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OMC Markets Review
OMC Markets is a Forex/CFD broker which is operated by Personal Found Ltd which is located in Sofia, Bulgaria. If you are planning to trade with this broker, you should read the full review of OMC Markets here.
About OMC Markets
OMC Markets offers a wide range of assets and therefore a trader can choose from a wide selection of currency pairs, CFDs on commodities, bonds, ETFs, stocks and cryptocoins. The accounts offered are Basic, Bronze, Silver, Gold, Platinum and VIP. The minimum deposit required is through the basic account which is $250.
The leverage offered is 1:200 which is quite high as compared to the allowed 1:30 by European regulation authority. With such higher leverage the risk of losing money also grows bigger.
The broker has unusual terms and conditions regarding bonus withdrawals. If you accept any bonus offered by OMC markets, you can’t withdraw any amount from your account until you reach a volume of trading. The trading volumes required are huge and therefore the condition associated with bonus is unusual.
The spreads fluctuate when you trade with OMC markets and can reach more than 3 pips. This is against the industry standards. They offer a web-based platform for trading which is a simple one with not many features. They do not support MetaTrader4 or 5 which are highly featured and used by most of the reputed brokers.
Is OMC Markets a legit or scam broker?
OMC Markets is operated by Personal Found Ltd which is based in Bulgaria. The broker is not licensed to provide services in major markets including Australia, EU, Japan and USA. The broker OMC markets is not regulated by any trusted regulating authority like Financial Conduct Authority (FCA) in the UK, Cyprus Securities and Exchange Commission (CySEC) or ASIC which is the Australian Securities and Investment Commission.
Those brokers which are regulated by trusted regulating authorities like those mentioned above are obliged to follow certain requirements which are helpful for the traders to trade safely with them. But here the broker is non regulated.
Also, OMC markets has unusual withdrawal conditions like the one mentioned above in case of bonus acceptance. Also, the spreads offered by the broker are more than the normal which can raise trading costs incurred by the trader.
Keeping all these things in mind, we recommend not to trade with OMC markets as the broker can be a scam.