Brief Look at FX Opulence
FX Opulence, an Australian brokerage firm founded in 2012, has turned out to be a scam.
FX Opulence Pty Ltd is not directly regulated by the ASIC (Australian Securities and Investments Commission). Instead, it operates under an authorization license obtained from MGF CAPITAL PTY LTD (AFSL no. 421246). This means that FX Opulence is not fully under ASIC's control and does not fall under its strict rules and oversight.
FX Opulence is not authorized to independently issue over-the-counter (OTC) derivatives. The company is not a market maker for such products and does not engage in direct transactions with clients.
FX Opulence holds a limited license to provide financial services only to wholesale clients in Australia. In reality, the broker is registered in Saint Vincent and the Grenadines, a jurisdiction known as a haven for dubious brokerage firms. Although there is a financial regulator in this country, it does not oversee the activities of Forex brokers and does not issue them licenses.
Due to the lack of direct ASIC regulation and the lack of transparency regarding the safety of client funds, staff, and registered addresses, FX Opulence is not recommended as a reliable Forex broker.
We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.
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