Olympia Markets Scam Broker Complaint & ReviewJim Jim2020-01-16T08:30:55+00:00
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Olympia Markets Complaint – Olympia Markets Review
Is Olympia Markets a Scam Broker?
The offshore broker OLYMPIA MARKETS provides three accounts namely Self Trader, Robot Trader, and Copy Trader account. It also provides trade on a web-based environment with the maximum leverage of 1:500. Taking into consideration of high-risk associated with trading markets traders must follow this review.
About OLYMPIA MARKETS:
The OLYMPIA MARKETS gives access to more than 54 currency pairs, some of them are rarely found in the trading markets. Those currency pairs are as follows USD/DKK, USD/HKD, USD/HUF, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/TRY, USD/ZAR, and USD/INR. The broker features more than 23 indexes, commodities, metals, shares on CFDs. It also provides cryptocurrency-based CFDs on all the major cryptos available.
The high leverage of 1:500 is not common nowadays because of the restrictions applied by the European financial regulator. The allowed maximum leverage is capped at 1:30. This kind of restriction is also seen in all the regulated markets around the world. Only Australian traders can enjoy such high leverages but that will also be capped soon for the safety and security of the trader’s investments.
The broker allegedly owned by Yield Enterprise Currency Software OÜ, situated in Estonia and it is operated by Latvia based company. This can be a fair practice, but in this case, regulatory authorities from either country deny the registry of Oynpia Markets. Also, the broker’s registry is not found in other European Union countries. We have always emphasized the fact that only licensed brokers are entertained in regulated markets. There are several warnings against OLYMPIA MARKETS from authorities like CONSOB, FCA, and CNMV. This means trading with OLYMPIA MARKETS poses a high risk of scam.
The OLYMPIA MARKETS offers a trading bonus and they are subjected to additional terms and conditions along with the requirement of the minimum trading volume. The website of this broker does not forget to mention reserved rights to change its bonus terms and conditions and it is objectionable.
Although OLYMPIA MARKETS claim to offer low spreads of 1 pip, by operating demo account It is found that spread is capped at 3 pips on prime currency pair of EUR/USD. Payment methods provided by OLYMPIA MARKETS are all major credit cards, the bank wire transfer and surprisingly cryptos as well, but fails to provide payments with e-wallets. The broker offers a simple web-based trading platform that misses many features available in MetaTrader.
Is OLYMPIA MARKETS scam or legit?
The fact about OLYMPIA MARKETS is it does provide many trading instruments from CFDs to cryptos. But as the genuine scam broker reviewers, it’s our duty to alert traders about the potential scam. The broker is not licensed and unregulated. This makes OLYMPIA MARKETS unworthy and noncredible. Several warnings against this scam brokers is a serious issue. Avoid this scam broker at all costs.
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