Olymp Trade a Scam? Things You Didn’t Know You Didn’t Know


Money trap

Do you consider Olymp Trade to be your online trading platform? There are different trading platforms one can choose from. And it is normal to ask questions about platforms’ legality. To tell the truth, some trading platforms leave much to be desired. They exist just to grab your money. But sooner or later they will be discovered and closed. Fortunately, there are also platforms fully eligible. They provide outstanding service and share information freely with other parties.

You may wish to do some research on these other websites to know if Olymp Trade is legit. You may ask why Olymp Trade’s prices are like that, or is it likely that the website would be shut down.

I have some good news for you. You do not have to do that because I have investigated Olymp Trade and this article is a result of that. Read and you will get the answer to the main question if the Olymp Trade platform is trustworthy.

How to perform a verification of a trading platform such as Olymp Trade

Begin by checking the website address. It is simple, the address should be identical to the company name. Olymp Trade’s domain is olymptrade.com. It means Olymp Trade passed the first verification step.

Now, you have to read, read, and read a bit more. Go through the “About Us” pages, the company history, regulators, privacy policy, terms, and conditions. All together they should give an overall view of the platform owners’ claims.

How to check a broker

Third-party websites investigation

You may now think, all right, I have read through the privacy policy and terms on the Olymp Trade site, but how do I know that what they write about themselves is true. This is where the third-party websites come in handy. What precisely should you look for?

Below are a few of the verification points.

  • The number of platform visits in a day. I mean, how many unique users visit the website every day. If there is high traffic from unique IP addresses it is safe to claim the website is popular.
  • Check the third-party sites’ rankings. The websites like Alexa.com publish the rankings like that. If the site under your investigation occupies a high position, it can be assumed it is reliable.
  • The place where the website is hosted. You will find out that the leading trading platforms are hosted either in Europe or North America. These platforms put large investments into the latest technology so all the operations on the site run smoothly.
  • It is important not only how high is the traffic on the site, but also where does it come from. Is it direct or indirect traffic? Direct traffic means that people access the Olymp Trade platform directly. These are most probably the traders with the account on the Olymp Trade site and that is why it can give a general idea of how many traders there are on the platform. When people access the site through the links on the other websites it is called indirect traffic. Like for example, if you read my article and head to the Olymp Trade site, it will be indirect traffic. Part of people from indirect traffic belongs to the group of Olymp Trade traders, the other part does not.
  • One more thing about the traffic. Its distribution has also a big significance. That is from what countries Olymp Trade guests come from. One can say the platform is truly popular when the traffic is spread over hundreds of countries.
Broker checklist

I suggest using the similarweb.com website to do such an analysis. It is free and it collects information from some of the best sites like Google or Alexa.com. Moreover, it works well in countries where Google was banned. To check a website like Olymp Trade you just enter its domain and wait for the analysis with all the details.

Some of the Olymp Trade results

The place where Olymp Trade servers are being hosted in Europe, Cyprus. Additionally, the platform supports secure server HTTPS. This is a technology that encrypts all the data received on the server.

Olymp Trade in SimilarWeb rankings
Olymp Trade in SimilarWeb rankings
You will find some information about the traffic on the Olymp Trade website below. The total number of visits during the last 6 months is around 60 million.

Visits at Olymp Trade website
Visits on Olymp Trade website

Now, check the map below. It shows the distribution of traffic on the website. The most active countries are India, Brazil, and Ukraine.

Olymp Trade - traffic by countries
Olymp Trade – traffic by countries

Is it possible that Olymp Trade will be shut down?

Olymp Trade was first launched in 2014. Since then it is continuously developing. New assets and new features are implemented in the meantime. The platform has been improving its transparency so it has now a user-friendly interface. All these are good signs that the most probable scenario is that the website will stay active for a long while.

There are though, some changes in financial regulations in different countries, which can cause that the platform will no longer offer services in those countries. We can only hope that the Olymp Trade company will adjust its policy to the new regulations and keeps working worldwide.

You shouldn’t be worried that after so many traders left the Olymp Trade platform it will collapse. Olymp Trade is such a big company with a solid reputation, that new traders will surely join the platform.

Olymp Trade searches on Google Trend

Below there is a picture of the results you receive when you put “Olymp Trade” in Google Trends. All the countries in blue are the ones that show interest in the Olymp Trade platform. Olymp Trade is accessed from over 50 different regions. There are still some countries in grey color and those are potential new customers.

Olymp Trade a Scam? Things You Didn't Know You Didn't Know 1

You can see that Olymp Trade is known around the world. It has customers from many different countries who are paying for the services it offers. It is simply not logical to think it may want to close the operation any time soon.

The source of the Olymp Trade quotes

The prices on the platform cannot be just randomly offered to its customers. Online brokers must make sure that the quotes are in line with the current prices in the financial world. As you know Olymp Trade offers many markets to trade on. When the quote is received (the quote is Ask and Bid prices in real-time), Olymp Trade makes some calculations using the Bid + Ask / 2 formula. The result is the price offered to its customers without the need for a spread. It simplifies trading and these days spread is not so important for trading results on liquid markets because it is just a very small fraction of the price.

The price the traders receive is not the actual Ask and Bid price, but it is close enough. And Olymp Trade gives the possibility to verify the prices using the Historical Quotes tab. The best thing about it is that all executions are verified by an external body. Here, it is Financial Commission – an organization that is the regulator for brokers’ activity.

You can always check quotes for any asset
You can always check quotes for any asset

Will you be able to increase your balance with Olymp Trade?

When you gather all the information you can get from third-party sites, you will understand that Olymp Trade is a solid, highly popular platform. The traders are coming in the hope of high profits. And such popularity confirms that it is truly possible to make money here, as long as you do things right.

Is Olymp Trade a scam broker

 

Is it also possible for you?

To make money on the Olymp Trade platform, you have to prepare yourself well. It naturally takes time to become a professional trader. You should understand the platform. Read everything available on the Olymp Trade website, and put some effort into the learning process.

There is always a risk in the trading business. Many traders will suffer loss. Many factors exist that can contribute to this. Among them, you can find trading based on emotions and trading without a full understanding of the platform.

increase account balance

I assume you think seriously about increasing your account balance with Olymp Trade. My advice is to have patience. Invest your time in reading, learning, and understanding the platform. Then open free Olymp Trade practice account. This is a great place where you can try new features and strategies without risking loss. After some time you will get the confidence necessary to move on to the real Olymp Trade account.

Wish you success!

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Bart Bregman

Full time day trading, and helping out with Olymp Trade wiki in my spare time to create an awesome platform for beginners. I'm a digital nomad that travels the world while working from everywhere!

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