Olympus Markets Review – 5 things you should know about Olympusmarkets.com

Olympus Markets Review – 5 things you should know about Olympusmarkets.com

Beware! Olympus Markets is an offshore broker! Your investment may be at risk.

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Olympus Markets is an offshore forex brokerage registered in Vanuatu. It provides a web-based trading platform, not the MT4 trading platform, and an extremely generous leverage. Traders are extended a leverage of up to 1:500. Furthermore, there is a wide range of trading products from which to choose, but the fixed spread of 3 pips is quite high and double the industry average. The required minimum deposit is $100 which is standard.

Olympus Markets regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a Vanuatu-based company by the name Next Trade Ltd. with a registered address: PO BOX 1276, Port Vila, Vanuatu. We also read that a Bulgarian company manages the payments of the brokerage. Bulgaria a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines. All Vanuatu brokers are subject to the regulatory oversight of the Vanuatu Financial Services Commission, however, going through the website we do not find mention of a license neither by the Bulgarian authorities, nor by the Vanuatu commission. After checking the online registry of the VFSC – we can safely conclude that the brokerage does not fall under any regulatory oversight whatsoever.

The brokerage does provide a test-drive for its web-based platform. Here is a screenshot:

On it we could see a fixed spread of 3 pips on EUR/USD which is quite high and about twice the industry average of a pip and a half. Furthermore, the leverage extended to clients is 1:500 which isn’t very balanced and hides risks of losing more than the initial deposit. Overall, the lack of regulation and the questionable trading conditions incline us to suspect that potential clients of the brokerage may be open to substantial risk.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

Olympus Markets deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via MasterCard and Visa, wire transfer, Neteller, Bpay and Bitsend.

In the terms and conditions of the brokerage we did come across a few quite troubling provisions.

The brokerage charges a clearance fee of 0.5 percent from every trade up to $1000. Trades over $1000 are charged a fixed fee оf $5. There is also a withdrawal fee of 3.5 percent or a flat $30. Accounts that have been inactive for more than two months are subject to a monthly maintenance fee of $200. Such fees are quite excessive and should not figure among the terms of a legitimate brokerage.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Lidya Trade – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. Visa is expected to do the same in December.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
Olympus Markets
Broker Rating
11stargraygraygraygray

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24 Comments

  1. ========================
    Translated from German
    ========================
    Obtain perfidious direct access to your PC to and with the bank account. Under the guise of helping and accompanying you in the transaction. Thus, they get an overview of your financial situation and thus set the future limits. You really want to start with the minimal 250 Euro. To trade a “guaranteed” limit, which you will definitely get back, they drive up the amount – 30000 Euro or higher. Then do you only make a part of it, e.g. 10000 over the bank, they will leave you the “missing” 8000 euros still charged by the credit card. You may lose the three month warranty after 20 days for allegedly making a formal mistake. Be it with the omission of a signature on a guarantee, which would have to be done by them or otherwise.
    What also stands out: if you do not answer their phone call, the same people call on various phone numbers from any country and urge you on.
    They will always turn the words in your mouth.
    ========================
    Original post
    ========================
    Verschaffen sich auf perfide Art direkten Zugang auf deinen PC bis und mit dem Bankacount. Unter dem Deckmantel zu helfen und dich bei der Transaktion zu begleiten. Somit verschaffen sie sich einen Überblick über deine finanzielle Situation und legen so die künftigen Limiten fest. Beginnen willst du eigentlich mit den minimalen 250 Euro. Um eine “Garantierte” Limite zu handeln, die du auf jedenfall wieder zurück erhalten wirst, treiben sie den Betrag in die Höhe – 30000 Euro oder höher. Machst du dann auch nur einen Teil davon, z.B. 10000 über die Bank werden sie dir die “fehlenden” 8000 Euro noch von der Kreditkarte belasten lassen. Die dreimonatige Garantie verlierst du möglicherweise schon nach 20 Tagen, weil du angeblich einen Formfehler begannen hast. Sei es mit dem unterlassen einer Signatur auf einer Garantie, die ja von ihnen aus geleistet werden müsste oder sonst was.
    Was ebenso auffällt: nimmst du ihr Telefonat nicht entgegen, rufen die selben Personen über diverse Telefonnummern aus irgend einem Land an und drengen dich weiter.
    Sie werden dir auch immer wieder die Worte im Mund verdrehen.

