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Olympia Markets Review - is it scam or safe?

Olympia Markets review - Is olympiamarkets.com scam or good forex broker?

RATING: 1 / 2 REVIEWS Olympia Markets
Olympia Markets is an offshore broker. Your money is not safe.

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Olympia Markets is a unregulated broker offering three account types with a leverage of up to 1:500 and a web based trading platform. Trading with unregulated brokers comes with a significant risk of losing your money to scammers, so we strongly suggest you to read this review, before depositing any funds with Olympia Markets.

 

Trading account  Min. deposit Max. leverage Spread

Self Trader Account

$250 1:500 3
Robot Trader Account n/a 1:500 n/a
Copy Trader Account n/a 1:500 n/a

 

Olympia Markets Advantages:

 

Nice selection of trading instruments 

 

The forex selection at Olympia Markets looks nice - 54 pairs, many of which minor or exotic like USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR and USDINR. And they also offer plenty of CFDs – on 23  indices, stocks, precious metals like silver, gold, platinum and palladium, and various commodities including natural gas, oil and corn. 

 

Besides, Olympia Markets even offers crypo CFDs on coins like Bitcoin Cash, Lisk, Qtum, NEM, Stellar, Cardano, Siacoin, Verge, Monero, Bitcoin Gold, Bitcoin, Ripple, Litecoin, Dash, Ethereum and Ethereum Classic, but if you like the idea of trading crypto, here we may suggest that you better try one of our regulated brokers, offering bitcoin CFDs: 

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Leverage as high as 1:500 is rarely seen these days, especially since the European Securities and Markets Authority – the pan European financial regulator - restricted the maximum leverage allowed with forex offered to retail traders at 1:30. That happened last year, following similar steps by the regulators in the US, Japan and Canada, basically leaving Australia the only country with solid regulation, where traders can still enjoy unrestricted high margin trading. Here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

You can start trading with 250 USD 

 

The minimum deposit requirement with Olympia Markets is 250 USD – more or less what other brokers will ask for to let you start trading. Here we should note however, that with some big and pretty popular brokers like FBS and IG you can open a trading account with just a few dollars.

 

Olympia Markets Disadvantages:

 

Not regulated

 

Although Olympia Markets is owned by Yield Enterprise Currency Software OÜ, which is based in  Estonia, the broker is operated from Latvia. And that is fine, if only the company was regulated by one of the local financial regulators, either in Estonia, Latvia or any other country in the European Union for that matter. 

 

Bear in mind that only licensed brokers are permitted to offer financial services on regulated markets like the EU, USA, Australia, Canada or Japan, and as we noted Olympia Markets is not one of those.

 

Besides, trading with a unregulated broker has always been associated with an extremely high risk of getting scammed.

 

A legit license, issued by a well respected financial institution, 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) on the other hand is the only reason you can trust a broker.

 

With a properly regulated broker your money are always safe, even in the unlikely event the broker happens to be insolvent. At least in Europe all licensed brokers are required to participate in client compensation schemes. For example, with a FCA broker your funds will be covered by an insurance of up to 85 000 GBP, so here you may also check our list of brokers regulated there:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with conditions restricting your right to withdraw 

 

Olympia Markets says to be offering trading bonuses, without specifying the additional withdraw conditions they are subject to - usually some minimum trade volume requirement. What worries us more, however, is the clause stating, that if you accept a bonus, Olympia Markets will not let you withdraw a single penny of your own money, until you cover the bonus conditions. See for yourself:

 

 

And beside,s Olympia Markets reserves the right to change the bonus conditions whenever they want and that is also unacceptable.

 

High spreads

 

Although the broker says to be offering spreads starting as low as 1 pip, when we tested their web based trading platform with a demo account the benchmark EURUSD spread appeared to be fixed at 3 pips, and that is at least three times higher than the levels traders usually consider acceptable. In any case, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

E-wallets not accepted as payment methods

 

Olympia Markets accepts payments with major cards like VISA and MasterCard, as well as bank wire, but not popular e-wallets like Neteller and Skrill. And they seem not to accept payments with crypto coins as well, so here you may check our list of brokers, where you can fund your account with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 not supported

 

Olympia Markets offers an overly simplified web based platform that lacks some basic features, standard with classical trading solutions like the MetaTrader4.

 

 

MT4 has been around for almost 15 years and has dominated the market ever since its launch. It is well equipped with advanced charting tools, numerous modifiable market indicators and even customizabel trading robots with the help of which one can run automated trading sessions. Here you may check our list of brokers, which do offer MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion: 

 

Olympia Markets is not a broker we can recommend. They do not have a legit license and obviously are trying to tempt traders with bonuses that will latter hinder any attempt to withdraw. So our advise is to avoid unregulated brokers like Olympia Markets at all cost and trade only with companies authorized by a well known and well respected institutions, such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia. 

Latest news about Olympia Markets
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Traders` reviews for Olympia Markets

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These are thieves

After you deposit never will get your money back.

Jose Hortensi 07/09/2019

Olympia Markets is a scam

I depositd 250 euros with Olympia Markets. The following day, I changed my mind and asked for a refund of my deposit. 2 months later, I still have not received my credit after having talked to 3 representatives and having sent various Emails. The Olympia Markets agents are extremely aggressive and are not trustworthy.
DO NOT deposit any money with them. They are a bone fine SCAM.

Lav 06/30/2019
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