Two weeks ago, we issued a warning against the offshore broker scheme Opoforex, registered in St. Vincent & The Grenadines (SVG) in Feb 2021 by corporate builder Wilfred Services Ltd. Opoforex is a member of The Financial Commission, a private dispute resolution organization. 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 but continues to solicit consumers. Stay away from Opoforex and other offshore brokers.
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, FasaPay, Top Change |
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.
The Opoforex support team informed us that they would accept cryptocurrency, ADVcash, Perfect Money, FasaPay, and Top Change. When making deposits through ADVcash, Perfect Money, or Fasapay, Opoforex would compensate transaction fees.
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 are losing money.
Stay away!
