Overview

Olymp Trade founded in 2014, is a brokerage firm that deals in Digital Options and Forex trading. The company is based in St. Vincent and the Grenadines and offers a wide range of financial instruments. Olymp Trade is operated by Aollikus Limited, a registered entity in Vanuatu.

Regulations

No Regulation

Pros:

  • Multiple account options.
  • Competitive Spread.
  • Low Initial Deposit.
  • Free demo account.

Cons:

  • Not Regulated.
  • Reserve Bank of India has issued an Alert Warning for Forex transactions with the Broker.
  • Does Not Accept US or EU Clients.
  • Customer Accounts Not Segregated.
  • Do not use standard trading platforms.
  • Abysmal customer support.
  • Complex Fee Structure.
  • Forex Withdrawal issues.
  • Vague information on the website.

Platforms:

Inhouse Trading Apps.

Is Olymp Trade safe for traders?

Olymp Trade does not have a credible regulation. The company’s operations have drawn a warning from the Reserve Bank of India regarding its Forex transaction. Olymp Trade does not accept US and EU clients and does not have segregated customer accounts. The platform uses non-standard trading platforms, has complicated fee structures, and has received criticism for providing poor customer support. Users have faced challenges with forex withdrawals and a lack of support after losing money. These factors strongly suggest that Olymp Trade may be a scam company. Therefore, trading with Olymp Trade is not safe, as investors could fall victim to forex fraud.

VYFXB Analysis of Olymp Trade:

Olymp Trade attracts traders with various account options, competitive spreads, and a free demo account. However, it is not regulated, has complex fees, and has unclear website information that puts a question mark on its trustworthiness. The use of non-standard trading platforms and poor customer support also contribute to a bad trading experience. Overall, while there are benefits, concerns about the company being a potential scammer overshadow them. We advise conducting thorough due diligence to protect yourself from trading scams. Reading Forex Broker Reviews could help safeguard investors from scamming websites.
Best Forex Broker -VYFXB Scale= 0.5/5