You know, I’ve been trading for several years now. I’ve worked with several brokers before and stopped at Olymp. To my sincere regret, so as to seek out out that Olymp Trade brokerage isn't a scam, I had to undertake the taste of scam from other brokerages.
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But never mind. My glass is half full. A negative experience is an experience also. Losing some money a while ago probably kept me from losing more later. Now that I do know what sorts of troubles trader can affect, I am often cautious enough and, most significantly, I can share this data with others. So if you're taking time to read this message to the top, you'll know for yourself what are the signs of scams and why Olymp isn't a scam brokerage.
Just just in case you don’t have time to read all of it, I can note here that my assumptions are supported by personal experience and that I only know that Olymp isn't a scam because it didn’t cheat me in the two years I’ve spent with this broker. I even have no proof (and I doubt this proof can exist at all) that anytime in the future Olymp will remain a pleasant brokerage with no cheating schemes applied. Being traders, we all know that positive leads to the past don't guarantee an equivalent end in the future. But this is often what we base our decisions on, don’t we? Past performance, I mean :) Past Olymp’s performance was good and that I hope it'll remain the same in the future.
By the way, just just in case at some point the upper management of this company will go insane and ruins the entire thing and Olymp’s customers will lose their funds due to a management mistake, some internal economic catastrophe, otherwise you will determine scam was happening and you'll prove it during a court trial - your deposit (up to $20 000) are going to be compensated by FinaCOM. this is often a kind of insurance for brokers and their customers. They buy a membership in FinaCOM and this organization promises to compensate the purchasers of those brokers-members up to 20K just in case something goes wrong.
But never mind, let’s return to what real scam can appear as if and the way you'll spot it out before losing any money. I’ve seen THREE scam brokerages before I came to Olymp. My first broker wasn't the worst-case needless to say. But some time past I didn’t realize that. Here is what they did.
HIDDEN FEES!!! Olymp Trade claims they only have commission per trade and no other fees in the least. this is often true and I’m very happy about it :)
The first brokerage I’ve addressed said they charge the lowest spreads ever. Doing my first account replenishment I used to be very cautious about examining thoroughly the market fees of other brokerages and it really seemed that they’ve had the lowest spreads on the market. less than lowest. Spreads were promised to travel as low as 0.2-0.3 pips for EURUSD for all account types. HAHAHA! They really did from time to time :) in the dark, when markets were very dull spreads really did go as low as 0.2-0.3 pips, even 0.1 sometimes! the matter was that at other times I could get 5-7 pips if traded during the US active trading session. Like 8-10AM Chicago time. Was it a scam? I don’t know. They actually kept the promise. Spreads did go as low as 0.2 pips. Sometimes. The worst part of "> a part of it's that they also had withdrawal fees and every time I wanted to withdraw part of my money, I had to pay 3% of a withdrawal sum. This fee wasn't present on a company’s website but it had been prescribed somewhere within the paperwork that I’ve signed. So again, not 100% scam, but I used to be really frustrated and since then decided that I will be able to only affect brokerages that clearly state the typical spread size which will list all other fees clearly on the website. I’ve learned my lesson.
When I acknowledged what proportion I buy spreads and withdrawals for real, I made a decision to vary the brokerage. By that point, I’ve gained some experience and began earning some money consistently. My second brokerage had very clear rules on spreads. that they had no commissions per trade and no withdrawal fees, just spread. I’ve chosen a fixed spreads account and felt relieved. But it had been too early to feel relieved. once I started trading, I noticed I can not make much money. In most cases, my orders were simply left unexecuted. once I wasn't missing a trade, in most cases, it meant my forecast was wrong and the price started occupation another direction. many thanks such a lot, tight spreads are really not worthwhile if I only keep getting one-stop loss filled after another!
Switching to variable spreads account with an equivalent brokerage didn’t help much. My orders were filled, but I used to be constantly getting requotes and my stop-orders got crammed with an enormous slippage fairly often. After I’ve got a forty-five pips slippage on a USDJPY stop, I made a decision enough is enough and withdrew my whole depo from this second brokerage.
I have to notice here, as long as we speak of Olymp Trade, that with Olymp you'll never experience any trouble with requotes or slippages. counting on the standard of your internet connection you'll get a couple of seconds to delay on order execution, but this is often basically the most important trouble here.
My third try clothed to be the worst to inform the reality. If the first two brokers were more or less fine, because they a minimum of let me get all my funds back to the checking account, the third broker simply didn’t want to withdraw me my money :( Pure 100% scam that's hard to predict. NOt much to inform you about here. Executions worked perfectly well there. Spreads were tight, few slippages, few requotes… I made about $2000 in only one week. once I made a withdrawal request they simply locked my account for no reason. Only after I promised to sue them, they let me have my initial deposit. But they kept all the profits I made that week for themselves. Now I do know it's a standard story, but oh well, a minimum of I’ve got my depo back.
This is basically the top of the story. I’ve got my funds back and transferred them to Olymp. it had been rather difficult to urge won't to Olymp forex trading platform after MT4, but thanks goodness, this was the top of all my troubles. and that I traded happily ever after :D Wish you to try to do the same!
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