Omega Crypto Review is OmegaCrypto Scam or Legit Broker

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OmegaCrypto – This Broker is Not Safe!

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

OmegaCrypto – DO NOT TRADE WITH THIS PROVIDER

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.

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

Founded: N/A

Regulations: No Regulatory Oversight

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: $500

Free Demo Account: None

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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.

OmegaCrypto Review – is it scam or safe?

OmegaCrypto is a broker focused on the crypto market, offering various CFD pairs based on crypto currencies like Bitcoin, Ethereum, Monero, Litecoin, Ethereum Classic, Ripple, Bitcoin Cash and NEM. All of that comes with seven account types, leverage as high as 1:400 and a web based trading platform.

Account type Min. deposit Max. leverage Spread s/ Payout
Trial Account $500 n/a
Basic Account $5000 1:400 n/a
Trader Account $10 000 1:400 n/a
Pro Plus Account $50 000 1:400 n/a
VIP Account $100 000 1:400 n/a
Millionaire Club $500 000 1:400 n/a
VIP Ultra Account $1 500 000 1:400 n/a

And OmegaCrypto also offers investment plans for up to two years especially designed for traders who want to buy a brand new car, house or a yacht. As attractive as all of this may sound beware that OmegaCrypto is not regulated and is blacklisted by the financial authorities in Belgium as a scam website. So before depositing any funds with them be sure to read the following paragraphs first.

OmegaCrypto Advantages:

Given the recent warning and all other issues about this broker, we are compelled to leave this section blank.

OmegaCrypto Disadvantages:

Blacklisted by FSMA, no license

As we already noted OmegaCapital is blacklisted by the Financial Services and Markets Authority (FSMA) in Belgium as a scam broker. You can see the warning here:

Otherwise OmegaCapital says to be owned by OmegaCrypto LTD , which is supposedly based in Singapore, but they also mention an office in London. And because all brokers operating in Singapore or the UK should be licensed and authorized by the local Monetary Authority of Singapore (MAS) or the Financial Conduct Authority (FCA) in the UK respectively, we diligently checked the registers of the above mentioned institutions, but were unable to find OmegaCapital there.

So it is quite obvious that OmegaCapital is yet another unregulated website, probably run by scammers. As usual our best advice in such cases is to trade only with regulated brokers, licensed and authorized by well known financial watchdogs like the FCA in the UK, the Australian Securities and Investment Commission or the Cyprus Securities and Exchanged Comission – currently the three most popular regulatory hubs in the forex industry.

And because with a FCA broker you will get the extra protection of a client compensation fund covering the first 85 000 GBP in your trading account, here you may also check our list of brokers regulated in the UK:

Market maker offering managed accounts

Basically this is a recipe for a scam. OmegaCrypto offers an “algo trading” service with investment plans like the Advanced Study plan, with which you are promised “to gain profits and take after 2 years a big amount from the portfolio”. “This is suitable”, the broker adds, “for persons that want to buy brand new car, house, Yacht … “ See for yourself:

The problem here is that like virtually all brokers, legit once including, OmegaCrypto acts as a market maker, which means they make money, whenever traders lose. So obviously, if you let market makers to manage your account, they will surely have the incentive to mismanage your money and loss them in their own pockets.

The general problem with all trading bonuses is the fact that they always come with additional withdraw conditions – usually a minimum trade volume requirement, which quite too often scammers use as an excuse to cancel your withdraw requests. As you can see below the case with OmegaCrypto is exactly this:

On top of that OmegaCrypto reserves the right to change their bonus policy on their sole discretion so it is quite obvious why you may never get a chance to withdraw. Besides, trading bonuses are banned on regulated markets like the European Union altogether.

Only bitcoin payments accepted

Despite the various logos displayed on its homepage, when we proceeded with our registration it turned out OmegaCrypto accepts payments only with bitcoins.

Bear in mind that bitcoin payments are more or less anonymous and cannot be reversed , unlike VISA or MasterCard payments for example, where you can get your money back in case you realise you have been scammed. This can be done if you file for a charge back within 540 days of the transaction.

Also notable is the absence of Skrill. Recently the money transfer company adopted a new anti scam policy, according which it partners only with properly regulated forex brokers, and as we already noted OmegaCrypto does not have a license whatsoever. Here you may check our list of brokers, accepting payments with Skrill:

MetaTrader4 not supported

OmegaCrypto offers some unproven, web base platform, which lacks many standard features we are well used to with well known trading platforms like the MetaTrader4. Here you can take a look at OmegaCrypto’s platform:

For example we miss the option to run automated trading sessions, which on a MT4 is done with the help of in- build market indicators and trading robots. On top of that MT4 comes with a fine pack of advanced charting tools so here you may also check our list of brokers, offering MetaTrader4:

Conclusion:

OmegaCrypto is a unregulated website, blacklisted by the financial authorities in Belgium, which offers managed accounts while acting as a market maker. As we already discussed this is a classic example of a scam. Make sure you keep away from such unregulated websites, and trade only with properly licensed brokers, best authorized by a well known institution like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

OmegaCrypto Review: Omegacrypto.com Forex Scam

OmegaCrypto Review: Omegacrypto.com Forex Scam

2 Comments

Last Updated: Jan 28, 2020 @ 2:24 pm

OmegaCrypto (Omegacrypto.com) is another askew Cryptocurrency trading platform scam stealing from Crypto enthusiasts. Omega Crypto is professing to be a next generation broker determined to help users win big. With such big claims, unsuspecting investors signed up not knowing the motive behind the platform. Members who signed up a while back are now crying foul after having their accounts blocked. Read this genuine and honest OMEGACRYPTO Review for more details.

