Warning! Olympia Markets is an offshore company! Your deposit may be at risk.
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Olympia Markets has the potential to blind some traders with the good looking website, but we are no ordinary bunch. Read on to see what Olympia Markets has in store.
The broker is owned by Yield Enterprise Currency Software is situated in an unusual place: Latvia. The country is not renowned for its financial market services, but it has nevertheless a broker regulator. The Financial and Capital Market Commission (FCMC) reports directly to the government, takes notices of newly registered brokers, issues warnings against fraudulent ones. If international brokers wish to operate in Latvia they must absolutely hold a FCMC license, otherwise their activities in Latvia will be annulled.
Needless to say Yield Enterprise Currency Software is nowhere to be found in the records of the FCMC, thus we must conclude that Olympia Markets is unregulated.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage should not surpass 1:30 because of the broker’s location in Europe, a territory covered by ESMA ruling. The broker however offers leverages up to 1:500. This is the first of many clear sign of the illegitimacy of the brokers.
The spread we got from the platform is 3 pips. No need to tell you that this is a ridiculous value, and does no service to anyone. Other illicit brokers with this spread are TitanPro500 and Trades.com.
Trading instruments are: Forex Pairs, Commodities, Crytpo, Indices, Stocks.
The languages we got are English, Turkish, German and Spanish.
OLYMPIA MARKETS LOGIN
The trader immediately reminded us of Tfxgo’s platfrom, another scammer broker. We haven’t changed our opinion on this one since. Platforms such as this one are just here to fill in the space. There are some optimization options, but it’s nothing to get excited about.
Furthermore, there are some questionable conditions on commissions, that claims that commissions can range from $0 to the unbelievable $100 per lot!
This would mean that a commission of $100 will increase a spread by 10 pips, something that is unheard of, and so we won’t even waste our breath.
The leverage reaches a max height of 1:500 in a territory where anything above 1:30 is illegal.
The platform is browser based.
OLYMPIA MARKETS MINIMUM DEPOSIT
The minimum deposit is $250. No comment here, since this is the average min. funding request.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
OLYMPIA MARKETS WITHDRAWAL TIME AND FEES
There is no minimum withdraw amount for Debit/Credit cards. For Bank Transfers it’s £500 ($630). This is unusually high and is another sign of just how fraudulent this broker is. In fact we could not find a Withdrawal button anywhere… typical, for this “broker” will unlikely return your funds.
Withdrawal are processed between 5-10 days.
We could not find any withdrawal fee. This does not mean that there are no hidden ones.
ADDITIONAL FEES AND TAXES
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. Any effort to withdrawal your money will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The most sound advise we could give you is to immediately file for a chargeback with you credit card company.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Olympia Markets has a long climb ahead if it wants to reach the level of a real broker. We seriously doubt that this is their goal, however. So in conclusion, do yourself a favor and keep away from this one.