OpoFinance has artfully crafted a seemingly legitimate identity portrayed through an elegant and well-organized website. However, be cautious as this site acts as bait, and once you’re entangled, it may prove challenging to break free. In this OpoFinance review, we’ll explore the issues with OpoFinance.
Despite their claims, this offshore broker asserts regulation by various financial authorities without possessing any formal license. This lack of legitimate regulation raises significant concerns, making the broker potentially dangerous and likely a scam. Therefore, we strongly advise against trading with them and recommend opting for a reputable and regulated broker instead. Ensuring the safety and security of your investments is crucial, and choosing a trustworthy broker is essential in achieving that goal.
Website – https://opofinance.com/
Website Availability – Yes
Address – CT House, Office 9D, Providence, Mahe Seychelles & Kingstown, Beach Mount, Griffith Corporate Centre, Suite 305, Saint Vincent and the Grenadines
Warning – Not recommended by review websites like Scam Bitcoin
Regulation – FSA Seychelles Offshore
Domain Age –
| Domain Name | opofinance.com |
|---|---|
| Date Registered | February 14, 2022 |
| Domain Age | 1 year, 5 months, 3 days, 20 hours, 1 minute, 10 seconds |
OpoFinance Review: Regulation
OpoFinance claims to be located in St. Vincent and the Grenadines while holding licenses from the FSA of Seychelles and registration with the Financial Commission. However, upon verifying the FSA of the Seychelles register, we found no record of a company under that name. This indicates that OpoFinance lacks authorization from this financial authority.
Furthermore, St. Vincent and the Grenadines regulatory body, SVGFSA, does not oversee forex brokers and does not enforce any forex trading-related laws in the country. Consequently, no broker can be legitimately regulated in this jurisdiction. As a result, it is crucial to exercise extreme caution when dealing with OpoFinance, as their claims of regulation may not hold, and they may be operating without proper authorization.
OpoFinance Review: Trading platform
OpoFinance does indeed provide access to both MT4 and MT5 platforms. However, as is common with unlicensed brokers, both files appeared to be suspicious. It’s important to note that the installation files could potentially carry malware, as our PC alerted us about the potential risks. Consequently, we strongly advise against using these platforms, not only due to the potential dangers they pose but also because OpoFinance lacks the necessary licensing, making them an unregulated and unreliable option.
OpoFinance Review: Trading Conditions
Opofinance grants access to a variety of popular markets, including forex, metals, energies, shares, and cryptocurrencies. The broker allows you to open an account with as little as $100, making it an affordable option. However, we recommend exploring some superior alternatives for affordability.
While the Standard account we opened with OpoFinance does not charge commissions, we found their spreads to be higher than average, reaching 1.9 pips on EURUSD. Many legitimate brokers can offer much lower rates, even below 1 pip.
OpoFinance provides a maximum leverage of 1:500. Unlike EU, UK, or Australia-regulated counterparts, offshore brokers can set their leverage levels. It’s essential to carefully assess the leverage that you can handle as trading with high leverage may result in significant losses, particularly in volatile markets or if you lack sufficient experience.
OpoFinance Review: Deposit and Withdrawal methods
The broker does not impose a minimum deposit requirement. In the user area, they accept deposits as low as $1, allowing for easy access to their trading services. Available payment methods include BTC wallet, FasaPay, advCash, Asian Banks, ChinaUnionPay, TCPay, and PerfectMoney.
However, it’s worth noting that there is no withdrawal information provided in the user area, which could raise concerns about the transparency and convenience of their withdrawal process. As a trader, it’s essential to have clear and accessible information about the withdrawal methods and procedures to ensure a smooth and hassle-free experience when you decide to withdraw your funds.
OpoFinance Review: Conclusion
OpoFinance is under the regulation of the offshore authority of Seychelles, which may offer lower investor protection and oversight in comparison to well-established financial regulators. As a result, traders should exercise caution and conduct comprehensive research before engaging in any financial activities with Opofinance or any other entity regulated in offshore jurisdictions. Prioritizing due diligence and understanding the potential risks involved is crucial to make informed decisions when dealing with offshore-regulated brokers.
If you find yourself a victim of a scam, is it OpoFinance or any other fraudulent broker, you have the opportunity to take action and file a complaint against these dishonest entities. At Scam Bitcoin, we are dedicated to assisting victims in their quest for fund recovery. Simply fill out a complaint form on our website, and our experts will provide you with a free consultation regarding the fund recovery process. Don’t hesitate to reach out for help and support in your endeavor to reclaim your funds. We are here to assist you every step of the way.
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