legitimate broker because it is unlicensed and unregulated.
What Is the Minimum Deposit at OpoFinance?
The minimum deposit that OpoFinance requires is $100 (standard account).
What Methods Can I Use to Deposit Funds at OpoFinance?
You can deposit funds at OpoFinance via cryptocurrencies, e-wallet, wire transfer, Visa, MasterCard, bank transfer and local transfer.