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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 / 23 REVIEWS Olympus Markets
Olympus Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


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

 

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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

 

 

Cheated all the way from the beginning

I started up with the nominal deposit of € 250,00 and it started with some small trades that went pretty good but came to a stage where it was necessary to double up positions in order to save the account.
After I had done a couple of saves, I had invested € 7 250,00 and after a while I had a balance of € 19 000,00.
Then everything went wrong and after a number of bad advices I now have approximately € 2 000,00 left.
Now I can´t get hold of my advicor he doesn´t answer my calls any longer, so I guess I have been conned.
But why didn´t my bank warn me?

Roger Johannesson 04/23/2019

I think I’m scammed

Is it possible I can be refunded coz I have being trying to send documents as as they asked for verification but unfortunately the mail bounced back say “ undelivered mail back to the sender “..The lady she was very polite and she assisted via the phone to do the transaction and was very pushy after the the transaction was successful she disappeared no I can’t verify the account since my documents can’t be send..so I feel like I have been scammed

Tshepiso Lesego 04/15/2019

Do not take any Bonus offer from your broker or your manager

Do not take any Bonus offer from your broker or your manager, do not allow your broker manager trade on your behalf. That is how they manipulate traders funds. If you need assistance with retrieving your lost fund from your broker or Your account has been manipulated by your broker manager or maybe you are having challenges with withdrawals due to your account been manipulated.

liam 04/12/2019

Olympus Markets Withdrawal

I tried to stop trading and make a withdrawal weeks ago and my contact Bradley promised to contact me and explain how to do that, but until now, no reaction.
I'm talking about ca. € 3500.00. Is there anything I can do to get my money back?

Marla van Loon 04/10/2019

Olympus Markets - radera konto

hej
har tyvärr betalat in 2500 till olympus men inte skickat in något som bevisar min eller min frus identitet, som de vill ha

körkort eller pass, bilder på betalkortet plus en verifikation på adressen

har en konversation att jag vill avsluta kontot, men de påstår att de redan börjat handla. kollade på kontot men inget har hänt där

någon som har något förslag på hur jag ska gå vidare, detta gäller även min fru

Translated by Google:

delete account
Hello
has unfortunately paid 2500 to olympus but not submitted anything that proves my or my wife's identity, which they want

driving license or passport, pictures on the payment card plus a verification at the address

have a conversation that I want to close the account, but they claim they have already started shopping. checked the account but nothing has happened there

someone who has any suggestion on how to proceed, this also applies to my wife

gunnar 04/10/2019

Pure scam

I opened an account on 3rd of April and deposited 250EUR. On 4th of April, I wanted to terminate my account and wrote this in the live chat. One minute later, Jason Campbell called me from a UK number and persuaded me to stay with them. He asked me to install Anydesk on my computer and "helped me" to place his trades. He then pushed me to deposit more money on my account, since only like this I ever will be financially independent... He promised by his "man's word" that I anytime could withdraw my money, since it is my own account and still my own money. This initially convinced me and I let me persuade to deposit more money. However, ALL of my banks blocked and refused the transfer, so I got suspicious and definitely decided to terminate my account and trades with OlympusMarkets and wanted to withdraw the remaining amount of my money. Jason told me, that he could not do anything on my withdrawal and termination request because it is friday (!!?). On 8th of April I then wrote my termination and withdrawal to Jason and to the support email address. Soon later an OTHER guy (Ryan Chase) called me and contacted me by WhatsApp to fix a calling time. When I wrote him, that he should contact me by email and that I will not answer any phone calls from Olympus anymore, he claimed that "he could only fix my situation by talking to me". This seems very unusual to me.

I went through their Terms of Services, and noticed that they will order a fee of 200 EUR / month if an account is dormant (no trades) for 2 or more months. Does anyone has experience how they handle this? I'm afraid that they do not delete my account and I then will have to pay this fee...

Sari 04/09/2019

Be careful

I just did a registration but decided to research a bit more....got a call soon afterwards. The lady was absolutely rude as soon as I said I wanted to do more research. She then proceeded to ask me questions. I asked her why is she doing that Land she said its protocol. I told her I am not sure so Im not interested now and she said that an account has already been open. I told her to delete it then.....she put the phone down. Be careful guys....

Erwin 04/08/2019

Be aware

I was lucky with bad guys. on 19 March i was contacted by phone ans they invite me to open an account on Olympus Markets, i asked the guy about his location, he told me that he is from Liverpool, his english was verry poor, i told him that his english seems to be from Russia!!! he don't answer me....Then, i decided to use a prepaid credit card, without any money. he suggested me to use an other card, and i told him that my credit card visa is in my office and it can take a long time to go to my office, he told me that he can wai. it' was so late 1 am ( after midnight). Then i decide to stop the call and exit from the website.....please be aware

dafo 04/07/2019

OlympusMarkets is a fraud

Having been conned before, I only invested U$ 2500 with Ethan Oliver, my assigned broker.

His email [email protected]

Ethan told me that Bitcoin was the investment to go for, a rising star.
But Bitcoin did not rise, and I started losing money.

