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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 / 19 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

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Please help me

I paid my 250 on my credit card they said that I had my expert trader assigned to me. They have all my card details also copy of my signature my address and a copy of my passport. Since I have done this. I cant get hold of anyone either with text or phone. Plz can u help me

Anne Clark 09/22/2019

thief

I paid deposit 250. After i sent my id, proof adress and both site credit card etc to fully activated account-was required to make any withdrawal. After opinion I wanted to withdrawal my money. So i did- i make request. After that i start received calling from trainer. I explain that was misunderstanding and I what withdraw form market. Hang up. And nothing. no money. So i thought i start play,maybe the will see I want to stay they start contact me again. I did 3 transaction on lever 1/100. As platform earn on spread so i started from minus 45. The worst happen 10 hours later. I woke up. Ilog into my account and what I saw? They did a lot of swap for all my three transacrion!! especially ETHUSD where every swap means cost 30euros...they did on it maybe 15-20 swap!!! and get my account into "-212"euros!!! The price ETHUSD didnt change during those 10hours not much...even go up a little bit so i would be ablle to get some profit!!! Theyre scum!! cheater!!! and if you go into them ...you have no choice to quit!! I wanted withdrawmoney so the agent went into my account and start pressing" SWAP" couples time until reach -212EUR from mine still +216.

Dawid 09/12/2019

Necesito ayuda

Olympia Market es una auténtica estafa, el 9 de agosto abrí una cuenta de 250€ y la persona que me asignaron como agente no se pone en contacto conmigo.....voy a intentar recuperar mi dinero.....Me pueden dar algún consejo,? Ya que tienen datos míos. Carnet, núm de targeta.....

Translated by Google:

I need help
Olympia Market is a real scam, on August 9 I opened a € 250 account and the person assigned to me as an agent does not contact me ..... I will try to recover my money ..... Can you give me any advice,? Since they have my data. Card, card number .....

Manuel 09/05/2019

Experiencia negativa

carla de olympiamarkets.net. Dulce como una serpiente y te traga tus ahorros. No invirtáis en esta empresa, pues no es tal, es una bolsa de fraude y engaño. Reclame mi inversión hace quince días por una necesidad imperiosa y quince días después me contestan que mi cuenta está en números rojos. Cuando yo reclamé mi dinero estaba perfectamente en números "azules" y marchaba muy bien, según ellos .

Te van incrementando tu inversión aleatoriamente, pero cuando quieres tu dinero, o casualidad, los mercados se han comportado mal y te has quedado en rojo.


Translated by Google:

Negative experience

carla from olympiamarkets.net. Sweet as a snake and swallows your savings. Do not invest in this company, it is not such, it is a bag of fraud and deceit. Claim my investment fifteen days ago for an urgent need and fifteen days later they answer that my account is in red numbers. When I claimed my money it was perfectly in "blue" numbers and was going very well, according to them.

Your investment is increasing randomly, but when you want your money, or chance, the markets have behaved badly and you have turned red.

Enrique Metola Amat 09/04/2019

Help needed

Stupidly I invested £250.00 into Olympia Markets through a scam email from a friend recommending them and then suddenly realised they were not based in London and were completely unregulated. I invested the money which went into some account in Russia. They then said I needed to provide lots of personal details to actually open the account and start trading. I said I no longer wanted to invest and wanted a refund but they said they couldn't do that until I had opened the account. In their information they said as soon as the account went live, trading started and so I don't trust that they will refund the money. They keep phoning me so obviously they can't access my money but equally won't refund. Any advice?

Mandie Bartle 09/02/2019

Olympia Markets is a swindle

Is a swindle

Angelus Custus 08/31/2019

SCAM !!! Avoid Olympia Markets please

I have decided to retrieve my funds back to my account which I have requested this online with no response since three days now.
I have messaged multiple times, emailed multiple times, called multiple times with no response.
I am not able to reach my account manager or executive account manager through email, online chat, or phone at all means.
Contacted account managers:
Kevin Recco on email at kevinr @olympiamarkets.net
James Carrington on email at jamesc @olympiamarkets.net
(I have deliberately included a space here after the name and before the @olympiamarkets.net as the review doesn't allow email address).
I am getting a phone call with one or two rings from Olympia Markets and immediately call gets disconnected. When I call back right away no one picks up. Ridiculous.
Emailed my request to clientrelations @olympiamarkets.net with no reply/response. SCAMMMMMM.
Can you please refund my account balance to my skrill account as I have requested online three days back.
Very unprofessional behavior.
Stay away from this SCAM.
I couldn't reach Olympia Markets and hence I have reached here.

Karthik Sivaramachandran 08/30/2019

Scumbags

I can prove that the so called account manager is lying time after time, for instance about company addresses and refunding conditions. They do not want to refund and will never do, not a dime. So all the money you give them is a total loss. The account that you have with them is a fake, you can never log in and after resetting your password (what only in a few occasions will succeed) you will see a manually manipulated graphic of your account, always showing wins that you can never get your hands on. And oh.. so easy to click a button through which you can invest more money in your fake account. I am ashamed of my self that I, impulsively, started with them based on fake and fraudulent ads on the Internet with famous television people. So stupid of me. They are scumbags.

