Is OlympBot a Scam?
Since we haven’t gathered enough information yet, we cannot confirm that OlympBot is safe. You can Proceed to Safety OR Choose one of the Is-Scam approved and safe trading applications:
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Olymp Bot, also known as Olymp Trade Robot is a new trading software created by the team of Olymp Trade. Olymp Trade has been operating since 2014. The broker is based in Russia and is owned by Smartex International Ltd and Frandom Holding Ltd. While the broker was founded to cater to the needs of traders from Russia mainly, it has recently started to accept clients from other parts of the world as well.
As a broker, Olymp Trade doesn’t offer much to its traders. There is a limited selection of tradable assets available and the trading instruments are also not up to the mark. The service they offer as a broker is legit, but is Olymp Bot also a legitimate trading solution offered by the company?
To find out the truth behind this new trading system, we conducted an in-depth research and investigation. Our unbiased review outlines the details about the Olymp Bot software.
What is Olymp Bot App?
Olymp Bot has been created by the same team which created Olymp Trade. The trading software fully automates the entire trading process. We have been told that the software utilizes the Martingale trading strategy to enhance returns on investments and give traders the kind of experience they look for in an auto-trading software.
But, their statements on how it really works is inadequate to explain the process. In fact, we found the explanation to be very poor. If the software was really created by experts, it would include details about it so it would be easier for traders, especially the new ones to understand more about its operational process.
We have also been told that the software comes at zero cost and you can get access to it free of charge. The main problem however is that unlike other systems which allow you to choose from a list of brokers, this one connects you to a single broker only and that is Olymp Trade.
How Does Olymp Bot App Work?
There is little explanation provided on how Olymp Bot works. It is possible to download Olymp Bot for free. But if you want to make use of the PRO version of the software, then you have to add a deposit of $40 into your account. basically, the free version can only be used to practice trading. You will get a demo trading account funded with $10,000 virtual funds to become familiar with the platform and its features.
In order to trade using a real account, you must register for the PRO version which comes at a cost of $40. One thing that users must keep in mind is that Olymp Bot works only with Google Chrome.
So after completing the registration process and adding a deposit, the robot will begin trading automatically on behalf of its users. The app will not work if you haven’t added a deposit, meaning that it is not a free software as advertised by the team.
Is Olymp Bot a Reliable Trading Software?
At this point, it is not possible to confirm whether Olymp Bot is a reliable auto-trader or not. It has been launched recently and the majority of the clients that are using this software are Russian. Very few reviews or feedback are available in English and on the basis of what we have found, we cannot say that they are safe.
On the other hand, we also cannot confirm that they are a scam. The statistics offered by the company cannot be verified. Although the results shown to us look promising, we cannot trust what they have to say because there is no concrete evidence.
Only their demo version is free. To trade in the real financial markets, a deposit is required. Basically, we will have to wait for some more time to determine their legitimacy. We really hope that Olymp Bot proves itself to be a reliable trading solution.
At the time of reviewing this software, we could see that it has very little to offer to its users. It doesn’t have good potential and it doesn’t look like the developers were serious about what they were creating. Addition of few more features may make this software worth using. But at the moment, we don’t have any reason for recommending it to our users.
We will keep a close watch on what the team is doing to improve its performance and accuracy. Until then, you can go for a better alternative and enhance your gains.
Final ConclusionAfter detailed investigation our team concluded that this Forex Robot may not be safe.
The lack of enough real and unbiased reviews on the Internet only increases our uncertainty. This auto-trading system has not been able to achieve the profits advertised on their sales page. Unfortunately we cannot confirm that this robot is decent until traders provide positive feedback.
We recommend You to Proceed To Safety and Avoid Scams by Choosing a High Rated and Trusted Robot on Is-Scam.com.
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