Olympus Brokers is a scam, and our olympusbrokers.com review will expose this fact. Those who have invested with the liquidity provider are ruing the decision. It turns out OlympusBrokers is blocking withdrawals.
The broker started acting this way a few weeks ago. There’s no comment or response from the broker on why this is happening. Here’s our detailed OLYMPUS BROKERS REVIEW for more.
One of the main issues we have with the broker is accountability and transparency. The broker fails to offer much in terms of where the brokerage resides. We have an Italian default language and a physical address in Canada.
These two don’t align as the broker also fails to have a legitimate business address. Additionally, there’s no business registration document to support the residency. Therefore, we highly suspect this is another offshore-based brokerage scam.
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You would expect a broker with years of experience to offer a reliable trading platform. Unfortunately, that’s not the case with Olympus Brokers, as they provide an unstable custom-built trading platform.
The best trading platforms experts and traders recommend are MT4 and MT5 trading terminals. These platforms offer stability and a chance to increase your skills, thanks to available trading tools.
With an unstable trading platform, however, you get slow execution speeds. In addition, your trading position is at risk as the platform doesn’t offer market analysis and volatility alerts. That’s why experts insist on using proven terminals.
There are five account types to choose from. These include Apprentice, Intermediate, Superior, Distinguished, and VIP. Each of these accounts promises members a different set of features. Here’s a closer look at each account type;
Apprentice
It’s the most basic account, with investors getting a junior account manager. You must invest $250 to $10K to start trading. The member also trades with a web-based trading platform. There are no trading alerts and zero fees on deposits.
Intermediate
The intermediate account holder has a deposit threshold of $10K to $15K. You get a mid-account manager and access to the MT5 trading platform. Members get limited exclusive position access with no yield wallets.
Superior
With this account, members must deposit $50K to $250K and have access to a senior account manager. In addition, members get access to all platforms and trading instruments. You also get free trading alerts and one weekly session with a professional analyst.
Distinguished
Deposits allowed are over $250K, with members getting all features from the above accounts. Additional features include getting unlimited social and strategy trading. Members also get coin allocations, yield wallets, and a debit card.
VIP
You have to get an invitation to start with this account. In most cases, such brokers target institutional traders. Therefore, you must avoid these accounts as the broker fails to mention possible trading features.
The problem with these accounts is the fact that none of them offers insights into trading conditions. No member goes in knowing set leverage and spreads. And that’s how the broker starts taking advantage of members.
It seems the broker changes leverage depending on the trading instruments. For most assets, the broker sets leverage at a minimum of 1:200. That’s above the recommended leverage of 1:100 set by regulators.
We also don’t know the set spreads on the platform. For example, does the broker offer fixed or variable spreads? These are features all liquidity providers must present to traders before signing up. We wonder why the broker decided to ignore this fact.
These are nothing but crooks. The broker hires call agents to act as account managers. All they do is call members with a promise of a lucrative deal. The call agents claim to have a lucrative open position available for a handful of traders.
The broker claims they chose you for this limited offer to make you feel necessary. All you have to do is deposit funds to help place the trade. Once you make this mistake, you won’t hear from the account manager again.
The broker moves quickly to change the account manager. With the new manager on call, you get an email claiming the previous manager is on leave. The truth is, you have lost funds, and the platform only tries to sell crackers.
There are five classes of trading instruments available on the platform. These include commodities, cryptos, forex, indices, and stocks. In addition, you can trade crude oil, metals, and natural gas.
Crypto and forex pairs are the most numerous trading activities on the platform. These two hold the lion’s share of all activities. You get to trade pairs from major and minor currencies. The broker also pairs crypto and forex pairs.
Indices available include DAX, Dow Jones, NASDAQ, NIKKEI, and S&P 500. You also get to trade shares from major brands. These include shares from all sectors of business, including aviation and tech.
Olympus LTD is the entity we are told owns the brokerage firm. However, there are no documents to match this or prove business compliance. And that makes Olympus Brokers an anonymous crypto and forex trading platform.
We rate the broker 1/10 due to the high risks involved. The broker also fails to mention the withdrawal problems members face. There are also no positive reviews from independent sources regarding the platform.
No, the broker fails to offer any fast execution model of trading on the platform. Despite promising users the MT5 trading platform, members get unstable custom-built terminals. That reduces the speed of execution.
There are several deposit methods available on this brokerage firm. These include bank and wire transfers. You can also deposit via crypto wallets, which the broker prefers. However, withdrawing funds from the platform remains the most significant issue facing members.
For all their claims of offering fair trading conditions, the broker fails in this aspect. As a result, you won’t enjoy negative balance protection on this platform. Negative balance protection is a fundamental right for every trader.
Your funds are not safe with a broker who fails to segregate accounts and funds. The broker puts all funds in a single personal account. We also suspect the broker fails to offer insurance cover for deposits made by members.
The broker is also to blame for the lack of DDoS protection and SSL encryption. As a result, hackers can quickly gain access to members portals and download banking documents. As a result, the broker openly puts your banking details at risk.
Client Testimony
Several clients are unhappy with how this liquidity provider is blocking withdrawals. There are no positive reviews of the platform anywhere on the web. That shows how poorly the trading community received this broker.
Olympus Brokers is not a licensed or regulated trading platform. Please stay away from the brokerage firm. The broker risks your trading by failing to comply with trading regulations.
Check with regulators to confirm whether a broker gets licensed or regulated. It’s one way to ensure your safety.
Please stay away from the broker.
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