WikiFX Review: Is it OK to invest in FXOpulence?

About FXOpulence

FXOpulence, an Australian-based brokerage established in 2012, offers traders a comprehensive range of trading options, including Forex, Indices, Cryptos, Metals, and CFDs. Traders on FXOpulence can benefit from a maximum leverage of 1:500, allowing them to amplify their trading positions and potentially increase their profitability. The spreads offered by the broker are starting from as low as 0.7 pips for ECN account holders.

Is it Legit？

According to WikiFX, FXOpulence is operated by FX OPULENCE PTY LTD, an Australian entity, which is authorized by the ASIC in Australia and holds a license of Appointed Representative (AR). WikiFX has given this broker a decent score of 5.90/10.

Spreads & Commissions

FXOpulence offers spreads starting from 1.8 pips for classic accounts and competitive spreads as low as 0.7 pips for ECN accounts. However, it's essential to note that both account types come with a commission charge, and traders should review the fees associated with each account before making a decision.

Non-Trading Fees

FXOpulence imposes various trading fees that traders should be aware of. These fees include overnight interest fees, deposit and withdrawal fees, and inactivity fees.

Firstly, overnight interest fees, also known as swap fees or rollover fees, are charges applied to positions held overnight. When traders hold positions beyond a specified time (usually around 24 hours), FXOpulence may charge or credit interest based on the interest rate differential between the currencies involved in the trade.

Secondly, deposit and withdrawal fees come into play when traders fund their accounts or request withdrawals. FXOpulence may impose fees for depositing funds into the trading account or when withdrawing funds from the account. It is important for traders to review the fee structure provided by FXOpulence to understand the specific charges associated with depositing and withdrawing funds.

Lastly, inactivity fees may be applicable if traders do not engage in any trading activity for a certain period of time. FXOpulence may charge a fee if the trading account remains inactive for an extended duration. This fee is intended to encourage active trading and cover the costs of maintaining the account.

Trading Platform

This broker uses MT5 as its main trading platform. With a user-friendly interface, powerful charting tools, and a large number of custom indicators, MT4 is available for automated trading and EA trading, helping traders of all levels to develop different trading strategies and help traders get ahead in the financial markets.

Account Types&Minimum Deposit

FXOpulence offers two types of accounts. They are the ECN account and Classic account. The minimum deposit for both the ECN account and the Classic account is $100.

Leverage

The leverage of FXOpulence is up to 1:500, which is pretty high. Investors need to know that high leverage can amply benefits as well as losses. Inexperienced traders and newbies need to avoid this potential risk.

Deposit & Withdrawal

The minimum deposit and withdrawal amount is both $100, and traders can only use digital currencies like USDcoin, Bitcoin, Tether, and Binance to fund their accounts and make withdrawals. However, it's important to keep in mind that cryptocurrency markets can be volatile, impacting the value of your deposits and withdrawals. Additionally, transaction fees and other costs associated with cryptocurrency payments should be carefully considered to avoid any unexpected expenses.

Pros and Cons

Pros:

Variety of trading assets

User-friendly trading platform.

Competitive spreads (subject to verification).

Demo account available

Strong emphasis on security measures.

Cons:

Limited information on regulatory compliance (confirm before trading)

No specific educational tool

Leverage can pose significant risks if misused.

Limited trading features compared to some other industry-leading platforms.

Customer Support

Responsive and helpful customer support is vital in the fast-paced world of forex trading. FXOpulence likely provides multiple channels of communication, such as email, phone, and live chat. Traders should evaluate the responsiveness and effectiveness of the customer support team, especially during critical trading hours.

Engagement on Social Media

This broker has founded official accounts on multiple social media platforms, including Twitter and Facebook. Investors can get the updated information about the broker on time.

Conclusion

In conclusion, FXOpulence presents itself as a premium forex broker with a strong focus on delivering a luxurious trading experience. Its trading platform, range of financial instruments, and commitment to security are promising aspects for potential traders. However, before committing to FXOpulence, it is essential to conduct thorough research, verify regulatory compliance, and compare its offerings with other reputable brokers in the market.