About the company:
OpoForex is a financial services company that specializes in worldwide trade. It was created in 2021 under the name “Opo Group LLC” and has offices in Kingston, St. Vincent, and the Grenadines. The firm has over 8,000 active users and offers over 300 tools.
Clients have the option of trading with
- more than 35 currency pairings on the forex market.
- Metals on the Spot
- Spot Energy
- Trading Indexes: 12 indices representing the world’s most powerful economies
- On the stock exchange, there are over 60 corporations.
The MetaTrader 4 trading platform is supplied to clients. MT4 is available for download on desktop, mobile, and tablet devices and is compatible with all major web browsers.
A mobile version of MetaTrader 4 is also available. The software is available for download for free on both iOS and Android (APK) smartphones. Users may utilize the mobile solutions to access all of the trading capabilities available on the desktop platform, including analytical tools and customizable charts and graphs.
Fees and fees vary depending on the account type. Standard and copy accounts have no commissions, although they have rather significant spreads, starting at 1.8 pips for the standard solution and 2.5 pips for the copy trade account. The ECN account has the narrowest spreads, beginning at 0.8 pips, but it also comes with a $6 trading charge.
The amount of leverage is determined by the asset and the volume. The broker does not have the authority to adjust margin ratios on customer accounts, which is a major risk. On major currency pairings with a trading volume of 0–5 lots, clients can trade on a margin of up to 1: 1000. A leverage of 1:25 is attainable with a volume of more than 100 deals.
Major currency pairs:
- 1:5000 for 0-5 lots
- 1:500 for 5-20 lots
- 1:200 for 20-50 lots
- 1:500 for 50-100 lots
1:25 for 100+ lots
Minor and exotic currency pairs, spot metals, spot energies, and indices
- 1:500 for 0-5 lots
- 1:200 for 5-30 lots
- 1:300 for 30-50 lots
- 1:50 for 100+ lots
On standard and ECN accounts, the minimum deposit requirement is $100. Although the broker does not mention any deposit fees, third-party fees may apply.
Traders can fund their accounts with bank transfers, credit or debit cards, and e-wallets like Skrill and Neteller. Unfortunately, data on real-time account processing times is scarce, despite the fact that digital payments are frequently made quickly.
Withdrawals are available at no cost. Documents received before 10:00 a.m. will be processed the same day, while processing times may vary based on the method used.
Withdrawals must be made using the original payment method in compliance with the anti-money laundering (AML) policy. Clients also cannot request or receive withdrawals unless they have filed KYC compliance documents, which include proof of domicile.
A free demo account is available from the company. This is a fantastic opportunity to practice trading, become acquainted with the platform’s capabilities, and test the currency market. Traders may access virtual funds and check real-time trading conditions and prices after registering.
As for demo formats, the broker offers Standard, ECN, and ECN PRO. A short online registration form is also required to start a paper trading account.
The firm is a Financial Commission member (FINACOM). This is not a government agency; it is a non-profit group that keeps track of financial services firms. As a result, active clients receive just a limited level of regulatory protection. Importantly, we always advise creating an account with a broker that is regulated by a reputable organization such as the FCA, CySEC, or ASIC.
Despite the lack of control, FINACOM offers a €20,000 compensation fund. In addition, the FINACOM website offers a dispute resolution service that promises a 7-day average dispute resolution time. Segregated accounts are also used to hold client funds.
The broker provides a connection to an online trading university that is appropriate for both novice and experienced traders. This service, however, was unavailable at the time of the audit. This places the firm behind the majority of the market’s top brokers, many of whom provide reputable training resources.
One of the appealing benefits for clients is copy trading. Users may utilize their social investing platform to implement the ideas of seasoned investors. Quick access to major financial markets for those with little or no expertise, as well as the flexibility to diversify portfolios, are among the advantages.
Customers in the retail sector have four account options. Although account access to assets varies, all choices include a MetaTrader terminal. The minimum deposit required is $100. The primary features are shown below, organized by account type.
GMT +3 is the time zone in which the platform runs. The broker’s website lists asset trading periods as well as impending closing dates, such as holidays. Forex is often traded 24 hours a day, 5 days a week, whereas equities are exchanged according to the exchange’s operating hours.