The world is witnessing an escalating economic crisis led by the high inflation index and the wars that affected the supply chains, and thus a terrible price pervading all countries of the world. People have become pressured by a lot of expenses, which are offset by weak wages, and therefore the majority are looking for simple investments to quickly diversify sources of income. Here, many companies have emerged that provide online trading services and do not require the deposit of a large amount of money, most notably the company that we will address in our article today.
Olymp Trade review: Is the Olymp Trade platform reliable or a scam?
Our team explained and reviewed the Olymp Trade platform for trading binary options, identifying the advantages and disadvantages, to help beginners know the truth about Olymp Trade in detail.
What is Olymp Trade?
Olymp Trade is an online trading broker that started providing its services in 2014 and offers access to more than 80 financial instruments, including stocks, cryptocurrencies, commodities and indices. Olymp Trade is headquartered in Saint Vincent and the Grenadines, small islands in the Caribbean known as a tax haven and offshore provider. In this article, I do not focus on presenting the features of the platform because they are mentioned on the official Olymp Trade website, but I will also try to outline the negatives and problems when working on the Olymp Trade platform. I would like to point out that all the site staff have abandoned the use of Olymp Trade with the transition to managing binary options contracts on the competing platform Quotex, which offers better services and deposit bonuses with quick withdrawal of profits. This matter does not prevent the site team from sharing its opinion about Olymp Trade impartially with the followers, especially since it is still popular among traders, especially beginners.
Advantages
- ✅ The minimum deposit is low
- ✅ Variety of assets
- ✅ Easy to use trading platform
- ✅ Various deposit methods
- ✅ The deposit bonus is good and competitive
- ✅ Customer service is available in several languages
Defects
- ❌ The platform is not authorized by a financial authority
- ❌ Limited rewards
- ❌ Not accepting traders from Europe and America
The reasons why Olymp Trade is suspicious
Does Olymp Company want a fraud or just offer a high-risk investment opportunity? Now we will try to answer with an explanation of the most important points about binary options trading and the particles that put the credibility of the Olymp Trade site at stake.
Olymp Trade is not officially regulated
If you are wondering, does Olymp want a reliable trading platform? The short answer is yes. The Olymp Trade platform is safe and reliable, it has been active in the field of trading since 2014 without problems. Olymp Trade is a member of the International Financial Commission (FinaCom), which is considered one of the most important organizations for the settlement of disputes, but it is not an official financial regulatory body. Olymp Trade's membership in the FinaCom organization insures its users for up to $20,000 for each complaint in the event that the Olymp Trade platform is stolen or suddenly disappeared. Quick tip, all binary options brokers avoid regulation, which we already explained in our previous guide on the best binary options trading platforms in the world. Regulation is mainly related to the financial factor and the volume of investment made by the platforms, so we find that most of them avoid obtaining US regulation. For example, obtaining regulation from financial institutions in Europe or the Caribbean countries only costs hundreds of thousands of dollars, while getting regulated by the CFTC is millions of dollars.
The problem of regulation or not does not concern beginners at all, but only professional traders and companies that invest in betting contracts with large sums. This type of investor prefers to deal with a platform regulated in the same country, which allows them to obtain insurance in the event that the platform disappears or their accounts are hacked. As a beginner investing only hundreds or thousands of dollars for the first time, the Olymp Trade membership in FinaCom is sufficient to compensate you in the same circumstances, also the indicator of user opinions is good, especially on the Trustpilot site for reviews, as it is a reliable site and allows anyone to share their experience with the platform without restrictions.
Trading on the offshore platform
The Olymp Trade headquarters is located in Saint Vincent and the Grenadines, which is known as a money laundering hub and a tax haven at the same time. The companies registered there enjoy extreme privacy, as any person has the right to establish a company without disclosing his identity, submitting a criminal record or submitting reports on transactions and profits to the Tax Directorate. This is one of the most important reasons for banning the Olymp Trade platform in the United States, Europe and other major countries. Governments invoke the protection of their citizens from investing in offshore companies, by taking the excuse of not providing any guarantees to investors in the event of a default or any reason that leads to its closure. This point is not important, as the company's failure to pay taxes is not my personal problem as a trader, and it does not affect withdrawals or deposits. We also note that the Olymp Trade application has millions of downloads and tens of thousands of positive reviews in both the Apple Store and Google Play. This matter is not limited only to Binary Options platforms, as even reliable forex companies serve traders outside the regulated country through external licenses to reduce the value of taxes and reap more profits.
