OMC Markets Review 2020

General Information

Website URL: https://www.globalomcmarkets.com/

Founded: 2018

Regulation: Not regulated

Languages: English, German

Deposit Methods: Credit/Debit card, PayPal, Sage, Wire transfer

Minimum Deposit: From $250

Free Demo Account: No

Types of Assets: Cryptocurrencies, Forex pairs, Stocks, Indices, and Commodities

Regulation

OMC Markets is a Bulgarian-based forex and CFD broker founded in 2018. Like many other brokerages in offshore zones, this one is unregulated too. Problems with unregulated brokerages could arise at any point as they can abuse the regulation and be unreliable. With this in mind, and the fact that company information is very scarce on their website, the logical question would be – is it safe to trade with this brokerage? 

This OMC Markets Review will uncover whether they are worth your time and money. We will breakdown all the most important features and compare them to the rest of the forex industry. By the end, you should have enough information to make your own decision.

Trading Platform

Trading experience with OMC Markets is a mixed bag. If you come with expectations of MetaTrader4 or even MetaTrader5, you will be disappointed. Trading software on offer is made by Airsoft. It is a rudimentary web-based CFD platform, with no advanced features MT4 can offer.

There is a decent number of tradable instruments on offer. Traders can select over 180 assets including Currency Pairs, Stocks, Commodities and Cryptocurrencies. Support is only available in two languages: English and German. While It’s obvious OMC Markets wants to focus only on certain markets, we would love to see other languages as well. To start trading, you will need $250 for the deposit. There are several account types offering different perks, but the minimum is considerably higher compared to the rest of the industry. This is particularly troublesome given the fact that there is no demo account.

Account Types

OMC Markets offer 6 different account options to choose from. The way you can upgrade your account is by depositing an increasingly bigger deposit amount. You start with the basic account with $250 and can work your way up to the platinum account for a $100,000 deposit.

  • Basic

We were surprised just how much the basic account has to offer. For $250 you get access to the education centre, bi-lingual support that is available 24/7, Daily market reviews, PRO webinars and price alerts. There is even a 30% welcome bonus, although there is little detail on how you can use it.

  • Bronze

You can upgrade to the bronze account with a deposit of $10,000. While most previous perks still apply here, you are now eligible for a 40% welcome bonus and your personal junior account manager.

  • Silver

By now you will begin to notice a pattern. The only things that really changes is the bonus amount and the experience of your manager. Silver-tier accounts receive a 60% welcome bonus and a senior account manager.

Next three are considered highest of the high, so let’s check them out!

  • Gold

There is a big step-up for traders who upgrade to the Gold account. Personalized trading strategy is the big feature you can only get on this tier and above. In addition to it, you also get an 80% welcome bonus and a VIP account manager. 

  • Platinum

This is the highest available tier that traders can buy into. With a deposit of $100,000 you are eligible for a 100% welcome bonus, along with your own VIP account manager and a specially developed trading strategy.

  • VIP

This is the best OMC markets has to offer. Traders cannot simply start off with this account, as it is invitational only. There is little info on what benefits it holds. That kind of information is personal by account managers after several weeks of trading.

Customer Support

We had mixed feeling over our experience with OMC Markets customer support. While on the surface, it ticks all the boxes when it comes to support. Still, this brokerage disappoints when it comes to the execution.

You have numerous options to reach out to them. You can do so via email, telephone, on-page form or the live chat feature. The problem comes from the fact that you will be waiting for a reply for far too long. This is true across all their communication channels. Phone lines seem to be busy most of the day. It can take days before you get an email response, and the live-chat feature seems to crash every hour.

Deposits and Withdrawals

When it comes to depositing, you will have no issue at this section. OMC Markets supports almost every popular method including Visa, MasterCard, Maestro, Bitcoin, American Express, Cirrus, WorldPay, wire transfers and PayPal.

Withdrawing your money, however, comes with several caveats.  You will encounter some unusual requirements. They will make it harder for you to withdraw your money. As there is little information on how bonuses work, you will have a hard time actually claiming them. This can ultimately lead to losing your account. This should be a red flag that OMC Markets is not a reliable broker.

Education

OMC Markets doesn’t offer anything special when it comes to educational resources. Unlike most brokerages, who offer their libraries upfront, there is a paywall here. Apart from the News section, you cannot access anything without registering your account first. Once you do, there is some value here, but nothing to justify the restriction. Perhaps the only standout feature is the eBooks section that covers a wide range of useful information.