Beware! OPT Finance is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OPT Finance says to be a Swiss forex and CFD broker offering six account types with a leverage as high as 400:1 and the Leverate’s Sirix trading platform, which is most popular for its social trading features.
With OPT Finance Basic Account, spreads are advertised to start at 2,4 pips, which is at least a pip higher than the levels we usually find attractive. And yet, this is not our main problem with the broker, but the fact that their website is virtually anonymous – we do not known the name of their company, they do not have a license, and what is worse, they happen to be in the potential scammers list of the Financial Conduct Authority (FCA) in the UK.
OPT Finance regulation & safety of funds
As we already noted, we just do not know the name of the company behind OPT Finance and if that is not bad enough, we found the website in the warning list of the Financial Conduct Authority (FCA) in the UK. See for yourself:
Before depositing your funds with a broker be sure always to check their license with an official regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
OPT Finance deposit/withdrawal methods and fees
From the presentation we understand that OPT Finance accepts payments with bank wire and credit and debit cards like VISA and MasterCard. E-wallets are not mentioned and that is interesting especially since Skrill adopted their new anti scam policy according which they partner only with legitly licensed brokers. As we already noted OPT Finance is not a licensed broker.
Otherwise the minimum deposit of 200 USD is in line with what most other brokers would also require.
How does the scam work?
If you have ever wondered how scammers manage to trick so many people into their nets, you should take into account that they are pretty well organized and employ lots of resources for their clandestine operations. For example they run call centers and specially designed promo portals like Bitcoin Profit and Brexit Trader, that we call “robo scam websites”, where potential investors are tricked to register and leave their phones and e-mails.
Those websites are usually all about a video ad, that will be telling you haw easily you can get rich in just a couple of weeks, if you only invest with some top notch trading software. And if you do register, instantly you will be transferred to the website of a unregulated, offshore broker, where you will be invited to deposit about 250 USD.
And you will be getting phone calls as well. It will be a “senior market adviser”, or just your “personal account manager”, who will be calling with trading signals and advises, but who will basically be trying to convince you to invest more. And actually in the beginning you trades will be pretty successful and in just a couple of days your 250 USD will have doubled to almost 500 USD. That however will be just a part of the scam as your account will simply be manipulated so that latter you will be more easily lured to invest a larger amount, like at least 10 000 USD, as your personal account manager will suggest.
And chances are that at that stage, you will invest as much as you can, without realizing you are getting scammed, until one fine morning you decide to withdraw a portion of your funds. And than you will be told that you are not eligible to withdraw because you have not fulfilled some minimum trade volume requirement, most probably linked to your welcoming bonus. Whatever the excuse, in the end it all will come to the same – scammers will not pay you a single dollar back.
What to do if scammed?
There is one good move you can make, in the unfortunate event you have been scammed, and that is to file for a charge back with your credit card provider. Bear in mind that your chances will be better if you have not provide scammers with personal info, like a copy of your ID for example.
And if somehow scammers have managed to get to your personal banking details like credit card numbers and online banking passwords, immediately block you credit cards and change the passwords. Also, in case you have been manipulated to install Team Viewer, be sure to delete it as well.
And if by any chance you are approached by the so called recovery agencies – do not trust them, if you do not want to get scammed again. They will not help you in any way, but will simply ask for some payment in advance and basically that is how the story will end.
