Omigoo – The supposed provider for trading with cryptocurrencies offers on its website what it says is a “really secure” wallet for Bitcoins. In addition, the provider speaks of the most reliable ledger for cryptocurrencies in this context. In addition, customers were given the best tools to start their “crypto journey”.

For those who currently use Omigoo ‘s offer or are currently considering investing money, our lawyers answer these questions, among others, in this article:

  • Is the provider Omigoo reputable?
  • Are there any empirical values from other investors?
  • What alternative courses of action might be open to consumers in the event of losses?

Our lawyers have provided the answers to these very questions in this article.

If you are unsure about whether Omigoo is a legitimate offer, we are here to help you with your questions and disputes. Please send us your message via our contact form. Our lawyers are at your disposal for a free initial consultation on the subject of Omigoo.

Omigoo experience

On its website, Omigoo talks about how cryptocurrency trading is complicated for beginners and how they are making it easier to get started. Accordingly, one can easily buy and manage cryptocurrencies via Omigoo. In addition, one can store one’s savings and distribute them according to one’s own ideas.

Moreover, the storage of crypto-assets at Omigoo is just as safe as at a bank. Moreover, one can protect oneself from “financial downpours”. On its homepage, Omigoo provides a conversion calculator that calculates the current exchange rate from FIAT money (euro) to Bitcoin (BTC).

It also says that deposits can be made at Omigoo via bank transfers or soon also via credit card payments. Furthermore, one learns that the mobile crypto revolution is imminent and that Omigoo offers all tools for online trading with cryptocurrencies in one place or in one app.

Omigoo on the net

Omigoo’s offer can be reached via the English-language website at the URL https://omigoo.io/.

Web address

Every web server is identified by a unique numeric code. This so-called IP address enables an internet browser to specifically address hosts in order to retrieve content. We retrieved data about the company Omigoo on 10 May 2021 with this result: Domain Name: OMIGOO.IO

Registry domain ID: D503300001186581188-LRMS Registrar WHOIS Server: whois.godaddy.com Registrar URL: http://www.godaddy.com Updated Date: 2020-11-29T20:35:14Z Creation Date: 2020-09-30T14:32:22Z Registry Expiry Date: 2021-09-30T14:32:22Z

Does an imprint exist?

In Germany, according to § 5 of the German Telemedia Act (TMG), there is a basic obligation to provide imprint information. This “labelling” obligation applies to all commercially managed WWW pages. This is because this information is intended to inform the visitor to a website who he or she is dealing with.

In addition, the address of the website owner plays a role in this context if legal claims are to be enforced against the website owner. Another decisive factor in this context is the fact that the obligation to maintain an imprint also applies to foreign companies that carry out their commercial activities in the Federal Republic of Germany.

No legally binding imprint could be found on Omigoo’s website in May 2021.

CEO

Declaring the responsible actors by name is a characteristic of transparency. On Omigoo’s website, there is no information on thematically responsible persons at the time of writing.

Information on accessibility

Accessibility of Omigoo – this information is available:

  • Provider: Omigoo OÜ
  • Phone number: n. A.
  • E-mail: support[a]omigoo.io
  • Address: Vesivärava tn 50-201, 10126, Tallinn, Harju maakond, Estonia

In the event of a dispute, the long distance between the provider and the private investor may complicate the clarification. Basically, investors within the European Union enjoy a little more security and more chances to enforce their rights – also and especially in case of losses – if necessary with the help of legal assistance.

Which financial supervisory authorities in Europe supervise the company?

Whether the provider Omigoo is controlled and supervised by a European supervisory authority such as FINMA (Switzerland), CSSF (Luxembourg), CMVM (Portugal) or CySec (Cyprus) cannot be found out on the website in May 2021.

Therefore, one must at least doubt that the service provider Omigoo has the authorisation of a supervisory authority, which is essential for its economic operations in Europe.

Excursus: The great danger – total loss for the investor

On the internet there are many reports from private investors who describe how they lost their capital. What they all have in common is that they had to lament the complete loss of their invested assets due to fraudulent intentions – and that the prospects of profit are accordingly zero.

The losses of individual investors run into the hundreds of thousands; all in all, it is assumed that the cumulative loss amounts to a three-digit million sum. On top of that, dozens of complaints have been filed with consumer protection agencies against various financial providers and trading platforms.

If one looks at the descriptions of aggrieved private investors, one can see that the luring of new customers follows the same pattern with almost all providers. At the beginning, the investor should invest a manageable amount of 250 euros or dollars. The investor does not find out what this money is used for.

Already a short time later, respectable profits have been made with the capital. As a result, an employee of the broker encourages additional and higher investments to further increase the profits. If one gets involved and continues to fill up the account with the provider, the problems begin.

Because the moment you request a payout, you are put off with various reasons. Accordingly, the initially active exchange often only goes one way, because the personal contact person is suddenly no longer available.

But even if one does not accept the advice of additional deposits, one is faced with a nuisance. For the online brokers are pushy and plague unwilling customers massively with telephone calls.

Losses with Omigoo – What you can do

Have you had adverse experiences with online trading? If you have suffered losses, you should first stop making additional payments and ask the provider about the causes. Take up the conversation with us to discuss the issue of Omigoo. Our clients include many private investors from the DACH region.