Olymp Trade — Scam or Not?

An honest review for forex traders!

Trading is a very profitable and risky field, so it is essential to have information on the trustworthiness of brokers and platforms. That’s why in this article, we’ll find out whether Olymp Trade scam or not. Now, let’s dive in and see what we could unearth.

Olymp Trade Has a Long History

A lot can be said about whether Olymp Trade scam by checking how long it was on the market. After all, platforms that cheat people usually don’t stick around; they just get money and close. Maybe they’ll reopen later, under a different name and with a different design, but they will close again as soon as they get enough profit or attract enough attention.

It works differently with legit trading platforms. Establishing a properly working one takes a lot of time and effort, and creating a stable community requires even more. But how does that help us to see if Olymp Trade scam?

See, while you probably wouldn’t be able to guess the quality of the platform from knowing how long it was around, a platform that stuck around for some time is much less likely to run away with your money.

On that, I have good things to say about Olymp Trade: it has been working for almost 7 years, from its launch in 2014. It is a long time for a trading platform, and Olymp Trade has significantly improved since then. Even now, its developers add more and more features to it, investing a lot of time and effort to make it better for their community.

So I think that we can safely say that if Olymp Trade wanted to take your money and leave, it would’ve done so already. Meaning that the answer to “Is Olymp Trade scam?” would be “No”.

The Legality of Olymp Trade

Trading is a high-risk venture, and its legality varies from country to country. Some governments completely outlaw online trading, calling platforms like Olymp Trade scam. Others allow trading, as long as platforms follow set rules and laws.

Many countries simply don’t know what to do with it, so its status, along with the legal status of platforms, hangs in limbo. So yeah, in general, trading platforms are legal as long as trading, in general, is legal.

Olymp Trade follows the laws of the countries that it operates in. So if you want to trade, you first need to check the legal status of trading in your country. You can do that either on the Internet, by checking laws, or by going to the Olymp Trade’s official site. If you are able to log in and trade, then trading is legal, and so is Olymp Trade. If you aren’t, then it isn’t.

As you can guess, following the law is also not something that platforms that wish to cheat you out of your money will do. So, on the legality front, we can cross off the option that Olymp Trade scam.

Regulations by an Independent International Body

A really good indicator on whether the platform is legit is to look up if it follows regulations and has a license to work. After all, a fake broker wouldn’t be able to get one, as it requires a lot of work from the legal team.

So the fact that Olymp Trade is fully licensed by the International Financial Commission is another point against those calling Olymp Trade scam.

Trader Communities

As it was mentioned earlier, trading communities are hard to create and maintain unless your team is dedicated to make your trading platform a viable one. People who call Olymp Trade scam often don’t take into account the size of its following, both on social media and outside of them.

Olymp Trade has a huge presence in social media, blogs, YouTube, and other sites. There, traders will often find advice, tips, and other materials that could help them in their trading careers.

Add traders who watch their streams and use educational materials, and you’ll get a picture of a lively and active following. I believe that it should go without saying that it is yet another point against those who call Olymp Trade scam.

What Olymp Trade Has to Offer

Another good indicator that helps us to see if we are using a valid trading platform is how much assets it offers to its users. Young brokers, which are also the riskiest, usually offer the most basic instruments to trade on. Olymp Trade, in turn, offers a good variety to its traders: currency pairs, metals, commodities, stocks, and so on. Now, let’s take a closer look at them.

• Currency pairs are something that every self-respecting broker offers. On Olymp Trade, you will find a wide assortment of these, from the most common (EUR/USD) to more exotic (USD/MXN).
• Next up are stock indices, such as FTSE 100, NASDAQ, and S&P 500, which represent the price of the investment portfolio, and which are slightly more rare than pairs.
• Commodities, the foundation of the world economy, as well as popular assets for trading. With Olymp Trade, you can earn profit from the price of oil, gas, and other resources.
• Stocks are another group of the most popular trading instruments, and Olymp Trade offers quite a few of those: BMW, Tesla, Google, Apple, Visa, and so on.
• Cryptocurrency assets, while quite controversial, are also valuable instruments. As most criminals don’t bother to add them to their platforms, it shows that those who call Olymp Trade scam are quite wrong, especially when you take other points into account.

However, a big list of assets by itself isn’t a sure way to find fraud. It can be forged if the false broker knows what they are doing. So check other points as well, if you wish to keep your money (and potential profit from their investment) to yourself.

A Quick Recap

In the end, what have we learned about Olymp Trade?

We’ve found out that it has been on the market since 2014, and its developers continue to add more features and financial tools on a regular basis.

We know that Olymp Trade follows the laws and regulations of countries that it operates in, and even has a license from International Financial Commission. It has an active trading community and presence on social media and has a lot to offer to its traders in terms of assets. All in all, on the question

”Is Olymp Trade scam?”,

I can boldly say “Definitely not’.