Is Omega Best a legitimate Crypto MLM firm, or is it a Ponzi scam?
A huge number of cryptocurrency scams involve investors losing real cash through elaborate digital currency schemes exchanged via blockchains. Many of these fraudsters use Ponzi schemes that rely on income from new initiates to provide returns to those who had invested earlier.
Swindlers lure inexperienced investors by appealing to their greed with promises of huge returns. In this detailed review, we will take a closer look at Omega Best investment company. We will then highlight the red flags that have informed our opinion that Omega Best is a scammy investment firm.
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Omega Best: A Brief Background
Omega Best is located at Carnegie Center, Klovskiy Spusk 7a, KIEV, Ukraine. It also goes by the name Omega Group, headed by CEO Bartosz Nafalski and his partner Lukasz Bozek.
Omega Best is a Ponzi Scheme
This investment firm features no products or services. Instead, it uses affiliates to market Omega Group affiliate membership. The affiliates invest in BitBonds points from 50 to 200,000 EUR and get an ROI of 130% in 6 months or 170% in one year.
While you receive daily returns, after every 6months or one year, you need to reinvest your funds to continue participating. Though investment amounts are in EUR, the firm gives returns in BitBonds points, which are then converted into bitcoins through Omega Best’s back office.
Omega Best affiliates earn a 6% commission on funds invested by affiliates they recruit with an extra 10% on returns made by the members. Affiliates also earn residual commissions if they recruit and maintain a minimum of two affiliates. Each of these affiliates must hold an active investment of 50 EUR or more.
Affiliates may earn up to 9% in residual commissions, but the qualification criteria is not specified. Omega Best offers prizes to affiliates who invest and encourage others to do likewise.
Omega Best also offers active parcels which provide profits based on these income sources:
- Watching ADS
- Cryptocurrency mining
- Participating in market research on the Omega platform
- Completing tasks like YouTube subscriptions or testing applications
Although membership to Omega Best affiliates is free, to fully participate in the income opportunity, you need to invest a minimum of 50 EUR in BitBonds every half year.
Investor Alert! Omega Best is Not Regulated
One thing you need to know about an investment firm before investing your money is whether it has a license – and from whom.
Offshore investment firms are, in most cases, unregulated, and if they are, the regulators are often offshore regulatory authorities. These offer you minimal help in case the company disappears with your money. Hence you should avoid investing with such firms.
Though some countries don’t have consistent laws that regulate Bitcoin, most do while some, like China, have banned Bitcoins. Ensure you only deal with forex brokers regulated by recognized regulatory agencies such as the Financial Conduct Authority, FCA in the UK, and ASIC in Australia, among others.
The Warning Signs: Omega Best Red Flags
1. Warnings Against Omega Best
During an interview at the Finance and Investment Forum in Poland, Rafal Kielbus of UOKIK discussed the ‘Omega Best Project’, which had featured a lot in social media. Its founders claimed that it is ‘an innovative investment platform that combines information technology and effective marketing methods’.
Rafal explained that in reality, Omega Best was a loyalty program that offered several bitcoin investment projects on its platform. A lucrative loyalty program “tuned up” this mine/matrix and enabled its recommendation. Whenever someone presented your activation code, you received a part of the amount it paid.
Most funds were shared amongst the participants – except the cut that went to the founders. This sustained the system for the longest time possible and enabled massive amounts to accumulate.
The funds obtained were then reinvested to enable you to earn more and then reinvest again. The aim was to pay out the least amounts possible and to continue wooing in many new investors paying real money.
Both the Polish Office of Competition and Consumer Protection have issued several warnings against the Omega project and Nautilius Investment from the United Arab Emirates, the company behind the project.
Interestingly, BitcoinExchangeGuide.com, a very active Bitcoin news website cautioned against Omega Best and had this to say:
2. Customer Feedback
Many investors have complained about Omega Best. They have posted negative reviews online and have warned other investors against trading with this firm. It’s prudent for you to find out what other investors think of a particular company before investing with it.
If you find out that most of the reviews are not positive, then you’d better reconsider. Below are sample online reviews on Omega Best:
3. Omega Best’s Online Presence
If you visit Omega Best website today, this is what you will see:
A scammy website will often go on and off. This is a red flag as investors are not able to access information on the company. Could be the company is avoiding queries from unhappy investors.
Curiously, behindmlm.com published the below post informing investors that Omega Best had collapsed.
None of the above instills any investor confidence in this company. It’s best to keep extremely far away from Omega Best.
Final Thoughts: The Verdict on Omega Best
Were you looking to invest with Omega Best? Here’s a heads up; Omega Best is a scam. Our honest review bears this out.
Before investing in the cryptocurrency market, ensure you undertake thorough research into your potential investment opportunity. Be careful about what you are putting your money into, find out about the people behind it, and what the actual plan for making money entails.
Has Omega Best swindled you? You are not alone. We can help recover your money as we have done for many others. At Wealth Recovery Expert, we have a team of experts who are available 24/7. Book a free consultation session for assistance.