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Olymp Trade Review - is it scam or safe?

Olymp Trade review - Is olymptrade.com scam or good forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz Olymp Trade
Olymp Trade is an offshore broker. Your money is not safe.

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Olymp Trade is an offshore forex and CFD broker offering two account types on a web based trading platform. The broker dose not have a legit license, although it claims to be regulated. 

 

Trading account  Min. deposit Max. leverage Spread

Regular Account

n/a n/a n/a
VIP Account $2000 n/a n/a

 

On top of that they seem to be offering managed accounts, while in fact acting as market makers, so if you are thinking about trading with them be sure to read this review first. 

 

Olymp Trade Advantages:

 

Various payment methods available

 

At the start of our reviews we always try to say a few positive words about the broker, and as hard as we find it with Olymp Trade, still we may credit them for the variety of payment methods they say to accept. From their presentation we understand the broker accepts payments with major credit or debit cards like VISA and MasteCard, bank wire and popular e-wallets including SkrillNeteller, FasaPay and WebMoney. Still as they say nothing about crypto coins, here you may check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Olymp Trade Disadvantages:

 

No legit license

 

Olymp Trade is owned by Inlustris Ltd. Saint, an offshore company based on Saint Vincent and the Grenadines, but all payments towards the broker are processed by the Cyprus based  Wallfort Limited. And they claim to be regulated by an entity called “International Financial Commission”.

 

Bear in mind that “International Financial Commission” is nothing more than an anonymous website used by scam brokers to mislead traders about their regulatory status.

 

Remember, that your funds will be safe only with brokers licensed and authorized by official financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

And besides, with a FCA regulated broker you will even get an insurance on your trading account, that will cover up to 85 000 GBP of your funds. So here you may also check our list of FCA licensed brokers:

 

>>FCA Regulated Forex Brokers<<

 

Offering to manage your account with spectacular returns

 

It appears that Olymp Trade is offering to manage your account or at least to guide you with “recommendations” and a “ready-made trading plan”, promising returns of up to 92%. 

 

 

First, bear in mind that forex and CFD trade is a high risk investment and any promises for returns (in this case of up to 92%) are the least to say highly unethical.

 

Second, the Olymp Trade offer to manage your account is also quite disturbing, simply because they are market makers and they are making money whenever you lose. Note that if a market maker offers to help you manage your account, this is like an offer to get scammed, because the market maker will naturally have the incentive “to lose your money” in their own pockets.

 

Trading bonuses with unclear withdraw conditions

 

From their Service Agreement we understand that Olymp Trade offers trading bonuses. The broker however, does not disclose the additional withdraw conditions such promotions are usually tied up with. 

 

Bear in mind that the practice of offering trading bonuses is actually banned throughout Europe and on many other regulated markets, precisely because of the additional withdraw conditions, usually a minimum trade volume requirement, which too often proves challenging even for professional traders.

 

No information about trading the conditions, no demo account 

 

Unfortunately we can not discuss Olymp Trade trading conditions like leverage and spreads, as they do not bother to disclose such information on their website and we were not able to open a demo account immediately either. Still here you may check our list of regulated brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Olymp Trade offers an overly simplified, internet based trading platform, lacking many of the standard features readily available with well known trading solutions like the MetaTrader4. With a MT4 for example you can easily run automated trading sessions, using specially designed modifiable trading robots. And there are also nearly a hundred, customizable market indicators, as well as a set of advanced charting tools, so here you may check our list of brokers, offering the MT4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Olymp Trade is not a broker we can recommend. As we noted the broker is virtually unregulated and from their overall presentation, including the promises of 90% returns and the offers to manage your account, we are left with the impression that most probably we are dealing with a scam. So once again here we will repeat our usual advice to chose only among brokers, regulated by well known and well respected financial authorities such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia. 

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Traders` reviews for Olymp Trade

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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