OMGFIN is a cryptocurrency trading platform with a registered domain since May 16, 2018. Its main investors provide trading services for numerous cryptocurrencies including Bitcoin, Ethereum, Uquid coin, Enjin Coin, Neo, and Neogas. This broker does not offer services to jurisdictions where it might violate local laws or regulations, such as the United States.
Company Registration and Regulatory Status
According to its official website, OMGFIN claims to be a company registered under the laws of the Republic of Estonia, with the registered entity OMGFIN Limited, registration number 14556327. The company is authorized and regulated by the Financial Intelligence Unit of Estonia to provide virtual currency exchange services for fiat currency, with license number FVR000604, and to offer virtual currency wallet services, with license number FRK000513.
Upon verification, the official website of the Estonian Financial Supervisory Authority (FSA) does not list OMGFIN Limited as a regulated company, and there is no information about licenses numbered FVR000604 and FRK000513. Furthermore, the FSA clearly states that the virtual currency sector is unregulated and it does not oversee virtual currency trading.
Therefore, OMGFIN is essentially a fraudulent broker site with no corporate entity or regulatory oversight.
Account Opening Process
The OMGFIN trading account opening process is as follows: Visit the broker's official website, click on "SIGN UP" at the top right corner, enter your name, personal email, and set a login password, then submit the application. After submission, the account will be successfully registered. Users will then need to complete KYC identity verification to deposit funds and start trading.
Trading Platform and Deposits/Withdrawals
OMGFIN offers a self-developed web-based trading platform. The platform supports deposits through various cryptocurrencies including Bitcoin, XRP, UQUID COIN, and ETH.
Risk Warning
Before deciding to invest in cryptocurrencies, consider the following:
- International Scope—Due to the decentralized nature of ICOs and virtual currency trading, it is usually difficult to track these activities and subject them to specific jurisdictions.
- Issuer's Risk—Token providers are often startups with no prior activities or financial indicators, making it difficult for investors to assess their credibility. Moreover, startups have a relatively high failure rate. In the worst cases, the issuing company might not be listed in any official register or its associated personnel are not clearly identifiable.
- Speculative Investment—The value of tokens is often non-transparent and speculative, with their trading prices potentially fluctuating widely in a short period. If tokens become worthless, investors will lose their entire investment.
- High Return Promises—Investors should be wary of high return promises, as the higher the promised returns, the greater the investment-related risks.
- Fraud Risk—Due to the anonymous nature of token transactions, the risks of fraud, money laundering, and terrorist financing are also high.
Virtual currency services are not legally regulated and are controlled solely by the service providers, with all risks borne by virtual currency users. In the Republic of Estonia, the virtual currency sector is unregulated, and financial regulators do not oversee virtual currency ventures. The European Banking Authority (EBA) issued a warning to investors as early as 2013. In 2017, the European Securities and Markets Authority (ESMA) also issued warnings to investors and market participants.
Conclusion
Traderknows reminds investors that OMGFIN is actually a scam cryptocurrency trading website with no company entity or regulatory oversight. Investors are advised to choose brokers with transparent information, strong regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
