Omplix is a cryptocurrency broker that has an exceptionally elegant website (omplix.com). It’s not often that I come across brokers who have websites as good as this one.
Having a reputable website is not, however, evidence that a broker can be relied upon. In this evaluation of Omplix, I will explain whether or not I believe you should have faith in this broker. Let’s start:
Omplix’s Regulatory Framework and License
The address of the broker is always the first thing you should search for in any situation. The location of a broker’s office would be the decisive factor in determining the applicable legal system. If the broker is from an offshore region like the Marshall Islands or St. Vincent and the Grenadines, you should steer clear of doing business with them.
In the case of Omplix, the company Pepper Fly (Pty) Ltd. serves as the broker’s parent organization. Their address is listed as being in the Dominican Republic, which is considered to be an offshore territory similar to those that I described earlier.
Because offshore territories do not have financial regulators, the brokers who are based there are unlicensed and unregulated. This is one of the advantages of offshore regions.
Therefore, Omplix is a broker that is not regulated and does not hold a license. When you work with a broker who is not properly licensed, the security of both your money and your data cannot be guaranteed.
Unregulated and unregistered brokers are extremely risky since they have the potential to steal your money (via various forms of covert pricing) and even your private information!
The Cyprus Securities and Exchange Commission (also known as CySEC) and the Financial Conduct Authority (also known as FCA) are two regulatory authorities that have a great deal of rules and regulations. These restrictions ensure that the broker does not act in a way that is detrimental to the interests of its users and does not mislead them.
In addition, regulatory bodies have insurance coverage in place in the event that one of their licensed brokers violates legislation or steals funds belonging to their customers. You do not receive any of these advantages if you work with unauthorized brokers.
Trading with unregulated brokers is, without a doubt, associated with a greater degree of danger, which is why I do not advise doing business with Omplix.
Omplix Terms and Conditions for Trading
The trading conditions offered by a broker are the second most significant element; this is despite the fact that a broker’s license can tell you a lot about how reliable it is. Which trading platform does it provide for its customers? What’s the minimum deposit limit? In order to establish whether or not Omplix is a trustworthy broker, we will go over the following factors in greater detail:
Remember I mentioned earlier in the article that Omplix has a beautiful website? Well, this website only looks good. The website has numerous broken links and glitches.
Accessing many important sections of their website is a herculean task. I tried multiple times to open an account with Omplix but I couldn’t. The technical glitches present on their website didn’t let me create an account and see their trading platform.
I was unable to determine the type of trading platform that Omplix provides for its customers. In addition, the brokerage firm’s website is devoid of any information whatsoever regarding the trading platform it offers.
Metatrader 4 and Metatrader 5 are currently the most widely used trading systems in the financial industry. They provide outstanding customer assistance in addition to a plethora of useful features and perks. Because of this, approximately 80 percent of the sector relies on these platforms. Trading should only be done through a broker that makes use of one of these platforms, in my opinion.
Even though I was unable to determine the platform they employ, I am positive that neither MT4 nor MT5 is in use by Complex. This is due to the outstanding reputation that these platforms enjoy, and the fact that no broker would ever disguise the fact that they provide their customers with access to this platform.
Because of these platforms’ widespread use, many unethical brokers have begun to exploit the opportunities they present. A large number of dodgy brokers make use of the outstanding reputation of MT platforms to provide the impression that they are trustworthy to potential customers.
Omplix would not have attempted to conceal the fact that it offers MT4 and MT5 to its customers in any way, shape, or form. There is a significant possibility that this broker uses a trading platform that is extremely standard.
Omplix doesn’t provide any information on its minimum deposit requirements. This is quite suspicious because brokers tend to keep such information available to all to boost trustworthiness.
Because this broker doesn’t provide such vital information, it indicates the intentions of this broker aren’t right. There’s a huge chance that Omplix is a fraud.
Most regulated brokers keep their minimum deposit requirements around $100 or $50. That’s because they want to give their new users a chance to experience their services without making a big financial commitment.
As a high minimum deposit requirement indicates that the broker is a scam, Omplix might have kept this information hidden to avoid suspicion.
Leverage and Spreads
As I couldn’t access their trading platform, I wasn’t able to test their leverage and spreads. This is quite disappointing because they are vital pieces of information and help in determining the reliability of a broker.
It seems to me that Omplix doesn’t care about transparency. Moreover, it’s possible that they offer a very dangerous leverage ratio and have kept it hidden to avoid suspicion.
If a broker offers a very high leverage, you should be wary of them. Many financial regulators in different regions have imposed restrictions on how much leverage brokers can offer to their clients.
For example, in the US, a broker can offer a maximum leverage ratio of 1:50.
They have these restrictions because a high leverage ratio can cause you huge losses very quickly. Such leverage ratios are dangerous for new traders particularly.
Omplix Payment Methods and Charges
Omplix allows you to fund your trading account through cryptocurrency, wire transfer, and credit card. Their terms and conditions state that you can withdraw through cryptocurrencies at any time. The minimum withdrawal limit for credit cards is $100 while for wire transfers, the limit is $250.
It seems unfair to impose such restrictions on withdrawals. Regulated and reputed brokers don’t keep such limits on withdrawal. Your withdrawal might take 10 to 14 days to process, which is way higher than the industry average of 48 hours.
Omplix charges you a dormant fee of $200 if your account remains inactive for 60 days. After that, they will charge you $90 per month. These charges seem quite excessive in all respects.
Is Omplix a Scam? Yes!
The crypto industry has expanded exponentially in the last few years. Because of that, many kinds of scams have entered this sector as well. Usually, a scammer would target novice traders through bonus offers and bogus claims so they would sign up on their platform. Such brokers usually have unfair terms and conditions but people rarely read them before accepting the same.
When a person finally signs up and makes a deposit on their account, the broker can do whatever they desire. They can steal the user’s funds through hidden fees or even steal their private data.
Usually, these brokers operate from offshore areas such as St. Vincent. These regions don’t have financial regulators like the US or the EU so they have become havens for shady crypto brokers.
Omplix Review: Conclusion
I hope my Omplix review helped you make an informed decision regarding this broker. There are many scams in the crypto industry similar to this one. It’s best to stay alert and do some research before signing up with a new broker.