When you are looking for a broker to trade in the financial markets, your priority would be to find a genuine one that can be trusted. Who hasn’t heard about the scams and frauds happening in the market? There have been numerous incidences where people lost their hard-earned money, or had their identity compromised because they ended up on a shady platform. The key to avoiding any such scenario is to make your choice after doing solid research. OpoForex is one of the names you will find in your search and the best way to learn whether it is a genuine broker or not is through an OpoForex review.
It will provide insights into what the broker claims and actually offers and also saves you from having to switch brokers later on. This ensures you can select a platform that can actually meet your requirements. According to OpoForex, it can be your trusting partner when it comes to trading in the financial markets because it offers you access to a horde of forex currency pairs, along with CFDs on metals, energy commodities, cryptocurrencies and indices. More than 300 instruments are offered, as well as ultra-tight spreads, transparent and quick execution, four account options and the industry standard trading platform, the MT4.
It further claims that it is the broker of choice of thousands of people all around the world. OpoForex has also called itself an authorized and fully licensed platform. Regrettably, you will come to know that it has zero credibility and is just another offshore, unregulated website.
Regulation and Licensing
As mentioned above, OpoForex claims that it is a regulated and safe broker, but anyone can make this claim. If you check, you will find that it is not regulated by any of the respected regulatory institutions around the world, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), or the Australian Securities and Investment Commission (ASIC). As OpoForex is based in St. Vincent and the Grenadines, it claims to be regulated by the Financial Services Authority (FSA) there.
However, a regulation in St. Vincent and the Grenadines doesn’t count because their FSA does not pay any attention to the forex industry, which means the company is probably a scam, or it would have registered itself with a proper authority. OpoForex claims that a company named Opo Group LLC owns and operates it, but there is no corporate background available about the enterprise, other than its location.
Terms and Conditions
The purpose of terms and conditions is to guide people about what to expect when they are using a platform, in terms of rules, requirements and fees. The ‘Trading Benefit Scheme’ of OpoForex is worth nothing in this regard because it refers to the trading bonuses you are offered by the broker. A generous bonus is given on making your first deposit at Opo Forex. Most of the brokers out there have strings attached to the bonus they offer. Traders have to maintain a minimum trade volume requirement, which is usually aimed at preventing people from making any withdrawals.
The problem with OpoForex is that they have not bothered to outline their Bonus Policy at all and have simply said that they can terminate, amend, suspend, cancel or change the ‘Trading Benefit Scheme’ as per their preference. Essentially, they will be able to prevent you from making withdrawals, for one reason or another.
Some may find it appealing that a high leverage of 1:1000 is available at OpoForex, but this is another confirmation that it is not a licensed and regulated broker. Most regulatory authorities have imposed a cap on the amount of leverage that can be given and this is degrees higher than what is considered acceptable.
While they claim to accept payments with VISA, Mastercard, Neteller and Skrill, it appears you can only use cryptocurrencies on OpoForex, which are impossible to trace, indicating that it is indeed a scam.