OmegaCrypto – This Broker is Not Safe!

Website URL: https://omegacrypto.com

Founded: N/A

Regulations: No Regulatory Oversight

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: $500

Free Demo Account: None

Number of Assets: Not Mentioned

Types of Assets: CFD in cryptocurrency pairs – Bitcoin, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, NEM and Bitcoin Cash.

Trading Accounts and Conditions

OmegaCrypto offers its customers 7 different types of crypto-trading accounts:

• Trial Account: To use the Trial Account, you need to make a minimum deposit of $500.
• Basic Account: To use the Basic Account, you need to make an initial deposit of $5,000.
• Trader Account: For the trader account, the initial minimum deposit requirement is $10,000.
• Pro Plus Account: To start using the Pro Plus Account, you need to make an initial deposit of $50,000.
• VIP Account: You need to make an initial deposit of $100,000 to use this account.
• Millionaire Club: An initial deposit of $500,000 has to be made before you can start trading on this account.
• VIP Ultra Account: To use the VIP Ultra Account, you need to put in a minimum of $1.5 million.

Over an above these account types, OmegaCrypto also offers its customers various investment plans over a period of 2 years. These plans are designed for those traders who wish to buy a new house, yacht or car.

The leverage offered for all seven account types is 1:400. There is no information given about the spreads or payouts offered by this broker.

OmegaCrypto – Advantages

While the range of account types and investment plans look attractive on the surface, they are in reality not advantageous for traders at all. So, we have left the advantages section empty.

OmegaCrypto – Disadvantages

We have listed out the various reasons why trading with OmegaCrypto would be extremely disadvantageous for traders:

• Not Regulated

OmegaCrypto claims that its parent company, OmegaCrypto Ltd, is based in Singapore. This means that it should be regulated by the MAS (Monetary Authority of Singapore).

However, when we checked the online registry of the Singaporean financial regulator, we could not find OmegaCrypto listed anywhere.

The broker has also listed another office location on its website – London. This means that it should come under the regulatory oversight of the FCA (Financial Conduct Authority) of the UK.

However, once again, there is no company by the name of OmegaCrypto Ltd listed on the watchdog’s online registry.

This has led us to the conclusion that this broker is completely unregulated.

Unregulated brokers are a risk to all traders and you should avoid doing business with them completely.

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.

• Blacklisted by the FSMA

While we were checking out OmegaCrypto’s regulatory status, we also found out that this broker had been blacklisted in Belgium by the country’s financial regulator, the FSMA (Financial Services and Markets Authority).

According to the regulator, this broker is suspected of cryptocurrency fraud. Considering the seriousness of the warning, we would recommend that all traders stay away from contracting with this broker.

• Offering Managed Accounts

OmegaCrypto offers its clients managed accounts. The broker offers something it calls the Algo Trading service, along with investment plans called the Advanced Study Plan.

In this plan, traders are promised huge returns after two years, which can then be used for buy those cars, houses and yachts we mentioned earlier.

The problem with these plans is that the broker is offering to manage your account for you. And since brokers are market makers, meaning they make a profit when a trade makes losses, it is a gross conflict of interest.

Would you really want to trust your money to an entity that profits from your failures?

• Trading Bonuses Offered

Trading bonuses are extremely controversial promotional tools that have been banned by regulators in many jurisdictions across the world. The reason for this is while the initial promotion looks really attractive, it comes with some rather unfair conditions.

Traders, if they opt for the trading bonus, are not allowed to withdraw their funds unless they meet absurdly high trading volume targets. These targets are almost unachievable, and the broker reserves the right to change the terms any time it wants.

So, basically, once you take up this offer, your money is gone.

• Only Bitcoin Accepted as a Mode of Payment

OmegaCrypto displays the logos of a number of payment providers. However, when we registered for an account with this broker, we found out that the only way you can make payments is via Bitcoin.

It is important to remember that Bitcoin payments are virtually anonymous and transactions once made cannot be reversed. So, if you make payments on this broker’s platform and find out you have been scammed, you will never get your money back. You will also not know where your money has gone.

• Sloppy Trading Platform

Not only does OmegaCrypto not offer its clients the use of the MT4 trading platform (which is the most preferred trading platform in the world), but the platform it does offer is sloppy and poorly constructed.

You cannot run automated trades on this broker’s web-based platform and there are almost no charting tools and market indicators. This makes trading on this broker’s platform cumbersome and time consuming.

The MT4 trading platform, on the other hand, offers all these features and more. It also has a very easy-to-use interface, which means that traders of all levels of skills can use it comfortably.

Conclusion 

OmegaCrypto is not a broker to be trusted. Besides the fact that it is offering its services illegally, this broker clearly shows it is a scam operation by its terms and conditions, lack of transparency about its trading conditions, its terrible trading platform, the offer of managed accounts and also its trading bonuses.

If you wish to trade in cryptocurrencies, we recommend that you find a broker that is not only regulated but also transparent in its dealings.

OmegaCrypto

2.5

User Experience

3.2/10

Payment Options

2.3/10

Security

2.4/10

Support

2.1/10

Reputation

2.4/10

Cons

• Not Regulated
• Blacklisted by the FSMA
• Offering Managed Accounts
• Trading Bonuses Offered
• Only Bitcoin Accepted as a Mode of Payment