Beware! Olymp Trade May Be A Scam Forex Broker

Many forex scams rely on getting dollar signs to appear in their victims eyes in order to pull off the scam. One of the most common scams simply involves using bonuses to lure investors to deposit and then preventing them from withdrawing.

Brokersview recently learned that an investor has been caught in such a withdrawal scam operated by the broker Olymp Trade.

Olymp Trade refuses to pay profit

The investor recently posted his scammed experience with the fake forex broker. He said that when he initially started trading with the company he did not feel anything fake. But once he made request for withdrawal, the problems arose.

According to the investor, the company has terminated his account because he violated the clause “All information provided during the Client's registration, as well as during the fulfillment of the Agreement, is true, accurate, reliable, and complete in every aspect.” Further, the company mentioned that they will only return the investor his initial deposit of $1,000, but refused to pay his profit of $1300.

However, the investor said that he had no issue with the documents and he could furnish all the documents to prove his identity, but the company was still refusing to act on a fair basis.

“I have sent a email to The Financial Commission to intervene and cancel the license of the company and help me recover my full amount of USD 2300 as the company is regulated by them,”the investor said.

(Screenshot from investor)

Olymp Trade has not legit license

Olymp Trade claims to be a member of the international Financial Commission (FinaCom) and owned by Inlustris Ltd. Saint, an offshore company based on Saint Vincent and the Grenadines.

However, you should bear in mind that the FinaCom is only a self-regulatory agency which is used by scam brokers to mislead traders about their regulatory status, not a supervisor. Therefore, Olymp Trade does not have any sort of oversight and is soliciting customers without any forex broker licenses.

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, there are many unscrupulous brokers who should not be in business. When looking for a licensed broker, it's important to verify its authenticity and business status.

Brokersview suggests investors to keep vigilant when choosing forex brokers. If you are not sure, you can search on the official website of the regulatory bodies.