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Is Olympia market a scam broker?

Olympia market is a web-based platform that allows people to trade their money online. This market is not a regulated broker of money by any regulatory body and therefore in this market, there are high chances of losing the money to the scammers. Olympia market has three different accounts where traders in this market can win 500% of the money they deposit in the Olympia market.

 Accounts that are offered by Olympia market includes

  • Self-trade market
  • Robot trader account
  • Copy trader account

Advantages of Olympia market

  • Olympia market has a favorable selection of the trading instrument. Besides other money trading platforms, this market has 54 pairs where many are not major and besides, this market provides many trading instruments such as s stock and metals such as silver for trading.
  • Olympia market has very high gearing ratio  which is up to 1:500 which is very rare today since the regulations bodies in Europe restricted the ratio to be 1:30
  • Comparing to other money trading platforms people can start trading with as minimum as 250 dollars.

Disadvantages of Olympia market

In every trading market, it has some demerits. The following are demerits of the Olympia market

  • Olympia market is not regulated hence it can exploit people. Briefly, this market is being owned by Estonia currency based software company where this scam broker is not controlled hence this scam broker should be controlled by either local financial regulators or it should be controlled by European union to control it activities
  • Olympia market trading bonuses have conditions that limit the withdrawal of money by the trader.
  • Unlike other money trading platforms Olympia market does not allow traders to withdraw their bonuses money before satisfying the conditions that are set on the withdraw of that money and besides the Olympia market gives people the right to change their bonus conditions which are not accepted by regulation bodies.
  • Olympia market has high spread risk hence the chances of losing the money are very high.
  • Unlike other money trading market which gives as low as 1 trading factor this website has a 3 spread risk which is not accepted by regulatory bodies.
  • Olympia market E-market is not accepted as a mean of payment methods hence this limit trader on paying with this wallet.
  • Olympia market does not support Meta trader 4 hence it lacks some trading features like other trading platforms.

In conclusion, it is advisable to trade funds on the safe and monitored companies because funds and trader are all protected, unlike other website trading platform Olympia lacks all the features of trading the resources as it is not regulated by any regulation bodies, therefore, this is a scam based online trading platform.