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Omega FX Review - is it scam or safe?

Omega FX review - Is scam or good forex broker?

Omega FX is an offshore broker. Your money is not safe.


Omega FX is a unregulated broker, based in Estonia. They offer a number of currency pairs and CFDs on various asset classes with a leverage as high as 1:500 and the MetaTrader4 platform. Unfortunately, because of their regulatory status, we can not recommend them, and if you are still considering opening a trade account with them be sure to read this review first.


Trading account  Min. deposit Max. leverage Spread
Standard Account $250 1:500 3 pips, fixed


Omega FX Advantages:


Over 40 currency pairs and a number of CFDs


The comprehensive selection of trading instruments available at Omega FX is definitely a positive sign. We counted over 40 currency pairs, many of which crosses, minor and exotic like USDHKD, USDSGD, USDTRY, USDCNH, USDDKK, USDNOK, USDSEK, USDMXN, USDPLN, USDCZK, USDRUB and USDZAR.


The variety of CFDs is also good, covering scores of commodities and precious metals like coffee, cocoa, oil, natural gas, platinum, palladium, silver, gold and oil, 24 indices, stocks and some major crypto coins like Bitcoin, Litecoin, Dash, Ripple and Ethereum. Still, if you are tempted to trade crypto assets you may also check our list of brokers trading with bitcoin CFDs:


>>Bitcoin Forex Brokers<<


Leverage of up to 1:500


We should start with the fact that in one section of the Omega FX website the maximum leverage was quoted to be 1:200 and in another - 1:400. As we opened a demo account, however, the leverage we were offered was as high as 1:500.


Besides, such high leverage is not that common anymore, because of the restrictions imposed on many regulated markets like the European Union, the U.S., Canada and Japan. Still, if you like the idea of trading with higher leverage, you may actually check our list of brokers regulated in Australia – the last major regulatory hub, where higher margin trading remains unrestricted despite of the risks:


>>Brokers regulated in Australia<<


Acceptable minimum deposit requirement


To start trading with Omega FX you will need to fund your account with minimum 250 USD and that is acceptable. Still, bear in mind that with some big names in the industry like FBS and IG you can start trading with virtually 5 USD.


Omega FX Disdvantages:


Shady background, not regulated


As we noted Omega FX is not regulated and that is a major issue. The reason – unregulated brokers are virtually unaccountable for the way they handle your money and too often they are simply involved in scam.


Brokers with legit licenses from respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) on the other hand are reliable as they are subject to a rigorous oversight and strict rules. Besides, with a FCA broker you will even get an insurance of up to 85 000 GBP, which will be payed to you in case your broker happen to be insolvent. Here you may check our list of FCA regulated brokers:


>>FCA Regulated Forex Brokers<<


On top of that we are not exactly sure, which is the company behind Omega FX as on their website we came across the names of two different companies - CCLR Solutions Limited and TRSystem. See for yourself:



Trading bonuses with unusual withdraw conditions


Be aware that if you accept a trading bonus by Omega FX you will not be able to withdraw until you reach a certain minimum trade volume requirement. For example if you accept 400 USD as a bonus form Omega FX, you will have to trade at least 10 million USD, before you will be allowed to withdraw your profits. And what is more, only trades which were open for 24 hours or more will be counted in the required trading lots to cover the bonus. That in practice makes any withdrawal of profits almost impossible.


Various fees


Omega FX collects various fees, including a monthly maintenance fee of 20 USD, a profit clearance fee of between 1,5 USD and 5 USD on each successful trade, a service fee of 3.5%, but not less then 30 USD on all withdraws, as well as brokerage fees, commissions, swaps, special service and other fees.


MetaTrader4 provided by a third party


The fact that such a reliable and well known trading platform like the MetaTrader4 is offered is good news by itself. Unfortunately the platform is not offered by Omega FX, but by another company - Traders Voult and that is not a usual practice as well.


Otherwise MetaTrader4 is one of the most popular trading solutions – featuring numerous market indicators, advanced charting tools and even the option to run automated trading sessions with the help of specially designed trading bots – Expert Advisors. Here you may check our list of brokers supporting the MetaTrader4 as well:


 >>MT4 Brokers<<


High spreads


As tested with a demo account the benchmark EURUSD spread was fixed as high as 3 pips and that is uncompetitive to say the least. Have in mind that spreads are generally considered attractive with a standard account, only when they start below 1,5 pips. Besides, here you may also check our list of brokers, offering tighter spreads:


>> Lowest spread forex brokers<<


Skrill not accepted as payment method


Omega FX accepts payments with credit cards like VISA and MasterCard, AstroPay, bank wire and bitcoins, but not Skrill and that is worth noting because of the new anti scam policy of the money transfer company, according which its services are available only to brokers, holding legit licenses. As we noted Omega FX is not a licensed broker:




The main issue with Omega FX is the fact that they are not licensed and in practice do not have legal right to offer brokerage services on regulated markets like the European Union or the U.S. Apart from that they have some rather unusual withdraw conditions and fees, which make trading with Omega FX pointless, even if they are not involved in scam.

Latest news about Omega FX
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Traders` reviews for Omega FX
















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This is f”king SCAM!!!SCAM!!!!! DONT PUT YOUR MONEY HERE!!! They will cheat you very fast and some more will scold you: Stupid! There was one girl call me her last name is Morgan she scold me stupid! I wish her to get in troubles! Amen!

Anonymous 07/15/2019

You never withdraw your funds

Scam, very bad company never risk with such companies, every moment changes analysts and ask you to more deposit, showing wrong figures and profits.

You never withdraw your funds.

Mohammed 06/26/2019

Bad experience with OmegaFX

I have disposed money on Omega and the first contacts were very good.
I have made a profit and the contact with the accountmanager was very good.
Til the moment that i where not able to put more money in the account. This was the last time a heard from them.
The money is still on the account on metatrader and on their website account.
I tried to withdraw the money but no succes.
Still trying to get my money out of there account.
Any suggestions?

Wim 06/19/2019


Scam, withdraw always canceled

Tomas 05/21/2019

Omega FX

They rang and told me they were Omega Financial Services which is regulated in Australia but then they directed me to which is a completely different company.

Wisernow 05/16/2019

I asked to withdraw funds, not yet traded just deposited and than my account vanished

I was unable to log in after a discussion not to trade, suddenly my account was not recognised/ vanished

Sandra davis 05/03/2019
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