Opoforex is an unregulated offshore broker operated by Opo Group LLC, registered in St. Vincent & The Grenadines (SVG). The offshore entity was incorporated in Feb 2021 by corporate builder Wilfred Services Ltd. Opoforex is a member of The Financial Commission, a private dispute resolution organization. The website of the offshore broker states that it would be authorized in SVG for investment services. This is not true. The Financial Services Authority (FSA) VSG has clarified in Feb 2022 that it does not regulate or authorize forex or CFD brokers. Opoforex has no authorization to offer its services in Europe or other regulatory regimes.
Key data
| Trading name | Opoforex |
| Domain | www.opoforex.com |
| Social media | Facebook, Instagram, Twitter |
| Legal entity | Opo Group LLC (est. Feb 2021) |
| Corporate advisor | Wilfred Services Ltd |
| Jurisdiction | St. Vincent & The Grenadines |
| Authorized | no |
| Membership | The Financial Commission (link) |
| Payment processors | TC Pay, Perfect Money, Advcash |
The narrative
At the moment, we cannot state with certainty that Opoforex is a scam, meaning that it intentionally deceives its clients. However, there is a good chance that it is a scam. No information is provided about the operators. In any case, Opoforex has no authorization to offer its regulated services in any regulatory regime.
As payment processors, we found TC Pay, Perfect Money, and Advcash. Alternatively, clients can deposit in cryptocurrencies including stablecoins.
Clients of unauthorized offshore brokers should be aware that they are not entitled to Investor Compensation Schemes or Financial Ombudsman assistance. This further increases the already super-high risk in the Forex, CFD, and Crypto space. It is statistically almost 100% likely that clients of offshore brokers is losing money.