Account management problems
When investigating the platform, we came across thousands of positive reviews, which were also matched by serious complaints from other members who complained that their accounts were closed for no reason or prevented from withdrawing their profits. Also, binary options companies are known to engage in market manipulation, so Olymp Trade is no exception. To avoid these problems, an initial investment of at least $500 is preferred, which will ensure that you are on the white and privileged list of serious traders. Also, the account supervisor will handle your account with more caution because you are a premium customer, so the identity will be verified quickly with the secure withdrawal of profits directly upon request. It is true that the platform adopts a minimum deposit amount for the first time (FTD), but it is only a strategy to reach the largest number of customers before filtering them between amateur “gamblers” and long-term “trading” customers. Finally, you should avoid keeping huge profits on the platform that exceed $5,000, and it is preferable to keep the account active by opening deals and making deposits and withdrawals on a regular basis.
If you are a beginner and looking for professional trading with minimal losses, there is no better option than trying to trade with the capital of others and in real accounts. This option is provided by Trader Funding Companies, which organize paid challenges and auditions to scout for talented traders. Your success in these tests allows you to trade with the company's capital in exchange for sharing the profits with it, especially since the lowest available funded trading account has a purchasing power of $50,000. Also, some may complain about their account being closed, but this problem only happens to those who deposit small amounts and make extensive trades as if they are gambling and not trading. According to my long experience in the field, any account whose deposits exceed 1,000 dollars is immune from closure, so we find that their empty price exceeds hundreds of dollars on the black market. Professionals prefer to work on more than one account, but this is contrary to the laws of the platform, so some of them resort to buying these accounts and working on them in return for sharing the profits.
Unethical marketing
The company in its official announcements is professional, as it promotes investment in binary options and presents the advantages of trading on its platform with all impartiality. The problem is with affiliates (commissioners) who market the platform in an unethical manner, by claiming that the platform is a magic machine to make thousands of dollars in profits daily. Also, most of them deceive beginners by explaining binary options trading in an unprofessional way, and presenting it only as a way to get rich quickly without explaining the risks. As a fraternal advice, never trust lovers of official and elegant work allowances, all they are good at is empty talk and empty promises, also avoid provocative advertisements and YouTube reviews about making thousands of dollars a day as profits from the Olymp platform, as they are only fictional stories, and personally I do not achieve more than 3500$ per month despite my experience years in the field. Immoral marketing is not the responsibility of the platform, but rather the greed of marketers and their failure to explain binary options practically to new subscribers. Our review of the Olymp Trade platform put the points on the letters, as well as provided information that most of them were hiding from the public. Now that you are aware of all the facts about the olymp trade platform, it is your turn to try the platform with peace of mind.
Types of trading accounts offered by Olymp Trade
The Olymp Trade platform serves its clients through 3 types of accounts that differ according to the trader's degree of experience, the number of indicators and the minimum deposit:
Starter account: This account is suitable for inexperienced beginners, and the most important thing is that access to indicators and educational materials is limited.
Advanced account: This option is designed to serve intermediate traders, as it provides access to more indicators and a return margin of up to 85% or more.
Expert account: This account is intended to serve professional traders, experts and VIP members, as it opens up to the trader access to a greater number of strategies and trading, as well as obtaining personal training from the platform team.
How do I register in Olymp Trade?
Registering on the platform requires you to deposit an initial amount, depending on the type of account, and then send identity documents to the platform in order to verify your identity, which may take days to weeks, depending on your country. Finally, an email will be sent informing you that your account has been activated on the Olymp Trade website. The minimum deposit in the Olymp Trade platform is only $10, but I personally advise any beginner to deposit at least $500. This will guarantee you a good deposit bonus, thus ensuring sufficient liquidity to open many deals. Also, you will be treated with preference compared to beginners because you are a serious trader, and the support service will not hesitate to share the most important indicators and exclusive privileges with you. Remember that losing is part of the rules of the game, so losing bets on some trades and winning on others is expected. The most important thing is to reach a balance and maintain the capital during the first month, and personally I think that achieving a profit margin equivalent to 25% in total is good for beginners. Also, there are those who confuse betting on binary options contracts with trading assets such as currencies and stocks, so this matter should be avoided. If you are a beginner and looking for the easiest way to learn to trade on the stock exchanges, there is no better option than to experience trading in a live environment without risking your capital.
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Trading platforms