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OmegaCrypto Review

With complaints coming from mostly Asia and Europe, OmegaCrypto is a brutal online platform. The problem with newbies is they tend to believe everything they read on the web. A new platform which produces insane profit margins is what newbies want. And scam artists take advantage of this and create a cloned trading website. Scam artists will use over the moon claims and promises to make sure newbies are interested. Once they sign up and deposit funds, their accounts get blocked.

Professional scam artists will do anything to make you believe what they are selling. Nowadays, scam artists are hiring call agents to act as brokers and insist you sign up. After handing them your contact information, you will be bombarded with calls to deposit more funds. In most cases, these call agents will claim depositing more funds will lead to more profit. Social media platforms such as Tinder are being used to trap victims with fake posts of a rich lifestyle.

About OmegaCrypto

OmegaCapital Ltd is the company which claims to be behind this website. According to the disclaimer at the footer of their homepage, the platform is located in Singapore. You should be wary since scam artists will do or say anything to trap certain investors. The more we delved into this website, the more problems we encountered. Thanks to our years of investing and trading experience, we know how to spot a scam from a mile away.

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Anonymity is a dangerous feature to associate with especially online investment platforms OmegaCrypto is anonymous and fails to give users any names of the founding members. No one knows the names of people running the website. Not even a single broker has come out claiming to be associated with Omega Crypto. And this is a red flag that we are dealing with a dangerous and risky online investment platform. Scam artists hide their real identity and make it difficult for investors to recover stolen funds.

Is OmegaCrypto Licensed or registered?

After a closer look with most regulators, we are sure OmegaCrypto is not licensed to operate. Omega crypto is another unregulated platform looking to steal from investors. The platform does not even post any license or registration number on their homepage. As fate would have it, OmegaCapital is not a licensed or registered company. From what we have found out, these are offshore brokers trying to steal from online investors.

Looking at their compliance page, no information is given in regards to their license credentials. You would expect a true trading platform to post copies of their license details for all to see. Without these details, all we have is a platform with no credibility. Anyone who signs up should know the platform does not follow any set industry regulations and rules. Security of funds is not guaranteed in this platform as it would in a registered online platform. Your funds are at risk of being stolen and no compensation in sight.

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Advantages of OmegaCrypto

We could not come up with any advantages of dealing with an anonymous platform. With complaints coming in from all parts of the world, OmegaCrypto is not worth your time. Lack of a proper trading license and registration is proof this is a scam. Investors should never deposit funds with an untested platform.

Disadvantages of OmegaCrypto

Account types

OmegaCrypto is furnishing members with seven different account types to choose from. Accounts listed include Trial, Basic, Trader, Pro, VIP, Millionaire, and VIP ULTRA. The basic account demands users to deposit $500 as their minimum deposit. According to the set industry standard, this is way too high compared to the set price of $250. Another issue we noticed with these accounts is similarities in features. Why would an investor deposit $100,000 and get same features as one who deposited $10,000.

Customer Support

With a platform which claims to offer next generation platform, you would expect live chat support. The platform fails miserably at providing ample communication with members. Lack of an adequate live chat support is proof we are dealing with a quack. The platform prefers the use of emails and telephone. Emails have one huge flaw, they are one way communication channel. You have to wait for weeks to get a response with this platform. Live chat offers direct communication. The phone number listed is ever busy making it totally worthless.

Demo Account

You would expect the platform to offer a demo account for users to test how well the platform works. A demo account will help users determine how fast the platform executes trades. Without testing a demo account, users are signing up blindly. OmegaCrypto is probably hiding the fact that their platform is unstable.

Funding methods

When it comes to account funding methods, OmegaCrypto is well-covered. The depository channels include American Express, MasterCard, Visa, and Skrill. They ensure traders from anywhere in the world can deposit funds. The problem with this platform is withdrawing funds. No user or member has come out with proof of ever withdrawing funds with this platform. Make sure to stay away from this platform and never deposit funds with them.

Safety of funds with OmegaCrypto

With vivid details listed above, it is clear funds are not safe with Omega Crypto. How can funds be safe with an anonymous and unlicensed online trading platform? With security being an issue, hackers can easily gain access to this platform. The website lacks basic security features and trading platform is unstable. Unstable platforms are easy prey for hackers looking to steal credit card information. Make sure you stay away from this platform or risk becoming their next victim

Scam or legit

OmegaCrypto is a scam which is stealing from anyone who deposits funds with them. With segregation of accounts not an issue, members are depositing funds straight to owner’s personal bank account. Make sure to stay away from this platform or else face the risk of being scammed. Mark their emails as spam and never click on any promotional link. Warn your family and friends from joining any of their affiliate programs.

Verdict

Adding this platform to our scam blacklist will ensure our readers never fall for this trap.

Make sure to sign up with authentic and genuine brokers who are dedicated to providing safe trading conditions. Get top rated brokers who have a solid trading reputation. Your time to shine starts with having recommended brokers who are reliable at all times.

Wishing you a happy and safe trading experience.

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