Is Olymp Trade a Legitimate Platform or a Scam? In Year 2021!
OlympTrade is a trading platform that is designed for all types of investors and traders in mind, from the experienced investors to individuals who want to get a taste of the market. Today, it’s considered as one of the leading trading platforms, allowing its members to get engaged with online trading and forex trading.
As a leading trading platform, OlympTrade provides the market with a one-stop hub for trading, complete with easy-to-understand trading tools and resources that are easy to follow and understand. In an effort to position its brand as one of the leading trading platforms, OlympTrade strives to provide the best trading experience, and at the same time helping its members (traders) get the right skills and boost their income along the way.
OlympTrade real reviews: Is it a scam?
OlympTrade is, of course, widely reviewed online, and majority of these reviews are positive. Our team managed to check and read some of the reviews posted in the top websites and community forums in different parts of the world including Russia, Brazil and United Kingdom.
And based on our casual reviews, we found out that this platform is easy to use, offering its members with friendly services, especially when it comes to funding and withdrawing from accounts. Some reviewers also noted the ability of the platform to allow customers to earn up to 90 percent profit on each profitable trade. In all reviews, customers and traders are one in saying that Olymp Trade offers a satisfying platform for trades.
| Broker | Bonus | Min Deposit | Payout | Review | Open Account |
|---|---|---|---|---|---|
 |
FREE DEMO ACCOUNT | $ 10 | 82 % for Standard, 90 % for VIP accounts* | Review | Trade Now! |
Negative trader reviews:
This trading platform ha also, naturally, received a number of negative reviews and feedback from verified customers. According to some reviews that are posted online, the trading platform is a scam, and will not allow its members to withdraw their funds. However, according to other people, common sense and our examination, these are empty accusations that can all be simply explained below.
Issue No. 1: Customers cannot withdraw their money.
Withdrawal is subject to certain conditions as explained by the following:
- Customers are advised to verify their identities within a few days of registration and before depositing money.
- The wagering requirements must be met, if the trader accepts to receive the trading bonus. The wagering requirements are set at x30 the bonus amount.
If these conditions are not met, then the withdrawal of the bonus funds will not be allowed. However, both of the reasons for canceling a withdrawal mentioned above are the same with all brokers in the world. Because of regulations, you are required to verify your identity with ALL brokers. In case you face the same problems, then it’s highly recommended to coordinate with Customer Support.
Issue No. 2: Customers are losing their money
Keep in mind that binary trading is all about risks, and there’s a big chance that you will lose money when you engage in this business. If you want to take the risk, then it’s better to be prepared. One thing that you can do is to try first the demo version of the trading platform before trading for real money.
It’s the nature of trading. Some people make money while the others lose. This is not a reason for calling a broker out. That’s why we always recommend trading on the demo account first, before depositing any real money. Also, keep learning about trading.
After all: Is OlympTrade a Legitimate Trading Platform?
Based on the assessment of the services and business practices, we can say that Olymptrade is not a scam. If indeed this was scamming company, then the most established and experienced investors and traders would have left the platform. Also, they could have left the most painful negative reviews for the trading platform. Based on available evidence and details, it seems that this trading platform offers a legitimate trading opportunity. The website offers transparency, and interested customers and traders can easily know and verify the services, starting from money management to order placement.
How to verify account at OlympTrade?
If you are from Nigeria, India, Pakistan, UK, wherever, the process of verification is the same for everybody on this planet. We are getting more and more questions about “how to verify my account”, “what documents do they want” etc… Please read this below carefully and keep in mind, that the process of verification is still the same and same for everybody, so you don’t need to worry about anything! Let’s go.
So to complete the verification (to withdraw your money) you need to send these documents:
- A photo where you hold your passport/ID card in expanded form and where they can see your face and the details in the passport/ID. It’s like a selfie with an appropriate document – nothing more. Note that the photo must be from your shoulders up and it must be easily seen (no blurry). Like on the image below.
- Then you need to send them also the photo/scan of the appropriate document that you want to use – ID or passport.
- If you used for the deposit a credit card, you also need to send photo/scan of the card from which the payment was made. On the card, the first 6 and last 4 digits, name and surname must be seeable. The validity of the card and the rest of digits can’t be seeable (cover it). The reverse side of the card doesn’t need to be present (they don’t need it).
- If you used for the deposit an electronic wallets – A photo/screenshot of the personal electronic purse (Skrill for example) need to be also sent (screen the detail of your account). The information you need to provide is – the picture of number, owner’s name, and the second photo/screenshot must be of that right money transfer (that one your transferred money to OlympTrade).
Where to send the documents?
Upon receipt of the verification request, all the necessary documents must be sent to the e-mail – kyc@olymptrade.com together with the login (the login is the email address) you put during registration.
How long does verification take? Processing of the documents takes up to five business days. And the result of the document verification you will find on your email because you will receive an email with notification about the result.
That’s it – If you need to help with the verification, let us know and we will try to help you.
Corporate Information
OlympTrade is a legitimate and licensed broker which is recognized by the Financial Commission. As part of the commission, each trading account has insurance for $20,000.
More info about OlympTrade
Author
More about the author Step
I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
