Olympus Markets Review
The broker Olympus Markets is operational from Vanuatu, an overseas territory. It has five trading accounts to offer. Maximum leverages as high as 1:500 is offered on every trading platform. However, we give Olympus Markets a low rating and it is not a regulated broker. Apart from this many issues can be seen in the brokers offering and they also contribute to lower ratings. In this Olympus Markets review, we will cover all of them. Your utmost attention will be appreciated.
About Olympus Markets:
The five trading accounts are Jade, Ruby, Emerald, Sapphire, and Diamond. It also provides trading accounts for Muslim traders namely Islamic Sapphire and Islamic Diamond. These two accounts provide Swap-Free trading. However, the trading environment and its components like spreads and cost of trading are not shared on the website of the Olympus Markets. To deliver an unprecedented and neutral review we tend to discuss possible benefits and demerits of the given broker.
In this section, we will talk about the possible benefits of the Olympus Markets. The maximum leverage of 1:500 on foreign exchange pairs and 1:5 on crypto coins can be seen on the website. These are quite lucrative leverages and will attract many traders. However, traders must be attentive in dealing with higher leverages. These leverages are harmful also and can drain funds and evaporate cryptos in a fraction of time. There is a huge selection of trading instruments to choose from and it is seen as a risk management system.
The demerits of Olympus Markets are as follows. The broker is the brand name of a company Next Trade Ltd situated in Vanuatu. Also, the payment operation is processed by the Bulgarian company S. Marketing Ltd. However, neither of the company is regulated. The broker provides a web trader trading platform that could not stand in front of world-famous MetaTrader. The spreads offered are not displayed on the presentation of the website. However, while checking out provided trading account we came across spreads of three pips on €-$ fx pair. This is a very high spread and improves the cost of trading measurably. There are many salty fees and charges levied on the traders. A service fee of 3.5%, Clearance charge of 0.5%, Dormant fee of $200, and a monthly maintenance fee of 0.5% are applied.
Is Olympus Markets scam or legit?
The broker Olympus Markets is not regulated and has an unacceptable trading condition. Salty charges are levied on the traders and MetaTrader is not supported. Therefore, it is a potential Australian trading scam.