OpalBrokers is another forex broker that plays fast and loose as regards to the information it provides. In the review below, we take an in-depth look at the features Fxopal.com allegedly offers. This review basically answer the questions: is OpalBrokers legit? Is OpalBrokers reliable? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about opal brokers.
Table of Contents
Opal Brokers Trading Platform
The website looks professional and well-designed, At first glance we discover that this supports broker the MT5 trading platform. .
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OpalBrokers Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we discovered that this broker has two account types.
OpalBrokers Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Going through the website we understand that deposits and withdrawals only via crypto and wire transfer are allowed.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal
Is OpalBrokers Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
This company claims that is licensed in Turkey by the name Opal Trading Danismanlik Limited Sirket.
After checking the the local Capital Markets Board (SPK) we could not find any information relating to this broker. So it is safe to say it is not a licensed broker.
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with Fxopal.com as they don’t give any information concerning if they are a regulated broker.
Fxopal.com is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.