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Olympus Markets Review - is it scam or safe?

Olympus Markets Review - is olympusmarkets.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Spread
Jade  $250  1:500 3 pips, fixed
Ruby  N/A 1:500 N/A
Emerald  N/A 1:500 N/A
Sapphire  N/A 1:500 N/A
Diamond  N/A 1:500 N/A

 

Forex and CFD broker Olympus Markets presents offers its clients as many as five account types, all with the names of precious stones. The problem, however, is that the broker has not presented key trading specifics and how those differ by account type. What is worse, Olympus Markets is not regulated, which is the main reason why we ultimately gave them this low score.

 

 

Olympus Markets Advantages

 

High leverage provided

Olympus Markets offers up to 1:500 for trading in forex and up to 1:5 for dealing in cryptocurrency CFDs. Such leverage ratios will suit all trading styles, but keep in mind that the higher the leverage, the greater the risk.

 

That is why leverage provided to retail clients is capped in a number of jurisdictions, including the USA, Japan, Europe.

 

Huge selection of assets

Another possible benefit of using Olympus Markets is that the broker offers huge selection of assets for trade. It includes many currency pairs from all over the world and a wide variety of CFDs, allowing for portfolio diversification, which helps manage risk. More specifically, the broker’s CFD product range includes commodities, indies, stocks, and the most popular cryptocurrencies.

 

If you are into cryptocurrencies, however, we suggest that you take a look at our list of trusted forex brokers that offer trading in Bitcoin and other digital assets.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

Olympus Markets Disadvantages

 

Not regulated

Olympus Markets says to be owned and operated by Next Trade Ltd., a company registered offshore, in Vanuatu. The payment services are provided by Bulgaria-based R S Marketing Ltd.

 

Although Next Trade Ltd. is present in the list of “Dealers in securities” of the Vanuatu Financial Services Commission, the latter has rather lax requirements and practically does not exercise any oversight on “licensed” entities. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligationя towards clients.

 

MetaTrader not supported

Unlike most brokers, this one does not support the MetaTrader 4 (MT4) or MetaTrader5 (MT5) platforms, but instead uses its own web trading interface.  

 

surely many traders will miss the functionalities of the MetaQuotes’ software, which has proved its reliability over the years. Besides, MT4 and MT5 both have great charting and are highly praised for the automated trading bots called Expert Advisors.

 

 

>> Check out the best MT4 brokers here <<

 

 

Spreads aren’t clear, high ones in the platform

As we said in the beginning, Olympus Markets has not indicated any reference spreads, which always leaves a bad impression, as it shows lack of commitment and transparency. Nonetheless, the ones we saw on the broker’s platform are quite high. The benchmark EUR/USD spread was fixed at 3 pips.

 

 Click on the image to view larger.

 

By comparison, most fixed-spread brokers offer a 2 pips spread for this pair, and some go even lower.

 

High additional fees

According to the terms of service on the broker’s website, Olympus Markets has a number of unusual and quite high fees. All withdrawals are subjected to a service fee of 3.5%. There is also a clearance fee of 0.5% charged on every trade, both winning and losing, up to 1000$. 

 

In case a client’s trading account is inactive for two months or more, a monthly account dormant fee of $200 is charged. Furthermore, the broker has a monthly maintenance fee of 0.5% and cryptocurrency trades are subject to a 5% Swap fee.

 

 Click on the image to view larger.

 

 

Conclusion

 

Olympus Markets is an unregulated forex broker whose trading offer is not very attractive anyway, especially considering the salty fees it charges for all kinds of things.

 

We keep reiterating that regulation is crucial for the safety of any investment and only well-respected financial institutions like the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders. Otherwise, the forex and cryptocurrency markets are full of con-artists and scammers seeking to swindle misinformed traders on every turn.

 


>> A list of FCA-licensed forex brokers <<

 

 

Here is our final recap of Olympus Markets:

 

Pros Cons
High leverage No financial regulation
Many tradeable assets MetaTrader not supported, high spreads
  High additional fees

 

Latest news about Olympus Markets
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Traders` reviews for Olympus Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Feels like being scammed

Very uncool...got a phone call as soon as I had registered...sounded like an indian scam call... not very polite and very pushy....and called me Dear all the time. Not professional.
The transaction thing was extremely fishy...and I ended up closing my visa card, as I was constantly getting sms's with new codes to transfer the registration fee/ initial trading deposit.
Hung up on the guy, as he just wouldn't let up.
Deserves 0 stars!!

Zoe 02/13/2019
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