Since there are many brokers out there under the alleged regulation of FSA from Saint Vincent and the Grenadines, we couldn’t help but ask – is this regulation worth anything? Based on our review it looks like this regulation means that the company is opened on the SVG territory, but nothing more. There is no deposit request from the forex broker nor any protection in case of a scam.
Let’s see our OpoForex review and what it means for their clients.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, shares, commodities|
|Free Demo Account:||No|
|Accepts US clients:||No|
OpoForex Regulation and Security
OpoForex is a brand owned by the same-named company, OPOFOREX. The company has headquarters in Saint Vincent and the Grenadines and an alleged FSA regulation. However, since there is no deposit required from brokerages, the FSA cannot help if you get scammed. There are no safety funds to be used for this purpose. This is why many brokerages are established in SVG, and this is why many of them are fraudsters.
OpoForex Withdrawal Issues
Since the broker does not have a well-prepared regulatory body behind it, there are many withdrawal issues. Clients cannot get their funds back and have nobody to complain to.
The broker is offering only a web trader that makes it easier to conduct a scam. Since the web trader is designed by the broker itself, of course, the company has access to all the funds and all the clients’ trades. Moreover, the leverage this company offers is 1:1000, extremely high and extremely risky.
The minimum deposit with the broker is $100, which is also not the best offer we’ve seen. Regulated brokers are allowing you to start from $10.
The deposit can be made using debit/credit cards, wire transfers, cryptocurrencies, or local payment solutions. This is pretty ironic considering the fact you cannot trade cryptos with this broker. It looks like only the company can make money from valuable assets; clients do not have this chance.
As per the broker, the only charges for withdrawals are made by exchange for cryptos or by the bank for wire transfer. Yet, withdrawal time is not specified anywhere, meaning you do not know when you should receive the funds and when to complain.
Be aware of these facts when starting an account with an OpoForex.com broker.
Scammed by OpoForex?
If you were scammed by OpoForex, slow down. You are not the only victim of the OpoForex scam. You need to file a dispute and request a chargeback immediately.
But what is a chargeback? It’s a simple way of refunding your card if you were a victim of an online scam. You have up to 540 days to file a dispute.
So, stop wasting time and contact our support via chat now!
What is OpoForex?
OpoForex is an online trading platform with no regulation.
Is OpoForex a scam?
OpoForex does not have regulation, and it’s based offshore.
Is OpoForex regulated?
OpoForex does not have a regulation for providing financial services by any authority body.