Let’s get the obvious thing out of the way – OMC Markets is an unregulated forex broker. We have addressed this in the past numerous times. As a rule of thumb, traders shouldn’t automatically avoid unregulated broker, but they must be aware it comes with substantial risk. Unregulated brokers could be unreliable and could abuse the regulations. If you are risk-averse, you should stay clear of them altogether. However, if you know what to look out for, you could end up winning more than you are losing.
With that being said, we were interested to find out just how much this brokerage has to offer. In our OMC Markets review, we aim to discover whether you should consider them seriously or stay clear.
OMC Markets is a Bulgarian based forex and CFD broker with a decent offering of currency pairs and CFD on numerous assets, from stocks and commodities to cryptocurrencies. If you find this appealing continue reading this OMC Market review before opening your account.
Platform and Execution SCORE: 60%
Traders hoping to find a familiar trading environment in MetaTrader4 or MetaTrader5 will be disappointed. OMC Markets offers a platform created by Airsoft. Is rudimentary web-based CFD platform with no ability to use any advanced MT4 features.
Their website along with the trading platform I available in both English and German. If you wish to open an account, you are required to deposit a minimum of $250. Even if you deposit money with a credit/debit card, your account will be in Tether. You also have the ability to deposit in cryptocurrencies. Max leverage is 1:200. While this can seem alluring, traders should be extra careful when choosing leverage over 1:100 due to higher risk of losing funds.
Something that OMC Markets has done well is the large variety of accounts that traders can choose from. There are 6 tiers starting with the basic one, going all the way up to the VIP account, which can only be achieved through special invitation. Accounts are diverse enough and come with an impressive number of perks. Highest tier accessible to all traders, the platinum, requires a deposit of $100,000.
Withdrawal Speed SCORE: 55%
OMC Markets offers its clients a wide range of payment options. Deposits can be made via Visa, MasterCard, Maestro, Bitcoin, American Express, PayPal and wire transfers. It was very difficult to locate additional information such as minimum withdrawal amount. Only once we dug through terms and conditions did we find there is a limit of $100. We couldn’t find any mention of additional fees or nasty withdrawal conditions. Traders should still be on a lookout, and at least in the beginning practice with withdrawing only small amounts to test if there are any hidden fees or long waiting times. Such fees and delays are usually a sign of a scammer.
Traders should also be very careful when accepting bonuses from OMC Markets. When you do accept one, you will not be able to withdraw any amount from your account until you reach a certain trading volume. While we have seen unusual withdraw conditions before as well, this one takes the cake, so be aware of this.
Support and Assistance SCORE: 40%
At first glance, OMC Markets offers plenty of options for customer support. Traders can use the very popular live-chat feature, the on-page form, write an email, or contact them directly on the telephone.
Where all of this falls flat is the laughably bad execution. You will struggle to get any sort of reply, and when you do, it will usually happen days after you have raised any claim. Telephone lines always seem to be busy, and the live-chat operator seems to be absent for most of the time. In most situations, you will be left on your own.
Education and Tools SCORE: 95%
The educational section of the OMC Markets website is quite rich and extensive. While some brokerages ignore this completely, we are happy to see that OMC has placed a great emphasis on it. Whether you are a completely new broker looking to start a career, or an industry veteran, there will be plenty of material on offer for you here. Some of this content can only be accessed with an active account though. You shouldn’t be worried because you can still use some of it without ever spending a single cent.
The Video section is mostly dedicated to novice traders. You can watch introductory videos that explain the basics of how the markets work. All the material is very informative and easy to follow.
If you happen to be interested in slightly more complex topics, there is excellent material in the eBooks section. These eBooks go into greater detail on how you can develop more advanced and lucrative trading strategies.
If you just want to be up to date with financial trends, you can head on directly to the News section where you can read about the latest market movements. All content is very up to date so that you can always have your finger on the market pulse.
Charts are there to give you an overview of how a specific asset is performing at any point in time. These can prove to be very useful, before you decide to make an investment, so we applaud its addition.
In the end, all that we can say is that our experience was a mixed bag. This OMC Markets review pointed out all the positive and the negative aspects of trading with this brokerage. While the education section is commendable, we had way too many issues with the platform and the trading executions. This is the main reason we cannot recommend OMC Markets at this point.