OlympusFX review: Is Olympus FX broker providing professional trading conditions and maximum transparency as claimed? We think this is not the case because their regulatory status is questionable. We’ve also listed a few other concerns which you need to read in order to decide whether this broker is good or bad for your trading.
Welcome to the Olympus FX review.
Olympusfx.com offers trading in Forex and Cryptocurrencies. It’s not clear whether they offer trading in other financial instruments apart from the two.
According to marketing materials on their website, Olympusfx broker is committed to “transparency, integrity and service excellence”.
OlympusFX broker is also claiming to provide access to the financial markets through Straight through Processing (STP) and Electronic Communication Network (ECN) to ensure good quality liquidity and price feed.
They also provide 24 hour support, education materials, market research tools and partnership programs.
The face behind this broker’s website is a St.Vincent and the Grenadines based company called Olympus Financial Group Limited.
This means that the company is registered in the said jurisdiction but they don’t fall under any regulatory watchdog so to speak.
When we come across a broker who is registered in the St. Vincent and the Grenadines and their regulatory status is questionable, we feel troubled no matter how attractive and convincing their website may look like.
In addition to this, we see that Olympusfx.com broker is providing a poor presentation of their trading features and services.
Currently, we know that they offer up to 1:500 leverage.
Spreads have not been communicated to traders. This is in addition to swap fees which the broker has not disclosed.
We’d like these details highlighted on the homepage so as not to contradict themselves the way they do at the moment.
If you’re wondering whether Olympus FX is a legit or scam broker, you need to familiarize yourself with this analyze.
Our OlympusFX review has covered every aspect of this broker and we’ll let you know whether or not it’s safe to use their service.
Olympus FX review
The first thing we need to know about this broker is that they are based in an offshore location and secondly, they’re not regulated by any financial watchdog.
These two combinations make us scared of even recommending them.
They claim to have been established in 2014 which is indeed true. However, this does not mean anything or provide any assurance that your funds will be safe.
Their claim to fame is the supposed automated trading system called Jarvis Trade which they’ve integrated on their site.
OlympusFX proclaims that Jarvis Trade system is powerful, intelligent and highly accurate.
This automated trading tool provided by the broker is allegedly 100% automated and uses Fibonacci strategy, Overbought/Oversold entries as a trading edge in the global financial markets.
Olympus FX has provided a description of the Jarvis Trade Forex system tradings strategy and they also claim that trend trading elements are involved.
To trade with Jarvis Trade Forex trading system, one must open a live account at OlympusFX broker’s website.
There are also loads of conditions that come with using this software.
While this should not have been part of this OlympusFX review, we felt that it was important to touch on the conditions a little bit.
The following are the conditions that traders should keep in mind when considering using the trading system:
- Minimum deposit of $5,000 required
- Olympus Financial Group can alter or terminate the use of this system at any time
- Can only be used on the MT5 trading platform
- Trading results of Jarvis Trade system are no representation of future results
And many more…….
The risk of dealing with an unregulated Forex broker
From our analysis, we see that Olympus Financial Group does not have a regulator’s license and under normal conditions, they’re not allowed to provide any financial services to traders.
In case of insolvency, this company will never compensate their investors because this is only an advantage that can be found with regulated brokers.
Financial regulators in other countries have instituted laws that govern how brokers handle their customers. This is mainly for the good of the consumer and also to ensure that a fair market is created.
Financial regulators usually put rules that scammers or jokers can’t adhere to. One of the rules is that the brokers must maintain a certain amount of operational capital.
And secondly, the brokers are often required to segregate their clients’ funds.
OlympusFX claims that it is segregating their clients funds but there’s no way to tell since the broker is not regulated.
If you’re looking for professional brokers who adhere to regulatory standards, check out this page for our top recommendations.
What we know and don’t know about Olympus FX
The minimum deposit has not been disclosed.
The only minimum deposit that has been revealed is for clients who want to use their Jarvis Trading system.
This is unusual because most Forex brokers will reveal it upfront and the amount is usually not greater than $100.
Information about average spreads and fees is nowhere to be found.
We’ve tested their trading platform on demo and found that typical spreads for a pair like EURUSD is 1.9 pips.
We feel that these spreads are not very affordable. This broker simply can’t compete with other brokers who offer costly spreads for the same pair.
We’ve provided a link to our most recommended Forex brokers who provide competitive spreads. You can still visit it and see what options are available.
Deposit bonuses are also provided but these come with terms and conditions which traders must stick to.
Deposit bonuses can be up to 100% of deposit.
With regards to deposits and withdrawals, we see that Olympus FX is only using Wire Transfer methods.
They don’t appear to use Visa or MasterCard.
Other methods such as Skrill and Neteller (common with off-shore brokers) have not been provided either.
The reason we don’t want to recommend this broker is because of the following:
Olympus FX spreads are not friendly
OlympusFX is an unregulated broker
The broker is not straight forward with some details such as minimum deposit
Deposit methods are limited to Wire Transfer only
The above reasons are enough to put off a serious trader and that includes Topedgefx.com Team.
Thanks for reading this OlympusFX review. We’d like to read your comments regarding this broker.
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