Opoforex is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Opoforex accepts clients from all over the world, excluding USA, Canada, Australia and some OFAC sanctioned countries.
Forex broker offers the following underlying assets for trading.
|35+ Currency Pairs||Based on major and minor world currencies.|
|65+ Crypto Pairs||Based on Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Stellar, OmiseGo, Tron, ZCash, EOS, BNB, BAT, IOTA, NEO.|
|12 Indice CFDs||Based on baskets of different blue-chip stocks.|
|11 Metal CFDs||Based on Gold, Silver, Platinum and Palladium.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|80+ Stock CFDs||Based on shares of US, UK and EU companies.|
Registered as recently as in 2021, Opoforex is a relatively new forex broker based out of Saint Vincent and the Grenadines - a popular offshore jurisdiction for forex & CFD brokers. The broker offers some of the highest leverage in the industry of up to 1:1,000, the option of funding trading accounts with cryptocurrency, and trading on the legendary MetaTrader 4 (MT4) platform.
Although Opoforex claims on its website to be a “safe and regulated broker,” it’s important to note that this broker is indeed not regulated by any government agencies. Instead, it has chosen to join a private dispute resolution organization for the financial industry known as the Financial Commission, which is based out of Hong Kong. This is a fairly common thing to do for offshore forex brokers, but it does by no means provide the same level of protection as the top-tier government regulators do.
What we perhaps like the most about Opoforex is the large selection of tradable assets available here. This is particularly true for crypto, with more than 65 cryptocurrency pairs currently supported by the broker, including lesser-known cryptoassets like Monero (XMR), OmiseGo (OMG), Basic Attention Token (BAT), and Stellar Lumens, to mention just a few. It’s also great to see that some of these cryptos can be traded not just against the US dollar, but also against currencies such as the Japanese yen, Swiss franc, Russian rouble, and even silver.
In addition to crypto, however, Opoforex also has a great selection of stocks listed in both the US and Europe, as well as precious metals and energy commodities, major stock indices from around the world, and all of the most popular foreign currency pairs.
All of the instruments offered by Opoforex can of course be traded on the MT4, as well as on Opotrade, the broker’s own web-based platform for copy trading. Among these two platforms, the copy trading platform is very similar to the popular charting platform TradingView, which makes it an easy tool for beginners to start playing around with technical analysis.
Prior to signing up as a new client with Opoforex, everyone will need to choose between four types of trading accounts; Standard, ECN, Copy-trade, and ECN PRO. Out of these, the three first all have a minimum deposit requirement of USD 100, while the more elite ECN PRO account requires a much higher deposit of at least USD 10,000.
As usual with trading accounts, the ECN accounts offer the lowest spreads, and instead charge users commissions of between USD 4 and 6 on each trade. For the Standard and Copy-trade accounts, being STP-style accounts, there are no commissions, but instead higher spreads starting from 1.8 pips and 2.5 pips, respectively.
In case of any type of issue that may arise during sign-up or later during trading, Opoforex’s customer support can be reached via a UK phone number, live chat, email, or the messaging apps WhatsApp and Telegram. Phone support is available on weekdays between 5 am and 2 pm UTC, while no working hours have been published for the other contact options.
In conclusion, we would like to reiterate that Opoforex is an unregulated offshore forex broker, which in itself does come with some risks for the client. However, being offshore also brings certain benefits, such as a much speedier ID verification process, and the ability to fund trading accounts more or less anonymously with cryptocurrencies. In terms of the specific offering that Opoforex has, we are quite pleased with the selection of trading instruments that are available, although we would preferably have liked to see more competitive spreads and commissions on those instruments.