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OPT Finance Review - is it scam or safe?

OPT Finance Review - is optfinance.io scam or good forex broker?

RATING: 1 / 1 REVIEWS OPT Finance
OPT Finance is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage  Spread 
Basic  $200  1:50 from 2.4 pips
Silver  $2 500 1:100 from 2.1 pips
Gold  $10 000 1:150 from 1.8 pips
Platinum  $75 000 1:250  from 0.6 pips
VIP  $150 000 1:400 from 2.2 pips
Algo  $10 000 1:200 from 1.8 pips

         

OPT Finance offers as many as six account types and access to Leverate’s Sirix platform. Although we highlighted some possible strong sides of this broker, it is not recommended. OPT Finance does not hold a legit forex broker license and was blacklisted by UK’s financial regulator. Read the full review to get all the details.

 

 

OPT Finance Advantages

 

Sirix platform available, high leverage

Leverate’s Sirix is a solid choice of a trading platform. It has user-friendly interface and nice charting, but its most popular feature seems to be the social trading option. The software is available as desktop download, web-based version and mobile apps.

 

OPT Finance also provides solid leverage of up to 1:400, which will suffice the needs of all traders. Yet, we feel the need to warn you that using leverage levels that high involves significant risk and is not suitable for all investors.

 

 

OPT Finance Disadvantages

 

No company name, no address, no license

The website of OPT Finance features only a phone number in Switzerland, but it is actually unclear which is the company operating the brand, nor where are its headquarters. Also, there is no mention of a forex broker license, so we can safely conclude that whichever the company behind the brand, it is not regulated. In our view, this is the most serious disadvantage of OPT Finance and, if you read further, you will probably agree that it actually has all the trappings of a typical forex brokerage scam.

 

It seems that previously the broker’s website featured a registration in Saint Vincent and the Grenadines

 

Flagged by the UK’s FCA

Furthermore, we discovered that OPT Finance was blacklisted by the authorities in the UK, which is another major red flag regarding this broker. According to the official warning issued by the UK’s Financial Conduct Authority (FCA), the broker is registered offshore, in Saint Vincent and the Grenadines, and operates via optfinance.com (which is currently not accessible) and optfinance.io.

 

 

The British authorities suspect the brokerage of knowingly participating in investment scams, so traders are warned not to contract the services of OPT Finance.

 

MetaTrader not supported, no demo accounts

Although Sirix is a nice trading platform, most traders still prefer trading on the MetaTrader4, as they know the software and praise it for its reliability, intuitive interface, and advanced functionality. It is very popular for its great charting and automated trading bots, called Expert Advisors

 

 

>> Find the top-tier MT4 brokers <<

 

 

High spreads

Although this is not as important as the other disadvantages of the broker we mentioned above, the cost of trading is still an important factor. Actually, the spreads announced for most OPT Finance’s account types are above the average in the sector. Most brokers charge something in the range of 1.0 – 1.5 pips for the EUR/USD pair, while the spreads of OPT Finance start from 2.4 pips on Basic accounts.

 

 

>> Real-time spread comparison of some of the best forex brokers <<

 

 

Conclusion

 

OPT Finance has been exposed by the FCA as a potential scammer, does not hold a legit forex broker license, and has not disclosed essential corporate information. These are clear signs that clients of this broker are open to substantial risk. So, we would advise investors to direct themselves to better trading options to which we have linked throughout this review. 

 

As always, our best advice for investors looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Forex brokers regulated in the UK <<

 

 

And finally, here are the highlights of the present review of OPT Finance:

 

Pros Cons
Sirix platform available, high leverage No company name, no address, no license
  Flagged by the UK’s FCA
  MetaTrader not supported, no demo accounts
  High spreads

 

Latest news about OPT Finance
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Traders` reviews for OPT Finance

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

optfinance.io and oroxgroup.com (same company) stole $30k of my savings through Sirix Webtrader fraud scam

OPT Finance and the Orox Group are the same company and are operating a fraud scam, they stole $30k of my savings. Robert Bannister, a dutch south african, was my account manager and is nothing more than a common, lying thief. Bannister is a poor excuse for a man and a terrible example to his children. He thinks stealing from others is a good way to support his family. Bannister said to me he "loves his job". Yes son, I steal from people every day.
Avoid Orox and bannister, they will steal your savings.
I contacted them wanting to open buy trades in bitcoin only, which I did (11 BTCUSD). But when you are unlikely to deposit anymore and your equity has grown (with bitcoins market value) and you trust them, they then insist on and instruct you to make "diversifying" crypto trades and large, catastrophic, bitcoin sell trades (15 BTCUSD). These loss-making trades wipe out all your equity and deposit, which Orox pockets.
I recorded over the phone bannister giving me step-by-step, crypto trading instructions designed to completely empty all equity and deposit from my Sirix Webtrader account. Being inexperienced in using the webtrader and believing at the time bannister was not intending to defraud me, I followed his instructions "if you want me as your manager" he is heard saying. I am heard saying I only wanted my buy trades on 11 bitcoin, but I relented thinking his specific Webtrader instructions were given in my intereest.
Critically, after repeatedly asking Orox to explain in writing/by emailwhich crypto buy/sell trades on my webtrader account drained all equity and deposit from it, they refused to answer to conceal their fraud.
Warning: They get you to deposit as much as possible in high value BTCUSD buy trades offering you deals and strangely, even giving you bitcoin (between 17 April and 4 June I had made buy trades in 11 bitcoin with only $29,877!!); they gather as much information about your bank, credit, savings accounts as possible, ostensibly for "anti-money Laundering" purposes; they want you to install notorious fraudster's remote PC control software Anydesk; they harass you with unnecessary phone calls and emails; then finally bannister's verbal crypto trading instructions (which I have audio recordings of because my internet provider, talktalk, has banned Anydesk) empty all equity and deposits from your account.

richard 08/12/2019
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