Omega Financial LTD has listed a couple of “benefits” on their website which they want us to take advantage of. The broker claims that they’re offering comprehensive trade analysis, real-time learning, tight spreads, rapid execution and support in over 20 different languages. Today we will find out whether omegafinancialltd.com has the capacity to implement these self-proclamations.

General information about Omega Financial LTD

Website	https://www.omegafinancialltd.com/
Location	London
Phone number	+442030976565
Email address	info@omega-fin.net support@omega-fin.net
License	❗ None
Minimum deposit	100 EUR

Omega Financial Ltd website review

The website is full of the usual promises that CFDs brokers like to proclaim. However, we also noted that they’re not able to fulfill most of these promises, which is an unfortunate thing considering that this broker is full fo self praise and their vibe is generally positive at first. But when we begin investigating some of their claims, we find that the broker is just using empty words to promote their website.

For instance, when they claimed that Omega Financial Ltd is providing an “extensive array of trading platform choices” and we find out that this is not honest because upon signing up, we find out that WebTrader is the only trading platform offered by this broker. No MT4/5 or cTrader. It’s just a single trading platform. Clearly their promotion statements are misleading to the community.

The Omega Financial Ltd website has a basic design that has failed to captivate us. This must have been done hastily and for a cheap budget. The bells and whistles that we have come to expect from fancy brokers out there are missing on this website. Yet the broker is shouting on top of their voice and implying that they’re offering the best compared to other CFDs brokers.

Our experience on the client portal and trading platform

They have not done anything unique with their client portal either. Nonetheless, we were able to access and edit our user information, verify our KYC documents, deposit and request withdrawal as well as send an email to one of the firm’s customer support agents.

The client dashboard also provided us with a WebTrader button. Upon clicking it, the broker’s user dashboard redirects to the WebTrader. We could access hundreds of tradeable instruments and even test it out by opening a few trades.

However, we’re concerned with this company’s transparency when it comes to executing trades on their platform. There is no CFDs broker in the world who will run WebTrader and still give you execution at the market level. In fact, all the evidence we have would suggest that this broker is a market maker.

The market making model is not favorable to retail traders and this automatically nullifies the claim that the broker is offering tight spreads. It would be extremely difficult to consistently profit against this broker.

We also noted lack of information pertaining to leverage. The account that we opened failed to disclose what leverage we were using. The broker has also failed to provide a functionality that lets traders adjust leverage when opening their trading accounts.

In our opinion, Omega Financial Ltd is a non-transparent broker. You cannot trust them considering that they’re very economic with information.

Omega Financial Ltd account plans

When signing up with this broker, you will be requested to fill in a form that lets you choose one of their 4 account types. These include Mini, Standard, Gold and VIP respectively. However, this is a surprise because on the account types page, the broker has listed other types of account plans which are not what we’ve mentioned above. These include Beginner, Silver, Investor, Premium and Gold.

Access to a personal account manager is a standard feature in all of these account types. However, Omega Financial Ltd has not provided specific info about their spreads. They just list the words “fixed/floating spreads” and leave us hanging. The broker is not being specific with their spreads, which is a bad thing because it is not consistent with their promise that they’ll provide tight spreads.

As we upgrade to higher plans, the company unlocks additional features which include trade/account insurance, company lending, trading signals and an increased number of tradeable instruments.

We’re skeptic about their promise of trade or account insurance since they failed to provide an explanation of what they mean by trade/account insurance. In CFDs trading, you need margin which is something you can attain by depositing funds into the broker’s platform and not the company funding or covering your trades with “insurance” as alleged. There’s something fishy about their promise to offer traders an insurance.

An upgrade from the Omega Financial Ltd beginner account requires 2,500 EUR.

Is Omega Financial Ltd a scam?

The legal status of this entity is very discouraging as we have noted that Omega Financial Ltd is providing retail trading services without a license. With no license, the safety of their clients’ funds is far from being guaranteed. Regulators want brokers to adhere to certain standards to serve clients in a transparent manner but you can be sure that Omega Financial Ltd is not following any of these requirements. Therefore, the broker is most likely a scam.

The Pros and Cons

Summary of this review

At the end of the day, none of this broker’s numerous promises were fulfilled. We object the statement that this broker is providing tight spreads because our experience was different from what the broker is professing on their website. The entity lacks a license and this is a concern because the broker won’t adhere to the standards that financial regulators want them to stick to. This trading platform smells of a scam and in our review, we give it a 1 star rating.