Beware! Omplix 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.
If trading in cryptocurrency is your thing, then maybe Omplix is the broker for you. However, first, we need to verify that this broker is legit, so we look into some key features on its website.
Omplix Regulation and safety of funds
In the Terms and Conditions document, we find out that the website is owned and operated by Pepper Fly (Pty) Ltd. with an address in the Dominican Republic. What you should know about this offshore zone for forex trade is that there is no official government body to regulate forex and CFD brokers which means that Omplix is not licensed and as such cannot provide a guarantee for the safety of your funds. We do not recommend trading with this broker.
We advise you to turn your attention towards some well-established jurisdictions, such as the US, Australia, the EU and the UK where the conditions for forex trade are the best. To get their license, forex brokers from these jurisdictions must jump through various hoops. For example, the must be well-capitalised which means that in the US, forex brokers must invest not less than $20 million, in Australia, 1 million AUD and in the EU and the UK, 730,000 EUR. Such a huge amount of money among other things serves as protection against scammers infiltrating the ranks of genuine brokers. Also, in the US and Australia, it serves to protect clients in case of unfavourable events, such as bankruptcy. Other measures that are set in place to protect clients funds and guarantee their safety in these jurisdictions include keeping clients’ funds segregated with tier-1 bank establishments, protection against negative balance, reporting transactions on a regular basis for the sake of transparency. In addition to that, in the EU and the UK, licensed brokers must participate in compensations funds and schemes which serve to recompense the clients if their broker goes bankrupt. For example, if the broker is regulated by CySec and deducts funds towards the local Investor Compensation Fund, its clients can be repaid up to 20,000 EUR should the said broker become insolvent. In the UK, the amount of compensation is even bigger – 85,000 GBP per person but only if the broker is regulated by FCA and participates in the local Financial Services Compensation Scheme.
As you can see the differences in the legal, financial and trading conditions between offshore zones and well-established jurisdictions are huge and we have no doubt which one you will choose for your trading activities.
Omplix Trading software
As you can see on the company’s website, Omplix is a forex broker trading exclusively in cryptocurrency. Although this broker boasts to offer the best trading technology, opening a trading account proved to be impossible due to a broken link in the registration of an account option. We tried and tried to open an account but all was in vain! Therefore, we are not able to tell you what exactly is the trading platform and how it is set. We do not think that any self-respecting and legit broker will allow such mishaps on its website.
The only thing we can advise you, however, is to look for a licensed broker that offers either MetaTrader 4 or MetaTrader 5 trading platforms as they are considered to be the best in the forex trade world and are used by around 80% of the forex brokers. It may be interesting for you to know that MT4 was actually launched 15 years go but it is still popular and widely in use due to the excellent package of trading tools and instruments that it offers to the traders. Its package of charting options is one of the best and contains many charts, time frames and colours to choose from. But if you are picky and want to create your own personalised templates, you can do it too! In addition to that, MT4 has an auto trading option, VPS, an app market, code base with customs scripts, trading signals obtainable for a subscription fee, etc. The technical analysis indicators are out of this world and help traders predict the future direction of exchange rates and make a profit.
The MetaTrader 5 contains also all of the above advantages and in addition, has a financial calendar. This platform became even more popular among forex brokers when in 2016 the hedging option was added to it.
No matter which platform you will choose, we are certain that it will provide you with great trading experience.
However, we must tell you that no matter how great a platform is, what is even more important is how the broker has set the parameters for it. What you should look for are tight spread and low leverage which won’t put your funds to a huge risk. For example, in forex pairs trade, a tight spread is considered to be below the industry average of 1.5 pips. This means that the cost of transactions will not be too high and traders will be able to make a sustainable profit.
Also, you must watch the leverage. Some inexperienced traders may get tempted by high leverage without realising that it can lead to a great financial loss in case of unsuccessful transactions. And keeping in mind that 70% of traders lose in transactions, you can see that this is the reality of it. It is not by chance that in the well-established jurisdictions we mentioned above there is a cap on leverage and it cannot exceed 1:30 in the EU and the UK and 1:50 in the US. Only Australia has some time left to enjoy unlimited leverage but this will end in March 2021 when a cap on leverage will be imposed and it will match the one in the EU and the UK.
Omplix Deposit/Withdrawal methods and fees
The information about what trading accounts are available for the clients of Omplix is missing from its website, hence we cannot advise you what the minimum initial deposit is.
We can only advise you that the payment methods for deposit and withdrawal include payment via credit card, wire transfer and cryptocurrency.
The withdrawal policy shows that cryptocurrency withdrawal can be done at any time. As for the withdrawal via credit card, the minimum withdrawal amount is 100 EUR/USD/GBP and via wire transfer, it is 250 EUR/USD/GBP.
Withdrawals via wire transfer can take between 10 and 14 business days which is really a very lengthy process.
Should your trading account remain idle for 60 days, the company will charge you a one-off maintenance fee of $200 followed by a monthly fee of $90.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.