FXOpulence Overview
FXOpulence is a forex broker registered and established in Australia on November 10, 2022. It primarily offers forex, metals, indices, and contract for difference (CFD) trading services to traders. The company is headquartered in Zetland, Australia. The registered entity for this broker is FX OPULENCE PTY LTD, with the company registration address listed as Zetland NSW 2017, and the Australian Company Number (ACN) is 663 743 628. FXOpulence is the trade name of Opulence Limited, registered with the number A0000001372. The registered address is No. 9 Cassius Webster Building, Grace Complex, PO Box 1330, The Valley, Al-2640 Anguilla.
Domain Registration of FXOpulence
The official website domain of FXOpulence is fxopulence.com, registered on November 19, 2020, making it three years old to date.
Is FXOpulence legit or a scam? Does FXOpulence have any regulatory licenses?
FX Opulence Pty Ltd is an authorized representative of MGF CAPITAL PTY LTD, holding an Australian Financial Services License issued by ASIC (License Number 00421246). The authorization for the corporate representative license was granted on March 13, 2023, with the authorization number being 001302798. However, it's important to note that FX Opulence Pty Ltd merely purchases the authorization license from MGF CAPITAL PTY LTD, meaning that the broker is not actually regulated by ASIC.
FXOpulence is not an over-the-counter (OTC) derivatives issuer, and the entity does not act as a market maker in such products. It does not engage as a principal in transactions with clients. FXOpulence is solely authorized to provide financial services to Australian residents, specifically to wholesale clients. Its services in Australia are limited to wholesale customers, and the scope is restricted to the authorization it has obtained.
Employees of FXOpulence
Traderknows was unable to find any information about the company's team members on public platforms.
Trading Software Provided by FXOpulence
FXOpulence offers users the MT5 trading software, which is available for download on various platforms, including Windows, mobile, and Google Play. However, it's important to note that the company providing servers on MT5 is FX Opulence Limited, not FX OPULENCE PTY LTD, which holds the Authorized Representative (AR) license issued by the Australian Securities and Investments Commission (ASIC).
Online Reputation and Client Complaints:
FXOpulence provides an address in Saint Vincent and the Grenadines, a preferred location for many fraudulent brokerage firms. While Saint Vincent and the Grenadines does have a financial regulatory authority dealing with banking activities, it has repeatedly cautioned investors that it does not regulate the activities of forex brokers nor issue licenses. Many fraudulent brokers see this as an invitation to set up companies in the country without having to meet any requirements or be accountable to anyone. Additionally, offshore companies in this jurisdiction are not subject to transaction reporting requirements, essentially making funds transferred to these brokers untraceable and facilitating money laundering, tax evasion, and other forms of fraudulent activities.
Trading Products Provided by FXOpulence
FXOpulence primarily offers trading services in forex, metals, indices, and contracts for difference (CFDs). The platform provides two different types of trading accounts: Classic and ECN. Both account types require a minimum deposit of $100, offer a maximum trading leverage of 1:500, and support trading in various instruments, including forex, metals, indices, and CFDs. The official website states that both Classic and ECN accounts incur low trading commissions, with specific amounts undisclosed.
Contact Information
This broker supports two contact methods: phone and email.
Website Traffic of FXOpulence
The forex broker's website has a traffic data of 199,264. This figure is relatively high within the forex industry, indicating a certain level of online activity and active user visits. However, high traffic does not necessarily guarantee the credibility or quality of the website. Additionally, signs of potential fraud associated with this broker may impact the interpretation of the traffic data. A comprehensive analysis, taking into account regulatory status, user reviews, and company reputation, is recommended to thoroughly assess the authenticity and reliability of this forex broker.
Conclusion
FXOpulence is a forex broker without valid regulation, and the broker has not disclosed any key information regarding user fund security, company staff, or registered address. Currently, this broker is labeled as "Suspected Fraud" on Traderknows. We warn users that FXOpulence is an extremely high-risk forex broker, and it is advised to steer clear of this platform to prevent potential financial losses.
