While the forex market is becoming more regulated, scammers never fail to show up with new ideas to defraud clients. OlympusMarkets is not an exception either. Besides cheating investors on trade execution, the broker has a bad reputation for confining withdrawal requests.
Overview
OlympusMarkets is a nonregulated offshore broker founded by Next Trade Limited in 2018. The company is headquartered in Vanuatu. The company claims to offer a wide range of tradeable financial instruments accompanying advanced trading tools and rich educational resources. However, the brokerage firm is neither registered nor regulated anywhere in the world. OlympusMarket is one of the brokers people have repeatedly denounced investing with on various social media platforms and trading forums.
What makes OlympusMarkets a dubious broker?
Legit brokerage firms have proper websites displaying complete information concerning their location, founding members, contact details, and regulatory status. Unfortunately, nothing is available for the OlympusMarkets. The company has even offlined its official website to hide its identity. Further, the internet is full of massive complaints OlympusMarkets customers launched against it. Let us share some screenshots.
The above images show that the company's objective is not to facilitate traders but to take money out of their pockets.
How OlympusMarkets defraud clients?
Like all other scam entities, OlympusMarket's approach isn't different. The company asks clients to deposit money and promises unrealistic returns. When clients are done with deposits, the company either blocks the access to their account or locks their funds' withdrawal requests, compelling them to pay hefty withdrawal processing fees.
The company claims to be an ECN broker while it doesn't pass on clients' orders to liquidity providers without interpreting them.The firm purposefully manipulates clients' orders unless their profitable positions turn into losses.
Clients have also shared their bad experiences with the broker's assigned account managers. According to the OlympusMarkets customers, account managers insist on adding more funds so they can trade better. However, they stop communicating with clients after figuring out their customers have reached the limit.
Is OlympusMarkets regulated?
No, OlympusMarkets is not regulated anywhere in the world.Regulators, including Italian CONSOB, Singaporean MAS, Danish DFSA, Canadian FCAA, and Belgium FSMA, have warned investors not to trade with OlympusMarkets and its parent company NextTrade Limited.
What to do if I have deposited funds With OlympusMarkets?
The best thing you can do is to initiate a withdrawal request before it's too late. The company isn't trustable as multiple regulatory institutions have already cautioned investors to avoid dealing with it. Try withdrawing funds in small chunks since the company isn't likely to entertain withdrawals for large amounts.
What to look for when selecting a broker?
Before signing up with a broker, you must first check its regulatory status. The broker's reputation should be your next concern. Third-party reviewer websites likeBrokersViewcan help ascertain whether a broker is worth your investment. Security measures, supported payment methods, trading fees, and commissions come down the list of factors you must not overlook in any case.
