FXOpulence is a forex and contract for difference (CFD) broker that was registered in Australia on November 10, 2022. The company primarily offers trading services for forex, metals, indices, and CFDs. FXOpulence is headquartered in Zetland, Australia, and their official website is https://fxopulence.com, available only in English. Their services are limited to Australian residents, and they do not serve residents of other countries and regions.
Company Background and Regulatory Status:
FXOpulence is registered as FX OPULENCE PTY LTD, with a registered address in Zetland, NSW 2017, and an ACN number of 663 743 628. The domain for FXOpulence's official website was registered on November 19, 2020. While FXOpulence operates its official website, it does not specify the company behind its operation.
FXOpulence is an authorized representative (CAR) licensee of MGF PTY LTD (License number 00421246), and their authorization was granted on March 13, 2023, by the Australian Securities and Investments Commission (ASIC). FXOpulence is not a product issuer for over-the-counter derivatives and does not act as a principal in transactions. Their authorization allows them to provide financial services to wholesale clients in Australia only, based on the permissions granted to them.
Account Types:
FXOpulence offers two types of trading accounts: Classic and ECN. Both account types require a minimum deposit of 100 USD, offer a maximum leverage of 1:500, and support various trading instruments, including forex, metals, indices, and CFDs. The minimum trade size is 0.01 lots, and you can create unlimited levels of trade orders. Hedging margin is set at 0%, margin call is set at 100%, stop-out level is set at 40%, and order execution is market execution. While FXOpulence mentions low commission fees for both account types, they do not specify the exact amounts.
The difference between the two account types is in the spreads offered. Classic accounts have spreads starting from 1.6 pips, with a maximum trade size of 40 lots. ECN accounts offer spreads starting from 0.7 pips and a maximum trade size of 40 lots for forex, 20 lots for metals, and 20 lots for CFDs.
Trading Platform:
FXOpulence provides the MT5 trading platform to users. However, it is essential to note that the server on which the platform is hosted is operated by FX Opulence Limited, rather than FX OPULENCE PTY LTD, which holds the ASIC license. FXOpulence's website does not provide information regarding FX Opulence Limited, making it difficult to ascertain whether this entity is registered, its location, or any regulatory oversight.
Deposits and Withdrawals:
FXOpulence supports fund deposits, withdrawals, and transfers via blockchain technology. They provide limited information on specific deposit and withdrawal methods or procedures on their website.
Customer Support:
Customers can contact FXOpulence via phone at +1 (331) 239-4567 (available 24/7) or email at support@fxopulence.com. Additionally, investors can use the "Contact Us" online form on their official website.
Summary:
While FXOpulence holds an ASIC license as an authorized representative (CAR), this type of license is subject to weaker regulatory oversight and penalties. FXOpulence is authorized to offer financial services to wholesale clients in Australia but is not regulated by ASIC when serving clients outside Australia. Moreover, although they offer the MT5 platform, it operates on a server provided by FX Opulence Limited, not FX OPULENCE PTY LTD. FXOpulence may be using an unregistered entity to provide services, which raises concerns of potential fraud. Investors are advised to exercise caution when considering FXOpulence and to favor platforms with stronger regulatory oversight and local business regulation support.
Currently, FXOpulence is labeled as "suspected of fraud" on TradingCircle.
