OpoFinance Review – Do Not Fall For This Cunning Trap
Without further ado, let’s dig into this high-level scam. OpoFinance’s website looks good, right? Well, that’s the point, to appear stunning and to convince you it has substance. However, there’s a vile scheme slithering beneath the shiny blue exterior.
This fraudulent broker even has a license and that is our first target for unleashing a barrage of arguments against it. The next section of the OpoFinance Review will prove why this regulation cannot be trusted.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Opo Group Ltd|
|Headquarters Country:||Mahe Seychelles|
|Supported Platforms:||Meta Trader 4 & 5|
|Minimum Deposit:||100 USD|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Litecoin|
|Types of Assets:||Forex pairs, CFDs, Crypto|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is OpoFinance a Safe Provider Or a Scam?
You have a fine-looking website and you mentioned you’re regulated, what else is there to add in order to defraud? Nothing really, but even that is not good enough for us. There is a thing or two you should know about the fraudster’s regulation, i. e. the one issued by Seychelles’ FSA, which does exist.
The only problem for OpoFinance is that the FSA does not regulate foreign exchange markets, “this falls under the purview of the Central Bank of Seychelles,” says the FAQ section on the FSA’s website.
Furthermore, there’s mention of St. Vincent and the Grenadines, the infamous nest of scammers. This place also cares not about regulating the financial market and the laws there are quite permissive. The Financial Commission membership found on Opo’s website is irrelevant considering everything said. Therefore, it’s safe to say that this financial swindler is an outright scammer!
OpoFinance is an unregulated offshore scam. The company has been in the business with no license, lurking potential victims.
Why Is Trading On a Licensed Broker’s Platform Preferable?
To further support our claim, we’ve checked the websites of several Tier 1 regulators such as the FCA, BaFin and CySEC. Of course, they’ve got nothing on our fraudulent broker. For your funds to be safe, your provider has to be regulated by one of these institutions.
OpoFinance Offers MT4 and MT5 Platforms?
This is yet another clever trick used by the con artist. Why not copy the test from the most successful student in class? For those who do not know, Meta Trader 4 and 5 are two incredible trading platforms, arguably the best in the business and OpoFinance knows this. That’s why the broker was sure to include them in the offer.
However, the download files weren’t so clean. Coupled with the shady background of OpoFinance and the dirt we found about the broker, it is not recommended you trust the platforms. Proceed with caution because the software could be subject to manipulation.
Can I Trade From Any Device?
You can trade from any device, indeed. Quite a neat and convenient option. Since OpoFinance is out to steal your money, it came prepared. The more possibilities it offers, the better the chance of victims taking the bait, so be careful.
What Do We Know About OpoFinance’s Account Types?
OpoFinance offers the following account types or rather trading packages:
- Standard – min. deposit $100, spread from 1.8 pips, no commission;
- ECN – $100, spread from 0.8 pips, $6 commission;
- Social Trade – $250, spread from 2.5 pips, no commission;
- ECN Pro – $5,000, spread from almost zero, $4 commission.
Each of these accounts has leverage set to 1:500. It’s a bit strange that the second-best account type has wider spreads than the weaker two. Also, it was stated that all accounts provide clients with Meta Trader 4, with no mention of MT5.
Demo Trading Account
No legit provider will omit a demo account. OpoFinance, of course, knows this and that’s why it managed to include one. The scam broker has patience, it is ready to wait for the unsuspecting victim to lower guard. Per the website, the Standard, ECN and ECN Pro accounts have demo versions available.
Range Of OpoFinance’s Scam
Aside from offering you the classic trading role, i. e. an account, a platform and popular trading assets such as Forex pairs, CFDs and crypto, OpoFinance also has an “Introducer” program in store.
This referral mechanism places you at the bottom of the so-called pyramid scheme where the one on top rules at the expense of the rest. The shady broker promises extra profits for every new client you manage to drag into this scam. This way, it uses you as a scapegoat for the defrauded public.
Its website is available in the following languages: English, Persian, Arabic, Indonesian, Thai, French, and Chinese (traditional).
OpoFinance Deposits & Withdrawals
For payment methods, Opo accepts credit/debit cards, wire transfers, various cryptocurrencies and the PerfectMoney e-wallet. Crypto and wire transfers may charge commissions while the rest are free. The processing time is either instant, 24 hours or depending on the blockchain. Provided that everything here is true, it seems pretty legit but you could still be at risk.
What Is Known About OpoFinance’s Trading Conditions?
The $100 required to start trading is reasonable. Spreads were a bit wider than usual for EUR/USD (1.9 pips). The part where OpoFinance really messed up is the leverage. Setting it at 1:500 is insane for retail traders. Even professionals have to be careful there. The losses that could stem from that may be enormous and that’s why most regulators have restricted leverage to 1:30-1:50.
Scammed by OpoFinance Broker? – Let Us Hear Your Story
It’s unfortunate if you’ve been scammed by this fraudster and we feel for you. However, you have to keep your head up and consider ways to fix the situation. We can help you there. The three methods you should know about – chargeback, recall and crypto tracing.
But What Is A Chargeback, Recall and Crypto Tracing?
A chargeback can be requested at the issuing bank within 540 days. It can reverse credit/debit card transactions. For wire transfers, the process is called a recall but it needs to be done before the completion of the transaction.
Crypto payments can be traced to a wallet in an exchange. Then, you simply request a refund but it won’t be easy.
What Is OpoFinance?
OpoFinance is a clever scheme designed to look like a legitimate broker.
Is OpoFinance a Scam Broker?
OpoFinance is a scam broker because its license is not appropriate.
Is OpoFinance Available in the United States or the UK?
The broker does not accept US clients but does accept UK clients.
Does OpoFinance Offer a Demo Account?
OpoFinance does offer a demo account on its website.