OmegaPro – Is This Broker Safe?

| Publish date: 03/22/2020 (Last updated: March 23, 2020 12:36 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

OmegaPro - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

OmegaPro has given no information about its trading accounts and conditions on its website. The broker does seem to have various trading packages, but unless you register yourself as an affiliate, you cannot get these details.

Except for the fact that this broker offers Forex trading of some kind, we don’t know the list of trading products on offer either. There is no information on the trading conditions – nothing on minimum deposits, leverages or even spreads.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

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

Website URL: https://omegapro.world/

Founded: 2019

Regulations: No License

Languages: English, Spanish

Deposit Methods: Credit Card, Debit Card, Bank Wire

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex

Trading Accounts and Conditions

OmegaPro has given no information about its trading accounts and conditions on its website. The broker does seem to have various trading packages, but unless you register yourself as an affiliate, you cannot get these details.

Except for the fact that this broker offers Forex trading of some kind, we don’t know the list of trading products on offer either. There is no information on the trading conditions – nothing on minimum deposits, leverages or even spreads.

This makes us question whether OmegaPro is actually a brokerage or not.

OmegaPro – Advantages

We always try to ensure that our reviews show both the positive as well as negative aspects of trading with a particular broker. Unfortunately, in the care of OmegaPro, there are simply no advantages to contracting with them.

We would advise all traders to read the list of disadvantages to understand why there are no advantages to trading with this broker.

OmegaPro – Disadvantages

Here are the disadvantages of doing business with OmegaPro:

  • Corporate Anonymity

OmegaPro has not given any corporate information on its website. We do not know the name of the company that owns or operates this broker, where it is based, or whether it is regulated or not.

All we have to go by is an address in the UK. And when we checked that address, we found out that there were more than 1,400 companies that were listed with exactly the same address.

This leads us to conclude that this is possibly a virtual address, and that OmegaPro does not have a real address.

Plus500
$100
Minimum Deposit

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

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.

 

  • Unregulated

Just to be sure, we checked the FCA’s online registry. The FCA – Financial Conduct Authority – is the UK’s financial regulator. All Forex and CFD brokers are required to register with this watchdog if they wish to offer financial services in the UK.

It was no surprise to find that this broker was not listed on the FCA’s registry, which means that it is completely unregulated. What this also means is that if you do decide to invest with this so-called broker, you are a great risk of losing all your money.

  • Public Warning Issued by CNMV

While researching OmegaPro’s regulatory status, we found out that the CNMV had issued a public warning against this broker.

The CNMV – Comisión Nacional del Mercado de Valores – is the Spanish financial regulator, and it issued a warning to traders that OmegaPro was a possible scammer.

This kind of warning is usually only issued by a regulator after it has received a large number of complaints of being scammed by a broker. So, the fact that such a warning has been issued against OmegaPro only makes it clear that this is not a broker you should trust.

  • Key Trading Information Missing

Brokers that are on the level ensure that they are completely transparent about their trading conditions, the types of trading instruments they offer, their various fees, and so on.

In OmegaPro’s case, we have literally no information. We don’t know what kind of products the broker offers, what the trading conditions (leverage, spreads, minimum deposits, etc.) are, or even what transfer and other fees are. Everything is a complete blank.

  • Suspected Multi-Level Marketer

Everything about this broker – including the language it used on its website – indicates that they are actually multi-level marketers. The broker states that there are various investment packages for retailers and members (the word trader hasn’t been used at all).

Furthermore, the broker talks about how you can pull in more members once your join and you will be rewarded for doing so.

To compound the issue, there is absolutely no evidence of trading on this broker’s website. Nor is there any proof that revenues are being generated through trades. So, the question is – how are the broker’s affiliates paid?

All these factors indicate that OmegaPro is not a forex broker. Rather, it is a scammer that uses an MLM scheme, where old members are paid revenues from deposits made by new members.

  • No Trading Fees for 16 Months

Another strange offer by the broker is that it claims that it will charge no trading fees for the first 16 months of a member joining the program. This is completely unheard of; no broker has ever done that – it doesn’t make financial sense.

  • No Refunds Given to Customers

Yet another warning sign that this broker is a scammer is that OmegaPro explicitly states that it does not allow for any refunds. What this means for you is that once you have given your money to this broker, you can never get it back. You can write if off as a bad investment.

  • New Member Activation Fee

Once again, we cannot stop commenting on the strange conditions this broker has. OmegaPro asks its new customers to pay a $29 activation fee to be able to access its platform.

We cannot say what kind of platform, since we were unable to access it at all.

  • No Demo Account

Considering the long list of very serious issues we have with this broker, not having a demo account seems a rather minor thing. However, since we are mentioning all the disadvantages, we may as well mention this too.

Conclusion 

We have assessed OmegaPro thoroughly, and we do not feel that this is a broker that any trader should do business with. There are too many legal as well as operation red flags, all of which point to the fact that this broker is running a scam operation and that you money is not safe with them.

OmegaPro

2.4

User Experience

3.0/10

Payment Options

2.1/10

Security

2.3/10

Support

2.2/10

Reputation

2.4/10

Pros

  • None

Cons

  • Corporate Anonymity
  • Unregulated
  • Public Warning Issued by CNMV
  • Key Trading Information Missing
  • No Trading Fees for 16 Months

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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