Opofinance (previously Opoforex) is an unregulated offshore broker operated by Opo Group Ltd in the Seychelles and Opo Group LLC in St. Vincent & The Grenadines (SVG). The offshore broker is a member of The Financial Commission, a private dispute resolution organization. The broker has an offshore securities dealer license from the FSA Seychelles, which does not authorize Opofinance to offer financial services in Europe, North America or any other regulatory regime. Traders are not protected under any regulatory regime outside Seychelles.
|LinkedIn, Facebook, Instagram, Twitter
|Opo Group LLC (est. Feb 2021), SVG
Opo Group Ltd, Seychelles
|Wilfred Services Ltd
|St. Vincent & The Grenadines
(Securities Dealer with license no SD124)
|The Financial Commission (link)
|Bank wire, crypto, e-wallet, bank wire
|TC Pay, Perfect Money, Advcash,
FasaPay, FastAsiaPay, UnionPay
The Short Narrative
On its LinkedIn profile, Opofinance lists Tehran, Iran, and Hong Kong as its headquarters.
Opofinance‘s offering violates regulatory requirements in North America, Europe, and other regulatory regimes. For example, it offers a leverage of up to 1:500, although in Europe and the UK, only up to a maximum of 1:30 is allowed. Furthermore, pre-KYC deposits in theoretically unlimited amounts are possible via crypto or bank transfer.
At the moment, we cannot state with certainty that Opofinance is a scam, meaning that it intentionally deceives its clients. However, there is a good chance that it is a scam. However, we can state that Opofinance has no authorization to offer its regulated services in any regulatory regime and violates regulatory rules and financial laws.
Facilitating Payment Processors
As payment processors, we found TC Pay, Perfect Money, FasaPay, UnionPay, FastAsiaPay, 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 are losing money.
If you have any information about Opofinance, its operators, and partners, please let us know via our whistleblower system, Whistle42.