OmegaFX Limited Singled Out by Austria’s FMA

There’s been another suspected scam appear on the radar of Austrian financial regulator, the Financial Market Authority (FMA), this Wednesday, with the watchdog publishing a warning on its website against OmegaFX Limited.

The warning, which was posted on the regulator’s website yesterday, specifically mentions two names in its statement - OmegaFX Limited and Energy Capital Group EOOD, which belong to an entity that claims to be based in Sofia, Bulgaria.

In the warning, the FMA states that OmegaFX Limited: “is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business (Article 1 para. 1 no. 1 BWG).”

The Austrian watchdog provides the following website as belonging to the entity - https://www.omegafx.io. Following this URL, you are taken to a company that claims to be an online trading provider.

“OMEGA FX is a world leader in providing online trading services. Our service offering includes a range of investment and trading products, from CFDs (contract for differences), to FX and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term,” the website states.

“Our premium Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term allows our clients access to vast array of opportunities across the globe. with thousands of financial assets available to trade, from stocks, commodities, futures market, currency pairs, cryptocurrencies and more, our clients are fully equipped to take advantage of any market, weather it goes up or down.”​

Threats of scams are on the rise

Scams within the forex and cryptocurrency space remain a real and increasing threat to traders and unsuspecting consumers. As Finance Magnates has reported extensively, regulators are constantly on the lookout for entities that may either be clone firms or fake companies.

Earlier this week on Monday, Italy’s financial regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB) blacklisted a number of entities operating in the forex and crypto space.