Olympus Markets. Are they safe to use?
Many traders have questions about Olympus Markets. They aren’t sure if this is brokers that they can use safely and without any problems. This is because there are many brokers online that aren’t recommended and that are really not safe to use. But, are Olympus Markets one of them?
With our research, we found that they are in fact not safe to use. There are many irregularities that traders should know about. This is everything you need to know about Olympus Markets. This will prove that they aren’t recommended and safe to use.
Olympus Markets are situated in Vanuatu. Making them offshore brokers. The first sign that they are risky to use. They are known as forex and CFD brokers and offers a huge selection of assets to trade.
They do give a valid address, telephone number, and email address. However, just because they have a valid address, it doesn’t mean that they are now legit to use. In fact, this is one of a few things that you should look at before you can decide that this is brokers that are safe to use.
Registration and Regulation info
Here you need to be careful. They are claiming to be registered to a company called Next Trade Ltd / Marketing Ltd. However, this is an offshore company and not valid as an international company for registering brokers. There isn’t much info about this company online. This means that Olympus Markets are registered, but not internationally.
The other thing that you should know about these brokers, is that they aren’t regulated. Meaning that there isn’t anyone that is making sure that they are staying above board and doing everything legally. They can change their terms and conditions without warning and can cancel or block any account as they please.
Account and minimum required a deposit
Olympus Markets do offer a couple of accounts that you can choose from. There are five in total. The problem that we have with these account options is that there aren’t any explanations about the different accounts, and what they have to offer. Making it hard to know exactly what account to choose.
What is making it even harder, is the fact that with only one account there is information about the minimum required a deposit. With the Jade account, the minimum required a deposit is $250. This is higher than with the other brokers. But this is the only amount that we could find. There isn’t any other information about the deposit with the other four accounts.
Don’t use one of the top platforms on the market
Every trader knows that the platform that the brokers are using is really important. The better and more trustworthy the platforms the better results you are going to get. With Olympus Markets, they don’t use any of the trustworthy and known platforms. They are using their own online platform.
This means that not only don’t you know how the platform is working, you will also not know how accurate and trustworthy the platform will be.
Unusual withdrawal and other fees
This is something serious that you need to know about. With any broker, there are some fees that you need to pay. However, these fees are standard and not really much per transaction.
With Olympus Markets, they don’t have just additional fees that can make using them risky, but they also have withdrawal fees for each withdrawal that you make. Meaning that you are going to spend a lot of money on fees and might not get much profit at the end of the day.
Olympus Markets Traders reviews
With reading some traders reviews, we found that there are some problems that were reported by traders. Traders that have used Olympus Markets are giving bad reviews and warn other traders not to use them.
It is important to make sure that you know what other traders are thinking about a broker before you just start using them. And, in this case, the reviews aren’t really positive.
What are regulators saying about Olympus Markets?
This is the most important thing that you need to know about brokers before you are making any commitments. What are regulators and other professionals saying about this broker?
They don’t recommend traders to make use of Olympus Markets. This is mostly because of the registration of the brokers, and the fact that the brokers are offshore. They aren’t regulated, so these brokers can do anything, even illegal without having any consequences. There isn’t anyone that is making sure that they aren’t doing illegal things.
Olympus Markets aren’t recommended, brokers. There are many reasons why these brokers should not be used by traders. There are too many irregularities about their terms and conditions. And, there are many problems reported by traders. So, it is much better and safer to use brokers that are recommended, but that are also registered internationally and regulated. Then, you will know that you are using a legit broker.