Opticore FX review – 5 things you should know about opticorefx.com

Beware! Opticore FX is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Opticore FX advertises itself as a reliable forex broker offering favourable terms and advanced trading software solutions. But in preparing this review, we found that all these claims are a lie. Let’s take a detailed look at why it’s not advisable to trust your money to Opticore FX and how you could find a legitimate and suitable investment broker.

Opticore FX Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Opticore FX is completely anonymous. Even the text of the Client Agreement does not mention a name of a legal entity and an applicable jurisdiction. This in itself is sufficient proof that we are dealing with a scam.

A UK contact address is provided.

However, there is no licensed broker using the trade name and domain of Opticore FX in the UK Financial Regulator’s database.

The website is available in Russian and is primarily targeted at a Russian-speaking audience. The Bank of Russia has therefore issued a warning that this website is not authorised.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA).

They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Opticore FX Trading software

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality.

We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. They offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Opticore FX Trading instruments

Opticore FX advertises trading in all major asset classes, including cryptocurrencies. This, too, is a clue that Opticore FX is not a true U.K.-based broker because the FCA prohibits brokers licensed in the country from offering crypto derivatives trading to retail customers.

Opticore FX Spreads and cost of trading

In the trading platform we see standard spread levels between 1 and 2 pips. But Opticore FXdoes not specify whether it charges additional commissions. Therefore, we cannot be sure what the price paid by the trader is.

Opticore FX Maximum leverage

The account type descriptions promise leverage up to 1:100, and in the trading platform we see an even higher level of 1:500. This is also proof that this broker is not regulated.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Another such piece of evidence is the claim that Opticore FX offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. Opticore FX does not provide clear information about the conditions attached to bonuses.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Opticore FX Deposit and withdrawal methods

We weren’t at all surprised that the only payment method accepted by Opticore FX is Bitcoin.

Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Opticore FX Minimum deposit

Opticore FX  requires a very high initial investment of 1,000 USD. For as little as 10 or even 1 USD you could open a Micro or Cent account with an established and licensed broker.

Opticore FX Withdrawal requirements

Opticore FX does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.