Is Olymp Trade Scam? | Olymp Trade Safety and Reliability

Pros

Cons

  • Regulated by IFC
  • +25,000 clients daily
  • Not regulated by top-tier FCA or CySEC

Introduction

Olymp Trade is a new forex and CFD broker that’s founded in 2014 and has over 25,000 clients daily. It also has a number of other instruments like commodities, stocks and cryptocurrencies.

Is Olymp Trade Regulated?

The Olymp Trade broker is regulated by the International Financial Commission (IFC) and based in St. Vincent and the Grenadines.

On the other hand, Olymp Trade is not regulated by the top-tier FCA.

Is Olymp Trade a Scam?

Olymp Trade broker has a long record as a trading platform since 2014 with more than 25 million user accounts worldwide and passed through different global crises ending with the coronavirus.

Olymp Trade Awards

Since its foundation in 2014, Olymp Trade was awards like:

– Best Forex Trading Platform by Forex Expo, 2020

– Best Customer Support Broker by Forex Broker Awards, 2020

– Best Mobile Trading Experience in the Forex Broker Award, 2019

– Best Customer Support Broker in Forex Broker Award, 2019

– Best Customer Service Broker by Global Brand Awards, 2019

– Best Mobile Trading Platform by Global Brand Magazine, 2019

– Best Traders FB Community in Thailand by Traders Fair, 2018

– Best Trading Platform (Forex) in Asia by IAIR/Le Fonti Awards, 2018

– Best Trading Platform by TheForex Awards, 2018

– Best Financial Broker in the CPA Life Awards, 2017

– Innovative Broker by IAFT Awards, 2017

– Best Broker by ForexExpo, 2017

– Best Trading Platform by Le Fonti, 2016

– Fastest Growing Broker by ShowFx World,2016

Client Protection

Olymp Trade has a client protection amount of €20,000 under the regulator IFC which is considered a compensation per client under certain circumstances.

Negative Balance Protection

Olymp Trade does provide a negative balance protection for its customers.

Two-step Verification

Unfortunately, Olymp Trade lacks the two-step verification method while logging in.

FAQs

a. How long does it take to verify my account?

– It takes about 5 days at most to verify your Olymp Trade account.

b. Can I open more than one trading account?

– Unfortunately, Olymp Trade does restrict that each person should have only one account. If there are multiple accounts under the same name, they can all be blocked.

c. Does Olymp Trade allow bot trading?

– No, Olymp Trade does not allow bot trading on the platform.

d. Does Olymp Trade give a bonus?

– Yes, does provide a %50 bonus on the first deposit.

e. Does Olymp Trade allow scalping?

– Yes, it does allow scalping.



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