Is Omega Options a scam broker?
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Omega Options is owned by Alpine Capital Limited and is located at Liverpool UK. It was founded in 2015. The site is registered in British Anguilla. They have offices in the US, Canada, and the UK. Their payment processor is Fortune Capital Ltd, Georgia. They are binary options broker.
Trading platform of Omega Options is Panda Trading system and has nearly 200 assets on offer.
The website is pleasant looking and traders do take notice of it. The trader has to first fill the registration form and become its member. Traders also have to deposit amount needed for trading which depends on the account type they select. The platform offers a lot of options for trading and is easy to navigate.
Account types available are Micro (minimum deposit $ 250), Standard ($ 500), Silver ($ 1000), Gold ($ 5000), Platinum ($ 10000), Diamond ($ 25000), Mini Corporate ($ 50000), Corporate ($ 100000) and Managed ($ 150000). Bonuses on these accounts are 25%, 30%, 40%, 60%, 100%, 150%, 150%, 150%, and 150% respectively. Traders should read term and conditions of these bonuses very carefully. Because later on while withdrawing the amount from accounts the companies T&C create problems. One should read regarding hidden taxes and fee one has to pay while withdrawing. Later on, the traders feel they are being scammed online. Many companies keep it a condition that you have to meet certain trading turnover (usually 30X to 40X) to withdraw funds.
Deposit and payment are through credit cards, bank wire transfer, and web money. According to Omega Options, it takes 7 to 10 business days for approval and withdrawing funds. The withdrawals method will be in the same as that of deposit.
Though it is still not conclusive if Omega Options is a scam broker or not. But few pointers like being unregulated do set off a red flag.
Through in their videos and another propagation advertisement they lure people that the company will make the traders’ millionaires, but the truth is those platforms and systems are such that you have only 1 percent chance to win and 99 percent chances are of your loss.
The trading platform is available only in English. The returns on trades is claimed to be 60 – 82 percent depending upon the option and expiry time. They claim to give such high returns because of Panda Trading system, which is actually not possible practically.
The website is registered but Omega Options are not regulated by any of the known financial regulatory body to deal with the financial product(s). So are binary options a scam? Binary Options in itself is not a scam but the involvement of fraud brokers/companies who are scamming traders is definitely a scam.
Omega Options is a scam broker as it is not regulated by any known financial regulatory authorities like CySEC, CFCT, FCA or ASIC to trade in any financial instruments. For new traders, it is like easy money, but they do not understand it is just a bait to lure them. If you are a victim of any scam broker you can contact MyChargeBack to retrieve your money. They will help and guide you step by step so that you recover maximum amount possible. Note that you will have to file within a stipulated time frame which is usually three months.