Is Olymp Trade a Scam?
We have made a research of Olymp Trade and found out that they do not rate highly and there is no significant data about them. As an alternative we have selected our Top Safe Forex Brokers along with detailed reviews for safe and secure trading.
Since we haven’t gathered enough information yet, we cannot confirm that Olymp Trade is safe. You can Proceed to Safety OR Choose one of the Is-Scam approved and safe Forex Brokers:
Olymp Trade Review
Olymp Trade is a Forex broker established in 2014 with similar features and platform developed for trading online. The broker’s site is available only in English and Russian, since it operates mainly with traders in Russia, its headquarters are located in the Seychelles. At this trading platform investors can only trade currencies and commodities. But Olymp Trade promises an 80% profit on the total revenue. This seems highly unlikely for as our team has not yet received any legitimate proof of the earnings that investors have earned lately so we cannot confirm the safety of this broker.
Is Olymp Trade a Scam?
So according to our team Olymp Trade seems not legit but as we don’t have enough information we can’t guarantee that it is safe to trade with. We recommend the traders to invest sensibly and go through the Terms and Conditions section of Forex brokers.
Olymp Trade claims that the deposits are kept in a European Bank yet no details of the bank are provided and thus we have no proof of the earnings or profits. We also checked the olymptrade.com reputation and we found out that this broker’s website looks fraudulent and we consider it suspicious. The brokerage company needs to take care of the existing security concerns as there are a lot of negative reviews.
Olymp Trade Demo Account
Olymp Trade offer a huge amount of profit in a short period of time. They provide a number of free services as analytic report and many others but once you invest in the Olymp Trade Forex trading platform you can get access to a demo account loaded with 10,000 RUB. This broker does not offer much of a choice to trade options, but the platform has some trading tools, materials and resources.
Olymp Trade Broker – Deposit and Withdraw
You can start trading with Olymp Trade but the minimum deposit is 350 RUB, or 10 EUR/USD depending on you selected account currency. But there are no clear withdraw methods described on the website and we also don’t have any proof of the website’s policies and claims. The withdrawal requests are processed within 5 working days. So we advise the investors to avoid investing in Olymp Trade as there are better and approved Forex trading brokers available on the market.
Trading Tools and Resources
It is clear that Olymp Trade does not offer much of a choice in terms of trading options. Moreover, when it comes to trading tools, materials and resources, the platform is poorly equipped.
Olymp Trade has developed a section that should educate traders about Forex, and specifically on how to trade Forex on its platform. However, traders are not able to learn more about trading Forex by downloading the broker’s free e-Book on Forex, because it is an empty file.
This broker has also gone ahead to develop ineffective Forex trading tutorials and webinars that traders can use only to lose their time. There are also videos and a section where traders are said to get access to the daily breaking news in the financial markets. Sadly, these news are never updated.
Olymp Trade has developed a section of market analysis and reviews that don’t seem relevant at all, as well as a glossary of terms and a FAQ to flood its traders with general and unsubstantial information about trading Forex. The training services provided by the broker along with professional and technical support, all offered free upon sign-up doesn’t seem responsive and useful, neither.
Finally, Olymp Trade seems to not understand the growing culture of mobile trading and has therefore, skipped to launch mobile apps for some of the leading mobile operating systems in a bid to facilitating on the go trading for its traders.