Beware! OmegaFX is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


OmegaFX is a Forex brokerage presumably registered in Estonia. It provides the MT4 trading terminal and clients are extended a generous leverage of 1:100. Furthermore, there is wide range of trading products from which to choose but the spread on EUR/USD is 3 pips which is quite high and unfavorable for traders. There is a required minimum deposit of $250 which is just about the industry average.

OmegaFX regulation & safety of funds

According to the website the brokerage is owned by a company registered in Estonia by the name CCLR Solutions Limited. Estonia is a member-state of the EU and has diligently included online Forex trading within its regulatory framework. However, after checking with the Estonian online registry, we can safely conclude it does not hold a license by Finantsinspektsioon. As a matter of fact we know of only one Forex brokerage that holds a license from the country’s financial regulator – Admiral Markets.

Many unregulated brokerages prefer Estonia as a location because of its reputation as quite a liberal country when it comes to crypto trading and are hoping to take advantage of misinformed traders. We always recommend traders take a look at the online registry of the Finantsinspektsioon when dealing with a supposed “Estonian” brokerage. Putting that aside, the brokerage does provide the MetaTrader 4 trading platform which we got a look at through a demo account. Here is a screenshot:

As can be seen from the screenshot – the spread is quite high at 3 pips on EUR/USD, especially compared to the industry average of a pip and a half. The leverage extended for traders is 1:500 which is quite generous and balances as the same time. However, the lack of regulation inclines us to believe that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

OmegaFX deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard, wire transfer, Bitcoin and the  popular e-wallet Astropay.

In the terms and conditions of the brokerage we did find noteworthy provisions. Here is a screenshot:

There is a monthly maintenance fee of $50 for all accounts that have been inactive for more than two months.

Furthermore, if the client account is not verified within 30 days from the first deposit – the account will be charged a fee of $20. We advise traders stay away from the brokerage and to always be diligent and put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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  1. They say they are Omega Financial Services which is regulated in Australia but then they direct you to which is a completely different company.

  2. This is a scam according to google

  3. Don’t trust them they put credits onto and take credits off your account many times without your permission. The trades their experts provide are useless and they purposely give bad trades and then put you under pressure to deposit more money to keep these bad trades alive. They only take an interest when you have money to deposit. Stay well away from David Goldberg he tells lies. He told me the credits were coming from his own personal bank account – crap!,,

  4. My experience is very similar to the others: very bad
    They hooked me by presenting me an FCA registration of Omega Financial Service which has nothing to do with
    Very soon after opening my account with, I started to have doubts. So, I asked them to terminate my account based on EU legislation (Directive 2011/83/EU on consumer rights – termination of off-premises contracts within 14 days).
    Still, they withhold my money (1300 EUR). I’m following my layer’s advice to file a complaint for fraud so that this case is investigated by police.
    Have you filed a comlaint for fraud? This is was my layer suggested to me.
    It is obvious that there’s been quite a few people deceived by and that they are very well organized.
    Note to all of the deceived people: we should get organized and coordinate our steps to seek justice. You can contact me

    1. Hello Sir,
      I open an account with also and had deposited money. If I want to close it and withdraw the money, can advise how to do it ??

      Many Thanks & Regards
      C H Koh

    2. Hi I need your help. I lost over 1000 euros. Can you help me?

      Kind regards, Lis-Marie Pelander

  5. These people have $2000.00 U.S. of my money. I found out after about this scan & decided to get a refund of my money, they said there are restrictions on refunds (which I never knew about) so I believe this is how they actually make money by charging fees on the balance eventually deplete it down to nothing… voila money gone…we need proper legal help some of those options are turning out to be scammers as well…a hard lesson to learn. They continually pressure you to give them more money… scam, scam , scam…

  6. One day I was contacted with an individual from UK and he introduced me to OMEGAFX. I foolishly invested $500.00 and later he took over my computer ans went to my bank account and managed to send CD2000.00 by e-transfer to his account. After few seconds I realised what has happened. I sent a mail to this company and told OmegaFX that want my money back, as i do not want any trading business with this company. This happened in July2019..The company sent me some documents to be filled and wanted me to confirm that I have invested so much amount which is not refundable .
    I was alarmed and started sending them emails. I talked on phone as well. I informed my bank for e-transfer and they some how recovered the CD2000.00. Still $500.00 have not been recovered from OmegaFX. they are forcing me to sign on a document, which confirms that I wii not demand refund of my money. I refused to sign on such a document. The company in the beginning sent me confirmation of receipt of $500.00. But, when I asked to issue receipt of CD2000.00. The broker did not respond to my request. This company is full of crooks and is an experienced SCAMMER. This is a Warning for all investors, be aware not to do any business with Spread the word in the trading circle to protect themselves..Sufferer, Mr. MaNorth, Canada.

  7. Been scammed by omega fx 4000usd

  8. I have been scammed with which is more than 50k usd.

  9. i lost moer then 25000€ with omegafx.

  10. Fui enganado com num valor de 3500€.
    I was duped with for € 3500.

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