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Do you prefer the online brokers with an easy-going Demo Account with $10k virtual funds? If yes, then you might take interest in Olymp Trade backed by FinaCOM PLC. This is really a unique platform and it brings for you some impressive trading tools…
Olymp Trade brings for you what most of the traders look for, i.e. Candlestick Charts, Trading Indicators, and Time Frames. MACD, RSI, SMA and Stochastic Oscillator are some of the most significant technological features to make life easier for the traders. You can make full use of the candlestick charts to draw lines, get help from the indicators, and change the available time frames. And don’t forget the One Click feature that lets you switch between the Demo and Live accounts.
Does being the member of the Financial Commission make Olymp Trade scam free? How much can you rely on a Financial Commission and does it really equal a governmental regulatory authority? This third-party review will reveal the answers to these important questions so that you can make the right choice in the end.
If you’ve just came here looking for some specific information on Olymp Trade as opposed to wanting to read our full review then you can use the links below to quickly navigate through & find what you’re looking for:
- Olymp Trade Background
- Is Olymp Trade Regulated?
- Olymp Trade Complaints
- Olymp Trade Withdrawal
- Is Olymp Trade a Scam?
- Our Verdict on Olymp Trade
- Scammed By Olymp Trade? Withdrawal Problems?
- A Much Better Way To Make Money Online
Olymp Trade Background
Olymp Trade offers currency pairs, stocks, commodities, indices, and cryptocurrency.
- Email. firstname.lastname@example.org
- Trademark. Smartex International Ltd. (Registration # 1631 CTD 2017).
- Address. Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines.
The demo account brings to you virtual money of $10k and you can easily switch between the Demo and the Live account. The good news is that the Demo account has the minimum trade size of just $1. In simple words, you can train yourself and gain experience with 10,000 trades.
The technical tab brings to your more trading tools. The website is fast and user-friendly. The platform has separate accounts for Options trading and Forex trading. The Olymp Trade OPTION account serves you with a couple of Option types, i. Trade Duration ii. Expiry.
The Olymp Trade FOREX account serves with the price positioning (long/short) for an unlimited duration. Remember, the platform doesn’t offer spreads. For trades lasting for more than a day, the traders have to pay the trading fee.
The platform serves with a multi-language education centre that features trading strategies, webinars, and economic calendar. $10 is the minimum deposit required to open a live account. The traders also get a bonus for the initial deposit but the policy for this bonus is pretty weird. It is up to you whether or not you want to accept the bonus when signing up. You can avail the bonus anytime in the future. The bonus policy is more the policy of a pyramid scheme.
- Deposit from $30 to $99 – Bonus 10%
- Deposit from $100 to $299 – Bonus 20%
- Deposit from $300 to $4999 – Bonus 30%
- Deposit from $5000 and above – Bonus 50%
The weird condition is that you only get the bonus once you have Zero funds in your account. If you withdraw anything or submit the withdrawal request, you’ll lose the bonus. Do you have some explanation of what this policy suggests? Don’t forget to explain these terms in the comment section!
Is Olymp Trade Regulated?
Olymp Trade is NOT regulated by a governmental regulatory authority. The company decided to do something different. It attained the membership of the International Financial Commission (FinaCOM) on February 22nd, 2016.
One thing is for sure that the International Financial Commission doesn’t easily accept a company without verifying its processes, history, and policies. The service quality has to be top-notch. Even then, we are still more inclined towards a governmental regulatory authority. Only an expert can tell if the regulations and legal requirements of the Financial Commissions match the legal requirements of reliable regulatory authority.
The traders’ protection with the International Financial Commission is $20k for each trader (if the dispute between the broker and the trader results in the favor of the trader).
Olymp Trade Complaints
Olymp Trade complaints aren’t too many but the regulation and the legal status is still shady. It is true that the International Financial Commission promises $20k for each trader but we think that the complete picture could be explained only by a legal expert who can explain the terms and conditions of the International FinCOM.
The bonus policy is extremely strange and if considered closely, you’ll see that the bonus amount is only there to stay at rest like an unusable instrument. It is just like the outdated currency because it is only available when your account reaches Zero. And if you want to withdraw your money, you’ll have to forget the bonus. It is clear that the bonus policy is designed to attract the clients only because effectively you don’t receive anything.
Olymp Trade Withdrawal
Olymp Trade processed withdrawals via Wire Transfer, Credit/Debit Cards, and e-Wallets (Fasapay, Skrill, Qiwi, TandexMoney, Webmoney, and Neteller). Remember, wire transfer is available only in some countries.
Is Olymp Trade a Scam?
We don’t believe in Olymp Trade scam complaints. The platform is a member of FinaCOM but we are sceptical about this entity. It will not be easy for the traders to successfully pursue the case if the dispute occurs. We don’t think that FinaCOM is as effective and transparent as CySEC or any other governmental regulatory authority.
Our Verdict on Olymp Trade
We DO NOT recommend Olymp Trade at the moment. Maybe in future, the platform brings in more transparency to reliability. The supervision of a reliable regulatory authority will definitely change our thoughts. At the moment, you need to be extra careful when considering this broker.
Scammed By Olymp Trade? Withdrawal Problems?
When it comes to these types of binary options & Forex brokers that don’t hold licenses we are always concerned about them blocking withdrawals & ultimately scamming their customers… In the instance of Olymp Trade we have already seen some reports of this since initially writing our review here.
But what can you do if you have been scammed by Olymp Trade? Or any other broker for that matter? Well the good news is that you’ve landed in the right place as here at Stopping Scammers we have put together a free money reclaim guide which shows you step-by-step exactly how you can get your money back.
To date the guide has helped thousands of people to recover their lost funds from binary options brokers (and other scams) and therefore we know that if you’ve been scammed the guide will help you too.
As we mentioned above you can get access to the guide 100% free by simply clicking here.
A Much Better Way To Make Money Online
Trading is risky – there’s no doubt about it & even the best of traders often end up losing money… That’s why here at Stopping Scammers we don’t really recommend it. We believe there are many much better ways to actually make good money online – ways that don’t involve risk.
Whilst most of the opportunities we come across do tend to be scams, over the years we have actually come across several legitimate opportunities for making money – one of which in particular has stood out from all of the others.
In fact this particular method is actually so good that we’ve given it the name of our all-time number 1 recommendation for working from home & you can get access to it right now by clicking on the link below: