Updated on January 29, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Olymp Trade due to the issues we've identified.
Is Olymp Trade Scam or Legit Broker? ▲
Upon completing an extensive analysis, it emerged that there are substantial concerns around Olymp Trade, leading to suspicions of fraudulent operations. The entity operates offshore, lacking any solid regulatory oversight. We strongly caution traders against engaging with Olymp Trade. This broker fails to meet the rigorous regulatory standards set by reputable bodies such as the FCA in the UK or ASIC in Australia, which aim to safeguard traders' interests and ensure the security of their investments. Unfortunately, Olymp Trade falls short, as it only possesses a membership with the Financial Commission (FinaCom), which is not considered adequately safe or reliable.
Olymp Trade operates under the trading name of Smartex International Ltd., offering options trading services from its base in St. Vincent and the Grenadines. The company boasts rapid growth, claiming to process about 32M trades monthly and serving traders from 134 countries. Despite the multilingual platform and sophisticated software, the absence of stringent regulatory oversight raises doubts about the authenticity of its claims. The lack of rigorous regulatory guidelines in St. Vincent and the Grenadines, known for minimal oversight, further exacerbates these concerns.
Our findings on Olymp Trade's regulatory and safety issues lead us to a negative view of the broker. With over a decade of expertise in Forex trading and an evaluation among 1000 other brokers, our expert opinion places Olymp Trade at a low ranking. The Overall Ranking of Olymp Trade is 1.5 out of 5, indicating a significant discrepancy when compared to other well-known and highly regulated brokers in the industry.
The review of Olymp Trade's operations extends to its services in India, where the platform's offerings and regulatory standing remain consistent with our overall findings.
Olymp Trade does not provide services to clients in the United States, alongside several other regions including Europe, Canada, Japan, Australia, the UK, Russia, and Israel. This limitation emphasizes the broker's regulatory constraints and further supports the recommendation to seek out U.S-regulated platforms for trading activities.
Olymp Trade offers a range of deposit methods, including credit and debit cards, bank wire transfers, e-payments like Skrill and Neteller, and cryptocurrencies such as Bitcoin. The broker does not charge extra fees for depositing, with the minimum deposit set at $10, making the platform accessible to a broad audience, particularly beginners. While funds generally deposit quickly, bank wire transfers may experience delays. Cryptocurrency deposits are noted for their speed.
The Olymp Trade mobile app provides traders global access, mirroring the features available on the desktop and web versions. The app's responsiveness and functionality allow for a seamless trading experience on the go.
Olymp Trade encourages learning through its provision of free demo accounts, equipped with 10,000 virtual coins for practice. This feature caters to both novice traders in the learning phase and experienced traders looking to familiarize themselves with the platform's interface.
Our comprehensive review highlights that despite competitive offerings and claims of reputation, Olymp Trade’s unlicensed operation casts significant doubts on its reliability as a trading platform. The high-risk nature of trading options, compounded by the lack of necessary licensing, underscores the importance of prioritizing money security in forex trading. Consequently, we emphasize trading with brokers that are well-regulated, possess the required licenses, maintain authorized operations, and provide adequate customer service. Based on our extensive research and experience, our overall assessment and recommendation regarding Olymp Trade are decidedly negative.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Olymp Trade Review 2024
I wished I had listened to my intuition when I first got in contact with them. I was intrigued by their profit margin and decided to give them a try. My first payment was $1k, a couple weeks later I was told I would be rewarded if I increased my investment portfolio and I decided to make another payment of $17,500 which I regretted. I tried contacting them and they refused to pick up which is when I decided to find a solution. A coworker went through a similar situation and she told me to get in contact with Mrs. Roberts on (robertslee. 6. 1. 8. @. gmail. ...com) Or via What-app: (+1. .8565497469). I am glad to inform you I have been seeing progress and have recovered more than half already. Please do not fall for their promised profit. Save yourself that hassle