Score
OlympusFx
Saint Vincent and the Grenadines|5-10 years| http://olympusfx.com/
Website
Rating Index
Contact
Licenses
No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
Saint Vincent and the Grenadines
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskUsers who viewed OlympusFx also viewed..
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Website
olympusfx.com
Server Location
United Kingdom
Website Domain Name
olympusfx.com
Website
WHOIS.TUCOWS.COM
Company
TUCOWS DOMAINS INC.
Domain Effective Date
2013-08-23
Server IP
81.19.186.7
Company Summary
Note: OlympusFx's official website: https://olympusfx.com/ is currently inaccessible normally.
| OlympusFx Review Summary | |
| Founded | 2014 |
| Registered Country/Region | Saint Vincent and the Grenadines |
| Regulation | No regulation |
| Market Instruments | Forex, metals, cryptos |
| Demo Account | ✅ |
| EUR/USD Spread | From 0.6 pips |
| Leverage | Up to 1:500 |
| Trading Platform | MT5 |
| Min Deposit | $50 |
| Customer Support | Email: support@olympusfx.com, info@olympusfx.com |
| Address: Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines | |
OlympusFx Information
OlympusFx's businesss was started from 2014 in registered in Saint Vincent and the Grenadines, and the broker used to offer trading services in more than 100 assets like forex, metals and cryptos to global clients. Spread for the main EUR/USD is from 0.6 pips. The broker uses the popular MT5 platform and minimum deposit is affordable at $50.
Regulatory Status
Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of OlympusFx, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.
Downsides of OlympusFx
Unavailable website: OlympusFx's website cannot be opened currently, which indicates possibility of cease of operation.
Regulatory concerns: The broker operates without valid regulation by any financial institutions, meanig that it might not comply to industry standards. This heightens trading risks with them.
WikiFX exposure: There are 17 pieces of exposure from WikiFX about fraud, scam and withdrawal issues, indicating unsatisfactory customer experience with this broker that investors can take reference to.
Limited customer support channels: OlympusFx can only be approached via email and office address, with more immediate methods such as telephone, live chat absent. This will lead to a high chance of delaying customer response and solutions to problems.
What Can I Trade on OlympusFx?
OlympusFx advertises that it offers more than 100 tradable assets for clients to choose from. These include:
- Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs.
- Commodities: Commodities are basic goods or raw materials that are interchangeable with other goods of the same type, often used in trade and production, such as precious metals like gold, silver, etc.
- Cryptos (Cryptocurrencies): Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology. OlympusFx supports trading in Bitcoin Ethereum, Ripple, Dash, Litecoin, and SataCoin.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Cryptocurrencies | ✔ |
| Indices | ❌ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
OlympusFx offers a demo account for traders to practice themselves before tapping into real trading.
While for live accounts, there's only one Standard account with a minimum deposit of $50 available.
Leverage
OlympusFx offers leverage up to 1:500, which allows investors to control a position of 500 times of their initial deposits.
However, you should be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.
Spread and Commission
Spread for the benchmark currency pair for EUR/USD is from 0.6 pips, while the broker does not disclose any information about commissions, which need your direct consulation with the company to ensure informed decision making.
Trading Platform
Suprisingly, OlympusFx offers a full functional MetaTrader5 platform, which is widely used around the globe. You can access the charting tools, analysis resources and automated trade execution through the platform. The platform is widely praised by users for its stability and trustworthiness.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | / | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
The deposit page of OlympusFx gives two options for payments: ASEAN Bank Transfer and RMB Bank Transfer.
Deposits are free and processed immediately, while withdrawal requests will be processed within 24 hours. After this, the time it takes will depend on your own banks processing time but is normally completed between 1 to 5 working days after being processed by this broker.
Bonus
OlympusFx claims to offer bonuses of up to 100% basing on your deposit amounts. To acheive 100% bonus, you need to deposit at least $10000, and you have 30 days to complete the turnover requirement or the bonus will be removed from your account.
But you should process bonuses programs very prudently since most of the time brokers impose difficult tasks and hidden conditions that are nearly impossible for you to meet.
| Deposit Amount | Bonus |
| <$1,500 | 20% |
| <$3,000 | 40% |
| <$5,000 | 60% |
| <$10,000 | 80% |
| <$15,000 | 100% |
Keywords
- 5-10 years
- Suspicious Regulatory License
- Suspicious Scope of Business
- High potential risk
Review 18
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Review 18
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FX4115528897
Malaysia
stay away from this scamer platform cant withdraw at all and the spread are damn high
Exposure
2021-08-26
FX1826529186
Australia
Manipulate the trading results, intentionally liquidate the position, and do not pay! Deceiving Malaysians, Taiwanese, Australians, Chinese! !
Exposure
2022-09-22
FX2425778795
Singapore
The lot size was normal when I didn't witdhraw funds. But after I withdew, it was ten times larger and made my positions wiped out. They prevent you from withdrawing funds deliberately!
