Ombudsman Financial Services (Clone) has been flagged by Financial Services and Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
My withdrawal request from Ombudsman Financial Services (Clone) has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Instant funding|Quick verification
Cons: No fractional shares|No phone support on weekends
Ombudsman Financial Services (Clone) seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Low minimum deposit|Comprehensive tools|No hidden fees|Multi-device support
Cons: Limited demo account features|None so far
Ombudsman Financial Services (Clone) changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Portfolio tracking tools|Fast deposits
Cons: Limited demo account features|Help articles are sometimes vague
I have been trying to close my account with Ombudsman Financial Services (Clone) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Personal attention|High security standards
Cons: Search feature is basic
I wanted to transfer my portfolio from another broker to Ombudsman Financial Services (Clone). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Full transparency|Tax reports included|Demo account available
Cons: No fractional shares
Several red flags with Ombudsman Financial Services (Clone): (1) They promise unrealistically high returns, (2) They're not registered with Financial Services and Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
Tried to withdraw my funds from Ombudsman Financial Services (Clone) and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
I signed up with Ombudsman Financial Services (Clone) after doing extensive research and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Fast deposits|Automated trading options
Cons: Nothing significant
After spending since early this year trying to make Ombudsman Financial Services (Clone) work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Fast deposits|Multi-device support|Real-time alerts
Cons: Spreads widen during volatile periods
My withdrawal from Ombudsman Financial Services (Clone) was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for just over a year of being strung along.
Pros: Segregated accounts|Fast deposits|Fast support response
Cons: Desktop app not available on Linux