In the competitive landscape of online trading, OLYMPTRADE has established itself as a well-known name, having been in operation since 2018. The broker, headquartered in Vanuatu, utilizes a proprietary trading platform and has garnered a significant search volume. However, popularity does not always equate to safety.
With a WikiFX Score of 1.68 out of 10, OLYMPTRADE currently falls into a high-risk category. This review analyzes the brokers regulatory status, user feedback, and trading environment to determine if this platform is a legitimate investment option or a potential scam.
Is OLYMPTRADE Legit? Regulatory Status Analysis
One of the most critical factors in assessing a broker’s reliability is its regulatory framework. According to the data available, OLYMPTRADE’s regulatory status is concerning.
License Overview
The broker claims to be regulated in Vanuatu, but verification reveals significant issues. Below is the breakdown of their current license status:
| Regulatory Body | Country | License Type | Status |
|---|---|---|---|
| VFSC (Vanuatu Financial Services Commission) | Vanuatu | Offshore | Unverified / Unauthorized |
The data indicates that OLYMPTRADE holds a license number (40131) under the entity “Aollikus Limited,” but this regulation has been flagged as Unverified by regulatory checks. This implies the broker may be operating without valid oversight from its claimed primary regulator.
Regulatory Warnings and Blacklists
Beyond the unverified status in Vanuatu, OLYMPTRADE has faced regulatory backlash from Tier-1 and regional authorities. The broker has been the subject of official disclosures and warnings:
- CySEC (Cyprus Securities and Exchange Commission): OLYMPTRADE appears on the CySEC Blacklist (Warning date: 2024-06-21). The regulator warned that the domain does not belong to an entity authorized to provide investment services.
- SCM (Securities Commission Malaysia): The SCM placed OLYMPTRADE on its Investor Alert List for carrying out unlicensed capital market activities.
These warnings from reputable financial authorities suggest that OLYMPTRADE is operating in jurisdictions where it is not authorized, posing a significant risk to investors.
User Exposure: Complaints and Scam Allocations
A robust way to gauge a broker’s performance is through user feedback. In the past three months alone, OLYMPTRADE has received 57 complaints.
Reported Issues
Analysis of user narratives reveals recurring themes regarding the trading experience:
- Price and Chart Manipulation: A user from Cuba reported discrepancies in candlestick charts, alleging that closing prices were manipulated. Evidence provided showed candles closing on the line but subsequently registering as a loss upon re-entry, described by the user as a “fake price.”
- Execution Issues:Â A trader from Thailand reported suspicious execution on a 5-second buy order. The order reportedly closed at the exact moment a new candlestick formed, which rose without contraction, resulting in a questionable trade outcome.
- High Fees: A user from Pakistan highlighted “exorbitant fees” that disproportionately affect small accounts. While the spread was described as fair, other costs made profitability difficult for smaller traders.
- Mixed Feedback: While some users from Thailand praised the platform’s ease of use and educational resources, noting it is friendly for “newbies,” strict caution is advised given the volume of negative reports regarding execution and pricing.
Trading Platform and Software
Unlike many brokers that license industry-standard software like MetaTrader 4 or MetaTrader 5, OLYMPTRADE utilizes proprietary, self-developed software.
- Compatibility:Â The platform is available on PC (Windows) and Mobile (iOS and Android).
- User Experience: The software is rated as “General” in terms of experience. While it is highly customizable and features clear fee reporting, it notably lacks advanced security features such as two-step login or biometric authentication.
- Availability:Â The lack of support for MacOS and standard Web platforms serves as a limitation for many desktop traders.
Using proprietary software can sometimes be a disadvantage for traders, as it may lack the transparency and third-party auditing associated with standard platforms like MT4.
Summary: Pros and Cons of OLYMPTRADE
Based on the factual data and user reports, here is a summary of what traders can expect.
Pros:
- Established History:Â Operating since 2018 indicates some market longevity.
- Platform Accessibility:Â Offers dedicated apps for Android and iOS.
- Customer Support:Â Support is available in multiple languages, including English and Chinese, via phone, email, and social media.
Cons:
- Regulatory Status:Â The primary license (VFSC) is unverified.
- Official Warnings:Â Blacklisted by CySEC and warned against by the Malaysian SC.
- Low Score: A safety score of 1.68/10 indicates extreme risk.
- High Complaint Volume:Â 57 complaints in just 3 months.
- Proprietary Software:Â Lack of MT4/MT5 limits transparency and automated trading options (EAs).
- Execution Concerns:Â User reports of price manipulation and candle discrepancies.
Final Verdict: Can You Trust OLYMPTRADE?
No, OLYMPTRADE cannot be considered a safe broker at this time.
The combination of an Unverified regulatory status, official warnings from major bodies like CySEC, and a high volume of trader complaints regarding price manipulation creates a dangerous environment for investor funds. The proprietary nature of the trading platform further obscures the transparency of trade execution.
With a robust list of safer, regulated alternatives available in the market, traders are strongly advised to avoid platforms with active regulatory warnings.
protect your capital. Before depositing money with any broker, use the WikiFX app to verify their current license status, check for recent warnings, and read real user reviews to ensure you are dealing with a legitimate entity.