Beware! OpoForex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OpoForex builds upon what most scammer brokers offer. It takes what is essentially the structure of 90% of all unlicensed brokers, and adds bit and pieces of unique flavors to it until the website seem just legit enough to fool even advanced users. OpoForex exemplifies this, not only because it fooled us, but because at times we still forget we are reviewing a scammer broker. However, the more time we spent going through it, the more we grew to loath the broker for many a reason. The main ones are described in this review. Please read it before rushing into things.
After numerous attempts at registering, we gave up. The reason for this is a tad bit unorthodox, but here it is: the broker would not accept our phone number, which was of course fake. This reliance on a phone number can be interpreted as a future possibility that the company will directly be contacting users to ask them for deposits. It’s much more difficult to say no when on the phone!
Anyway, without opening an account, we have to trust the website with all of the trading and payment information. With that said, the leverage is capped at 1:500. This leverage is by far the most offshore one of all! The tradeable assets are forex currency pairs, spot metals, spot energies, cryptocurrencies, indices, and shares. There is no specific spread value indicated.
The website of the brokerage is available only in English.
OPOFOREX REGULATION AND SAFETY OF FUNDS
We had it easy here. There were no confusing claims and no hidden messages. The broker is upfront with its status.
It was enough to see Saint Vincent and the Grenadines emprinted throughout the website to know that this broker is UNREGULATED.
Honestly, nothing else matters. No other info, that would be appropriate for this section, is need. And in any case, there is none.
Claiming to be licensed in Saint Vincent and the Grenadines is code for being unlicensed and most certainly a scam! The Caribbean nation does not have an FX regulator, and over the years has failed (or maybe it hasn’t tried) to stop the huge influx of scammer brokers.
Furthermore, do not confuse registration with regulation. The former means that a company is simply incorporated in a county. Saint Vincent and the Grenadines seems not to care what sort of companies enter its domain. It’s not for us to judge.
There is nothing more on an address or a regulation. Therefore, we deem OpoForex a risk to all investors.
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
OPOFOREX TRADING SOFTWARE
We did not find a trading software, but what we did find was a copy trading service, which seems to be the number one product of OpoForex
There are insignificant mentions of an FX trading experience found here and there, but most of the main points are directed towards the mentioned copy trading service.
OPOFOREX DEPOSIT/WITHDRAW METHODS AND FEES
The website claims that the payment methods used for depositing are B2BPay, Wire transfer, credit cards, debit cards, and PerfectMone. The minimum deposit is supposedly $100.
Note that the company vaguely mentions the presence of deposit fees in the terms and conditions.
We find a small clause in the terms and conditions claiming that those withdrawal requests done without trading are issued a 3% to 6% fee. The same aforementioned payment methods are used for withdrawing funds. All withdrawal requests are completed in 24 hours tops.
The verdict of this is that we cannot trust this information. The only way to get the most accurate payment details is through the user area. With scammer brokers, most of the website information, especially the one concerning payments, is misleading.
In conclusion, we do not recommend OpoForex to anyone. This is a complete risk to your money!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!
Rich Snippet Data