The broker OmegaCrypto allegedly claims to be a prime destination for cryptocurrency enthusiastic traders. It offers CFDs over many crypto coins. As many as seven trading accounts are offered to its clients. The broker offers a high leverage ratio and different investments plans. Everything looks good so far however the broker is unregulated and blacklisted by the top financial regulator. In this OmegaCrypto review, we will cover all the necessary particulars about this broker. Please pursue it completely.
The seven trading accounts provided are Trial, Basic, Trader, Pro Plus, VIP, Millionaire Club, and VIP Ultra. The minimum initial funding required for each account is given below $500, $5000, $10000, $50000, $100000, $500000, and $1500000 respectively. The leverages as high as 1:400 is offered on the seven trading accounts. The spreads available are not mentioned on the official website.
To make an impartial review it is mandatory to discuss all the possible pros and cons of OmegaCrypto.
The broker has received a scam warning against it and it is unregulated. So we could not find any pros of this broker.
However, there are several cons of this broker we came across while making this broker. Singapore based company called OmegaCrypto LTD is the manager of the brand OmegaCrypto. In addition, the broker also claims to have an office in London. Sadly we could not found brokers registry in Monetary Authority of Singapore and Financial Conduct Authority, UK. Furthermore, Belgium based financial regulator Financial Services and Markets Authority has red-flagged this broker for providing illegal financial services. All the above facts are worrisome.
The broker offers a managed account and tries to act like a Market Maker. Those who don’t know, what the market maker is, it trades on the behalf of you and causes you huge loses and benefit from it. The broker only accepts payment via bitcoins all other options like bank transfer, cards are not accepted. It also gives away trading bonuses with the prerequisite of high trading volume to be eligible for the withdrawals. Trading platform MetaTrader is not supported. It also provides investments plans with a high return on investments. However, the investment gets locked for two years.
Is OmegaCrypto scam or legit?
As mentioned earlier the broker is not regulated and had received a scam warning against it. Trading conditions are not that great and only one payment option is available. It is a potential scam cryptocurrency broker.