Olympus FX is an unlicensed Forex and CFD broker operating out of Saint Vincent and the Grenadines. Olympus FX offers seemingly attractive trading conditions with the choice of a Metatrader 4 trading platform.
Olympus FX boasts of One click trading, Upto 1:500 leverage, Multiple trading platform, 100% bonus, 100+ trading products and Zero fees on deposit.
What is Olympus FX (OlympusFX.com)? Either is OlympusFX scam or legit?
Olympus FX is considered not safe, as it is located offshore and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. Unfortunately most important thing about this broker does not turned out to be right. For more details, please continue reading our Olympus FX review below.
Olympus FX Review
- Aforementioned, Olympus FX is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like Olympus FX do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Olympus FX says to be registered offshore in Saint Vincent and the Grenadines – something that does not make it a legitimate financial service provider. Nothing bad with an offshore a registration, if only the broker was licensed with one of the official financial regulators like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – a license which Olympus FX has not bothered to obtain.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is Olympus FX Scam or Legitimate Forex Broker?
Olympus FX Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. So when choosing a new broker make sure it has a legit license.
Review Verdict: Olympus FX is an Offshore Broker. Your Money is not safe
The Olympus FX scam broker is unfortunately nothing new on the market, there are many similar brokers, like Tradesrun, AAG Markets, FX-Base. They all work the same way. They do not have appropriate licensing.
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
There are so many unregulated offshore brokers that want to rip off investor funds. However, there are also legit crypto investment companies that offer high returns.