General Information
Olive Financial Markets Pty Ltd (ABN 46 145 551 739; AFSL 390906) (“OliveFX”) is regulated by the Australian Securities and Investments Commission (ASIC), authorized to issue over-the-counter products, contracts and derivatives and provide Managed Discretionary Account Services, and holds the registered business name OliveFX. Olive's business is designed to develop trading and investment capability in a broad spectrum of securities and derivatives including equities, options, contracts for difference, futures and margin FX.
Regulation & Risk
OliveFX is regulated by the ASIC. The authority however announced in March 2020 that it had canceled the broker‘s AFS license. OliveFX has appealed the cancellation and asked the Administrative Appeals Tribunal (AAT) for a review and stay of ASIC’s decision to cancel the license. Consequently, the AAT granted a stay of ASIC‘s decision in April 2020 and is currently reviewing the Australian regulator’s decision. Until a verdict has been reached, the company can‘t accept any new clients and must alert its current clients of ASIC’s decision to cancel its AFS license.They may still provide financial services to their existing customers until the review is determined.
Market Instruments
OliveFX offers trading instruments for Forex, Spot Metals, Share Contracts for Difference (CFDs) issues and CFDs on Commodity Futures, CFDs on ETFs and Indices. Currencies are traded in pairs which fall under three category types: Majors, Minors and Exotics. There are over 70 currency pairs to trade.
Accounts & Leverage
OliveFX is offering six different accounts for any investor willing to sign up. These account types include Corporate, Personal, SMSF, Trust, Joint, and Client appropriateness Assessment. OliveFX only offers a Standard account. The minimum deposit when registering an account is 200 USD. Leverage up to 1:500 is offered on this account.
Spreads & Commissions
In term of forex spreads offered, OliveFX claims that spreads start from 0.8 pips without a trading commission on its standard account.
Swap Points & Trading Hours
Swap points are determined based on the interest rate differential between the countries involved in the currency pair. If the traders hold a position overnight (past 17:00 EST), there will be a Swap adjustment. And the trading services at OliveFX are available 24 hours a day, 5 days a week.
Trading Platform Available
OliveFX supports MetaTrader 4, MT4 Mobile and Web trading platforms. MT4 also features an excellent pack of advanced charting tools, as well as nearly 100 easily customizable market indicators and trading robots, called Expert Advisors, with the help of which one can easily run algorithmic trading sessions. In the case of Muslim customers, special Islamic accounts, that is swap-free accounts, are offered that mirror the other account types, but which operate in accordance with Shariah law.
Deposit & Withdrawal
OliveFX supports traders fund their accounts and post margin by using payment methods like direct transfer, debit or credit cards, or PayPal. The broker also mentions the possibility to use other payment methods, but traders should ask for that personally.