Jos 08/20/2019

Rip-off

Olympia is a rip-off you money disappears after a while try to talk to them nothing email them nothing it a big con say clear.

Les Greatrix 08/13/2019

ID Theft

these people are scammers that is clear now but be aware that they have your ID proof of address and credit card so they can to many bad things in your name , make sure to report them to the police and block your cards !!!

jon de smeet 08/12/2019

My bank informed me that they tried to take more money from my account

be sure the scam reports are tue no matter what your account manager says, once you do not want to invest more as he will always tell you and ask for a withdraw the problems start .
They droped my account in minus under one hour and do not react to calls or mails besides last week my bank informed me that they tryed to take more money from my account,this company is a big scam and if you read about them they are linked to known scam brokers !

phillip 08/12/2019

Stay away

do not use these scam broker they fooled me with a fake news page where some known people claim they use these broker to trade bitcoins what is just a fake story ! they are operated by known scammers like UproFX KontoFX and Libra Markets all blacklisted scammers beware !!!

alison 08/12/2019

Scammers

This Broker is a complete scam from top to bottom .
they tricked me with fake news but in the end I did not invest to much and the chageback from my bank got me the money back as I reported them as a scam to the police

Christina 08/12/2019

Ripped off

I was triggered by an article of a famous Dutch celebrity to get into the crypto market. But I should have known better.They even use this sort of articles as a promotor and finally link you thru to their playground.!!!

Several phone call from London, Athens, Finland Tjechie, and cyprus made me trigger that I had been ripped of. Although they have a chat box, it is never live. A ticket has been made and as long as you do what they want, you get an answer. But now that I have requested a withdrawal of my invested 250 euro it remains still.

I must say that although I am always keen on internet transactions, in this one I run into it with open eyes. From them I do not expect to get my money back, but worse I gave them to much information for ripping me off in the future again. I asked my credit company to to get the transfer back and if they succeed to block my present Credit card and issue me a new one.

So people be warned and do only business with a trusted bank or broker connect by the organisation of your local government Financial watchdog.

Peter 08/01/2019

Olympia Markets is a scam company be careful

You are not going to get your money back, as it happening to me

Jose Hortensi 07/30/2019

Olympia Markets is a big fraud!

If you don’t want to throw your money away, please ran away from this broker. Olympia Markets is a big fraud, don’t be fooled by their con verification process!
On Friday the 19th of July, I registered with a popular automated trading platform called the CALLOWAY CRYPTO SYSTEM, and the Calloway platform assigned OLYMPIA MARKETS as my broker. Their logo was on my account as my broker. And I click on “Deposit” on my Calloway Crypto System account to see the broker and deposit my money, and I was connected via the Calloway platform to Olympia Markets - straight to their deposit page and my full name appeared on the page - because the Calloway System has automatically created an account for me with Olympia Market. As I was the on the deposit page on my Olympia Markets account reading all the informations, someone called from the broker (Olympia Markets) called Jay, and I told him that the Calloway System linked me to them as my broker and that I only want to use the Calloway Crypto System platform for my trade, I don’t want to use their platform nor am I interested in anything he is trying to sell me. And he said that is fine, that I should deposit my money and complete their verification process. So, I deposited €250 with the broker and complete my verification process with them. Then I discover that my balance did not reflect on the Calloway System. I received an email from one James as my account manger advising me to complete my verification process and let tell him the best time to call me. As I was reply James’ email, he called me to sell me some of their services, then I told him straight away that I just want to deposit my money with them and use the Calloway Crypto System platform for my trading. He insist on telling me all their jargon, but I told him am not interested, I am only interested in trading only on the Calloway Automated platform, but my deposit with them is not reflecting. I told him to please sort out the problem with my deposit not reflecting on the Calloway platform, and he promise to look into it once I complete my verification process with them.

Then I called them again after an hour of refreshing my Calloway account and still the deposit not reflecting. I also sent them email and did a live chat with them to let them know my deposit is not reflecting on the Calloway platform. The supposedly lady on the live chat (Victoria) said she will contact their IT team to let them know. Hours later, my deposit is still not reflecting on Calloway platform. Then I became troubled. I sent them another email and did another live chat again. And I was told the IT team have been informed.

Now, the heartbreak news began, at about 11pm UK time yesterday, I logged into my Calloway Crypto System account and click on deposit to connect to my broker (OLYMPIA MARKETS), I discovered I account is not opened. I tried to login into my broker account via CALLOWAY platform, my password is declare invalid. I went straight to the broker website and try logging into my account, then I discovered my account has been blocked. And they have not replied all the emails I have sent them since I started alerting them about the Calloway issue. They also made me to sign a Declaration of deposit form and submit it to them.

This company, Olympia Markets is a big fraud! Please stay away from they. I am going to pursue my money back via my credit card provider chargeback scheme.

They used five different emails in contact me, which are different from their company domain name. This I did not notice until they block my access to mine account. They guys are fraud experts. Beware!

Samuel Osagie 07/24/2019

No withdraw is possible after your deposit

I have one month trying to get my money back. They gave me plenty of excuses and false explanations but NO MONEY BACK

Jose Hortensi 07/24/2019

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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