Beware! OmegaCrypto 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.
OmegaCrypto is a cryptocurrency only brokerage firm, offering a maximum leverage of 1:300 for the most prestigious account, (1:30 for normal users). Aside from offering crypto assets, the broker doesn’t do much to impress. Read on to find ot more.
OMEGACRYPTO REGULATION AND SAFETY OF FUNDS
The Terms and Conditions claim that the company is based in Singapore putting it directly under the Monetary Authority of Singapore. But here’s the problem; the broker does not mention the wathdog’s invovment, and neither did we find OmegaCrypto in the regulator’s offcial database of licensed entitities. What’s more is that there is no mention of (another) location/regulation, leaving us with no choice but to deem OmegaCrypto UNREGULATED, ad therefore a risk to all investors.
And needless to say, the broker does not impress at all, as we shall see, so traders aren’t losing anything with this news.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
OMEGACRYPTO TRADING SOFTWARE
After the quick registration software, we accessed a trading platform that oozed mediocrity. The more time we spent with it, the more we disliked it; there are some appropriate trading options, yet the nature of it all seems unprofessional and lackluster. We cannot recommend this one at all. Stick to the classic MT4/5.
OMEGACRYPTO DEPOSIT/WITHDRAWAL METHODS AND FEES
It’s selfexplanatory that the only way to deposit is by bitcoin, which is an untraceable payment methods, so best acknowledge that. As for a minimum deposit, we don’t know- the dashboard just gives us its Wallet Adress. According to the Account Page the minimm deposit for the lowest account is $500.
Withdrawal, as far as we’re concerned, are impossible. The client are gives a withdrawal tab, but requires only the physical address of users, and nothing more. This mean that users will not get their money back!
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.