Beware! Omnium Trading Group 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.
Omnium Trading Group claims to be a broker specializing in online trading in Forex, CFDs, Stocks, Commodities, Options and other derivatives. However, this website does not resemble a regular boxer in any respect. It is very doubtful that Omnium Trading Group really offers the services it claims. The website has also attracted the negative attention of some regulators. These reasons are enough to recommend avoiding Omnium Trading Group.
OMNIUM TRADING GROUP REGULATION AND SAFETY OF FUNDS
Omnium Trading Group claims to be registered and authorized “in accordance with the laws and current regulations of the United Arab Emirates (UAE)”.
But we couldn’t find anything about Omnium Trading Group on the website of the Central Bank of the United Arab Emirates (CBUAE), which is responsible for licensing brokers in that country. Omnium also claims to work with UK liquidity providers. These companies exist, but there is no evidence that they work with Omnium Trading Group.
The contact menu lists the addresses of several offices in Mexico, as well as branches in Switzerland, Israel, South Africa and Australia. However, a check of the databases of the relevant regulators showed that none of them had a registered broker with the name Omnium Trading Group. The listed address in Switzerland is also used by other scam websites that we have reviewed.
The Omnium Trading Group’s website is primarily available in Spanish, which is why we decided to check the Spanish National Securities Market Commission (CNMV) registry as well. There we found an warning that the Omnium Trading Group’s website offers financial services without authorization:
If you visit the website of a legitimate broker, right on the index page you will find specific and detailed information about the licenses it has and the regulatory regimes to which it is subject. In the case of the Omnium Trading Group, there is not even proof that such a company exists. What is certain is that it has no credential to offer brokerage services in the jurisdictions it claims.
When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
OMNIUM TRADING GROUP TRADING SOFTWARE
Omnium Trading Group’s website advertises “flagship trading platform, designed for all types of traders”. This unnamed software is supposedly available in desktop, browser and Android and iOS mobile variants. However, there are no download links for this platform anywhere.
Signing up for an Omnium Trading Group account isn’t automatic – you have to send a request to the people behind the website. This is not at all common for brokerage firms and makes the Omnium Trading Group even more suspicious. Because of this, we were unable to register an account and check if the Omnium Trading Group has any trading platform at all.
Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
OMNIUM TRADING GROUP TRADING CONDITIONS
Another piece of information that you will find on the websites of genuine brokers, but is missing on the one of Omnium Trading Group, is a detailed description of the trading conditions.
Omnium Trading Group claims to offer four types of trading accounts, but the only specific information about them is the minimum deposit. The amounts are extremely high – 5,000 USD for a Мini account. In comparison, more and more licensed brokers allow setting up a starter account with a minimum deposit of 100 USD or even less.
Nowhere are the basic parameters of trading financial instruments such as spreads, leverage, commissions, etc. stated. The Terms and Conditions and other legal documentation of Omnium Trading Group are very brief and generic, and also do not contain any specific information.
OMNIUM TRADING GROUP DEPOSIT/WITHDRAW METHODS AND FEES
Information on payment methods used is also missing, except for the mention of debit cards in the descriptions of account types. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Sofort or iDeal.
HOW DOES THE SCAM WORK
Trading in financial instruments is a risky business even for experienced investors using the services of reliable brokers. For newcomers, there is also the risk of being deceived by the many scam websites posing as brokerages. These websites are operated by skilled and cunning scammers who lure you with promises of easy profits. Usually these scammers promise to take care of all the bits and pieces of investment for you, but many even use real trading platforms to fool you that your money is really being invested. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.
But your money is not invested and you will never see the promised returns. When you ask to withdraw even a portion of your money, you will be surprised by impossible to meet minimum trading volume requirements and hidden fees that amount to tens of percentages of your funds. Scammers hide behind fake names and offshore companies that are uncontrolled and unregulated, so it will be impossible to hold them accountable.
WHAT TO DO WHEN SCAMMED
If you find yourself in a similar situation, you can request a chargeback. However, this option is only possible if you have used a credit or debit card for the transactions. Visa and MasterCard allow this to be done within 540 days. But if you have provided the scammers with proof of identity, such as an ID or proof of address, these claims can be disputed. Bank wire transfer or cryptocurrency transactions are non-refundable.
In any case, you should inform the relevant authorities in your country about the activities of the scammers and warn other potential victims online. You should not trust offers to return your money for an upfront fee. This is also a known scam and all testimonials from satisfied customers are fake.