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Forex Trading Scam? Is OmegaPro Safe to Trade with?

OmegaPro, a trading name of OmegaPro LTD, is allegedly a UK-based forex and CFD broker founded in 2018 and public opening in 2019.

Is OmegaPro Safe To Trade With?

We find a trader who shared his terrible trading experience on the OmegaPro platform at WikiFX. He said OmegaPro is a scam.

If possible, I would like to check if the platform is safe before using it.

In this article, WikiFX, which provides a rating service for forex companies, objectively explains the safety of OmegaPro on a factual basis.

Basic Information and Acquired Licenses

WikiFX is a third-party organization that evaluates the regulation condition of FX companies

What is WikiFX?

WikiFX is a third-party organization that evaluates the regulation condition of FX companies.

We collect and rate information on over 38,000 FX brokers around the world.

You can check the safety score of FX companies and real reviews of fraud damage at “ wikifx.com ”.

We have thoroughly investigated safety from various perspectives such as acquisition licenses, regulations, and WikiFX exposures to see if OmegaPro is a scam company or just rumours.

Source: OmegaPro

To confirm the safety of OmegaPro, we investigated the following three points on the official website and WikiFX.

Company information and features

Acquisition license

User asset protection

1-1 Company Information and Features

The company information and features of OmegaPro are as follows.

Company Information 1 (Source: WikiFX)

Company Information 2 (Source: WikiFX)

The official website of OmegaPro supports 14 languages including English.

Customer service can be reached by e-mail and company address. Besides, you can also follow this broker on social media platforms such as Facebook, Twitter, Instagram and YouTube.

As you can see from the above table, OmegaPro does not reveal any trading conditions and we only find some information on the Internet.

From how this platform portrays itself, it resembles an MLM platform rather than a forex trading company.

1-2 Acquisition License

WikiFX investigated the financial license that OmegaPro has acquired.

Q: What is a financial license?

A: A financial license is a license issued by the financial supervisory authority of each country.

It can be said that it is one of the important indicators for assessing the reliability of the forex company, as it may be necessary to have a review by a supervisory authority or to deposit funds to acquire it.

The degree of difficulty in obtaining a license and the contents of regulations differ depending on the country or organization that issues the license.

As a result, the financial license that OmegaPro holds is said to be non-existent.

Status of License Acquisition (Source: WikiFX)

It has been verified that OmegaPro does not fall under any valid regulations, so WikiFX recognizes it as . “No License”

1-3 User Asset Protection

To protect users' assets, we investigated whether OmegaPro clearly states "separate management" and "trust preservation" on the official website.

Q: What is separate management and trust maintenance?

A: Segregated management and trust maintenance is a method of managing the funds entrusted by the FX company to the customer.

Separate management means that the operating funds of the FX company and the customer's deposit funds are managed separately.

However, the trade does not know if the customer funds are really out of control, and there is no guarantee that they will be refunded if the company goes bankrupt.

On the other hand, trust maintenance is a fund management method in which the same amount of funds as customer funds is deposited with a trust bank.

In this case, the company cannot easily touch customer funds, and even if it goes bankrupt, the bank will return the funds to the trader.

As a result, we could not confirm the statement, so it seems that OmegaPro does not protect the user's assets.

WikiFX "Exposure"

On WikiFX, "Exposure" is posted as a word of mouth received from users.

OmegaPro Exposure (Source: WikiFX)

On WikiFX, "Exposure" is posted as a word of mouth received from users.

As of September 2, 2022, there was one piece of OmegaPro exposure in total. Next, I will introduce it.

2-1 OmegaPro Is Scam

Emtirop (trader): “Hello, a pleasure, I come to expose my situation, I registered on the OmegaPro platform, because I came to them through an advertisement, so I talked a lot with Rosa, who is the alleged Manager who, in the end, is a scammer, and she explained to me how everything worked, I deposited 321,200 pesos, and then I tried to enter the platform again with the data that I had initially entered and now I get a warning that says that the username and password are invalid, when that is the one I entered, I also wrote to him again asking for my money and so far I have not received any response, please help me.”

