Our focus today is on a binary options broker called Olymptrade. Olymp Trade has been around since 2014, and are operating out of Cyprus, although registered with FMRRC in Russia. In addition to this, the broker holds a certificate with the Financial Commission.
This broker claims to offer a reliable and cutting-edge trading platform for both newbies and experienced traders. They also run a proprietary trading system which they claim was created by their top programmers. It is known as Olymp Trade.
As at the time of writing this review, Olymp Trade claimed that it had over 6,000 active customers and that they had paid out over 3 million US dollars so far.
The company does not state upfront what the minimum investment is for one to start using their platform. However, if you dig deeper, you will find out that Olymp Trade is offering a live trading account for as low as $10.
The amount of bet that you can place on a contract is $0.5.
As a newbie, Olymp Trade will recommend that you open a demo account with them first. These accounts can be used to trade both currency pairs and commodities too.
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In addition to this, Olymp Trade has a vast array of interactive learning materials.as well as analytical tools which they claim were developed by their top traders.
Of course all the features highlighted on the sales page of this broker are quite attractive. After all, if you can practice with a demo account, you can perfect your strategy before switching to a live trading environment. Nothing to lose!
Well, this review will tackle this broker from all angles, starting from the features which they offer going down to customer feedback.
In the first place, Olymp Trade is infamous for having produced a robot that disappointed traders. That robot is no longer used by investors in the binary options niche, although some ignorant traders still use Olymp Trade broker to conduct their trading activities.
This broker announces that they offer the services of professional consultants to their traders. These professionals are supposed to develop a trading plan for their customers and even provide them with trading signals.
We believe that these are the same people who created the so-called Olymp Trade software which disappointed traders.
In our opinion, things haven’t changed. So you will still get a raw deal from these guys anyway.
Most brokers do not admit when they have re-quotes and delayed order executions. This is because most of them conduct bucket-shop operations on the internet. They always make it harder for you to win trades. And even if you outsmart them, they will never process your withdrawal request.
That seems to be the order of the day at Olymp Trade brokerage firm. Some customers have reported this awful experience with the broker.
We presume that those are the only customers who beat this broker in his own game, hence their withdrawal requests were not honored. The rest lost, so they never even attempted to place a withdrawal request.
While the customer support is always quick to respond to complaints and queries raised by customers, they don’t seem to address the problems of every trader on this platform.
In this particular case where customers complained of re-quotes and delayed order execution, this broker responded by saying that it was due to market liquidity issues.
But as far as our experience is concerned, most brokers manipulate orders intentionally at various times of the day. Even registered ones do this kind of thing.
So while some traders say that this broker is honest and transparent in their operations, we do not think that this is the case.
While a bonus is always a godsend when you don’t have sufficient funds for trading, this can also be trouble in disguise.
Again, we received a complaint from one trader who claimed to be a customer of this broker.
In this case, one of the Olymp Trade managers called him and explained that if he deposited $50, the brokerage firm would top up the amount with an extra $300. This would mean trading with $350.
On top of that, this manager promised low spreads and great educational materials for those who want to learn and get on the fast track to making profits. This sounded great to him, so he made a deposit of $50 and he received the promised bonus. So far, so good!
However, Olymp Trade blocked all his trades, claiming that he had to top up an additional $100 in order to have access to these trades. That was a surprise and a bombshell because the manager did not explain it upfront.
This customer did not take these tell tale warnings seriously, so he replenished his account with an additional $100 as requested. Trades were opened. But instead, this customer spent some time on their ”great educational program” before trading the EURUSD for a good profit.
His account now had a profit of $150. Unfortunately, when he requested for a withdrawal of $100, his account was blocked. Olymp trade wanted him to add another $500 before any withdrawal could be made. That’s when it occurred to him that Olymp Trade is a scam broker.
Now, there are several other complaints that we have received and also seen on the internet as well. While positive reviews do exist here and there, verifying the authenticity of these positive reviews is quite difficult.
However, this particular customer’s experience shows an element of dishonesty from the part of Olymp Trader. It is actually surprising that this broker is operating with impunity and regulators are doing nothing about it.
Olymp Trade isn’t the only broker offering bonuses. Most (if not all) brokers offer some form of incentive in the name of a bonus.
The problem is that bonuses often come with restrictions. So the moment you accept their terms and conditions, you are denied the freedom to withdraw your money until those conditions are met.
In the case of OlympTrade, naive customers are suffering due to lack of awareness. They do not read these terms and conditions. Besides, they do not know that they are dealing with a dishonest broker who is also a bucket shop.
By saying bucket shop, we mean that this broker is always manipulating price feeds to ensure that you will never win. They do not like it when you make money because they lose as a result. So that’s the essence of a bucket shop operation.
There are a lot of convincing signs that Olymp Trade is not an honest binary options broker. There is a lot of mixed reactions on the internet concerning people who claim to have used the service of this broker before. Some are recommending them while others are rebuking their style of doing business.
Whatever the case, we feel that this broker has a lot of things which they are hiding from their clients. It is only a matter of time before authorities will catch up with them. But this has to take the effort of several customers complaining to the registrar to have its license revoked.
Therefore, the bottom line here is that you should not trade with Olymp Trade broker. If their trading system failed terribly to the extent of being called a scam, you don’t expect things to change that much. This system is still run by the same dudes.
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