Report: #771586

Complaint Review: Opvest

  • Submitted: Wed, August 31, 2011
  • Updated: Sun, April 15, 2012
  • Reported By: Riki — Raleigh North Carolina United States of America
  • Opvest

    United States of America

Show customers why they should trust your business over your competitors...

I was bought into trading with Opvest about a year ago, and I was thinking that with all the education and help from a professional, it couldn't hurt.  And apparently I was wrong.  After like 8 months, I was down $1200.  I was actually very skeptical the whole time, and I am very glad I declined most of the trades that were recommended to me.

The funny thing is that I have lost money in almost every trade, and it didn't matter if the market is up or down.  On top of that, I had to pay them $30 every trade, both for opening and closing positions.  I didn't know what kind of trick they were pulling but I figured something had to be wrong.  They were either placing parallel trades with different customers (like placing a long call with customer A and placing a short call with customer B so it evens out for them no matter which direction the market is going) or just offloading losing positions to us.  Either way, I realized I was making money from my Scottrade account to cover what these guys lost me.  It didn't make any sense at all, so I decided to pull out.

Nobody can consistently and accurately predict market conditions, and the above is just my personal opinion.  I am not saying that Opvest is necessarily a scam, but it hasn't do me any good financially.  The free video tutorial they provided is very informative, but there is nothing you can't learn from a CFA text book.  I hope my review offer you a better insight before investing with Opvest.
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This report was posted on Ripoff Report on 08/31/2011 03:58 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Read About Fine for Opvest's Anti-clent Culture

AUTHOR: J. Davis - (United States of America)

This should be a must-read for anyone considering Opvest.
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#2 REBUTTAL Owner of company

Opvest Officially Recognized Anti-client

AUTHOR: J. Davis - (United States of America)

The National Futures Association has FINED Opvest for allowing their traders to engage in trading that maximizes their commissions while failing to act on accepted principles reflecting the best interest of their clients.  In other words, there has been enough complaints that after review, the NFA has validated the rip-off complaints against Opvest and the lack of integrity in the trading practices there.  Read the report from March 28, 2012.  They " Skillfully Will Play You" ( see my comment under another 'Opvest Cheats' complaint.) 

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#3 Author of original report

OpVest loses money regardless of market conditions

AUTHOR: Riki - (USA)

I started trading with OpVest about a year ago and I lost a total of $1200.  OpVest offers some goodies like video tutorials and broker-assisted trade recommendations, but they aren't helping if I am not making any money.  

In the past 12 months (from September 2010 to August 2011), the Dow Jones Industrial Average has gone from 10468 to a peak of 12505 in April, and back down to the 11000 level today.  What I don't understand is that OpVest managed to lose me money regardless of whether the market is up or down.  I begin to realize that OpVest tends to sell options that are against the odds, and the way OpVest pitches it to you is that you will win big with little money, but what OpVest doesn't tell you is that it will only happen *if* the market goes so far in that particular direction.  An example would be longing an OTM call when the market is relatively flat.

What I particularly don't like about OpVest is the emails it sends to us "investors".  They are absolutely bullshit.  For example, I got one in February 2011 talking about Wheat hoarding, and how global wheat production will continue to drop as demand continues to rise.  OpVest's recommendation was to long Wheat Futures, and it was clearly a stupid idea if you look back at how Wheat actually performed in the past couple months.  []

If the world is hoarding Wheat, that means people are artificially driving its price up as they fear supply is not enough to meet demand.  It actually makes more sense to short it.  I am not necessarily saying that OpVest is a scam, but its brokers are either offloading obvious losing positions to its investors or just plain stupid.  I had to cover what OpVest lost me with good decisions I made from my self-directed Scottrade account, and that's when I realized I should be pulling out.  I hope this honest review helps you as a prudent investor.

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