    1. Heute ist 8.5.19. Innerhalb von 10 Tagen hat der Broker bei Olypus Markets mein ganzes Geld verspielt (5 stelliges Bereich) und hat heute wieder das Geld von mir verlangt.

      Ich rate jedem die Hände davon zu lassen.
      —————————-
      Today is 8.5.19. Within 10 days, the broker at Olympus Markets lost all my money (5-digit range) and today demanded the money from me again.

      I advise everyone to keep their hands off.

  2. Patrick Seelmann

    SCAM with incredible withdraw fees…. don’t touch…!!

  3. Leider bin ich auch bei dem Brokern Olympus Markets reingefallen und es ist genauso abgelaufen, wie im Beitrag beschrieben.
    Vom Support hört man, außer standardisierte Antwortsätze, rein gar nichts. Auszahlungsanforderungen, da Gewinne regeneriert wurde, oder Auflösung des Kontos – keine Antwort. Keine sachkundigen Antworten auf Mails, keine Antworten im Chat Room. Aus eigener Erfahrung kann ich vor diesem Broker nur eindringlich warnen. Das Geld ist weg.
    —————————
    Unfortunately, I fell for the brokers Olympus Markets and it has expired as described in the post.
    From support one hears, except standardized answer sentences, absolutely nothing. Withdrawal requests because profits have been recovered or account liquidation – no response. No expert answers to emails, no answers in the chat room. From my own experience, I can only strongly warn against this broker. The money is gone.

  4. Kerstin Kaden

    Nachtrag zu meinem Beitrag vom 29.04.2019 – Broker Olympus Markets
    Nach vielen Mails und per Brief, jedoch ohne je eine Rückantwort zu erhalten, wurde mir überraschend meine investierte Einlage ohne die erwirtschafteten Gewinne auf mein Kreditkartenkonto überwiesen. Ich habe damit zwar keine Gewinne erwirtschaften ausgezahlt bekommen, jedoch auch keine Verluste gemacht. Eine Empfehlung für diesen Broker würde ich jedoch nicht abgeben.
    —————————
    After my contribution from 29.04.2019 – Broker Olympus Markets
    After many emails and a letter, but without ever receiving a reply, I was surprisingly transferred my invested deposit without the profits earned on my credit card account. Although I did not earn any profits, I did not make any losses. However, I would not give a recommendation for this broker.

    1. Hallo Kerstin, wie hast du dein Geld bekommen?
      —————————————————-

      Hello Kerstin, how did you get your money?

  5. J R Michel Losier

    total scam . these people should be shot!

  6. Ich kann unterschreiben, dass es hier um eine kriminelle Organisation handelt!
    —————————————–
    I can sign that this is a criminal organization!

  7. Kerstin Kaden

    Das Geld wurde auf die Karte zurück gezahlt, wovon die Einzahlung getätigt wurden. Nur die Investition, den getradeten Gewinn jedoch nicht. Es gibt auch keine Rückmeldung, keine Abrechnung – nichts.
    ——————————–
    The money was paid back to the card from which the deposit was made. Only the investment, but not the traded profit. There is also no feedback, no billing – nothing.

    1. Hi Kerstin, may I know if you had to verify your account with them before getting your money back? I am trying to get my money back from them, but they keep asking for my ID + address + bank statement. But I am not comfortable providing them these personal data.

  8. Hello Kerstin ,did you get any money back?

    1. Hallo Vinve,
      um Dir zu antworten: ja, ich habe mein Geld zurück bekommen. Es hat jedoch sehr lange gedauert und ich habe immer wieder meine Zahlung angefordert. Wie schon geschrieben: nur die Einzahlung kam zurück, der getradete Gewinn jedoch nicht. Zukünftig werde ich genau aufpassen und nicht mehr so schnell reinfallen.
      ———————————
      Hello Vinve,
      to answer you: yes, I got my money back. However, it took a long time and I requested my payment again and again. As already written: only the deposit came back, but not the traded profit. In the future, I will pay close attention and not fall in quickly.

