Money attracts all kinds of people, those who want to earn cash following an honest road, but also those who want to prey on the first ones. Thanks to the internet, making money trading on platforms like Olymp Trade, is legitimate. And it has to be said, that Olymp Trade put a lot of effort into creating a secure place. Hackers have practically no access to the servers.
Still, you ought to be careful. Fraudsters do not sleep, but waiting for the mistakes, to use them to steal from the traders. You need to protect your money account and learn how to spot frauds.
We are offering a helping hand by showing you the ways that fraudsters may use against inattentive traders. Read the article and be alert!
Social media are widely used to connect people. This is a good place to gather like-minded people. Someone creates a group, others join it and they share their experiences, doubts, and questions.
Unfortunately, this is also an easy way for scammers to make a move. They may create a group dedicated exclusively to Olymp Trade traders. Moreover, they may advertise on social media so they reach a wider group of people. More and more people will join, in the hope of learning something valuable or just to be a part of the Olymp Trade fans.
The scammer will be very active, will publish new posts often. There will be snapshots of winning transactions. And the sums will be huge, even a few thousands of dollars per day. Among those posts, you will most probably find photos from exotic places or with famous people. This will create an image of a successful person who travels all over the world and meets celebrities. Such a lifestyle is a dream of many.
The next step the fraud takes will be claiming, that he has all the knowledge necessary to make you earn big money. The money that will allow you to have exactly the lifestyle the scammer has outlined.
At this point, the crook may ask you to invest your money in his fund. He will promise high profits after you send him money and he starts trading your investment.
Another way is to offer his services. The fraud will suggest he becomes your account manager. Naturally, he will want you to pay a fee in advance.
This is the thing about social media. They can be of great help. There are real groups of like-minded people that will support you and listen to your concerns.
But social media used inappropriately can harm. It is not difficult to create a fake account, edit some photos, and declare yourself a successful trader.
Be alert! Know that anytime someone asks for your money, it is an alarming signal. Double-check if he is a real trader or just a crook.
Olymp Trade affiliates
The cheater begins with an e-mail or a phone call. He will assure he works for Olymp Trade or for a company that is a platform affiliate.
Then you will hear how well they know the platform, all its features, and instruments. Or that their company has one of the best returns on Olymp Trade. And that only they can help you make a consistent profit.
They may even show you proof of their fairness. It could be a photo edited in Photoshop with their earnings.
They are only waiting for you to invest money with them.
Again. Stay alert! Olymp Trade employees do not call you. They will not initiate a discussion over your account, nor your finances. Olymp Trade employees will only contact you when you had requested it. It means you can expect a call if you send an inquiry to their support team beforehand. But they will not call you if you didn’t ask for it.
And if somebody tells you he is an affiliate of Olymp Trade, you should first check on the website. There is an official Olymp Trade contact list.
Falsification of Olymp Trade website
Sometimes the fraudsters will use Olymp Trade name in the domain extension. What you will find there, are the trading signals for sale. This means that you will pay for access to the “hot” signals that will allow you to make good money while trading on the Olymp Trade platform. Do not believe that.
The other way is to create a website resembling the Olymp Trade platform. It will be similar but not the same. Be careful, because the moment you enter your login details, the swindlers take over your data and get access to your account. Now there is nothing easier for them than to clear your money account.
Not all websites with Olymp Trade in the domain are fraudulent. There exist solid ones, like the one you are now on, that will offer you trade tips and will warn you of the scams.
Fake trading bots
Trading bots are very appealing to some. Because after installing this kind of software to your platform, it will do the job for you. You just set it according to your preferences and then autopilot takes over. It brings you money while you are in deep sleep!
But this sounds too good to be free. And you are right. If you see the offer with a free first-month trial, or a sale offer at an extremely low price, stay away from it. Because again, after you make a move, the software will gather your account login details. Once the swindlers got them, they will with no further difficulties log in under your name and wipe out money from your account.
Our recommendation for you is not to trust such offers. Do not trade bots, unless you have created them yourself, so you are sure they are safe. Easy money is always tempting, but sometimes it is better to follow the hard road and learn how to be good at trading than lose your money just by giving your login details away.
Selling the most profitable strategies
There are plenty of trading strategies and no strategy is better than any other. It is a matter of how you use it and when you apply it.
Now, you will find that some scammers will praise one particular method which was supposed to bring them millions in the past. And now they are ready to share it but to get access to this one magic strategy, you have to join their group and pay a fee.
After you do that, you may discover, that in fact, they have nothing new to offer. That the trading strategy they guard so well is already available in the virtual world for free.
Keep in mind that most often than not, successful traders who came up with a new strategy that works well for them will keep it secret. They will hardly ever reveal the method that brought them a large chunk of money.
Pros and Cons of Trading with Olymp Trade
|👍 Pros||👎 Cons|
|Secure trading platform||Target for scammers and fraudsters|
|Dedicated support team||Risk of fake websites and trading bots|
|Wide range of trading instruments||Risk of scams in social media groups|
Common Scams vs. Safe Trading Practices
|Common Scams||Safe Trading Practices|
|Fraudulent social media groups||Join verified Olymp Trade groups and forums|
|Fake Olymp Trade affiliates||Verify official Olymp Trade contact list before engaging|
|Phishing websites and domain extensions||Bookmark the official Olymp Trade website and always double-check URLs|
|Malicious trading bots and software||Avoid third-party trading bots and stick to trusted tools|
Recommendations for keeping your Olymp Trade account safe
Use your official e-mail address when opening an account. It is better to log in with an e-mail than through social media. And not only because it makes your Olymp Trade account more secure. It also makes it easier to retrieve your password.
Use double-layer authentication. It means that you will need to enter the code sent to your mobile phone when you log in to your account. This keeps you protected in case someone illegally captured your login details.
Keep the browser you use to trade on Olymp Trade updated. The same applies if you are using the Olymp Trade apps. Make sure they are the latest versions. Moreover, install antivirus software on your computer, if you hadn’t yet.
Mind that you have full verification of your trading account. Particularly when migrating to a real money account. The verification should protect your resources against transferring to some fraudulent accounts. Withdrawals at Olymp Trade are processed to the account that was used for a deposit.
Your login details are private. Never share them with anyone.
And then if you have a suspicion your account may be compromised or if you were contacted by someone you identify as fraudulent, do not hesitate and report it to Olymp Trade technical support. We must build a safe place together.
Let us know if you are familiar with other fraudulent tactics used to deceive investors. Share your experiences, both good and bad, in the comments section below. We would be happy to hear from you!
Be safe and good luck!
Frequently Asked Questions
- Q: How can I avoid scams when trading on Olymp Trade?
A: Always verify the authenticity of groups, individuals, and websites claiming to be affiliated with Olymp Trade. Protect your personal information and account credentials.
- Q: Can I trust all social media groups related to Olymp Trade?
A: No, always be cautious and verify the group’s authenticity before joining. Scammers may create fake groups to target traders.
- Q: How do I know if a website is an official Olymp Trade affiliate?
A: Check the official Olymp Trade contact list on their website to verify if a company or individual is an authorized affiliate.
- Q: Are trading bots and software safe to use?
A: Be cautious of third-party trading bots and software, especially those offered for free or at low prices. Stick to trusted tools and avoid sharing your account credentials.
- Q: What should I do if I suspect I’ve encountered a scammer or fraudulent website?
A: Report any suspicious activity to Olymp Trade’s support team and avoid sharing any personal information or account details with unverified sources.
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