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When embarking on a trading career, retail traders risk their hard-earned money. They must choose a broker and deposit cash before accessing the financial markets. Trust is key, as unscrupulous brokers may take your hard-earned money. This article delves into the credibility of Olymp Trade, a popular trading platform, and debunks potential scams associated with it. So let’s find out if Olymp Trade is really a scam.
Introduction to Olymp Trade
Olymp Trade is a leading online trading platform that has been in operation since 2014. The platform primarily offers Contracts for Differences (CFDs) on various asset classes such as commodities, stock indices, ETFs, currencies, cryptocurrencies, and OTC products. As one of the most trusted brokers in the industry, Olymp Trade has amassed a large clientele and continues to grow in popularity. But is it a scam or a legitimate platform? In this article, we will explore the reasons why Olymp Trade is considered a reliable platform and debunk potential scams associated with it.
Olymp Trade Scam or Not: Reasons It’s Trusted
The credibility of Olymp Trade can be attributed to several factors that set it apart from potential scams. Below are some reasons why it is a trusted platform. So, what makes Olymp Trade trustworthy and not a scam?
Regulation and Oversight
Olymp Trade is regulated by the International Financial Commission (IFC), which oversees the activities of brokers and ensures they adhere to high standards of professionalism and ethical conduct. The IFC also provides dispute resolution services for traders and brokers, ensuring fair treatment of all parties. This regulation adds a layer of trust and security for traders using the Olymp Trade platform.
Transparent Fee Structure
Olymp Trade maintains a transparent fee structure with no hidden charges. This means that traders can easily understand the costs associated with trading on the platform without worrying about unexpected fees. The platform also offers competitive spreads and commissions, making it an attractive option for traders looking for cost-effective trading solutions.
Robust Customer Support
One of the hallmarks of a trustworthy broker is excellent customer support. Olymp Trade offers 24/7 customer support through multiple channels, including live chat, email, and phone. The platform’s support team is known for its prompt and professional assistance, ensuring traders can get the help they need when they need it.
Positive User Reviews and Testimonials
Olymp Trade has received numerous positive reviews and testimonials from its users. Many traders have praised the platform for its user-friendly interface, comprehensive educational resources, and reliable trading tools. These reviews provide valuable insights into the experiences of real traders, reinforcing Olymp Trade’s reputation as a trustworthy platform.
Diverse Range of Tradable Assets
Olymp Trade offers a wide range of tradable assets, giving traders the flexibility to diversify their portfolios and explore various markets. With access to popular stocks, commodities, currencies, cryptocurrencies, and more, traders can take advantage of market opportunities across different asset classes. This diversity of offerings is another indication of Olymp Trade’s legitimacy as a broker.
Distinguishing Between Olymp Trade and Scammers
While Olymp Trade is a legitimate platform, it is essential to be aware of the scams that target its users. Here are some common scams associated with Olymp Trade and how to identify them:
- Top up to receive earnings
- Investment scams
- Fake websites & phishing emails
- Fake emails
- Technical vulnerability
- Promise of better trading conditions
- Fake apps
- An offer to register again
By being vigilant and recognizing these scams, traders can protect themselves from falling victim to fraudsters attempting to exploit the reputation of Olymp Trade.
Olymp Trade Has Security Measures in Place to Protect Your Account
To further enhance the security of its users, Olymp Trade has implemented various security measures, including:
Two-Factor Authentication (2FA)
2FA adds an extra layer of security by linking users’ accounts to their mobile phone numbers. Whenever users attempt to log in, they receive an SMS with a unique code that must be entered to access their accounts. This feature helps prevent unauthorized access to trading accounts.
Data Protection and Privacy
Olymp Trade prioritizes users’ data protection and privacy by not sharing personal information with third parties or ad networks. The platform uses advanced encryption technologies and follows strict data privacy guidelines to ensure the confidentiality of user data.
Priority Support for Hacked Accounts
If users suspect that their accounts have been compromised, Olymp Trade provides priority support to address the issue and help secure their accounts. By offering assistance in such situations, the platform demonstrates its commitment to user security.