  9. Recently I (3/5/19) I just open the account with Olympus Market and now I want to withdraw my money and close account, they keep on calling me and ask me to reconsider and keep telling me I can make a big profit. They keep on delay your verification of account and different people keep calling you.
    What can I do with this moment & next step? Anyone got better idea how to deal with these people???
    Please advise.
    Many thanks.

    1. Hallo Alson, ich kann Dir nur empfehlen, immer wieder per Mail und per Post die Firma zu nerven. Ich habe zwar mein Geld zurück, aber es hat mich weder jemand angerufen noch persönlich kontaktiert. Versuch es einfach …
      ————————————–
      Hello Alson, I can only recommend you to annoy again and again by mail and by post the company. Although I have my money back, no one called or personally contacted me. Just try it …

  10. I was mistaken that the Olympus market is something else as I was being directed to this page (Olympus Market) while I explore a facebook page related to how AI works in trading. When I enter the other page it links me to Olympus Market which I thought was about AI in trading. In order to enter the page, they ask for a deposit of USD 250. Since it is a small amount and I would be able to withdraw later on, which I thought I could. However, somehow I couldn’t without providing all sensitive personal information to them. This raised my alert that it could be a scam. Within half an hour, I wrote an email to them to terminate/close my account and request for the refund of the deposit. They responded to ask me to provide the relevant documents for verification purposes. However, I replied that they don’t need those documents to close my account and I hv no money to withdraw except the deposit. I told them my bank said that they can reject my payment and refund directly to my MasterCard. However, they are still asking for me to submit the documents and keep calling my cellphones.

    I have lodged a police report locally as Olympus market trying to threaten me that it is suspicious to close the account immediately. Anyway, I don’t aspect to get back my deposit of USD 250.

    Be aware and do not provide any sensitive and personal information to anyone!

  11. I wish I had read this earlier, seems I am doing my research for Olympus Market in the wrong order. After reading an article about how great this was, how much money you could earn I fell into it. I registered. After just a second the phone rang, it was a sales person calling from Bulgaria, for Olympus Market, and he wanted to help me getting my first deposit of 250 EURO through. He was so helpful, so nice, he could really hear in my voice that there were some kind of trust issues and he was so understanding. He had dealt with this so many times, people think it’s a scam, but it isn’t…blablabla… So after he had convinced me, and with his help, I tried twice to get the deposit through, but the transaction could not be done, it might have to do with my bank, he said. He asked me to call my bank and told me to tell them just to let the next online purchase go through. We hung up and I called my bank and they told me that it was the card issuer that had stopped the payment, since the receiver was flagged as a “security risk”. Thank God for that. After that I did my research and ended up here…feeling like the biggest fool ever. I won’t even tell my husband about this. I feel just bad. Anyway, I told him that I won’t be able to deposit with my card since it is not allowed from the card issuer. He told me about other payment methods but nothing would work for me I said. I just want to close down my account at Olympus Market, could he help? No, they need to get back, an Account Manager need to get back to me for this. I haven’t lost any money and I have now blocked my credit card. I feel so stupid. The Account Manager will call, since they have no money from me yet…he will be even more persuasive than the other guy I guess. Will I ever get rid of them? Guess I need to change my phone number and email as well.

    1. Hallo Sara, da hast Du echt Glück gehabt. Mein Tipp: sperre einfach die Nummer von Olympus Market, reagiere nicht mehr auf Emails und lass Dir eine neue Kreditkarte ausstellen (jede Bank macht das). Danach wirst Du Ruhe haben. Ich spreche hier aus eigener Erfahrung. Viel Glück.

      1. Hi Kerstin,

        Thank you for your good advice! I did just that, I issued a new credit card and right now I am just waiting for them (Olympus) to remove my account from their portal, since they will get no money from me. Thank you again! Kind regards.