He said he was not able to enter the platform and he has written to get his money back but has not received any response.

From the screenshots, you can see that the username and password given by this trader were valid. It is the truth that the platform doesn't permit his access to the account. Also, the trader has gotten a few replies from OmegaPro on April 23, 2022. However, on July 19, 2022, the trader sent messages to OmegaPro again, no replies.

Until September 2, 2022, this trader’s problem is still not solved. It seems that OmegaPro does not give any feedback.

According to the limited information on OmegaPro’s website, we are unable to directly find any useful information about the terms and conditions of deposits and withdrawals in the absence of a login.

Please be careful about investing in any unregulated brokers, if things go wrong, you’ll have almost no chance of recovering your money.

Original Survey Results by WikiFX

At WikiFX, we conduct a "score evaluation" to judge the FX trader numerically and a "field survey" to investigate whether it is a paper company.

At WikiFX, we conduct a "score evaluation" to judge the FX trader numerically and a "field survey" to investigate whether it is a paper company.

In addition, based on those results, we also issue a warning.

So from here, we investigated how WikiFX evaluates OmegaPro.

The OmegaPro survey results are as follows.

3-1 Score Evaluation

WikiFX evaluates FX brokers on a scale of 10 out of 10 based on the following five indicators.

   License Index: Reliability and Value of Acquired Licenses

   Business Index: Company stability, operational capabilities, etc.

   Risk Management Index: degree of asset guarantee at the time of bankruptcy, low possibility of fraudsters, etc.

   Software Index: Usage environment such as trading platform

   Regulatory Index: Strength of License Acquisition Regulations

The score evaluation results of OmegaPro are as follows.

You can also check the details of the WikiFX evaluation on the "WikiFX OmegaPro" page. (https://www.wikifx.com/en/dealer/5091268077.html)

OmegaPro Score Evaluation (Source: WikiFX)

The overall score is "1.45", which is the lowest among FX traders.

"License Index" is only "0.00".

As explained in "1-2 Acquired licenses", the reason for this is considered to be that it is certified as "No License" because it does not have any financial licenses.

For the same reason, the "Regulatory Index" is also "0.00".

The "Business Index" is "6.50", which is judged to be somewhat high in capital and management ability.

The "Risk Management Index" is "0.00".

This is probably because in "1-3 User Asset Protection", we were unable to confirm the statement regarding the protection of user assets.

The "Software Index" is said to be slightly low at "4.00".

The trading platform available at OmegaPro is web-based, however, it makes up for that by providing a variety of trading tools you may want to use to advance your trades. Some of the tools include technical indicators and advanced charts.

3-2 Field Survey Results

WikiFX's "Field Survey" column visits the local office and investigates whether it is a shell company.

As of September 2, 2022, there is no field survey result for OmegaPro by WikiFX.

3-3 Heads Up

As of September 2, 2022, WikiFX has issued the following warning to OmegaPro.

Warning (Source: WikiFX)

“It has been verified that this broker currently has no valid regulatory, please be aware of the risk!”

OmegaPro Survey Result

So far, we have thoroughly investigated the reputation and safety of OmegaPro from reviews and license information.

So far, we have thoroughly investigated the reputation and safety of OmegaPro from reviews and license information.

In conclusion, it is better not to choose it because the information the broker’s website disclose is too limited and a trader has shared his terrible trading experience with OmegaPro.

In addition, it is certified as "No License" by WikiFX, and there is no user asset protection, so it can be said that security is extremely low.

Therefore, it is not recommended to use OmegaPro.

WikiFX recommends fellows do more research before making a decision and choose forex brokers who have proven the safety of funds and high service quality.

If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on OmegaPro's WikiFX page for more details: https://www.wikifx.com/en/dealer/5091268077.html

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Risk Warning

The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.