Prime Olympic Review – Is this a Fraud Broker?

Prime Olympic Review

Like any other market, the online trading space is also filled to the brim with companies offering their services to people all over the globe. You will find different types of platforms, each of which tout their features and tools to attract you to their platform. Of course, no two people have the same preferences, so you need to consider your own needs and expectations before choosing a brokerage. However, it is also vital to remember that while there are good and mediocre companies, there are also fraudulent ones in the market, as you will find via this Prime Olympic review.

This means that it is a decision that has to be made with the utmost caution because even a slight miscalculation on your part can lead to a setback that you will regret. All it takes is a Google search for you to discover that there are countless people who have made this mistake and have had to deal with the consequences that were nothing short of disastrous. These scammers and fraudsters leave no stone unturned in convincing people and in doing so, they get you to part with your money, leaving you empty-handed at the end of the day.

It is essential for you to remember that no fraud brokerage will come with a warning or a hint about its true nature. You are responsible for evaluating it carefully and finding the truth about it. If you are not diligent in this respect, you will be the ones dealing with the outcome. This is something you need to remember in the case of Prime Olympic, which is one of the options you are going to find when you begin looking for online brokerages. Their presentation is such that many people are convinced about signing up with them.

In case you find yourself in the same boat, you need to go through this review to learn the truth about Prime Olympic, so you can make the best decision for your needs. Read on to find out:

No licensing or regulation

The first thing that you should check about any online brokerage is their licensing and regulation because this adds a layer of authenticity to a platform. No fraudulent company can obtain a license because there are certain requirements to be fulfilled and rules they have to comply with and they cannot do it because it will not let them get away with their true intentions. When you check out the licensing and regulation about Prime Olympic, you will discover that it claims to be based in Belgium.

This means that Prime Olympic claims to be operating from within the European Union, but the problem is that it does not seem to have a license from the regulatory body of Belgium. In addition, you will also come to know that this brokerage is going directly against the rules applicable to online brokers in the EU, which means it is lying about where it is based, or it is operating illegally. No matter which scenario is applicable, you can assume that this makes it a shady broker you don’t want to deal with.

Problems with the bonus policy

Another offering that you will discover at Prime Olympic is that they are offering trading bonuses to their clients. It is common amongst scams and fraudulent brokers to offer these bonuses to draw people to their platform. But, you should remember that while these are very lucrative, they come with strings attached. Their policies are designed to be exploitative and this is why the practice of offering these bonuses was banned.

Indeed, trading bonuses can no longer be offered in various jurisdictions by online brokers, one of which is the European Union, where Prime Olympic claims to be based. This is a direct contradiction, which confirms that it cannot be operating from Belgium, as it has stated on its website.

Of course this is a major problem and when you check Prime Olympic’s bonus policy, you find yet another one. The policy dictates that a certain turnover has to be achieved by traders in order to be able to make withdrawals, after they have received a bonus. It is obvious that the purpose of the policy is to prevent traders from withdrawing their money, something that shady companies are known to do. Bear in mind that genuine companies would never put any conditions on your withdrawals.

Lack of a decent trading platform

You should never forget to check the trading platform of a brokerage because it is their most important offering. You have to use the platform for trade execution and for connecting to the markets, so it has to have the right technology and tools to get the job done. When you check out the platform at Prime Olympic, you will find that it is incredibly lacking.

They have offered a basic web trading platform and it is extremely cluttered to say the least. Moreover, when you take a closer look at the platform at Prime Olympic, you will find that it lacks in lots of tools and features that are inherent in the industry-leading trading platforms like the MT4 and MT5, which are offered by most credible brokers in the market.

Unfavorable trading conditions

It is a must for you to know what kind of trading conditions are offered by an online broker because they have a direct impact on your bottom line. You do not want to incur a lot of costs and want to make the most profits. A look at the leverage ratios supported by Prime Olympic will leave you in confusion. They are offering you leverage of 1:5 for crypto CFDs, levels that are forbidden because these are volatile instruments and considered extremely risky.

Most jurisdictions have imposed a cap of 1:2 on crypto CFDs. Yet Prime Olympic is offering you 1:5 and it is offering the same ratio for other trading instruments as well. This is a downside because then the ratio is too low, as the cap for them is around 1:30.

Closing Thoughts

By all indications, it seems that you are dealing with a fraud broker when it comes to Prime Olympic, so it is best to not consider it.