Olympus Brokers Review – The Holes in its Story

Olympus Brokers Review

Are you looking to cash in on the online trading trend? You are definitely not the only one, as the financial markets have seen people jump onto the bandwagon in droves. This has pushed up the demand for online brokers and their numbers have increased tenfold.

While this is a good thing because it means people don’t have to worry about a shortage of companies to choose from and more competition means better services and competitive offerings, but there is also a downside. There has also been an increase in the number of scam companies like this Olympus Brokers review highlights.

You will hear a lot of people talking about different types of scams that have occurred in the online trading space and most of them are associated with fraudulent brokers and platforms.

This tells you that when you are searching for a platform to sign up on, you need to proceed with the utmost caution. Even a slight miscalculation can have you become the next victim, which you definitely don’t want to go through. The best way to protect yourself is to check out a brokerage properly.

Rather than just believing what they tell you, it is your job to ensure their story checks out. It is easy for anyone to mislead people over the internet because of the tools at their disposal these days.

This is one of the reasons why these scams have become so widespread and the number of victims has gone up. They are well-designed and well-dressed, which can make it difficult for people to see the reality. But, if a company is fraudulent, their story will have holes, as is the case with Olympus Brokers.

No matter what this broker claims, you will be able to see through it. How? Here are some of the holes you can find in Olympus Brokers.

Lack of a license

First things first, always start checking a broker’s story with their license because if they do not have one, it means they are already shady. Any company worth its salt will make the effort to obtain a license because it allows them to operate legally in a jurisdiction and also reassure their clients about their legitimacy.

A fraudulent firm would never do that because it will expose their actual nature right away. So, where does Olympus Brokers come in?

A look at their website shows that Olympus Brokers claims to be operating from Canada and they have provided an address to back up this claim. The trouble is that if it was indeed based there, it would have to have a license from the Canadian licensing authority, which is the Investment Industry Regulatory Organization of Canada (IIROC).

But, if you check the online register of the IIROC, you will not find Olympus Brokers listed and this shows that either the address is fake, or the company is operating illegally. Does that sound like a credible broker? It certainly doesn’t.

Regulatory warning

If the lack of a license was not enough to convince you that Olympus Brokers is a sham, then you should check out the warning that CONSOB has issued about the company behind this platform. The Italian regulatory authority has mentioned on its website that the brokerage is trying to offer its financial services to people in Italy without obtaining the proper authorization.

This sounds about right, given that Olympus Brokers’ entire website is in Italian, which means it is geared towards clients in the country. There is no English version of the website available, even though it claims to be based in Canada. There is another shady aspect of Olympus Brokers and that is about its Terms and Conditions.

If you check those out on its website, you will find that Olympus Brokers has mentioned those in English. As a matter of fact, the legal documents are the only thing in English, which is shady because Italians would find it incredibly inconvenient and may not be able to understand it, allowing Olympus Brokers to exploit them easily.

No decent trading platform

The evidence about Olympus Brokers not being what it claims to be just keeps on piling up. The next problem in its story is with its trading platform that is rather anemic. It is extremely lacking in terms of features, tools and functionality and does not even come close to the top trading platforms in the market like the MT5.

Taking into account the fact that you spend most of your time using this trading platform for executing your trades, it needs to be top-notch, but Olympus Brokers is only interested in presenting itself as a good broker and not in actually being one.

Underwhelming leverage

Here you will find that Olympus Brokers is doing things a bit differently. While most scam brokers usually offer high leverage to lure clients in, this one appears to be doing the opposite. It is offering leverage that is too low; the maximum ratio is 1:5. This also makes the brokerage highly uncompetitive, so you certainly don’t want to opt for a platform like that.

Lying about payment methods

Last, but definitely not the least, Olympus Brokers makes its intentions quite clear with its payment methods. In its presentation, it claims to offer its clients the option of making deposits via wire transfers or with credit cards. This is reassuring because the latter option comes with a chargeback option, which means that you will be able to get a refund if there is any problem with the brokerage.

But, when you actually try to make a deposit, you will discover that Olympus Broker is lying about its payment methods. If you try to use any of the methods mentioned above, you end up on a crypto exchange. This means that the brokerage wants you to buy bitcoin and then deposit it with it and since these payments are irreversible, it works in their favor.

Bottom Line

The holes that you identify in the story that Olympus Brokers is trying to weave show that you should not rely on it.