OlympusFx “Left Chinese Market” After Defrauding Investor

Exposed broker: OlympusFx

Regulatory status: unregulated

Complainant: Tracy Ru

Cause of complaint: investor cant withdraw

In 2019, Australian regulation authority ASIC released the “strictest ever” rules which resulted in many forex brokers' withdrawal from Chinese market. Because those compliant brokers under ASIC regulation all made public announcements to inform investors of their leave, investors had a positive impression on Australian regulation environment.

For some investors though, they were less lucky as the broker they chose had withdrawn from Chinese market without any notification.

Recently, WikiFX received a complaint from an investor who, after filing withdrawal application and waiting for months, learned that the broker had “left the Chinese market”, while the illegal broker continue to scam more people with the trick.

Complainant's ID

Event recap

In July, 2018, the investor first learned about tradings in forex and precious metals through communication with a forex IB agent he met during a past event. The agent recommended him to make deposits at OlimpusFx, saying that the broker offers a convenient EA trading system that allows investors to make high profits, and then showed him some trading records as evidences.

Thinking that the investment could steadily yield high profits, Mr. Ru decided to sign up and made about US$ 3,000 of deposits. After trading for a while he further stepped investments by adding serveral deposits from various accounts, and his total account balance reached about US$600,000. He had made some withdrawals during the investment as well, but each of them took nearly a month. In August, 2019, Investor again applied for a withdrawal, but this time he didn't get the money after waiting for a long time.

Complainant's trading record

Complainants withdrawal applications

The investor contacted the IB agent several times for the matter, and at first the agent said there wasn't any irregularity in the withdrawal process. Later he told the investor that the due to “strict regulatory rules”, the withdrawal request was still being processed by the third party withdrawal channel. In the end, the agent simply told investor that the broker had left Chinese market and thus unable to process his withdrawal. What's more, the agent asked Mr. Ru to make further deposit at another platform and complete a certain amount of trading orders, besides meeting additional requirements such as paying “transaction fees”, in order to withdraw his funds from OlympusFx. Mr. Ru suspected that this could be another trap, while all his questions to the broker's customer service were met with the same reply: “your request has been received and is being processed, please wait patiently”.

Complainant was told that the broker will “withdraw” from Chinese market

Through investigation, WikiFX noticed that OlympusFx who claimed to have left Chinese market never made any announcement to inform investors about the change, and investor like Mr. Ru had no idea this broker left Chinese market until he pressed the IB agent about the withdrawal failure. Behind its silent withdrawal from China, OlympusFx's intention is still subject to our investigation.

Conclusion

According to WikiFX App, the broker OlympusFx is currently without valid regulation, having a poor rating of 1.22 on WikiFX App while receiving heavy complaints from investors recently. WikiFX suggests investors to stay away from this unreliable broker.

Up to now, WikiFX APP has included profiles of more than 16,000 global forex brokers. If you have any question about a broker's qualification, you may check the broker's profile on WikiFX App. WikiFX has also released the new feature of “Wiki Fair”, a forum where investors can discuss forex trend and expose illegal brokers.