Opofinance ReviewCategory: Reviews | Author: Trading Brokers | Date: January 27, 2024
Opofinance is an online broker that entered the trading arena in 2021, offering a diverse array of tradable assets spanning forex, commodities, cryptocurrencies, and stocks. The broker, situated offshore in Seychelles and operating under the umbrella of Opo Group LTD, introduces traders to an innovative social trading platform, facilitating access to over 300 trading instruments. Notably, Opofinance has swiftly gained traction, boasting a growing clientele of active users despite its relatively recent establishment. In this insightful review, we will meticulously explore the key features and services that define Opofinance’s offerings. We’ll also highlight some of the pros and cons of working with this broker. Our goal is to provide an unbiased overview to help you decide if Opofinance is the right fit for your trading needs.
Pros & Cons
- Accessible through multiple platforms like MT4, MT5, web trader
- Planning to service clients in the Portals Metaverse platform, showcasing a commitment to technological advancement
- Offers social trading platform to follow and mirror professional traders
- Regulated by the Seychelles Financial Services Authority
- Provides ultra tight spreads as low as 0.0 pips
- Offers a comprehensive rebate plan for partners to earn passive income
- Offshore regulation may offer less protection
- Limited educational resources compared to competitors
- Requires payment of commissions with certain accounts
Opofinance is an online broker that offers a wide range of tradable assets across various markets like forex, commodities, cryptocurrencies, and stocks. Established in 2021, they provide traders access to over 300 trading instruments through their innovative social trading platform. As a regulated broker overseen by the Seychelles Financial Services Authority, Opofinance states a commitment to safeguarding client funds.
They are also a member of the Financial Commission, which provides traders insurance on deposits up to 20,000 EUR per case. Opofinance aims to provide a cutting-edge trading experience, as seen by unique offerings like their presence in the metaverse and social trading platform. The latter allows traders to follow and mirror more experienced traders, helping to guide beginners. For pricing, Opofinance advertises ultra-tight spreads, with some accounts providing access to spreads as low as 0.0 pips. This competitive pricing can assist traders in gaining an edge.
In terms of resources, Opofinance provides some helpful analytical tools like an economic calendar and technical analysis charts. However, the variety of educational materials is limited compared to some competitors. For those looking to earn passive income, Opofinance has a comprehensive three-level rebate plan. This means you can earn money not just from your trades, but also from referring others to the platform. Overall, Opofinance markets itself as an innovative broker catering to modern traders through competitive pricing, social trading, and a growing presence in emerging spaces like the metaverse. Their offshore regulation may give some traders pause, but they do offer certain account protections.
When it comes to regulation, Opofinance is overseen by the Seychelles Financial Services Authority (FSA) and holds license number SD124. Now I know what you might be thinking – Where is Seychelles located? Well, it’s a tiny island country off the coast of Africa. Just because it’s small doesn’t mean their regulation should be brushed off though. Opofinance is making moves to establish themselves as a legit and secure broker.
They’re also a member of the Financial Commission, which provides up to 20,000 Euros insurance per case to help protect trader funds. However, it’s worth mentioning that the FSA Seychelles is known for its more lenient regulatory environment compared to other jurisdictions like the UK’s FCA or Australia’s ASIC.
This offshore regulation might not provide the same level of security and stringent oversight you’d get from a broker regulated by these more established authorities. At the end of the day regulation comes down to personal preference and risk tolerance. If Opofinance’s offshore regulation makes you uneasy, no worries – there are plenty of highly regulated brokers to choose from. Please see a list of regulated brokers for some alternative options that may better suit your needs.
Platforms & Tools
Opofinance offers a full toolbox of powerful trading platforms and analytical tools to meet any trader’s needs. This includes:
- MetaTrader 4 and MetaTrader 5: These are among the most popular trading platforms in the forex industry, known for their user-friendly interface, advanced charting capabilities, and a wide range of technical indicators. They also support automated trading through Expert Advisors (EAs).
- Web-based Terminal: For traders who prefer to trade directly from their browsers without downloading any software, Opofinance provides a web-based trading terminal.
- Opo Social Trade Platform: This is an exclusive social trading platform offered by Opofinance. It allows traders to follow and mirror the trades of professional traders, potentially earning passive income. The platform operates with advanced trading technologies and offers easy access through the client area.
Opofinance provides three trading tools to assist its clients in making informed trading decisions:
- Technical Views: This is a market research tool that provides unique and actionable insights. It uses proprietary pattern recognition technology to constantly monitor the market and offer actionable insights. It also provides full position management on over 8,000 instruments.
- Economic Calendar: This tool helps traders track important economic events that could impact the financial markets.
- Newsletter Service: Opofinance provides a newsletter service with daily updates and overviews of market conditions
In terms of actual educational resources, Opofinance seems to offer rather limited options compared to some other forex brokers. The main educational offering appears to be their blog, which provides some basic insights and tutorials that can help beginner traders grasp fundamentals and strategies.
