OMC Markets Review: Security Protocols and Protection Measures Under the Lens
As per the Global OMC Markets broker, traders should make their profits quickly. But does it mean being careless and rushing decisions? What kind of support is the company giving? Is OMC Markets regulated brokerage?
All this and much more are found in our OMC Markets review.
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||FCA|
|Owned by:||Personal Found Ltd|
|Supported Platforms:||Web trader|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
OMC Markets Regulation and Security
OMC Markets is a brand owned by Personal Found Ltd from Bulgaria. This should imply that we are dealing with an EU regulated broker. However, the reality is a little bit different. This specific company does not have regulation by Bulgarian FSC or any other regulator. It means that this company is another unregulated shady broker that’s trying to fraud clients.
Warnings From Financial Regulators
Since we already concluded that OMC Markets regulation doesn’t exist, we were not surprised to see that the broker is blacklisted all around Europe. The first official warning against OMC Markets forex broker came in 2019 by the Austrian FMA. That same year, the UK FCA blacklisted OMC Markets, stating that the broker is illicit and clients should immediately file a complaint. After these two regulators, German BaFIN published their warning, saying that this firm is among many potentially dubious trading platforms currently on the market.
Funds Withdrawal Issues
If you cannot withdraw your funds from the trading platform, the whole process makes no sense. That’s why we checked all the complaints about OMC Markets and focused on withdrawals and potential issues.
First of all, the broker uses a web trader for trade execution, which is not good. The web trader is less secure than the MetaTrader, and the broker can change market prices. Very bad for your profits.
Moreover, the leverage goes up to 1:500, which exposes your funds to tremendous risk. The spread for EUR/USD pair is almost 4 pips – double the standard in this industry. Payment methods are somewhat limited; only credit cards and wire transfers are accepted. And when it comes to fees and commissions, nothing is specified.
After you’ve seen all these trading conditions, combined with the fact this broker is unregulated, you can understand how likely it is to experience withdrawal issues.
How Does Online Trading Scam Work?
According to many OMC Markets reviews we had a chance to see, it’s always the same. You are signing up for an ad about trading and depositing your funds. Afterwards, you are being assigned with an account manager who’s trying to be your best friend and extort money at the same time. Once you pay all your money, your account is getting suspended, and your account manager is unavailable.
Do not fall for the OMC Markets scam.
Scammed by OMC Markets?
If you were scammed by OMC Markets, there is a possibility of getting your funds back. You should file a dispute and request a chargeback.
But what is a chargeback? Simply speaking, a chargeback is a way to refund your card in case you were scammed online. For further assistance in the chargeback procedure, contact our support via chat.
What is OMC Markets?
OMC Markets is an online trading brokerage without a regulation.
Is OMC Markets a scam?
The broker is based in Bulgaria and does not have a regulation for its work.
Are OMC Markets regulated?
No, this company is not regulated for providing financial services.