Exposure
2020-12-18
单于愿
Hong Kong
Can't contact the manager from Malaysia or withdraw funds since September 24.
Exposure
2020-12-11
FX9567306202
Australia
I requested a withdrawal early September 2020 on OlympusFx but have not received heard anything back until now. On top of that, I have heard nothing back from the trader. This webpage (www.olympusfx.com) is also not accessible. I become very alarm and concern. I wish I can get all my money back.
Exposure
2020-12-04
Tyson Chen
Taiwan
My withdrawal has been processed over 3months since early of September. I received this email saying that the payment is delayed due to covid crisis which is doesn't make any sense.
Exposure
2020-12-04
FX2425778795
Malaysia
The Top Leader/ Mentor of OlympusFX name DATO NICKY. He help us to trade and promise monthly provide about 8% profit. When we get profit want to withdraw he purposely trade with high lot and big loss and not allow to withdraw. We no choice want to withdraw the balance about 200k usd also unable to withdraw. The end know him is big big scam! We just want the back the balance of moneys!!!
Exposure
2020-10-31
Anna24693
United States
The man in the ID is the manager in Malaysia, a so-called hottest trader. He managed the account and promised the profit of 5-15%. While he just bought and sold the same lot of the same currency. So there were more and more losses. Later ask you to deposit on the grounds of insufficient fund for they have a percentage when I deposit. I said I didn’t want him to manage my account and traded myself. Then he added positions of my account continuously, causing forced liquidation and blacklisting me. I just want my losses back.
Exposure
2020-09-15
QuanKing
Malaysia
They proclaim as professional traders from Yibaopili. If you ask whether they come from one team, they would deny, only to induce you to get hooked. After you deposit fund, it may be profitable in the first 2 months. As long as you want to make the withdrawal, they would make you suffer constant losses. The way they make money is to earn the usury. The 2 bosses, Steven and Nicky are to covet the fund. So when clients apply for the withdrawal, they will ask their subordinates to make your account liquidated, keeping holding off at least one month.
Exposure
2020-07-06
QuanKing
Singapore
I am from Malacca. I set a trusteeship on Fm30. Later, I found that the withdrawal process became slower. But the trader said it is OK and what important is to earn the money. I held the order from February 28th to March 2nd, seeing it was in the status of profit, and I went to sleep. But when I waked up, the system showed a loss of 16505. The trader pacified me that it was because of slippage. But it has been 100 days, the account is still at risky. https://olympusfxsniscam.wixsite.com/website
Exposure
2020-07-06
FX1870747440
Malaysia
The platform has given no access to withdrawal for one month, claiming that my request was under reviewing. Now I pledge for nothing but my fund.
Exposure
2020-07-02
FX1870747440
Malaysia
The platform claimed that as long as I withdraw fund, my account will be banned.
Exposure
2020-06-22
♛вαвe✦вαвeч*
Malaysia
The withdrawal is unavailable since March. I have applied for all refund. But the platform gave no reply!
Exposure
2020-06-03
FX4999308885
Hong Kong
The withdrawal applied in last September is yet to be received. I have negotiated with the platform for times, it shirked on limitation on currency conversion and then gave no access to withdrawal, saying that it has withdrawn form Chinese market. I was asked to use the new plan, that is, to deposit again trade for a certain lot to get the former fund back. Hope related team take back the money for me, thank you.
Exposure
2020-03-27
高冷直男
Malaysia
The withdrawal is unavailable.The platform didn’t reply to my emails.The account, operated by the trade, has become forced liquidation.What I am concerned now is that my account name might be counterfeited.
Exposure
2019-12-04
缘份天来定
Hong Kong
I was induced to deposit $5000 and left my account in trusteeship without modifying the password.After I made profits,their unsolicited manipulation began.They placed bought long with many lots and a short order with many lots.I made great losses because of high spread.The agent hasn’t reply to me for days,about which I felt something wrong.I applied for the withdrawal on the official website,which was refused.The fund was remitted to my account,while more than $100 commission was deducted.I sent the email to modify the password in case of unsolicited manipulation.Their email contained a new password.But the agent asked why I modify it.I explained that I wanted to make a withdrawal since the loss was serious.2 to 3 hours later,I couldn’t log in my MT4 because of wrong password,which meant he had modified my password compulsory.I don’t what he would do to my account and he was disappeared again.
Exposure
2019-11-12
King-Shun Yong
Hong Kong
Unable to withdraw since January,2019.All clients who made a withdrawal would receive an email”under Anti-Money Laundering compliances”,But the platform didn’t attach any evidence.
Exposure
2019-04-20
寒风
South Africa
Just one piece of advice: Don’t trade with offshore brokers. They will eat up your money and leave you nothing but tears and a broken heart.
Neutral
2023-02-16