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Has OlympusMarkets been blessed by the old gods, or is it just another trickster lurking in the shadows of the greats?
The only information that is stated concerning a registration is as follows:
Next Trade Ltd is also the owner of another very loose broker Aspen Holding, that has many things in common with this one. The fact of the matter is that both brokers have almost distinct features.
As you can see there is no mention of an actual regulation, and nowhere is such information disclosed. Nevertheless, Vanuatu’s Vanuatu Financial Services Commission (VFSC) is an offshore license issuer that requires a minimum capital of $50 000 for all brokers under its gaze. Vanuatu is a well know destination for shady brokers to operate in, mainly due to the looser regulatory requirements. All this is irrelevant for Next Trade Ltd- the holding company of OlympusMarkets- is not found in the VFSC register.
Thus we can safely conclude that this broker is UNLICENSED, and as such is a risk to anyone who invests money in it.
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.
Because the broker is unregulated it can offer whatever leverage it chooses. Here it is maxed out at 1:500, which can be both extremely risky but also very profitable.
The EUR/USD spread is nowhere to be found. As is very common with illicit brokers, all our attempts at registering failed. So we are yet again left empty handed. However, this should not worry anyone since we’ve already established that this broker is not to be trusted.
Since all attempts at registering failed, plus the fact that the website is ambiguous with trading assets mentions, we are left with only the following snap that was taken directly from the Home Page.
Surprisingly for an unlicensed brokerage firm, there is a range of languages available: English, Portuguese, German, Italian, Polish, Arabic, Spanish and Russian.
Our endeavor to register was unsuccessful. Thus a proper hands on with the, alleged, proprietary platform was unachievable. This happens often with unregulated brokers.
We now that there is a platform called OlympusMarket Trader, and that it’s available as a web trader, a desktop one and on Android/IOS devices. There are no images of how the platform looks like (aside from some MT4 stock images), so our theory is that the platform is some lackluster copy of more prominent traders.
The leverage is promised as being 1:500, while a spread is not indicated anywhere.
There appears to be a fee related to the usage of the platform.
This is of course bull, and is an excuse to drain from your account.
OLYMPUSMARKET MINIMUM DEPOSIT
There is no minimum funding amount.
The payment methods showcased in the Payment Page,
are different from the ones indicated on the FAQ page:
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
By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
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.
OLYMPUSMARKET WITHDRAWAL TIME AND FEES
The minimum withdrawal amount has not been included. This is expected for OlympusMarket is unregulated and thus will probably never return your money.
The time it takes the broker to process a payment varies between 2-5 days, after which a trader has to wait additionally up to 7 days.
The charge for withdrawing is 3.5% from the requested amount, and in case this percentage equal to an amount less that $30 then the client will be charged directly with $30.
ADDITIONAL FEES AND TAXES
There is also a clearance fee of 0.5% from every trade made, with trades over $1000 to be subjected to a taxation of $5 per trade.
The sleeper account fees is activated if no activity has been detected in a trader’s account for more than 60 days. The fee is astonishingly high, and is probably the highest we’ve encountered to date: $200 per month. This absurd charge can only be compared to Marquet Capital’s 10% from the account fee.
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in OlympusMarket’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the king from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.
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!
OlympusMarket is the conventional scam broker. The fees are outrages, the details of its operations are not listed, and there is no regulation. Don’t waste your time here. Stay back.
OlympusMarkets compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines