Complaints from customers seem to be commonplace at OmegaPro Ltd.

London – Contracts for difference (CFDs) are derivative products used to speculate on the price development of thousands of financial stocks such as indices, forex, commodities, crypto currencies and government bonds worldwide. The positive or negative trading result of a CFD is calculated as the difference between the entry and exit price. Trading CFDs aims for short-term returns and is therefore the opposite of a long-term investment strategy. Those who rely on contract for differences hope to earn a comparatively large amount of money within a short period of time with little effort. This is especially true for online trading as trading in real time.
OmegaPro Ltd. operates in this confusing and for investors very risky market. The London-based company says about itself: „Founded in early 2019 OmegaPro became a pioneer in online trading. Initially specializing in Forex trading, we expanded the range of products to indices, shares, commodities, ETFs, and options. With our customer’s trust and our expertise in delivering a first-class trading environment, we continue to expand our reach in the financial sector.“
Complaints from customers seem to be the order of the day with the financial services provider. There is no other explanation for the fact that the company’s own website contains a section entitled „Complaints Policy“. Complaints are always an expression of dissatisfaction that relates to inferior products or poor service. Complaints policy is always used as an instrument when companies are trying to limit the damage and fear negative word of mouth from customers. OmegaPro seems to have had relevant experience with this and has therefore developed its own complaints policy. The aim is to respond to customer criticism reasonably quickly, to provide employees with instructions on how to deal with complaints and to deal with them „consistently, fairly and impartially“. Complaints can only be submitted to the London company by e-mail. A curious hint is that the client can „submit complaints free of charge“. Every customer should be able to expect not to have to pay any money to have his complaint handled.
When a complaint is received, it is first registered by an employee in OmegaPro’s internal register and assigned a reference number. The complaint is then forwarded to the department in whose jurisdiction it falls. This gives the misleading impression that OmegaPro is a medium-sized company with various specialist departments. After a written complaint has been received, the names, personal contact details of the customer and the reason for his criticism are recorded. Allegedly, this is all done in compliance with data protection. The complainant is promised to be informed about the handling process while his complaint is being investigated. On the part of the company it says: „OmegaPro shall investigate the complaint and reply, within one month, to the complainant about the outcome/decision. In the event when OmegaPro is unable to respond within one months, it shall inform the complainant of the reasons for the delay and the period of time within which it is expected to complete the investigation. This period of time cannot exceed three months from the submission of the complaint.“
And what do customers do who feel that their complaint is not being taken seriously? They have apparently already called in the state authorities against the London service provider on several occasions. This sentence on the website cannot be understood otherwise: „If a complainant is not satisfied with OmegaPro’s final response to his/her complaint, then he/she reserves the right to refer the complaint to the appropriate authorities.“
In professional circles, it is expressly advised against using the services of this company. On February 3, 2020, a revealing analysis appeared on the news portal under the title: „OmegaPro Review – Five things you should know about“ This appeal is directed at potential customers: „Beware! OmegaPro is an offshore broker! Your investment may be at risk.“ In the factually written article it says: „OmegaPro is a CFD brokerage based presumably in the UK. It provides а web-based platform, not the MetaTrader 4 trading platform, however, the trading conditions remain unclear and the is a disturbing lack of information on the website of the brokerage. The brokerage claims to be owned and operated by an UK-based company, however, does not give further information. We remind readers that brokerages operating on the territory of the UK have to be regulated by the Financial Conduct Authority. However, upon running a check through the online registry of the FCA we could not find the company’s name listed among the licensees of the British financial watchdog. Furthermore, while researching the brokerage on the web we came upon an official warning issued by the Spanish financial watchdog CNMV which reads that the brokerage is suspected in providing financial services without proper authorization and being involved in scam operations. The official warning and the the lack of regulation puts tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.“
Other portals also warn against the OmegaPro business model. Even the company openly addresses the investment risks on its website: „Risk Warning: Trading Derivatives carries a high level of risk to your capital und you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully unterstand the risks involved, and seek independent advice if necessary.“