Ethan told me to forget Bitcoin. I need to invest far more money if I wanted to make money.

Then the demands for more money started, which I refused.
Ethan got rude, insisting I deposit more funds, as Uber is now the investment to go for.

I started smelling a stinking rat and withdrew what little was left of my U$ 2500

A withdrawal notice was sent to me, and that was the end of it.

I never saw my funds, and all communication broke down.

Ethan and staff from Olympus Markets did not respond to my correspondence .
Stay away from Olympus Trading they are a fraud and should be closed down by the authorities.

Adolf Diekmann 04/04/2019

Olympus Markets - Skumraskföretag?

Jag hottade en länk i en webbartikel från Expressen och hamnade på företagets hemsida - eller locksida kanske man hellre ska kalla det?Väl upplagt för att fiska in potentiella klienter. Jag fyllde i mina uppgifter vilket också visade sig var detsamma som att öppna ett konto. Jag länkades då vidare till en annan sida med en tradingplattform. Omedelbart ringer telefonen (svenskt 08-nummer) som jag inte svarar men det ringer igen och jag inser att det är kopplat till detta. Jag svarar då väl medveten om riskerna med att prata med försäljare i telefon samtidigt som man gör ekonomiska transaktioner. Hur som helst så skulle jag sätta in 250 EURO med mitt MasterCard. Det blev tre misslyckade försök. Försäljaren sa att banken har blockerat utbetalning och då sa jag att nu ringer jag banken. Jag ville veta vad anledningen var. Försäljaren försökte få mig att använda ett Visa istället men det har jag inget. Försäljaren försökte på flera sätt att få mig att inte ringa upp banken men det gjorde jag ändå. Jag började ana ugglor i mossen. När jag ringer till banken fortsätter försäljaren att ringa upp mig två gånger (nu från London). Banken informerar om att de blockerat företaget p g a riskerna med att handla med dem samt berättar att företaget utgår från Azerbadjan, Bulgarien +land till. När jag är klar med banken och ser till hela bilden av hur det hela gått till och bankens information, så beslutar jag mig för att dra mig ur. Särskilt intressant blev också att försäljaren slutade ringa helt under mitt samtal med banken och att det sedan dess är det helt tyst från deras sida. Jag skriver i alla fall ett svarsmail till försäljaren "calebj" och ber honom radera mitt konto då jag inte avser att investera hos dem. Detta sker dock inte, kontot ligger kvar, och inte heller får jag något svar. Två dygn senare har inget hänt och jag skickar ett nytt mail och får ett informationsmail från Hotmail om att adressen inte längre finns.

Skumraskföretag, ja det verkar det sannerligen vara och efter att ha läst denna review och det som andra skrivit här på denna sida samt en review på The Forex Review så är bilden tämligen tydlig. Skumrask!

Translated from Swedish:

Shady company?
I threatened a link in a web article from Expressen and ended up on the company's website - or cover page maybe you should rather call it? Well laid out for fishing in potential clients. I filled in my information which also proved to be the same as opening an account. I was then linked to another page with a trading platform. The phone immediately calls (Swedish 08 number) that I do not answer but it rings again and I realize that it is linked to this. I then respond well aware of the risks of talking to salespeople on the phone while making financial transactions. Anyway, I would deposit 250 EURO with my MasterCard. There were three unsuccessful attempts. The seller said that the bank has blocked the payment and then I said that now I call the bank. I wanted to know what the reason was. The seller tried to make me use a Visa instead but I have nothing. The seller tried in several ways to make me not call the bank, but I did. I started to see owls in the bog. When I call the bank, the seller continues to call me twice (now from London). The bank informs that they blocked the company because of the risks of trading with them and tells us that the company is starting from Azerbadjan, Bulgaria + country to. When I'm done with the bank and look at the whole picture of how the whole thing went and the bank's information, I decide to withdraw. Particularly interesting was also that the seller stopped calling completely during my conversation with the bank and that since then it has been completely silent on their part. In any case, I write a reply email to the salesman "calebj" and ask him to delete my account as I do not intend to invest with them. However, this does not happen, the account remains, and neither do I receive an answer. Two days later nothing has happened and I send a new mail and receive an information email from Hotmail that the address no longer exists.

The foam company, yes it seems to be, and after reading this review and what others have written here on this page and a review on The Forex Review, the picture is quite clear. Rackets!

Eva 04/02/2019

Money back F....

Zmień na polski
I started to play without any experience. At this point I can not recover 3.500e. They tried funny manipulation tricks. When asked how money will be paid. The answer was always the same. You have to open options. When I replied that I did not want to play anymore. They are still the same. The phones fell silent, the money disappeared

Grizli 04/01/2019

Scam

Never do business with this frauds , they are real frauds.I lost over 6500USD in a month.They are really pushy to make deposits and when I asked for a with drawl no one contacted me or bothered to help me to do it.After i made complain one guy came and did the procedure but nothing happened i dint get any money back .After so many complaints another guy called me and told i was in loss and cannot with draw anything . This is a real drop of looters , so beware .

