OPAL

OPAL is a forex and CFD broker that claims to be based in Australia and was founded on April 13, 2018. The company operates under the domain opalfg.cn. According to our records, OPAL holds a Forex Trading License (EP) from the Vanuatu Financial Services Commission (VFSC). However, the company's regulatory standing is problematic, as the VFSC has revoked its license, and there are indications that OPAL exceeds its authorized business scope as regulated by the Australian Securities and Investments Commission (ASIC).

Despite the Australian registration, OPAL does not hold an Australian Financial Services License (AFSL) for retail forex trading. The revoked VFSC license and ASIC non-compliance raise significant concerns about the broker's regulatory oversight. Traders should exercise caution when considering this broker.

OPAL offers a Basic Account with a minimum deposit of $500, which is relatively low and may appeal to entry-level traders. The broker provides leverage up to 1:300, allowing traders to control larger positions with smaller capital outlay. However, high leverage amplifies both potential profits and losses, making it a risky choice for inexperienced traders.

We lack detailed information about other account types, spreads, or commissions. The absence of transparency regarding trading costs is a red flag. Without clear disclosure, traders cannot properly evaluate the total cost of trading.

OPAL’s primary regulator, the VFSC, has revoked its license, leaving the broker without valid oversight from this regulator. Additionally, the broker appears to operate beyond the scope of ASIC regulation, which further questions its compliance with Australian financial laws. This dual regulatory issue suggests that OPAL may be operating in a legal gray area.

Our FXCanary Scam Risk Score of 40/100 (Guarded) reflects these concerns. The broker's regulatory failures and lack of transparency make it a high-risk proposition. Traders should verify the current regulatory status independently before engaging with OPAL. Without a clear, credible license from a major financial regulator, client funds are at increased risk.