Is Opofinance Scam or Legit Broker?
No, Opofinance cannot be considered a trustworthy choice for Forex trading. The broker operates under the regulatory oversight of the Seychelles Financial Services Authority (FSA) with SD124 license number.
- The Seychelles Financial Services Authority (FSA) is considered an offshore regulatory body and does not provide the same level of regulatory oversight and investor protection as top-tier authorities such as FCA, CySEC, ASIC, etc. Due to an offshore license, brokers such as Opofinance, TNFX, and IQCent are considered brokers with a lower degree of trust.
|🏢 Registered in||Seychelles|
|🗺️ Type of License||Offshore|
|🛡️ Is Opofinance safe to trade?||No|
|🗺️ Recommended Licenses||FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
What is Opofinance?
Opofinance is a Forex and CFD broker headquartered in Seychelles, providing access to a diverse selection of over 300 assets for traders. Opofinance provides traders with a range of advantageous trading features, including Social Trading, ultra-low spreads, starting from 0.0 pips, high leverage options of up to 1:2,000, commission-free trading, and various other favorable trading conditions.
Nevertheless, in addition to the advantageous conditions Opofinance presents, our research has uncovered certain drawbacks associated with trading through this broker, which include the following:
- Lack of trustworthy regulation: When considering a Forex broker, traders should prioritize finding a reliable option in which they can entrust their investments. In this regard, Opofinance may not be the optimal choice, as it lacks licenses from top-tier regulatory bodies that offer a high level of security. Instead, it holds only an offshore license from the Seychelles Financial Services Authority (FSA). Nonetheless, it’s worth noting that according to its website, Opofinance is a member of The Financial Commission, a body dedicated to safeguarding the interests of traders to some extent, offering insurance coverage of up to EUR 20,000 per case.
- Lack of educational resources: Especially for beginner traders, it is essential to have access to fundamental educational resources. However, Opofinance does not stand out for its good offerings in this respect. The good news is that the broker offers a demo account option on both its MT4 and MT5 platforms.
- Client reviews: Real reviews and feedback from clients are not less important to consider. It is worth paying attention to the experience other traders have had with the broker. Based on the available information, Opofinance reviews are mixed. There are both positive and negative reviews. Nevertheless, always consider that positive feedback can also be fabricated to put the broker in a positive light.
- Most importantly, traders should be aware that choosing an unregulated or offshore broker can potentially expose their investments to risk. There are numerous regulated brokers in the market with stringent regulatory compliance that also stand out for their outstanding services and offerings.
Overall Opofinance Ranking
With a decade’s worth of experience in the Forex trading industry, our research has surfaced significant concerns regarding Opofinance’s reliability and its compliance with regulatory standards. Consequently, we are unable to give a positive ranking to Opofinance.
- Opofinance’s Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
|Is Broker safe? ||No||Yes||Yes|
|Advantages||None||Trading Instruments||Trading Conditions|
Opofinance Alternative Brokers
Due to the safety concerns linked to Opofinance, we recommend exploring alternative options with tight regulations and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:
- Eightcap – Good Market Instruments
- HYCM– Low Spreads and Competitive Trading Conditions
- FP Markets – The best selection of Educational Resources
Deposits and Withdrawals
Opofinance provides various funding methods, including options like cryptocurrencies, bank wire transfers, Visa/Mastercard, and e-wallets such as Perfect Money. Both deposit and withdrawal processes are quite straightforward.
- The minimum deposit amount is 100 US Dollars.
- Withdrawals are completed within 24 working hours.
- Still, drawing from our experience with offshore brokers, we strongly advise traders to exercise utmost caution when managing their investments to prevent potential fund loss. Especially withdrawals might be quite tricky with such brokers.
Opofinance offers four different account types: Standard, ECN, Social Trade, and ECN Pro.
- The accounts are customized to meet the trading needs of clients with varying levels of experience and different trading strategies. For seasoned or professional traders, the ECN or ECN Pro accounts are more suitable, which provide narrower spreads but higher commissions.
- The Standard and ECN accounts require a minimum deposit of $100, while a Social Trade account requires a minimum deposit of $200. For an ECN Pro account the minimum deposit is $5,000.
- All account options provide access to the complete range of trading platforms provided by the broker. It’s important to note that the sole supported account currency for all types of accounts is USD.
Opofinance Review Conclusion
Based on the information we found about Opofinance, this is a broker with quite favorable offerings that enable trading with tight spreads and high-leverage opportunities. However, there are significant apprehensions regarding the broker’s reliability and credibility. Despite the enticing features and offerings provided by the broker, the fact that it is registered in an offshore jurisdiction (under the Seychelles Financial Services Authority) gives rise to significant concerns, and traders should exercise caution.
We strongly advise traders to consider brokers with licenses from reputable authorities such as FCA, ASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, ensuring a secure trading environment. Some noteworthy options include Eightcap, XM, and FP Markets.
- Overall ranking and experience for Opofinance is Negative