Scammed by OMEGAFX Broker?
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Is OMEGAFX a scam broker?
OmegaFX is an offshore forex broker and CFDs provider. According to the website, It offers 1000 plus Contracts For Differences from major exchanges around the world. Also, it gives access to 40 plus currency pairs. All the services mentioned are provided on MetaTrader4 platform. Sadly, there is no information available about the owner of the company and from where it is operated. Let’s do the dissection of this scam broker.
About the OmegaFX:
OmegaFX provides six accounts like Basic, Bronze, Silver, Gold, and Platinum. The minimum deposit is ranging from $250 to $25000. It also provides an enigmatic Black account. There is a lack of information about the trading environment on the website. The broker provides a far-reaching collection of trading gears this is obviously a good sign. It offers a variety of currency pairs, some of them are unique and not provided by other brokers.
The CFDs are provided on coffee, cocoa, oil, natural gas, platinum, palladium, silver, gold and oil, 20 plus indices, and stocks. The broker also deals with major cryptocurrencies. There are discrepancies about the leverage on the website. In one section it is mentioned 1:200 and in another 1:400. After creating a live account, leverage value was soaring high 1:500. Many genuine brokers do not provide such high leverage because of the restrictions enforced on the broker.
The major disadvantage of the OmegaFX is, it is not regulated also unlicensed. OmegaFx generously offers bonuses of 20% to 100%, but the withdrawal of these bonuses is tedious and time-consuming, as terms and conditions are applied to it. One should reach a predecided amount of trading volume to withdraw these bonuses. This scam broker charges varieties of fees starting from profit clearance of $1.5, success trade fee of $5.0 on every successful trade, also a service fee of 3.5% on every withdrawal. Also, this scam broker charges on the swap, special service, and many commissions. Another major downside of this scam broker is that the MetaTrader4, which is owned and maintained by the third party. The spread provided 3 pips on EUR/USD is massive compared to standard 1.5 pips. The deposit and withdrawal methods provided by this scam broker are all types of cards, bank transfer, and wire transfer, etc. But raises the question on the absence of Skrill, which has declared its new antiscam policies.
Is OmegaFX scam or legit?
The unlicensed and unregulated nature of the broker posses serious concern on the trader’s funds. In addition, several fees and charges on every action makes it worse. MetaTrader4 provided by the third party is a shame. At the end of this review, we can conclude that OmegaFX is a scam broker.