Beware! Global OMC Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Global OMCMarkets is a scam Forex broker that’s run by a company that was awarded warnings by a variety of European financial regulators including the ones in Germany, Austria and UK, to name a few. In this review, we are going to take a look at one of the latest trading name of the company- Global OMCMarkets (globalomcmarkets.com). Find out everything else you need to know about this scam scheme in the full Global OMCMarkets review.
Global OMC Markets REGULATION AND SAFETY OF FUNDS
Global OMC Markets is a scam broker that’s allegedly run by a Bulgarian company named Personal Found Ltd. Bulgaria is an EU member. Hence, the EU financial rules and regulations apply, but there is no active registration to be found in the register of the Bulgarian financial authority- FSC. Instead of a license, though, we found warnings as it turned out that many European financial authorities blacklisted the company including FCA (Britain), FMA (Austria) and BaFin (Germany). The brand Global OMC Markets (globalomcmarkets.com) was also updated as a fraudulent entity by BaFin. The warnings published by the financial authorities are the end proof that a particular entity is a scam and should be avoided. You can have a look at the warning at the bottom of this section.
Your funds are in danger if you make a deposit with Global OMC Markets because it’s an unlicensed and unregulated Forex broker which was officially confirmed as a scam enterprise.
If you are looking for a reliable, trustworthy Forex broker choose either CySEC(EU) or FCA(UK) regulated company, which are not surprisingly the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions, the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients’ accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Global OMC Markets TRADING SOFTWARE
Global OMC Markets offer a web-based platform to its client, and it’s a warning sign itself. The platforms that the brokers develop themselves are not stable and secure enough, but these might also be prone to fraud and price manipulation. The Global OMC Markets platform is of inferior quality, and it lacks even the basic trading features that are mandatory for any trading software such as indicators and charting tools.
Avoid the scam Global OMC Markets and its miserable platform and go for the MetaTrader4 or MetaTrader5 brokers because MT is the best retail Forex trading software in the world, and it’s free to use. It’s stable and reliable but also includes sophisticated trading tools such as Expert Advisors (EA), Algorithmic trading, Complex indicators and even a marketplace where the traders can buy or use for free a variety of third-party-developed solutions.
Warning! Demo trading is not allowed! The demo accounts are practice accounts that let the clients trade with virtual money before they make a deposit. It’s a must for the broker to provide with demo accounts and it’s also a must for the trader to make a test first!
The EUR/USD spread that Global OMC Markets provides, however, is almost 4 pips, which is way too high if compared with the rest of the industry- 1 pip or below on average. It makes OMC Markets a costly broker to trade with, and we wouldn’t recommend it for the spread alone. If we take into account that it’s a confirmed scam, then we urge the traders not only to avoid them but to run away from this phony business as quickly as possible.
Warning! Hidden leverage levels! Global OMC Markets fails to determine the leverage levels the traders can utilise. The account opened comes with default leverage that’s unknown and also unable to adjust. The leverage is a crucial trading feature that has a direct impact on the trading performance, the profit potential and the risk of loss. It can amplify the profits, but the risk of loss escalates, and some levels such as 1:500 might utterly destroy the traders’ accounts very quickly indeed. EU, UK and Australia (from 2021) capped the maximum leverage possible at 1:30 as a customer protection measure, while Canada and the US agreed on 1:50. We also advise that the traders should not look for 1:500 or 1:1000 brokers because they might quickly end up being involved in a scam scheme!
Global OMC Markets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is $250, which is in line with the offshore brokers but twice as high if compared with the legit FX companies- $100 on average.
The funding methods include Credit/Debit cards, Wire Transfers and PayPal.
There is no minimum withdrawal amount specified, and no withdrawal fees are said to apply, but we have to emphasise on the fact that Global OMC Markets is a fraudulent broker so no withdrawals should be expected, at all.
The dormant account policy is not specified, and no fees for inactivity are mentioned. We have to note that the Terms and Conditions that Global OMC Markets present fail to clarify many critical trading conditions. The dormant account policy is a set of rules that determine how the brokers treat the accounts that have become inactive- no login, no trading. Most of the regulated companies charge an inactivity fee of 5 to 10 dollars per month at most.
Global OMC Markets offer a Welcome Bonus starting from 30% on the deposit. The traders should know that the bonuses given are not free money, but a leverage tool instead that might significantly worsen the trading conditions. It increases the risk for the traders and benefits the brokers only. That alone made the EU and UK prohibit the trading incentives. Stay away from OMC Markets; it’s a scam!
Last, but not least. We’ll show you what a legal swamp Global OMC Markets is. A Bulgarian company allegedly owns Global OMC Markets, it has a British phone number and claims that either Marshall Islands or the Montenegro laws govern their business activities! It’s a typical scam feature to fill the legal documents with pieces of conflicting information. Check the pictures below!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centres. Sometimes they will simply rely on the quantity; they will publish tens or hundreds of websites and will wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it. At times the websites that the traders will encounter will be absolutely the same with only the name, and the logo changed! Beware, and always do the thorough research before you get ready to make an investment and start trading.
The scam is a criminal activity. In most of the cases, the scammers are hiding behind offshore companies and brokers while trying to remain anonymous and difficult to trace. There is no or very light FX regulation in jurisdictions such as the Commonwealth of Dominica, the Marshall Islands or St. Vincent and the Grenadines, making them some of the most popular destinations for dodgy enterprises and scam Forex brokers. Regulation means customer protection and safety, and financial authorities such as CySEC or FCA will make it impossible for a scam Forex broker to conduct illicit activities and harm the traders under their supervision. That’s why you should always trade with regulated brokers!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!