OliveFX (Olivefx.com) is a crude Forex scam platform whose intention is to steal funds from any investor who makes deposits. Olive FX is another fraudulent Forex broker to hit the trading world. Complaints have been sent by traders who have lost huge chunks of money trading with this broker. And this is why we decided to conduct a genuine and thorough investigation. Get the truth in this honest OliveFX Review.
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This broker is claiming to offer trading products such as CFDs, Forex, indices, and metals. Users are also called to become a portfolio manager by trading with this broker. Ask yourself, are all these claims posted on their homepage true? Why isn’t this broker recognized by regulatory body posted on their homepage? Read this review as we will expose the scam artists behind this platform. Before you sign up, kindly read this entire and thoughtful OLIVEFX Review.
Landing at their homepage, it’s clear why newbie traders are falling for this scam. With claims and promises posted all over, it makes it hard to spot lies on the platform. And this is why reading reviews before signing up helps to understand a broker more. This platform is nothing but a scam as we will clearly show.
Disclaimer at the footer of their homepage claims this platform is owned by an Australian based company. Olive Financial Markets PTY LTD is the company behind this platform. Is this really true? As a way to stay safe, make sure not to sign up with any broker who is anonymous. OliveFX is an anonymous platform whose identity remains hidden.
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Who is the actual owner of Olive FX? Why has this platform failed to mention people involved in this platform? An honest broker will reveal some of the brains running this platform. Would it hurt to reveal some of the founding members of this platform? Stay away from anonymous brokers.
At the bottom of their homepage, this broker claims to have been registered by ASIC. They have even posted a licensing number 390906 at the footer of their homepage. Sadly, this is a random number as ASIC has no broker licensed under this name. This means we are dealing with a broker who is conducting Forex business under pretense. OliveFX is a fraudulent broker which must be exposed.
Where are their documents to prove they have been registered? A real broker will post copies of their certificates for all to see. Clearly, Olive FX is using fake registry details to entice users into signing up. Stay away from this broker unless you want to completely lose your funds. An unlicensed broker is bad news for any trader as they can shut down at any time. Stay away from unlicensed brokers to avoid losing funds.
OliveFX is offering six different accounts for any investor willing to sign up. These account types include Corporate, Personal, SMSF, Trust, Joint, and Client appropriateness Assessment. Problem with these accounts is lack of proper details regarding features of this platform. There’s no information given regarding minimum required deposit required to start trading. Why would anyone sign up with an account whose details remain hidden?
Having these account types means scam artists have cast a wide net to trap various investors. From corporate clients to individual high end investors, this is clearly a dangerous platform. Application details contain users to declare personal information which is phony to say the least. Why would anyone applying for an account sign a declaration form? This broker is clearly harvesting data using questions on their account application page.
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OliveFX is using MT4 trading platform which is considered to be the best in the market. In order to test how well their platform works, we decided to test it by first downloading it. And this is where we spotted another red flag with this platform. Download stalled at 27% which means we are dealing with an unstable platform. Unstable platforms are bad news for any investor who uses them.
. In most cases, credit card information is what hackers are after. They will purchase goods and services and pay them using these cards. This is why signing up with this broker will leave traders vulnerable to theft.
This broker fails to give vital information regarding how they handle funds. Where do they bank money deposited by investors? As it turns out, users could be depositing funds straight to owner’s personal bank account. This means OliveFX is taking in all the funds and depositing them in their accounts. A straight scammer’s move made by Olive FX.
Claims posted on their homepage regarding segregation of accounts are lies. This broker does not segregate accounts in any way. By depositing funds in their accounts, this means OliveFX is pooling funds in one account. And this is another reason why no one should sign up with this platform. Stay clear from any platform whose banking remains sketchy at the least.
In order to stay completely anonymous, this platform has ensured communication is one way. Only way to communicate with this broker is by email, which is not reliable. Olive FX can decide not to reply to any emails sent by users. And this is why they want to remain anonymous; they don’t want any backlash from victims. Stay away from any broker whose communication is one way. How do they expect traders to communicate or ask questions that are important?
Details revealed during the investigation clearly reveal we are dealing with a rogue broker. Mark all their emails as Spam and never click on any links sent by this broker. Warn your family and friends from signing up with any of their affiliate programs. Hackers have been using these links to steal personal details. Best way to stay safe from this platform is to ignore it completely. This is what a Forex platform looks like, anonymity, sketchy details written all over.
Adding this platform to our scam blacklist will prompt Forex authorities to investigate. This is the only way to protect users from losing funds with this platform. Stay away from this broker and ignore calls from any of their agents.
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Finally, we wish you all the best in your future trading experience.
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