However, beyond the blog, Opofinance does not seem to provide extensive educational materials. They lack the variety of resources that leading brokers offer, like comprehensive video courses, recorded webinars, ebooks, online classes, and so on. Their technical analysis tools may provide some additional learning opportunities, but are not a substitute for robust, structured educational content.
Opofinance offers a wide range of market instruments for trading. These include:
- Forex: Opofinance provides trading opportunities in over 30 major currency pairs such as GBP/USD, GBP/CAD, EUR/USD, USD/CAD, and USD/JPY.
- Metals: Traders can participate in the precious metals market with instruments like XAU/USD (Gold/US Dollar), XAG/USD (Silver/US Dollar), and XPT/USD (Platinum/US Dollar).
- Commodities: Opofinance offers commodities trading, including instruments like WTI/USD (West Texas Intermediate/US Dollar), BRN/USD (Brent/US Dollar), and NGC/USD (Natural Gas/US Dollar).
- Stocks: Traders can access the stock market through Opofinance, with instruments like APPL (Apple Inc).
- Cryptocurrencies: Opofinance offers trading in over 65 cryptocurrencies including Bitcoin, Litecoin, and Ethereum.
- Indices: Opofinance also provides trading opportunities in various global indices.
- CFDs: Contract for Difference (CFD) trading is also available on Opofinance, allowing traders to speculate on the rising or falling prices of fast-moving global financial markets.
In total, Opofinance offers access to over 300 instruments. However, it’s important to note that different instruments come with different trading conditions. Therefore, traders should familiarize themselves with these conditions before engaging in trading activities.
Opofinance has tailored its account offerings to cater to a variety of traders, each with unique features to match different trading styles and preferences. Here’s a casual look at the four account types they offer:
- Standard Account: This is your entry-level account, perfect for those just starting out or who prefer a more straightforward trading experience. With a minimum deposit of $100, it’s pretty accessible. The Standard account doesn’t charge any commission and offers normal spreads, starting at 1.8 pips. Traders can access this account type through the MT4, MT5, and web trading platforms, making it versatile for different trading preferences.
- ECN Account: If you’re looking to step up your trading game with tighter spreads, the ECN account might be your match. With the same minimum deposit of $100 USD, it’s still within reach for many traders. This account type offers lower spreads starting from 0.8 pips but comes with a commission of $6. It’s designed for traders who are looking for more professional trading conditions and direct market access.
- Social Trade Account: For those interested in the social aspect of trading, the Social Trade account requires a minimum deposit of $200 USD. It’s a unique offering that allows you to engage with other traders and potentially copy the trades of more experienced traders. This account type is great for those who want to learn from others or simply want to automate their trading by following successful strategies.
- ECN Pro Account: Aimed at the more serious traders, the ECN Pro account requires a higher minimum deposit of $5,000 USD. It offers the tightest spreads, starting from 0.0 pips, and a lower commission of $4 compared to the regular ECN account. This account is tailored for high-volume traders who are looking for the best possible trading conditions and pricing.
Opofinance streamlines the process of funding your trading account by offering a variety of convenient methods. Whether you prefer traditional payment systems or the latest in digital currency solutions, they’ve got you covered. These include:
- Perfect Money: Perfect Money is a popular online payment service that allows users to make instant payments and money transfers securely over the Internet. It’s a convenient option for those who prefer online transactions.
- Card: Opofinance accepts payments through credit and debit cards. This is a quick and easy way to fund your account, as most transactions are processed instantly. Just enter your card details, specify the amount you want to deposit, and the funds should appear in your trading account almost instantly.
- TCPay: TCPay is another online payment platform that Opofinance accepts. It’s known for its secure and efficient money transfer services, making it a reliable choice for funding your account.
- B2BinPay: B2BinPay allows for easy transfer of cryptocurrencies. If you’re a crypto enthusiast, this is a great option for you. It’s fast, secure, and lets you manage your trading funds in your favorite digital currency.
- Advcash (Advanced Cash): Advcash is a versatile online payment platform that supports multiple currencies and offers fast transactions. It’s a good option if you’re looking for flexibility in your payment method.
- UnionPay: UnionPay is a global payment network that is widely accepted around the world. It’s a reliable and secure way to fund your account, especially if you’re based in Asia where UnionPay is most prevalent.
- Cryptocurrency: Opofinance also accepts cryptocurrency as a funding method. This is a modern and increasingly popular way to manage funds, offering quick transaction times and lower fees compared to traditional payment methods.
In wrapping up, Opofinance presents itself as a fresh and dynamic broker, offering a variety of trading instruments and innovative features like social trading and metaverse integration. With a regulated status by the Seychelles Financial Services Authority and membership in the Financial Commission, they provide a degree of reassurance for traders’ investments. Opofinance’s platform is designed to cater to a range of traders, from those who prefer the classic MetaTrader experience to those looking to engage with the latest trends in online trading. However, it’s worth noting that while Opofinance offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.