Beware! Olympic Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The strongest aspect of Olympic Markets is, undoubtedly, its website design and visuals. It opens with an imposing image of what seems to be a financial district somewhere, whihc translates to a dedication to business practices usually, unless the website is misleading, whihc in the case of Olympic Markets is the standard.
OLYMPIC MARKETS REGULATION AND SAFETY OF FUNDS
A combination of Olympic Markets’ looks and its regulatory claim made us think twice. That’s why the Labuan Financial Services Authority statement we find on the website led us to go to the regulator’s website and directly look at its databank of regulated entities. We did not find anything on the regulator’s website, and so we have to confirm our fears: that Olympic Markets is not regulated by the Labuan Financial Services Authority, no matter if it says so.
So, is Olympic Markets regulated anywhere? It does not look like it. There are no further claims on a regulation or a license. In fact, there isn’t anything in the contact section of the website. So, we don’t really know where the broker is located at all.
But we do know that Olympic Markets is offshore and illicitly located somewhere. But worst of all Olympic Markets is completely unregulated. All investments here are a risk and will be lost. The best way to deal with the likes of Olympic Markets is to stay away from them.
Think about it for a second. An unregulated broker is free to do whatever it wants, with very few repercussions, for the time being. Unlicensed brokers are in a constant rush to steal as much money as they can get their greedy hands on, and then eradicate all traces of their existence, until they pop up as a different scam under another name. It’s the scammer cycle. Investing in any unregulated broker is a risk and it will always be a risk.
On the other end of the spectrum, you have your legal and regulated brokers, those that actually have put countless efforts and manhours into crafting the best version of their vision for an FX broker. We recommend the top of the top, those located and regulated in any European, UK, US, or Australian jurisdiction, but clients should not underrate some offshore regulators as well. Regulated brokers stick to scrupulous regulations and rules whose point is to make sure that all users are treated equally and that there is no shady business going on.
Make sure to check for a license each time you stumble, whether by accident or on purpose, on a new broker.
OLYMPIC MARKETS TRADING SOFTWARE
Yes, we confirm the presence of the MT5, but that does not change the situation with Olympic Markets at all. In fact, it may even make it worst, since user will now be motivated to invest in a scammer broker. If you want to experience the full power of the MT5 then you should look at these brokers instead.
We did not open the MT5 because its download file was shady and might have contained a virus. So, we did not want to risk it, and neither should our readers.
OLYMPIC MARKETS TRADING CONDITONS
There was no way to open an account, The registration button redirects us to the contact page, suggesting that the client must contact the broker and apply for an account. At least that is what we got out of it. Contacting the broker will force you to communicate with the broker, and that is the first step to being solicited.
So, we had to rely on the website for the trading information, but the issue here was that there was almost no information anywhere. In fact, the only thing we learn is that there are only forex currency pairs. As for a spread or leverage value, Olympic Markets offers nothing.
Here’s a great list of high leverage brokers that you may want to look into.
OLYMPIC MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
Olympic Markets does not offer any payment details or otherwise on its site. It’s unacceptable, but not surprising. Scammers tend to hide these, mainly because they don’t have anything to say.
A minimum deposit usually the most necessary piece of payment info, and Olympic Markets does not have it. If you are a serious trader, or at least are thinking of becoming one, then we urge you to look towards legit minimum deposit brokers.
Other than the website, we can only talk about the legal docs, that reveal very little. Here we are told about the presence of deposit and withdrawal banking fees, as well as other, undisclosed, fees and charges, such as those concerned with the administration of an account and services. The remain a mystery to us, because Olympic Markets has not given them any value.
Olympic Markets is a scam and a risk to all. That much we know, and it’s enough to deter you away from this sahdy broker. All money will be lost here!
How does the scam work
It’s crazy to think that the scammer process has been the same for years now, probably more than a decade at the least. It follows the same principles that have not changed over the years, but only adapted to modern tendencies, such as the crypto boom, NFTs, fin influencers, the metaverse, and more.
The phalanx of the scammers, the proverbial spear with which they lead the charge , has always been either misleading ads or direct solicitation over the phone, preferably, or via email or social media channels. Here scammer have evolved over the years to sound more convincing and to include increasing more tempting opportunities. There are dozens of different means by which a fraudulent broker can attract a user, and it all happens over some kind of technology, be it a phone or a PC.
The most suspenseful part for any scammer is to convince any one user to invest for the very first time, which is why call centers are always looking for enthusiastic and charismatic dealers, both illicit call centers and legit ones. An initial deposit can be retrieved by falsely claiming lucrative opportunities, by pretending to be someone else – like a rep of a legitimate investment company or regulator -, by being devilishly charming, and even by blackmailing.
Once the initial deposit has gone through, the user has fallen for the trap and is now ready for phase two, which is to leech as much money from him or her until his/her senses realize that something is not quite right. Usually, this happens after profits are withheld, or the broker does not keep its promises, or stalls all withdrawal requests.
Essentially, the client will not be able to withdrawal any of the invested capital and will be forced to look for an alternative. On the broker’s side, the firm may shut its website, or at least draw all communication with the user to a sudden stop.
What to do when scammed
The best thing you can do is to file for a chargeback with ones credit or debit card provider, just make sure that the broker does not charge for a fee for a chargeback since some do really do that. The chargeback period for MasterCard and VISA is 540 days, giving users a lot of time to try and get his money back.
Wire transfers are harder to get back, since there are certain restrictions depending on the bank and the jurisdiction in which the scam took place. We advice users to change their bank account user names and passwords, and then swiftly contact their bank for further assistance.
Crypto investments are untraceable and therefore lost forever if invested in unregulated brokers. That is the reason why you will see more and more scammer offering exclusively crypto-based payment methods.
If you stumble on a recovery agent or agency do not trust them, nor should you send them any money. They will promise to bring back your lost funds but will require a fee for their “services”. Obviously, these are scammers and will take even more of your money.
