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BaFin orders Olympus Markets to cease operations in Germany

Apr 24 2019
By
Jonathan Smith ,

 

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered unregulated forex broker Olympus Markets to cease offering illegal cross-border trading services to German investors on Tuesday. BaFin said that this broker offers German clients trading in forex and various CFDs thorough its website olympusmarkets.com, without holding a valid license. 

 

Olympus Markets says to be owned and operated by Next Trade Ltd., a company registered offshore, in Vanuatu. Vanuatu is a small country in the middle of the Pacific Ocean. Although forex brokers in this offshore area are formally licensed, they are still not entitled to provide their services on properly regulated financial markets such as the EU, USA, Australia, etc.

 

Olympus Markets has not presented clearly its trading conditions on the website, but our investigation on the matter revealed that it actually offers high fixed spreads and also charges salty additional fees. Nonetheless, the broker seems to attract investors mainly through cold-calling. There is a plethora of user complaints submitted as comments to our review on Olympus Markets, which shed a light on the broker’s scam strategies. One of our readers says that he lost $6 500 in a mere month with this broker and another elderly man complained he has been conned into depositing $97,000, and never saw a single buck of his investment.

 

 

In order to avoid being scammed and to have proper protection, investors should deal only with regulated financial services providers.

 

 

>> A list of reliable forex brokers operating in Germany <<

 

 

TAGS: BaFin  Olympus Markets  warning  scam  Germany 

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