  12. Hello kerstin! Same situation here, Just now checked my olympus account, but was very surprisingly shocked me, ‘coz i dont see any amount of my money, was totally empty, a week ago one broker asked me to make online banking so i can borrow money from the bank, what should i do,if i Will blocked my visa card then how do they give my money back, and how could they send it back to me if i Will getting a new visa card?, hope you can help, thanks a lot

    1. Hallo Rosil, ich kann Dir nur meine Erfahrung wieder geben: Kreditkarte vorsichtshalber sperren, eine neue Karte beantragen und der Bank eine Mitteilung geben, dass Du den Verdacht eines Betruges mit einem Broker haben könntest und noch eine Gutschrift auf Deine alte Kreditkarte erwartest. Der Betrag wird dann automatisch Deiner neuen Kreditkarte gut geschrieben. Die Bank macht hier keine Probleme und hat dafür Verständnis. Voraussetzung ist immer, dass der Broker Olympus Dir auch Geld überweist. Ich hatte zwar Glück gehabt, jedoch war das bestimmt eine Ausnahme. Viel Glück.
      ———————————–
      Hello Rosil, I can only give you my experience again: lock credit card as a precaution, apply for a new card and give the bank a message that you could suspect a fraud with a broker and still expect a credit on your old credit card. The amount will then be credited to your new credit card. The bank makes no problems here and has understanding. The prerequisite is always that the broker Olympus also transfers money to you. I was lucky, but that was certainly an exception. Good luck.

  13. they are scammers, they take your money accepting the payment then when you make the withdrawal it is not executed and your money remains with them

  14. Hi all
    Unfortunately I am in a similar situation with Olympus Markets. I stupidly signed up paying $US250 on my credit card. When I started getting “verification requirements” like passport, credit card number and proof of address I decided that this is definately a scam and could lead to identity fraud. The first thing I did was to cancel my credit card and got another one.
    I have asked costantly for the money to be returned but they tell me I have to verify the account first which I will not do.
    I came across this site and find it very helpful.
    Can somebody please help me in suggesting ways to get my money back. There was a mention about a chargeback with my Mastercard. Can anybody help please.
    They have been ringing me every day. They say they are in London but the phone number does not show the correct country code – I am in New Zealand and now I do not answer.
    Please help with suggestions if you can – it would be very much appreciated.
    Many thanks – Ray

    1. Hallo Ray,
      ich antworte Dir, weil selber eine Betroffene bin und einschlägige Erfahrungen mit Olympus machen musste. Grundsätzlich sei gesagt, dass es bei Brokern üblich ist und auch gesetzlich vorgeschrieben: eine Identitätsprüfung mit Adressennachweis, Pass und Kreditkartennummern. Insofern ist das alles okay. Nur muss man bestimmte Zahlen auf den Dokumenten unlesbar machen, z.B. einige Kreditkartenzahlen oder Kennzahlen beim Pass. Dann kann auch nichts passieren. Um das Konto zu löschen und den eingezahlten Betrag, abzgl. retour zu erhalten, muss man das Konto kündigen. Ich habe es schriftlich per Mail und per Post getan. Bitte beachte, dass es 2 Adressen gibt. Die Finanzabteilung sitzt in Bulgarien und der Hauptsitz auf eine Insel bei Australien. (lt. Impressum). Ich hatte insofern Glück, dass ich mein eingezahlten Betrag zurückbekommen habe. Es war dabei viel Stress und Nerven. Auf mein erzielten Gewinn beim Traden warte ich jedoch heute noch. Auch hier kämpfe ich darum. Vielleicht hilft helfen Dir diese Zeilen weiter.
      Viel Glück …..

      —————————–

      Hello Ray,
      I answer you because you are a victim and had to make relevant experiences with Olympus. Basically, it is said that it is common with brokers and also required by law: an identity check with proof of address, passport and credit card numbers. So that’s okay. Only one must make certain numbers on the documents unreadable, e.g. some credit card numbers or key figures at the passport. Then nothing can happen. In order to cancel the account and receive the deposited amount, minus the return, you have to cancel the account. I have done it in writing by mail and by mail. Please note that there are 2 addresses. The finance department is based in Bulgaria and its headquarters are on an island near Australia. (according to imprint). I was so fortunate that I got back my paid-in amount. It was a lot of stress and nerves. However, I am still waiting for my profit in trading. Here too I fight for it. Maybe these lines help you further.
      Good luck …..

  15. Hi there, I am also in a similar situation as Ray. I refuse to provide my personal data for verification since they seem so dodgy. But I have been harrassed by their phone calls everyday and it is giving me so much stress. I have told them to just keep the USD 250 but they are still calling me everyday and some of the calls are super rude too. Has anyone been charged the USD 200 for leaving account dormant? I really want to just ignore them but I don’t want to be charged additional because of their ridiculous T&C.

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