When embarking on a trading career, the retail trader risks their hard-earned money. They have to choose a broker and deposit cash before accessing the financial markets. Trust is key as scrupulous brokers may take your hard-earned money.
What should you know about the Olymp Trade scam? Well, as a whole, Olymp Trade is one of the most trusted brokers. They don't exhibit any qualities that may point to a scammy broker site that includes:
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- Hidden fees;
- Terrible customer support;
- Withdrawal issues;
- Bad reviews;
- Limited financial instruments;
- Few deposit options;
- Lack of market experience.
Olymp Trade Scam or Not: Reasons It's Trusted
So, what makes Olymp Trade trustworthy and not a scam?
1) Olymp Trade Email Scam, Fake Emails, & Fake Websites
Hackers and scammers go after trusted companies to cheat people off their money. PayPal, for instance, the largest online payment processor deals with countless scams. Olymp Trade has also suffered the same fate. So, how do scammers cheat innocent users?
- Top up to receive earnings: For this scam, the fraudster sends an email to Olymp Trade users stating that due to the rise of profits during the trade, they have to pay a top-up fee to release their earnings. If the user responds, they are given incorrect payment details.
- Investment scams: Some scammers may call themselves investment gurus. They promise insider trading tips. As part of their strategy, they create accounts with OlympTrade or join social media groups associated with Olymp Trade. In the groups, they will share success stories and invite people to invest. They actually convince you that other people have invested and earned money.
- Fake websites & phishing emails: Sophisticated scammers create fake websites that mirror Olymp Trade. They may have a login page where you submit your credentials. The scammer steals the login credentials and may lock you out of your account.
- Fake emails: It's another Olymp Trade scam that's easy to spot. Someone will send an email and claim to be working for Olymp Trade and warn that you have been locked out of your account. They often ask for documents to re-verify the account.
- Technical vulnerability: This Olymp Trade Scam may fool users who want to make money quickly. The fraudster states that they have identified a technical problem on Olymp Trade. They promise that you can take advantage of the anomaly and earn a big bonus.
- Promise for better trading conditions: Another common scam will promise privileged conditions to users. The scammer will guarantee better yields, higher bonus amounts, or faster withdrawals. They will ask for the login credentials and password to activate the benefits. Olymp Trade offers Expert status, but only at certain experience levels. This process is secure and highly regulated.
- Fake apps: Olymp Trade has reported that some of their users have been tricked into downloading fake Olymp Trade smartphone apps.
- An offer to register again: Some scammers may target people with inactive accounts. They send emails asking people to register again to activate their accounts.
Now, while the list of possible scams seems long, remember, it's pretty rare to encounter the Olymp Trade scam. But pay close attention to fake trading gurus, indicators, and tools.
2) Olymp Trade has Security Rules in Place to Protect Your Account
Olymp trade has taken various measures to promote its platform's safety. Users may enable two-factor authentication. It links their account to their mobile phone number. They will receive an SMS with a unique code when they login here and proceed with registration.
Olymp Trade doesn't share user personal data with any third parties or Ad networks. When interacting with the know-your-customer department, the platform conducts a verification test. Users get priority support if they suspect that their accounts have been hacked. You're also advised not to share personal data or login credentials with anyone.
3) Trading With Olymp Trade is Safeguarded by the International Financial Commission
The International Financial Commission facilitates dispute resolution between Forex traders and brokers, of which Olymp Trade is a partner. They resolve disputes efficiently and quickly and in an unbiased manner. They provide other services, including fraud detection, trade execution certification, liquidity solutions, risk management, market research, and execution analysis.
Olymp Trade's membership to the commission gives traders confidence and assurance. The platform upholds the highest standards of professionalism.
Most importantly, customers are insured for disputes that may arise with the platform. They are entitled to compensation of up to €20,000 from the Financial Commission.
3) No Ongoing Lawsuits
Olymp Trade is not involved in any wrongdoing or scammy business practices. So, they have not had to defend themselves in lawsuits brought by clients. While lawsuits against FX brokers are rare, there have been cases where platforms have willfully wronged clients.
Recently, a lawsuit was brought against FXCM after canceling trades that would have netted a customer up to $460,000. The platform cited that the user had somehow taken advantage of the platform.
4) Popularity and Operation in Many Countries
Olymptrade currently enjoys a daily usage of more than 25,000 committed clients. Some source their livelihood from the platform. Their share of clients also consists of loyal customers that have used the platform since 2014. Newbies also find the platform trustworthy.
Olymp trade accepts trades from many countries and across various continents. Their platform is, in fact, translated into several languages, accommodating the needs of millions of users.
5) No False Claims
The platform doesn't lure in users with promises of overnight riches. It’s a professional trading platform. Traders primarily deal with Contracts of Differences (CFDs) on a wide range of asset classes, including commodities, stock indices, ETFs, currencies, cryptos, and OTC products.
As an example, traders can speculate on the price movements of stocks from popular companies such as:
- Alibaba, and
They can analyze markets through fundamental analysis. Olymp Trades has all the main charting tools and indicators. Their in-house editorial team publishes expert analysis.
6) Demo Account Available for Testing
Olymp Trade is not a scam because they don't force customers to deposit or link payment methods before being granted access. Their demo account allows full access to the trading environment. It's funded with virtual money, and you can refill it if it runs out.
In the demo, traders may open and close trades, access the education resources, speak to the support, and try out a wide range of trading instruments.
The aim of using the demo account is also to develop winning strategies. Once traders are ready, they can deposit real money using a wide range of methods, including:
- Bank Cards,
- China UnionPay,
- Perfect Money,
- Other cryptocurrencies.
If trading with Olymp Trade was a scam, customers would not have access to online payment methods. Scammy sites ask people for real money straight away.
7) Fast Withdrawals
Olymp Trade’s credibility is showcased in its willingness to fulfill withdrawal requests. Up to 90% of withdrawals are handled in one business day. Customers keep most of their money as the trading platform doesn’t impose fees on withdrawals. Some unscrupulous platforms have high fees, siphoning away money from their clients.
8) A Word From Other Users and Friends
As an experiment, go on Facebook or YouTube and find the accounts associated with Olymp Trade. Up to 1.2 million people follow the platform on Facebook, and you can read through some of the comments under their posts. Also, Facebook lets users view other friends that may follow the trading platform too. Ask them for their consensus about the platform.
Getting started with Olymp Trade is quite easy, and there is no obligation to deposit any money. Trade with the demo for a while as you test out if the broker is suited to your needs.