GregSony 03/30/2019

same like wisebanc.com

look at wisebanc.com this is the same Site !
in the past they were optionsxo then wmoption
them primecfds and now wisebanc they are from Israel!

Money laundering and scamers !!

User754 03/30/2019

Olympus Markets is a Scam

These guys are a total SCAM!!! I have lost all of my money & the broker that was supposed to assist me was not helpful at all! His name was Elijah Collins. Please DO NOT TRADE with these people!

Naledi Letsoalo 03/27/2019

Too pushy

Trust me on this one, its a scam i opened an account and immediately i just got a call from some guy with poor English. He just jumped straight to making a deposit before we could talk about anything else. This rang a bell that something is not right, luckily i went with my conscious i didnt make any deposit. The guy was so pushy that i should make an Urgent deposit because il never get another chance to make such good money. And i like the fact that people are placing their comments so we alert other people what they getting themselves into.

mathapelo 03/27/2019

SCAM don't transfer any buck....!

Incredible withdraw fees if you get your money back.. !!!

Patrick Seelmann 03/27/2019

Scam - I lost $97,000

I was approached by Olympus and one of their Senior Traders an Etham Oliver was appointed my Trader. Soon after I was conned into investing $97,000. Ethan was not honest and made statements that I had changed the investment etc and caused losses. I have no idea on Trading and Ethans methods are bully like and very pushy. My last investment of $57,000 last week had not even been invested and I decided things were too risky and asked for the return of my Capital back. I was told it was too late the market had changed and I had lost the full $97,000. I have not been able to contact Olympus or Ethan Oliver(if that is his real name) as their Phone numbers are always inoperative. I am 68 and obviously stupid to have made such an investment but can anyone please help in anyway as that is all my money ?

John Clayton 03/22/2019

Very Bad Experience

Olympus Markets are a very bad bunch to deal with. They will take your money and even after account verification will not respond to your attempts to withdraw it.
They repeatedly called insisting that I needed to open trades to cover the withdrawal costs. When I finally relented they insisted I opened trades with no stop loss. It was a small amount of money so by this time I knew I was not going to get my money back and just wanted to stop them harassing me so I opened a couple of their recommended trades and as expected the account was cleaned out on margin calls with $44 left, which they say is not enough to cover the withdrawal fees. I would have to deposit more money:)
Total scamming scumbags.

Peter 03/19/2019

Wont give my deposit back

I havent traded yet but they have my deposit and wont give it back. Keep getting the same email back and cant email them as keeps bouncing back. They asking for a scan copy of my credit card which given them 6 times but still cant get my money put

Michelle smith 03/15/2019

Olympus Markets Kriminelle Handlung

Verschaffen sich auf perfide Art direkten Zugang auf deinen PC bis und mit dem Bankacount. Unter dem Deckmantel zu helfen und dich bei der Transaktion zu begleiten. Somit verschaffen sie sich einen Überblick über deine finanzielle Situation und legen so die künftigen Limiten fest. Beginnen willst du eigentlich mit den minimalen 250 Euro. Um eine "Garantierte" Limite zu handeln, die du auf jedenfall wieder zurück erhalten wirst, treiben sie den Betrag in die Höhe - 30000 Euro oder höher. Machst du dann auch nur einen Teil davon, z.B. 10000 über die Bank werden sie dir die "fehlenden" 8000 Euro noch von der Kreditkarte belasten lassen. Die dreimonatige Garantie verlierst du möglicherweise schon nach 20 Tagen, weil du angeblich einen Formfehler begannen hast. Sei es mit dem unterlassen einer Signatur auf einer Garantie, die ja von ihnen aus geleistet werden müsste oder sonst was.
Was ebenso auffällt: nimmst du ihr Telefonat nicht entgegen, rufen die selben Personen über diverse Telefonnummern aus irgend einem Land an und drengen dich weiter.
Sie werden dir auch immer wieder die Worte im Mund verdrehen.

Translated by Google:

Criminal act

Obtain perfidious direct access to your PC to and with the bank account. Under the guise of helping and accompanying you in the transaction. Thus, they get an overview of your financial situation and thus set the future limits. You really want to start with the minimal 250 Euro. To trade a "guaranteed" limit, which you will definitely get back, they drive up the amount - 30000 Euro or higher. Then do you only make a part of it, e.g. 10000 over the bank, they will leave you the "missing" 8000 euros still charged by the credit card. You may lose the three month warranty after 20 days for allegedly making a formal mistake. Be it with the omission of a signature on a guarantee, which would have to be done by them or otherwise.
What also stands out: if you do not answer their phone call, the same people call on various phone numbers from any country and urge you on.
They will always turn the words in your mouth.

Hugo 03/14/2019

Not good

Not at all a good relationship. Nobody answer any questions at all.

Koos 03/02/2019

bloody total scam

Do not open any account with these guys. It is bloody total scam as they call you suspicious number and ask you to open WhatsApp.

Bloody seems Afro continental scam with UK number.

Just swear at those f**k guys

Unable to withdraw

bishwojit mahato 02/28/2019

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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