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Is Olymp Trade Fake? A Guide for Beginners
If you are interested in online trading, you might have come across Olymp Trade, a platform that claims to offer fixed time trades and forex trading with high returns and low risks. But is Olymp Trade fake or legit? How can you tell if it is a reliable broker or a scam? In this blog post, we will try to answer these questions and give you some tips on how to trade safely with Olymp Trade.
What is Olymp Trade?
Olymp Trade is an online broker that was founded in 2014 and is regulated by the International Financial Commission (IFC), a self-regulatory organization that oversees the activities of its members and provides dispute resolution services. Olymp Trade offers two types of trading products: fixed time trades and forex. Fixed time trades are contracts that expire after a predetermined time and pay a fixed percentage of the investment if the prediction is correct. Forex is the exchange of currencies at the current market price, with variable returns depending on the price movement.
Olymp Trade claims to have more than 25,000 traders using its platform every day and more than 370,000 active users per month. It also boasts of having won several awards, such as the Best Customer Support Broker in 2019 and 2020, the Best Trading Platform in 2018, and the Fastest Growing Broker in 2017.
Is Olymp Trade Fake or Legit?
There is no definitive answer to this question, as different sources may have different opinions and experiences with Olymp Trade. However, based on our research, we can say that Olymp Trade is not a fake broker, but it is not a fully legit one either. Here are some of the pros and cons of Olymp Trade that we found:
Pros:
- Olymp Trade is regulated by the IFC, which means that it has to comply with certain standards of transparency, security, and fair trading practices. The IFC also provides compensation of up to €20,000 in case of a dispute or a platform malfunction.- Olymp Trade has a user-friendly and intuitive trading platform that supports multiple languages, devices, and payment methods. It also offers a free demo account, educational materials, webinars, and market analysis tools for beginners and advanced traders alike.- Olymp Trade has low minimum deposit and trade requirements, which make it accessible to anyone who wants to start trading online. The minimum deposit is $10 and the minimum trade amount is $1. It also offers bonuses, tournaments, and loyalty programs for its clients.- Olymp Trade has a responsive and professional customer support team that can be reached 24/7 via phone, chat, email, or social media. It also has an active online community where traders can share their experiences and tips.
Cons:
- Olymp Trade is not regulated by any reputable financial authority, such as the CySEC, FCA, ASIC, or NFA. The IFC is not an official regulator, but a private organization that does not have any legal power or jurisdiction over its members. This means that Olymp Trade does not have to follow the strict rules and regulations that apply to licensed brokers in terms of client protection, fund segregation, anti-money laundering, etc.- Olymp Trade has mixed reviews from its users, with some praising its platform and services, and others complaining about its withdrawal delays, price manipulation, account blocking, and poor customer service. Some users also claim that Olymp Trade is a scam that uses fake testimonials, bots, and paid actors to lure unsuspecting traders.- Olymp Trade has limited trading products and assets compared to other brokers. It only offers fixed time trades and forex, with no options for stocks, commodities, indices, cryptocurrencies, or CFDs. It also has a relatively small number of currency pairs (36) and commodities (6) available for trading.- Olymp Trade has some restrictions and limitations on its platform and services. For example, it does not accept clients from certain countries (such as the USA), it does not allow scalping or hedging strategies, it does not provide negative balance protection or leverage options for forex trading.
How to Trade Safely with Olymp Trade?
If you decide to trade with Olymp Trade despite its drawbacks, here are some tips on how to do it safely and avoid potential scams:
- Verify your account as soon as possible by providing your personal information and documents. This will help you avoid any issues or delays when you want to withdraw your money.- Start with a demo account before investing real money. This will help you familiarize yourself with the platform and test your trading skills without risking anything.- Use only reliable payment methods that have security features and chargeback options. Avoid using third-party services or agents that promise faster or easier transactions.- Do not accept any bonuses or incentives that require you to trade a certain volume or deposit more money. These are usually traps that prevent you from withdrawing your money until you meet unrealistic conditions.- Do not trust anyone who claims to be an official representative of Olymp Trade or who offers to trade on your behalf. These are usually scammers who want to access your account or steal your money.- Do your own research and analysis before placing any trade. Do not rely on signals, tips, or recommendations from unknown sources or websites.- Set realistic goals and limits for your trading. Do not invest more than you can afford to lose or chase your losses with bigger bets.- Be aware of the risks involved in online trading and do not expect to make huge profits overnight. Trading is not a game of luck but a skill that requires patience, discipline, and education.
Conclusion
Olymp Trade is an online broker that offers fixed time trades and forex trading with low minimum requirements and attractive features. However, it is not regulated by any reputable financial authority and has mixed reviews from its users. Therefore, we cannot recommend Olymp Trade as a trustworthy broker for online trading. If you want to trade with Olymp Trade anyway, make sure you follow our tips on how to do it safely and avoid potential scams.

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