Trade Olympic – Can You Trust Them?

Website URL: https://tradeolympic.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: $500

Free Demo Account: N/A

Number of Assets: Not Mentioned

Types of Assets: Forex, Binary Options, Bitcoin, Commodities, Indices

Trading Accounts and Conditions

Here are the account types offered by Trade Olympics:

• Classic: The minimum you are required to deposit to use this account type is $500. The spreads offered are at 1.9 pips.
• Standard: The minimum deposit requirement to start this account type is $1,000. The spreads stand at 1.5 pips.
• Premium: To use this account, you need to first make a deposit a minimum of $5,000. The spreads are 1.2 pips.
• VIP: For this account, you need to make a minimum deposit of $10,000. The spreads start at 0.6 pips.

Trade Olympic has not mentioned the leverage ratio they offer, but in one part of their site, the broker states that they offer a 1:5 leverage for Bitcoin CFD trading.

Trade Olympics – Advantages

We could not find any advantages to trading with Trade Olympics, so this section of our review has been kept blank.

Trade Olympics – Disadvantages

Here are the disadvantages of trading with Trade Olympics:

• Anonymous Website

The first thing that raised a red flag for us is the fact that this broker is anonymous. There is no mentioned anywhere on their website about the company that owns and operates this brokerage.

Without this corporate information, you basically do not know who is handling your funds, and whether they can be trusted.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Lies About Regulation

The next big issue with have with this anonymous broker is the fact that they have lied about their regulation status.

Trade Olympic claims to be regulated by the IFSC (International Financial Services Commission) in Belize, the CFTC (Commodity Futures Trading Commission) in the United States, the CySEC (Cyprus Securities and Exchange Commission) in Cyprus, and the FCA (Financial Conduct Authority) in the UK.

We checked the online registers of all of the above-mentioned financial regulators, but we could not find any broker (or company) by the name of Trade Olympic listed with them. This means that this broker has lied about being regulated by them, and this is a clear warning that this broker is a scammer.

• No Demo Account

Trade Olympic does not offer their clients a demo account, which is yet another reason not to trust them.

A demo account offers customers transparency since they can check trading conditions and the platform (or platforms) offered by the broker for themselves. Such transparency ensures that a trader knows exactly what they are getting into before they invest real money.

Scammers, on the other hand, try to hide all these key details from their intended victims.

• Lies About Trading Platform Offered

Trade Olympic claims that they offer their customers the use of both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. Both of these platforms, created by MetaQuotes are extremely popular because they are easy to use, and have great tools for charting and market analysis. You also get support for automated trading through their trading bots, which are called Expert Advisors. And the MT5 platform even allows users to trade ETFs and derivatives from a single account.

However, when we tried to download the platforms, we kept being redirected to the MetaQuotes website. This indicates that Trade Olympic doesn’t actually offer the MT4 and MT5 trading platforms, and that this claim is just another tactic to lure unsuspecting traders to invest with them. Yet another scamming tactic.

• High Spreads

The spreads that this broker offers are not lucrative for traders. The basic account offers a spread of 1.9 pips, which is higher than the market average of 1 pip to 1.5 pips.

• Information on Leverage Missing

As we mentioned earlier, there is only a passing reference on Trade Olympic’s website about the leverage offered. The only thing we know is that this broker offered a leverage of 1:5 if you wish to trade in Bitcoin CFDs. Beyond that we do not know what the leverage would be if you wish to trade in forex or other CFDs.

• No Information on Deposit and Withdrawal Methods

The lack of transparency can be seen in every aspect of this broker’s website. If you do not register with Trade Olympic first, you will not be given information on the types of payment methods that the broker offers.

Most legitimate brokers will list all the payment methods they support, so you know how you can make payments and withdraw your cash from your trading account with them.

Just for your information, brokers offer their customers the following payment options: credit cards, debit cards, bank wire, transfer services such as Western Union, e-wallets such as PayPal, Neteller, Skrill, and crypto payments through Bitcoin and other digital currency.

• Terms and Conditions Missing

Another huge issue we have with Trade Olympic is the fact that the Terms and Conditions section is missing from their website. This is a huge miss, since this is the legal contract that defines the relationship between the trader and the broker.

Therefore, if you register with this broker, you will do so without knowing what terms you have agreed to. Basically, you will give Trade Olympic carte blanche to do whatever they want with your money.

Conclusion 

Trade Olympic is a scammer and we would advise all traders to stay far away from this broker. They are anonymous and have blatantly lied about their regulation status. Furthermore, critical information such as the Terms and Conditions, trading conditions, and payment methods are all hidden.

We recommend that you look for another regulated and transparent broker to contract with.

Trade Olympic

2.6

User Experience

3.4/10

Payment Options

2.3/10

Security

2.4/10

Support

2.2/10

Reputation

2.5/10

Pros

• None

Cons

• Anonymous Website
• Lies About Regulation
• No Demo Account
• Lies About Trading Platforms Offered
• Information on Leverage Missing