OpoForex Review 2021

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OpoForex Facts & Figures

OpoForex is an offshore forex and CFD broker, offering copy trading services and the MT4 platform.

BonusNone
InstrumentsForex, commodities, cryptocurrencies, stocks, indices
Demo AccountYes
Min. Deposit$100
Payment MethodsCredit Card, Debit Card, Neteller, Skrill, Wire Transfer
Min. Trade0.01
Regulated ByFINACOM
MetaTrader 4Yes
MetaTrader 5No
cTraderNo
STP AccountNo
ECN AccountYes
DMA AccountYes
Mobile AppsiOS & Android
Margin TradingYes
Auto TradingYes (EAs)
Social TradingYes
Copy TradingYes
Trade SignalsMT4
Islamic AccountNo
Account
Currencies
USD
CFD
OpoForex offers leveraged CFDs on stocks, indices and commodities.
FTSE SpreadVariable
GBPUSD SpreadVariable
Oil SpreadVariable
Stocks SpreadVariable
Leverage1:1000
Forex

OpoForex offers 35+ spot currency pairs, covering all majors and top minors.

GBPUSD SpreadVariable
EURUSD SpreadVariable
EURGBP SpreadVariable
Assets35+
Cryptocurrency

OpoForex offers trading on crypto/spot currency pairs, including BTC/USD.

SpreadVariable
CoinsBTC, ETH, LTC, XRP, BCH
Risk Warning – Your capital is at risk

OpoForex is an offshore broker offering multi-asset trading. It provides DMA and ECN services, as well as copy trading opportunities. Our broker review will cover minimum deposit requirements, the sign-up and login process, live spreads, account types, and more. Find out whether to start trading with OpoForex today.

OpoForex Headlines

OpoForex is a financial services provider offering global trading services. It operates under the name ‘Opo Group LLC’ and was established in 2021, with offices in Kingston, Saint Vincent and the Grenadines. The company offers 300+ instruments and has more than 8,000 active users.

The brokerage aims to provide traders with a stable investment foundation paired with innovative trading features. Unfortunately, OpoForex is not regulated by a reputable financial regulator.

Platform

Clients are provided with the MetaTrader 4 (MT4) trading platform. MT4 is compatible with all major web browsers and can be downloaded to desktop, mobile, and tablet devices. Features include:

Note, OpoForex does not offer MetaTrader 5.

Products

Clients are offered investment opportunities in popular financial markets:

Fees

Fees and commission vary by account type. There are no commission fees with the Standard and Copy accounts, however, relatively high spreads are charged, starting at 1.8 pips on the Standard solution and 2.5 pips on the Copy Trade account. The ECN account offers the tightest spreads, starting at 0.8 pips, though a $6 commission per trade is also charged.

Unfortunately the broker provides limited information on additional fees, such as inactivity charges. With that said, swap-free allowance days are offered on forex and precious metal trades.

OpoForex Trading platform
MetaTrader 4

Leverage

Leverage varies by asset and volume. The broker withholds the right to change margin ratios on customer accounts deemed a significant risk. Clients are offered margin opportunities of up to 1:1000 on major forex pairs for 0-5 lots trading volume. On a volume of 100+ lots, 1:25 leverage is available.

Keep in mind that leverage can amplify losses.

Major Forex Pairs

Minor & Exotic Forex Pairs, Spot Metals, Spot Energies & Indices

Mobile Trading

MetaTrader 4 is also available as a mobile application. The app is free to download and is compatible with iOS and Android (APK) devices. The mobile solutions allow users to access the full trading features provided on the desktop platform, including analytical tools, plus customisable charts and graphs.

Other features include:

Payments

Deposits

Minimum deposit requirements start at $100 on the Standard and ECN accounts. The broker does not disclose any fees charged for deposits, however, third-party charges may apply.

Traders can use bank wire transfers, credit/debit cards and e-wallets, including Skrill and Neteller, to fund accounts. Unfortunately, there is limited information on processing times for live accounts, though digital payments are often instant.

Withdrawals

Withdrawals can be made free of charge. Those submitted before 10 am will be processed within the same working day, though clearing times may vary by method.

In line with anti-money laundering (AML) policies, withdrawals must be made back to the original payment method. And, clients may not request or receive a withdrawal until know-your-customer (KYC) compliance documents are provided, which include proof of residency.

Note, there are many negative reviews of previous difficulties getting the broker to pay-out entitled funds. Of course, some complaints may come from clients who did not complete verification checks before requesting a withdrawal.

Demo Account

OpoForex offers a free demo account. This is a good way to practise trading, navigate platform features, or test a forex strategy risk-free. Once signed up, traders can access virtual funds and experience real-time trading conditions and prices.

The broker provides Standard, ECN and ECN PRO as demo formats. And just a simple online registration form is required to open a paper trading account.

