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Olivecryptotrades (Olivecryptotrades.com) is a crypto scam. Those who have invested with the platform are now ruing the decision. So we have to emphasize why this Olive Crypto Trades review helps expose red flags.
The few who have invested with the broker are complaining of withdrawal issues. And the same case goes for those who affiliate or partner with the platform. As it turns out, the broker is a scam. Here’s our candid OLIVECRYPTOTRADES REVIEW.
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The about us section mentions OLCT Ltd as the parent company. However, there are no documents to suggest the parent company is a legally registered entity. The story goes on to show a group of experts founded the company.
Who these experts remain unknown as there’s no profile page of staff members. We don’t know the CEO of the company. And that’s what we all want to see. A platform that helps engage clients with accountability and transparency.
You would want to engage with a platform that offers much credibility. Every investor has the right to know who handles funds in a platform. What happens if the platform goes under? Who will compensate members?
These are some features most naïve investors fail to check when registering with a platform. Our Olive Crypto Trades review will help expose why this broker is a red flag. The broker sets countless traps for investors to fall into.
One of the few ideal situations with the platform is having a world-class trading platform. Unfortunately, these are platforms that don’t engage well with users. You need to go for platforms that help curate and improve trading standards.
MT5 is one of the best, and the others include MT4 and SIRIX. With MT5, you can open multiple charts at a time, getting the insights you need. In addition, over 40 graphical objects help fine-tune your decision when trading.
You also get four scaling models and a charting system with a 21-time frame. With over 50 indicators, you can also choose from 17 display styles. And that means having all the information needed to make informed decisions.
When trading, kindly go for these platforms that experts back. You also get a stable platform that allows members to trade with a demo account. MT4 and MT5 enable users to test set conditions on a platform.
It seems the platform offers one account for all trading. The platform, however, fails to give the set conditions, such as leverage and spreads. You would want to engage with a platform that offers leverage suitable for trading.
With superior technology claims, the broker offers both long and short-term strategies. It seems spreads start from 0.3 pips. In addition, the broker promises over 99 percent server time without third-party badges on the platform.
How much does it cost to open an account with Olive Crypto Trades?
The minimum acceptable deposit is not available on the homepage. A broker insisting on a minimum acceptable deposit of above $1,000. Members should know the acceptable minimum deposit should be $250.
When it comes to leverage, it seems the broker raises leverage above 1:100. The industry-recommended leverage is 1:100. We see a broker offering leverage of over 1:200 on some of the trading assets.
Safety of funds should be another feature every member should consider before signing up. A broker failing to segregate accounts is putting your trading at risk. Instead, go for brokers who segregate accounts and offer insurance coverage.
Without a legal license from regulators, the broker failed to deposit the minimum required amount. Regulators use the amount to act as insurance cover for deposits made by the public.
A trading platform must also offer secure trading. The website lacks DDoS protection and SSL encryption. And that means anyone can hack the platform and steal valuable data. And by valuable data, we mean taking advantage of user information.
What’s to stop the owner from transferring funds to his account? There’s no proof the broker fails to segregate accounts. And that’s just the issue with unregulated platforms. Most brokers are greedy and often transfer funds for personal use.
There are five classes of trading instruments available on the platform. These include commodities, crypto, forex, indices, and stocks. Commodities you will find have crude oil, natural gas, silver, and sugar.
Crypto assets mainly found include major crypto assets such as Bitcoin and Ethereum. You also find other pairs, such as Litecoin and Ripple. The broker pairs major currencies such as EUR and USD against Bitcoin and Ethereum.
Forex assets found on the platform include major and minor currency pairs. These include over 20 main currencies from Europe and North America. In addition, there are a few forex assets from Asia and the Middle East.
Indices found on the platform include DAX, Dow Jones, and S&P 500. You also get to trade stocks from major companies. These include stocks from companies from all sectors, including aviation and manufacturing.
Due to the influx of complaints, we have to rate the broker a 2/10. The broker does offer exciting assets and has a formidable trading platform. However, we low-rate the broker’s withdrawal issues and lack of customer support.
You will also fail to spot any positive reviews of the platform anywhere on the web. No sane trader would sign up after a quick search of the broker. Instead, the broker has negative reviews all over the web.
With all their claims of having superior technology, the broker fails to offer live chat support. And that means having to ensure no one can hold any talks with the owner. As a trader, the least you expect from a broker is live chat.
There are several listed phone numbers from Austria, London, Malta, and Spain. In addition, of course, the broker uses virtual phone numbers to appeal to region members. However, the broker doesn’t like to take calls, especially regarding withdrawals.
Despite claiming to enjoy a barrage of regulatory status, that’s not the case. The broker claims to get licenses from several European regulators. These include BaFIN and CONSOB. Unfortunately, that’s far from the truth, as the broker fails to have any meaningful documents to prove it.
It would help if you demanded to see copies of their license before signing up. In addition, it helps to confirm with regulators whether a platform is legit. Please check and confirm with the regulator’s accepted brokers before signing up.
There’s a red flag when opening an account with the broker. The broker fails to offer much in terms of protecting user information. As a result, there’s a high chance the broker will solicit your information from third parties.
When verifying accounts, we don’t get why the broker should ask for valuable documents. Instead, the broker ought to have a two-factor authentication process.
For now, avoid the broker until they release funds for withdrawal and get a permit to operate.
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