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No valid regulatory information, please be aware of the risk!
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
|Market Instrument||forex, indices, commodities, stocks and metals|
|Account Type||Mini, Standard, Gold and Platinum|
|Spread (EUR/USD)||Floating around 0.2 pips|
|Deposit & Withdrawal Method||credit cards, wire transfers, WebMoney, Skrill, Neteller, etc|
OMEGAROX is allegedly a forex broker registered in China that claims to provide its clients with various tradable financial instruments with leverage up to 1:50 and floating spreads from 0.2 pips on the Webtrader trading platforms via four different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that OMEGAROX currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.00/10. Please be aware of the risk.
OMEGAROX advertises that it offers access to a wide range of trading instruments in financial markets, including forex, indices, commodities, stocks and metals.
OMEGAROX claims to offer four types of trading accounts - Mini, Standard, Gold and Platinum. The minimum deposit amount is pretty high-$500 for the Mini account, while the other three account types have much higher minimum initial capital requirements of $5,001, $50,000 and $150,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
The leverage provided by OMEGAROX is capped at 1:50. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
The EUR/USD spread was floating around 0.2 pips. However, there was no commission revealed anywhere.
Trading Platform Available
The platform available for trading at OMEGAROX is just a Webtrader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
OMEGAROX says to accept a variety of deposit options: all major credit cards (Visa, MasterCard, Maestro), wire transfers, and alternative payment methods, such as WebMoney, Skrill, Neteller, etc.
The minimum initial deposit requirement is said to be as high as $500.
Withdrawal requests are usually processed within 5-10 business days. Please note that Withdrawals will only be made to accounts that have completed the verification procedure.
OMEGAROX‘s customer support can be reached by email: firstname.lastname@example.org or send messages online to get in touch. However, this broker doesn’t disclose other more direct contact information like telephone numbers or the company address that most transparent brokers offer.
Pros & Cons
|• Wide range of trading assets||• No regulation|
|• Lack of transparency|
|• High minimum deposit ($500)|
|• Multiple account types and payment methods||• No MT4 & MT5 supported|
Frequently Asked Questions (FAQs)
|Q 1:||Is OMEGAROX regulated？|
|A 1:||No. It has been verified that OMEGAROX currently has no valid regulation.|
|Q 2:||Does OMEGAROX offer the industry-standard MT4 & MT5？|
|A 2:||No. Instead, OMEGAROX offers a Webtrader.|
|Q 3:||What is the minimum deposit for OMEGAROX？|
|A 3:||The minimum initial deposit at OMEGAROX to open a Mini account is $500.|
|Q 4:||Is OMEGAROX a good broker for beginners？|
|A 4:||No. OMEGAROX is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit and lack of transparency.|
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