Deals & Promotions

At the time of writing, OpoForex did not offer any promotions or bonuses to retail clients. This included no deposit bonuses or other sign-up offers.

It is not uncommon to see enticing financial incentives used by brokers with limited regulatory guidance, but always read the terms and conditions before you opt-in to an offer. For example, upon reviewing previous incentives used by OpoForex, we found generous welcome bonuses offered to new clients. Yet when reading the conditions, the broker states they reserve the right to alter any aspect of the Trading Benefit Scheme at any time. This includes the minimum trade volume requirement to be eligible to withdraw profits.

OpoForex Regulation

Opo Group LLC is a member of The Financial Commission (FINACOM). This is not a governmental body – it is an independent organisation that maintains a register of financial services organisations. As a result, limited regulatory protection is afforded to active clients. And importantly, we always recommend opening an account with a broker that is regulated by a recognised authority, such as the FCA, CySEC or ASIC.

Despite the limited oversight, FINACOM does provide a compensation fund of up to €20,000. Plus, a dispute resolution service is available through the FINACOM website, promising an average dispute resolution time of 7 days. Client funds are also held in segregated accounts.

Additional Features

OpoForex does have a link to an online trade academy, suitable for beginners and advanced investors. However, this service was unavailable at the time of the review. This sets the company below most of the top brokers in the market, many of which offer reliable training materials.

Copy trading is one attractive feature for clients. Their social investing platform allows users to implement strategies executed by seasoned investors. Benefits include rapid access to major financial markets with limited experience and the ability to diversify portfolios.

Live Accounts

Retail clients have access to four account options. Whilst asset access varies by account, all options provide the MetaTrader terminal. Minimum deposit requirements start from 100 USD. Below are the main features broken down by account type.

Standard

Instruments: forex, spot metals, spot commodities, CFDs on indices, US shares, EU shares and cryptocurrencies.

ECN

Instruments: forex and spot commodities, CFDs on indices and cryptocurrencies

Copy Trade

Instruments: spot metals and spot commodities, CFDs on indices

ECN Pro

All instruments

Account registration takes a matter of minutes, however, you may need to provide documents to verify your identity to comply with AML policies.

Trading Account Types

Benefits

Drawbacks

Opening Hours

The platform operates in a GMT +3 time zone. Asset trading times are posted on the broker’s website, plus upcoming closure dates, such as public holidays. Forex typically trades 24/5 while stocks reflect their respective exchange’s opening times.

Customer Support

OpoForex offers 24/7 customer service via:

Note, there is no FAQ portal for a quick resolution to simple issues.

Security

The members area is password-protected and all personal data between client terminals and the platform is encrypted. OpoForex claims to comply with national laws on the security and privacy of data, funds, investments and transactions. However, given that the company is based in the Caribbean, it’s unlikely that these laws will be as stringent as other jurisdictions.

The MetaTrader terminals are renowned for secure login features, industry-standard data privacy, and integrated dual-factor authentication options.

OpoForex Verdict

OpoForex is an unregulated broker, which is something we recommend avoiding where possible. Many global brokers offer more reliable trading products. Despite this, there are some OpoForex positives. In particular, the copy trading terminal, 24-hour customer service and the free demo account. Overall though, we’d recommend alternative providers.

Accepted Countries

OpoForex accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use OpoForex from Australia, Canada, Japan, Korea, United States.

Alternatives to OpoForex

If you are looking for alternatives to OpoForex we have compiled a list of the top 5 brokers that are similar to OpoForex below. This list of brokers like OpoForex is in order of similarity and only includes companies that accept traders from your location.

  1. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  2. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  3. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
  4. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  5. Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.

FAQ

Is OpoForex Regulated?

No, OpoForex is an offshore, unregulated trading broker. Be cautious when investing personal capital with unlicensed providers as recourse options may be limited.

Does OpoForex Have A Mobile Trading App?

OpoForex does not have a proprietary mobile investing application. However, MetaTrader 4 can be downloaded for free and offers all the same features as the desktop terminal.

What Trading Platforms Does OpoForex Offer?

OpoForex uses the globally recognised MetaTrader 4 (MT4). This terminal has advanced features, including customisable charts, technical indicators and live financial news. It’s a great option for beginners and experienced investors.

Does OpoForex Offer A Demo Account?

Yes, OpoForex has a free demo account. Paper trading accounts are a good way to test out a new broker or platform. Users can access virtual funds and experience real-time trading conditions and prices.

What Are The Minimum Deposit Requirements To Trade With OpoForex?

The minimum deposit at OpoForex is $100 for the Standard and ECN accounts. This is in line with competitors, though beginners may want to opt for a brokerage with a lower deposit requirement.

OpoForex is an offshore forex and CFD broker, offering copy trading services and the MT4 platform.

OpoForex vs Other Brokers

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