OmegaFX

At first glance OmegaFX (OmegaFX.io) seems to be a stable and capable broker, even if there is some evident lack in content. As we know, brokers usually tend to withhold some information in order to compel traders to register. As for this brokerage, the more we dug the more the picture became clearer: there is certainly something off here. Read on to find out what it is.

The broker is said to be registered in Estonia, yet there was no mention of regulatory entity.

Estonia is known for its liberal laws, which in turn attract many suspicious individuals or companies to base their activities on Estonian soil. For financial activities and capital markets trading Finantsinspektsioonacts (FI) acts as a regulatory entity, with all regulated companies being officially included in a online register. Safe to say, we couldn’t track www.omegafx.io in there. This leaves us to believe that this broker is unregulated.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The offered leverage is 1:200. This is yet another sign of the slippery slope that this so called company has built its foundations on: as we know ESMA has restricted all EU/UK leverages to 1:30.

The spread for the EUR/USD currency pair is 3 pips. This is twice the industry standard cost of trading, with most regulated brokers striving to give a max of 1.3-1.5 pips spread for the EUR/USD pair.

The broker presumably offers only Forex pairs, Cruptocurrencies, Commodites, Indices and Stocks as instruments for trade.

The website is translated into 2 languages: Italian and German. However some of the banners and texts remain in English even after the language has been changed.

OMEGAFX LOGIN

Two platforms have been made available: MT4 and the OmegaFX Trading Platform.

OMEGAFX TRADING PLATFORM

Offering limited options and an average design, saying that OmegaFX Trading Platform is below average is an understatement. Traders can easily place orders, can easily customize their charts, execute one click trading orders, and other staple features. But the platform simply does not offer much to retain. We were even allowed to open a real account with no actual deposit made.

We were able to access the web trader. There are claims that a mobile version is available (we couldn’t find it), and no mention of a desktop trader.

METATRADER 4

Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and multiple order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities. The version that OmegaFX has included isn’t even under their name, but under the TradersVolt name which is in fact another shady broker, probably by the same people running this one:

MT4 is available on Apple and Android devices, as a web and desktop trader. These are the claims of the broker. Ours are quite different. Because we were unable to find either a browser MT4 trader and a mobile version.

OMEGAFX MINIMUM DEPOSIT

To start trading the minimum deposit is $250.

To deposit, traders can use Credit/Debit Cards, Bank Transfer, Vogue Pay, Bitcoin and Ethereum.

As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advice against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

OMEGAFX WITHDRAWAL TIME AND FEES

At OmegaFX fees are all over the place. This is typical for a shady broker to add as many charges as one can in order to drain traders of their money.

The minimum withdrawal amount for credit/debit cards and e-wallets is $50. Additionally, the minimum withdrawal amount for wire transfers is $100.

The first withdrawal using either of these accounts is charge free, while all succeeding withdrawals will be feed with 3.5%. In case the percentage amount turns out to be under $30, the trader will be issued a fee of $30. We leave you with a screenshot to see for yourselves:

The broker has a no-verification monthly fee of $20 if the account of a user is not verified within 30 days of the first deposit:

They are obviously trying to squeeze every drop. It is absolutely impossible, with regulated brokers, for a deposit to be made without the account being verified first.

Furthermore, there is a dormant account fee of $50 after 3 months of inactivity. This is incredibly high, and when compared to other, real, brokers it obviously is there for one reason: to take as much from you as possible.

The processing times for withdrawals is between 3-5 days for all methods.

ADDITIONAL FEES AND TAXES

Nevertheless, we want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a charge back with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

BOTTOM LINE

From the information gathered we can firmly state that OmegaFX does not fall into the category of regulated brokers. Without a regulation, any wanna-be broker can lure in unsuspected novice traders, or even desperate folk, into its jaws and drain them of their capital.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

One thing is for certain: OmegaFX cannot be trusted. Stay back!