As an enthusiastic investor, selecting the right broker can pose a challenge when it’s time to trade. Accomplished traders have accumulated a wealth of experience and adeptly guided the difficulties of active trading. Novice traders can gain the experience from reading reviews of the brokers in the market and then start trading.
A useful approach for investors is to read reviews thoughtfully, taking careful note of the advantages and disadvantages. This approach can ease the fear of assessing complex trading platforms that may not be immediately understandable. Ultimately, saving time in this manner translates to saving money in the long run!
We have reviewed a Multi-level Marketing Broker called Omega Pro for you so that you don’t have to. The MLM Brokers are usually a scam, and Omega Pro is no exception. Let’s see how we came to this conclusion.
|Broker’s Name||Omega Pro|
|HeadOffice||St. Vincent and Grenadines|
|Minimum Deposit||Not Specified|
|Types of Assets||Forex|
|Deposit Methods||Credit Card, Debit Card, Bank Wire|
What is Omega Pro?: An MLM Scam?
Omega Pro is an MLM broker and is considered a pyramid scheme which raises suspicions. OmegaPro’s website is notably simplistic, lacking crucial trading information such as trading platforms, or accepted payment methods. This raises concerns since Omega Pro is registered as an offshore company in St. Vincent and the Grenadines.
Unfortunately, this association with SVG brokers is often linked to suspicion and scams, and Omega Pro appears to be no exception. St. Vincent and the Grenadines is considered an offshore jurisdiction that does not provide regulatory oversight or licensing for Forex brokers. Consequently, OmegaPro is associated with a company shrouded in anonymity.
The absence of regulation is a significant cause for concern, but the most troubling aspect is the potential loss of funds once deposited with Omega Pro. In such cases, recovering your money becomes nearly impossible.
We Recommend Omega Pro For?
We don’t recommend Omega Pro to anyone as it is a fraudster. The pyramid scheme run by this broker offers a referral program that allows you to earn rewards by referring individuals to their platform. We’ve noticed that referral systems like this one are frequently employed by Ponzi schemes.
It’s concerning because it’s the initial warning sign we observed, and in the absence of a financial report, it becomes challenging to determine whether their profits primarily come from trading or from recruiting more individuals into the platform.
Regulatory Transparency at Omega Pro: What Lies Beneath?
We’ve come across multiple warnings from regulatory authorities worldwide regarding this forex broker. They assert themselves as a forex brokerage service operating in St. Vincent and the Grenadines. However, there’s no evidence of their registration in that jurisdiction. For stringent regulation and safety of funds, look for Vault Markets.
Although they claim to provide financial and investment services, they lack licenses from any reputable regulatory bodies. This makes their operations illegal. Consequently, if you decide to invest with them, your deposited funds won’t be protected by insurance. This means that if they disappear with your money, you won’t have any recourse for refunds.
Several countries have restricted Omega Pro from their services and taken serious action against it. Some of these are:
In April 2022, authorities in Congo officially declared Omega Pro as a Ponzi scam currently under investigation. In an effort to curtail Omega Pro’s activities, legal measures were initiated, including the issuance of search warrants for two official representatives of the company.
CNMV Spanish National Securities Commission, the financial watchdog, has asserted that the broker is a scam.
FSMA, the financial authority of Belgium, has issued a warning against Omega Pro, that it is a Ponzi scheme and traders should stay away from it.
FSC has issued an alert against Omega Pro as the broker is not regulated by any authority. Investing in the broker may lead to loss of funds.
Omega Pro’s Account Limitations: A Closer Look
Here are the accounts offered by Omega Pro in the name of trading.
|Earnings Paid||Every 24 hours||Every 24 hours||Every 24 hours||Every 24 hours|
|Return on Investment||4%||6%||8%||12%|
Referral Program: Scam in Disguise?
The referral program of Omega Pro is an attractive offer, but it leads to the Ponzi scheme. Where the broker asks you to build a team with them. A 3-level referral program with 5%-2%-1% commission. Just like every Ponzi scheme, every new addition will make you income.
It claims that the referral program earnings and the number of users are unlimited. As appealing as it sounds, it comes out as a trap one should avoid. We recommend you not get trapped in the following schemes, which may lead to losing your hard-earned money.
Packages Offered By Omega Pro
We’d like to caution you about this offering, especially if you’re someone who wants to protect your funds and avoid trading on the platform. Their pitch is all about a 300% return on investment in just 18 months, which sounds incredibly enticing.
