WikiFX Review: what you should know about OmegaPro

First and foremost, OmegaPro (https://www.omegapro.world/) posted something on Twitter yesterday, saying that it is currently conducting a server update to improve user experience. It seems that investors are having trouble withdrawing their money, and they doubt if the broker is a scam.

Is OmegaPro planning to run away with investors‘ funds？ WikiFX paid a visit to the broker’s website to learn more about what's been going on.

As you can see from the screenshots, the website of OmegaPro is really simple - there is no key trading information about account types, trading platform or payment methods. It is an offshore company registered in St. Vincent and the Grenadines. That‘s bad news as SVG brokers are NOT REGULATED and are usually suspected scams – OmegaPro is not an exception. St. Vincent and the Grenadines is an offshore jurisdiction that does not license or control Forex broker, which ultimately means that OmegaPro is a brand of a totally anonymous company. The lack of regulation is a significant issue, but the worst thing of all is that once you deposit with OmegaPro, your money will literally disappear somewhere offshore. When this happens, you’ll have almost no chance of recovering your money if things go wrong! And WikiFX cannot find anything about the brokers regulatory status on the website.

Let's search “OmegaPro” on WikiFX to see if we can find anything else. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/5091268077.html), OmegaPro currently has no valid regulatory license and the score is rather negative - only 1.44/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Also, one of the investors have come to WikiFX for help recently, complaining that despite him asking OmegaPro for his money back, he received no response:

Source: https://www.wikifx.com/en/exposure/detail/202207197132309941.html

OmegaPro claims to operate its business in the United Kingdom, but that seems to be a lie. WikiFX did some research on GOV.UK and found out that its company status is dissolved - incorporated in November 2018 and dissolved in October 2020. So has the broker been cheating investors in the past two years？ And its business scope doesnt have anything to do with forex or other financial activities!

What's more, OmegaPro seems to have changed its name to “PANERAIPRO LTD” in December 2020 in order to continue to scam investors, and the broker went dissolved in May this year!

Furthermore, WikiFX has found out that multiple official regulators have issued warnings against OmegaPro:

The Spanish CNMV warned against the broker twice - both in 2020 and in 2022, saying OmegaPro is not authorized to provide investment services. Warnings issued by regulators serve as proof of a scam, and after the alert, we can only confirm that youll become a victim of scammers if you deposit with OmegaPro!

The FSMA also listed OmegaPro in its list of suspicious sites:

In addition, the AMF and the ACPR, which had already blacklisted www.omegapro.world in 2020, have added another site belonging to the same company, Businessempire.fr, which also offers Forex trading services without being authorised to do so.

The CMF has also alerted the general public about the unregulated entity “Omegapro”, saying the entity is neither supervised by it nor registered in its rolls:

What's more, according to the Financial Superintendence of Colombia, OmegaPro seems to have illegally promoted stock market products in Colombia:

In conclusion, OmegaPro is not a reliable broker, and investors are advised to stop trading with it and choose another safe broker instead! WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.