The offshore-based CFDs broker OmegaCrypto focuses on cryptocurrencies. The cryptocurrencies offered are Bitcoin, Ethereum, Litecoin, NEM and others. It also has investment plans for higher earnings.Read the full Omega Crypto review here. The trading platform provided is web-based with seven trading accounts. The minimum deposits differ according to account chosen and leverage provided on every account is 1:400. Sadly, the value of the available spread is not shared on the official website, and the broker is unregulated. In this OmegaCrypto review, we will make sure to inform all the aspects of this broker. Keep reading for the security of investments.
If we want to talk about any of the advantages of OmegaCrypto, there are none. Also, new blacklisted status makes it hard to mention any of the advances. The disadvantages of this broker are many, and we will discuss them one by one here. As known the OmegaCrypto is red-flagged by Belgium based Financial Services and Markets Authority. Furthermore, the company called OmegaCapital LTD based in Singapore manages it and also has an office in London. The broker operated from London has to be registered under the Financial Conduct Authority of UK and Monetary Authority of Singapore. Unfortunately, none of these Authorities has OmegaCrypto’s registration. So it is a fact that the broker is unregulated and poses high scam risk. The broker OmegaCrypto operates as a Market Maker. Meaning the broker acts as a client and broker simultaneously to traders and other brokers. It also means OmegaCrypto gains money when their clients lose money. It is a severe aspect of any broker, and such brokers can willingly mismanage traders’ funds. Also, the broker here is involved in Bonuses, the most controversial practices in the trading markets. Such bonuses are banned in many regulated markets and come with tedious terms and conditions to follow. Another problem of OmegaCrypto is that it accepts payment with Bitcoins only. The transactions of Bitcoins cannot be reversed as in bank transfer or card transfer. Also, the most popular trading platform MetaTrader is not available. Instead, it offers an unproven web-based trading platform. Furthermore, the initial investment is high compared to the market average.
Is OmegaCrypto scam or legit?
The broke we are reviewing here, OmegaCrypto, is unregulated and does not have the proper license. Trading condition is on the higher side and increases trading cost. Also, the broker acts as a Market Maker and is another fact to worry. In our view, we can say that OmegaCrypto is a potential cryptocurrency scam broker.