Advising Users Not to Share Personal Data or Login Credentials
Olymp Trade constantly reminds users not to share their personal data or login credentials with anyone, even if the person claims to be an employee of the company. This advice helps users stay vigilant and avoid falling prey to scammers attempting to steal their account information.
Trading With Olymp Trade is Safeguarded by the International Financial Commission
As mentioned earlier, Olymp Trade is a member of the International Financial Commission (IFC), which offers several benefits to traders using the platform, such as:
- Efficient and unbiased dispute resolution services
- Trade execution certification
- Fraud detection
- Liquidity solutions
- Risk management
- Market research and execution analysis
Olymp Trade’s membership in the IFC provides traders with confidence and assurance that the platform upholds high standards of professionalism and adheres to industry regulations. Additionally, the IFC offers compensation of up to €20,000 to customers in case of disputes with the platform.
No Ongoing Lawsuits
Olymp Trade has not been involved in any wrongdoing or fraudulent business practices, which is why it has not had to defend itself in lawsuits brought by clients. This clean legal record is another indication of the platform’s reliability and commitment to maintaining a transparent and ethical trading environment.
Popularity and Operation in Many Countries
Olymp Trade boasts a daily user base of more than 25,000 committed clients, including long-term loyal customers and newcomers to the trading world. The platform operates in numerous countries and supports multiple languages, catering to the needs of millions of users worldwide.
No False Claims
Olymp Trade does not lure users with false promises of overnight riches or unrealistic profits. The platform is designed for professional trading and offers a wide range of tools, resources, and assets to help traders make informed decisions and develop successful trading strategies.
As an example, traders can speculate on the price movements of stocks from popular companies such as:
- Alibaba, and
They can analyze markets through fundamental analysis. Olymp Trades has all the main charting tools and indicators. Their in-house editorial team publishes expert analysis.
Demo Account Available for Testing
Olymp Trade provides a demo account that allows users to test the platform without any financial commitment. The demo account is funded with virtual money, enabling traders to experience the trading environment, access educational resources, and try various trading instruments before depositing real money.
In the demo, traders may open and close trades, access the education resources, speak to the support, and try out a wide range of trading instruments.
The aim of using the demo account is also to develop winning strategies. Once traders are ready, they can deposit real money using a wide range of methods, including:
- Bank Cards,
- China UnionPay,
- Perfect Money,
- Other cryptocurrencies.
If trading with Olymp Trade was a scam, customers would not have access to online payment methods. Scammy sites ask people for real money straight away.
Olymp Trade’s credibility is showcased in its willingness to fulfill withdrawal requests. Up to 90% of withdrawals are handled in one business day. Customers keep most of their money as the trading platform doesn’t impose fees on withdrawals. Some unscrupulous platforms have high fees, siphoning away money from their clients.
A Word From Other Users and Friends
As an experiment, go on Facebook or YouTube and find the accounts associated with Olymp Trade. Up to 1.2 million people follow the platform on Facebook, and you can read through some of the comments under their posts. Also, Facebook lets users view other friends that may follow the trading platform too. Ask them for their consensus about the platform.
Olymp Trade is a legitimate and trusted trading platform regulated by the International Financial Commission (IFC), which ensures it upholds high standards of professionalism and ethical conduct.
Olymp Trade offers various security measures, including two-factor authentication (2FA), data protection and privacy, priority support for hacked accounts, and constant reminders not to share personal data or login credentials.
Be vigilant and familiarize yourself with common scams, such as fake emails, phishing websites, and fraudulent investment schemes. Always verify the legitimacy of communications and websites related to Olymp Trade before taking any action.
Yes, Olymp Trade provides a demo account funded with virtual money, allowing users to test the platform, access educational resources, and try various trading instruments without any financial commitment.
Olymp Trade’s reliability can be attributed to its regulation by the IFC, transparent fee structure, robust customer support, positive user reviews, and a diverse range of tradable assets. Additionally, Olymp Trade has no ongoing lawsuits and operates in many countries with a growing user base.
In conclusion, Olymp Trade is a legitimate and trusted trading platform that offers a comprehensive suite of tools and resources to help traders succeed in the financial markets. By staying vigilant and recognizing potential scams, traders can safely and confidently trade on Olymp Trade without fear of falling victim to fraudulent schemes.