ScamsOmegaFX review

How can you tell a scammy broker from a genuine one? Though the forex market offers lucrative financial gains, it’s also one of the easiest places to get scammed. The forex world is home to rogue forex brokers who scam many unsuspecting traders.

Scammy forex traders are very crafty. They use persuasive language, present you with exciting offers, and exploit your optimism. They are con artists who convince you to part with your money while guaranteeing you huge profits with minimal or no financial risk at all.

OmegaFX Review in a Nutshell

Is your money safe with OmegaFX? Who is Omega FX? Is it legitimate? In this in-depth review, we will figure out the answers to these questions and come up with an honest opinion.

If you have lost money trading with OmegaFX, don’t fret, we can help. Schedule a free consultation and begin the journey to recover your money.

Now, read on to find out the truth about OmegaFX.

Who is OmegaFx?

OmegaFX is a forex broker that offers the popular MetaTrader 4 trading platform. It boasts various trading options, including:

  • 45+ forex currency pairs
  • CFDs on gold, silver, precious metals, and commodities
  • Stocks on famous companies such as Apple, Tesla, and Starbucks
  • Indices such as the NASDAQ and S&P500
  • Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum

Trading optionsOmegaFX offers 6 account options ranging from basic to an exclusive premium account. The minimum deposit amount needed to open a trading account is $250. Clients enjoy generous leverage of 1:200 and a spread of 3 pips on EUR/USD.

Unfortunately, this spread is high and unfavorable to traders. Also, the spread is two times the industry standard. Most regulated brokers strive to offer 1.3-1.5 pips spread for the same pair.

Who Regulates OmegaFX?

OmegaFX regulationFrom the website, TRSystem owns this brokerage, and is registered in Estonia. However, neither the Estonian online registry the Finantsinspektsioon, nor the country’s financial regulator, Admiral Markets bear records that pertain to this firm.

Is Omega FX A Scam?

On the surface, OmegaFX appears legit, but is it? On its attractive website, it assures traders that:

  • It’s a “world leader” in online trading services
  • Guaranteed safety of your money in segregated accounts
  • No hidden fees and zero commissions
  • Fast and convenient deposits and withdrawals

It also boasts a mobile trading platform that enables you to trade from whichever location. This offers you convenient access to real-time mobile charting, prices on live-stream, and single-click order execution.

Still, there are cracks in this facade. This is an offshore broker. Such brokers are not reliable and are likely to disappear with their investors’ money – without a trace. Besides, it also features other glaring irregularities as we will soon find out.

The Red Flags:

1. Public Advisories

FMA flags OmegaFXOn 2/10/2019, Australia’s Financial Market’s Authority, FMA, flagged OmegaFX for conducting its trading activities without proper authorization. According to the above report, the FCA published a warning on its website.

OmegaFX was named alongside Energy Capital Group EOOD. Both are properties of an entity based in Sofia, Bulgaria.

FCA warningThe Financial Conduct Authority, FCA, issued a second warning. According to the warning, it is clear that OmegaFX is not licensed by the FCA. It is thus not authorized to trade in the UK. Note that one of the phone numbers listed on the OmegaFX website is a UK phone number.

The FCA further warns that while OmegaFX purports to have a license from the FCA, the latter refutes these claims, saying it has no records of the company in its Registry. The agency strongly advises investors to ensure they are dealing with authorized financial firms and to ensure this by checking the Financial Services Register.

2. Lack of Proper Regulatory Framework

OmegaFx is an unlicensed CFD & Forex broker that’s allegedly registered in Estonia. This is a favorite location for many crooked brokers due to its liberal stance on crypto trading. However, most of them aim to take advantage of inexperienced traders.

You are strongly advised to only trade with a legitimate forex broker. One regulated and authorized by a reputable regulatory agency such as the FCA or Cyprus Securities and Exchange Commission, CySEC in Cyprus. Such firms have strict rules which help their members to avoid falling victim to fraud.

The rules also advocate for account segregation to limit mingling clients’ money with the broker’s. Membership also entails participation in a compensation fund whereby clients receive compensation in case of either fraud or bankruptcy.

3. Customer Complaints

Many traders have reported negative experiences while trading with OmegaFX. They have warned fellow traders against dealing with them. Below are sample customer reviews from popular forex review sites:

Yet another review from

Another negative review4. Withholding Information

Scammers refrain from sharing too much information. This is because misleading information and inconsistencies may show up and expose them for what they are. This also makes it difficult to tell the real people behind the firm.

On its website, OmegaFx provides little or no information about its ownership and physical location. There are no registration documents, while the registration number for the holding company is fake. There seems to be a deliberate attempt to remain anonymous.

If you invest with them, you will have no information regarding who will be handling your money.

OmegaFX Review: Final Verdict

Though OmegaFX portrays the image of a legitimate forex broker, our detailed review proves that this is not the case. Its lack of official regulation, suspicious trading activities, customer complaints, and public advisories prove otherwise.

The truth of the matter is that Omega FX is an unregulated scam. Note that such a firm should not run in any country. Avoid depositing your hard-earned money with this firm.

Have you lost money trading Commodities, indices, stocks, or forex with OmegaFX? If yes, we can help you recover your funds. Book a free consultation session and let our team of experts handle your case.