However, we can’t help but be concerned that such sky-high interest rates might be a red flag, resembling the characteristics of a Ponzi scheme. These schemes often involve taking money from one participant and using it to pay off others, which can lead to significant risks for your investment.
|Trader Types||Package||Weekly Returns|
Steps to Open An Account On Omega Pro
STEP 1: Visit https://omegapro.in/
STEP 2: After visiting the website, you will find an option of “Register An Account” in the top right corner.
STEP 3: Enter the information and Click on “Register”.
STEP 4: Make your deposits and start trading!
After registering yourself, you can log in to your account anytime.
Deposits and Withdrawals
As per the website of the broker, it claims that the deposit makes you earn every day, even on holidays or weekends. It also claims that you can withdraw your deposited funds anytime, which we disagree with.
The deposits are mainly accepted in Cryptocurrencies, which works as a major red flag against the broker as if the company drowns, you won’t have any traces of your money. As there is no single source for cryptocurrency transactions.
The withdrawals are supposed to be initiated in a day, as per the website, but when we asked for the withdrawal, the response was catastrophic. We still haven’t received our funds yet. Now, you can’t complain anywhere as it is not regulated, and the hard-earned money vanishes like nothing.
Are There Any Alternatives to OmegaPro?
There are several alternatives to OmegaPro in the market, which has stringent regulation and safety of funds and are least likely to be a scam. Here are a few of them:
Pros and Cons
Here are a few advantages in the lined-up disadvantages of the broker:
|Website claims that daily profit is 4% to 12%||A Ponzi Scheme|
|Several Charges Against the Broker|
|Deposits and Withdrawals in Cryptocurrencies|
|The referral Programme offered is a scam|
|It does not provide any information about minimum deposit, spread leverage|
Fees and Commission
What’s particularly striking about Omega Pro is its claim that it won’t impose any trading fees during the initial 16 months of a member’s enrollment in the program. This is an unusual offer; no other broker has undertaken such a step – it neglects financial logic.
OmegaPro requested us, as a new customer, to submit a $29 activation fee for platform access. Unfortunately, we can’t provide insights into the platform’s nature because we faced challenges gaining any access to it.
The broker does not mention any conventional platform like MT4 or MT5 to trade anywhere on its website. It offers only a Web Trading platform to the traders.
This again raises suspicions against the broker, making it a non-primary trading broker and more of a Ponzi Scheme.
Omega Pro affirms that Customer support is available 24/7, but when we tried contacting them, the response was unsatisfactory. We asked them about the withdrawal from our account, they mentioned that it would take 24 hours to get our money back. But even after a month, there is no news of our money. There is no calling option with the broker.
The broker claims to operate from Saint Vincent and Grenadines but actually operates from Dubai, which has become a haven for MLM companies and Ponzi schemes.
Thus, we advise you not to invest in such a company.
Address: P.O Box 1510, Beachmont Kingstown
St. Vincent And The Grenadines
Email: [email protected]
After thorough research and review, we came to the conclusion that OmegaPro is not the broker you’re looking for, for your trading needs. You should be aware of such Ponzi schemes, which look attractive but will ruin your trading aspirations and hard-earned money to ashes.
You can try other trustworthy brokers like Modmount, which will make your trading easier and safer.
Who is the owner of OmegaPro?
OmegaPro is owned by Dilawar Singh.
Is OmegaPro a genuine platform?
Regrettably, OmegaPro is not legitimate; it operates as an unlicensed broker and investment service.
Is OmegaPro listed as an Indian company?
OmegaPro’s registration is in Beachmont Kingstown, Saint Vincent and The Grenadines.
What does OmegaPro do as a company?
OmegaPro is an online commodities trading company with a mission to provide a secure, world-class trading experience to both retail and institutional clients. But, does none of it.
Where can OmegaPro be found in Dubai?
OmegaPro is in the Global Convention at the Coca-Cola Arena in Dubai.
How can you login to OmegaPro?
You can login to OmegaPro by visiting their website and clicking on the top right corner of the website.
Was there any news of the scam of OmegaPro 2023?
No, the scam committed by OmegaPro was in April 2022.
What types of packages are offered by OmegaPro?
OmegaPro affirms various packages such as StartUp, Basic, Light, Pro, Advance, Tycoon, Premium, Master, Elite, and VIP.
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