FXOptexGroup – Can You Trust Them?

Website URL: https://fxoptexgroups.com

Founded: 2020

Regulations: Unregulated

Languages: English, German, Spanish, Italian

Deposit Methods: Credit Cards, Pradexx, AllGlobalPay, PBS

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Commodities, Shares, Forex, Futures, Indices

Trading Accounts and Conditions

FXOptexGroup offers its clients two different account types – one for the individual traders (called the Lord Knight accounts) and one for the exclusive or high net worth traders (called the Royal Highness account). The Lord Knight account has another 6 different account types with which to trade:

• Test: The minimum deposit you need to make for the Test account is 250 Euros.
• Gold: The minimum deposit for this account is 5.000 Euros, but we are not sure if that means 5 Euros or 5,000 Euros!
• Platinum: The minimum deposit you need to make here is 20.000 Euros. Once again, it is unclear whether that means 20 or 20,000 Euros.
• Rubin: For the Rubin account, you need to make a deposit of 50.000 Euros – is that 50 or 50,000 Euros?
• Diamond: For this account, you need to deposit at least 100.000 Euros – 100 or 100,000?
• VIP: To use this account, you need to deposit 200.000 Euros.

There is no information on the website about what the spreads are, but we accessed their web-based platform (of which we will go into more detail later) and found out that the spread for the EURUSD pair is at a whopping 5 pips.

Despite us accessing their trading platform, we were unable to find any information related to the leverages offered by FXOptexGroup.

FXOptexGroup – Advantages

You will not get any advantages if you trade with FXOptexGroup.

FXOptexGroup – Disadvantages

Here is the list of reasons why it is best not to trade with FXOptexGroup:

• Anonymous Unregulated Brokerage that is a Clone Firm

This broker claims to be owned and operated by FXOptexGroups. And when we checked the Terms and Conditions section of their website, we saw that the broker claimed its parent company was governed by the laws of the CySEC (Cyprus Securities and Exchange Commission). However, when we checked the Contact Us section, the broker has provided a Berlin, Germany address. The broker also claims to be

So, we checked the online registers of both the CySEC and the BaFin (Federal Financial Supervisory Authority) of Germany. There was no trace of this company in the BaFin’s registry, but we did find the license number given by this broker in the CySEC. However, that license number belongs to another broker called Windsor Brokers, which is one of the oldest brokerages in the forex industry.

Thus, we are dealing with an anonymous broker which is also a clone firm – a firm that uses the credentials of another (legitimate) company and passes them off as its own.

Keeping all these facts in mind, we can confidently state that FXOptexGroup is a scammer and that if you invest your money with them, you stand to lose all your funds.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Poor Web-Based Trading Platform

If you decide to trade using FXOptexGroup’s platform, all you will get is a simplified web-based trading platform with few useful features. You will not get the opportunity to use a world-class trading platform such as the MetaTrader 4 or even the MetaTrader 5 software.

We have seen this very same platform on many other scam brokers’ websites, so we know that it is quite useless. On the other hand, the MT4 and the MT5 platforms offer traders a wide range of tools that can make trading so much easier – charting options, market analysis tools, financial calendars, app markets, trading signals, trading bots and so on. These two interfaces are so chock full of tools that even the most experienced traders will enjoy using them.

• Extremely High Spreads

FXOptexGroup has not mentioned the spreads it offers on its website for a reason, and we found out what that reason was when we access their web-based trading platform.

This broker offers spreads for the EURUSD pair at 5 pips. This is ridiculously high and makes trading with this broker too expensive a proposition for any trader.

Even if this broker were legitimate, we would still not recommend FXOptexGroup based solely on the spreads this broker is offering.

• Unknown Leverage

We could not find any information on the leverage offered by this broker – neither on its website, nor on its trading platform. This is another red flag as traders need to know what kind of leverage they can get to carry out their trades.

• Lies About Deposit Methods

Another red flag we found with this broker is that it has lied about its deposit methods. When you check their website, FXOptexGroup claims to offer the following payment options: Visa, MasterCard, Neteller, WebMoney, Skrill, and UnionPay.

However, after we signed up for an account, we found that the only payment methods offered were PBS, AllGlobalPay and Pradexx – besides the credit cards.

• Mistakes in Information on Account Types

When you check the account-types offered by this broker, you will find basic mistakes in the information provided. The minimum deposits are displayed incorrectly, which can be very misleading. For example, the minimum deposit for a Gold account is 5.000 Euros. Is that supposed to be 5 Euros or 5,000 Euros?

A legitimate broker would not make such simple mistakes for such key pieces of information. This only highlights the sloppiness in this scam broker’s work.

Conclusion 

FXOptexGroup is a clone firm whose only agenda is to scam unwitting traders out of their hard-earned money. This is not a broker that you should ever do business with. We would recommend searching for a firm that is regulated, licensed and uses the best trading software so that you can make the best of your investments.

FXOptexGroup

2.6

User Experience

3.4/10

Payment Options

2.5/10

Security

2.6/10

Support

2.3/10

Reputation

2.4/10

Pros

• None

Cons

• Anonymous, Unregulated Brokerage that is a Clone Firm
• Poor Web-Based Trading Platform
• Extremely High Spreads
• Unknown Leverage
• Lies About Deposit Methods