Olymp Trade is a recent addition to the Binary Crypto schemes running rampant across the internet.
In this article I will take a look at the Olymp Trade Platform, and hopefully put enough information here to show that often the people who become involved in these schemes end up in a financial body bag.
Many people will have heard of Binary options, but probably not too many would have actually experienced them.
What is Binary Crypto/ Option Trading.
Basically it is the same as binary options which I mentioned in this post. All options are based on a time frame. Lets compare two types of option trading.
If you were to trade wheat on the Chicago Mercantile Exchange, you trade in months. Example…
If a farmer has just finished planting his crop and it is not due for harvest for another 6 months he can hedge the price he expects to get for his crop by buying a “call option” or a “put option” at a certain price (a Strike Price) for the month he expects to harvest his crop.
This is a form of insurance used by producers of food or materials in case the price falls below production costs and by buyers of food or materials in case the price rises above what they are prepared to pay for the commodity. There are also speculators betting whether the price will go higher or lower, keeping the contracts liquid.
Of course it is a little more in depth than that and you can learn more here.
Binary options or Binary Trading on the other hand is purely a play for speculators.
Actually gamblers is a more honest term. All you are doing is making a bet on the direction a certain share / commodity / will likely go in a set period of time (5, 10, 15 minutes), of placing a bet.
Who Runs Olymp Trade
This information is a bit hard to unravel. At the bottom of their website are the usual disclaimers and the address of a Bank in the Caribbean.
On the actual website they list the funds as being held at The European Bank.
Whether it is the European Central Bank or the European Bank of Reconstruction is not clear.
Obviously these are not regular banks.
Their website is owned and operated by Saledo Global LLC, registered at: First St, Vincent Bank Ltd. Building, First Floor, PO Box 1574, James Street, Kingstown, St. Vincent & the Grenadines. The agent is VISEPOINT LIMITED
This is different to many other Binary Options trading websites, most of whom have an address in Malta.
Address’s can be confusing with these sites, and should be noted with a grain of salt.
I knew of one who had registration in Malta, offices in England, with contacts in Spain, France and Australia.
Anything to look legitimate, which it wasn’t.
Malta is also popular with dating sites. But there is no way to know if the dating sites and the gambling sites ( Binary Options, Bitcoin etc), are owned by the same group. I tend to think they are.
Really all I, or anyone can do with sites like the Olymp Trade is take a look and see if they follow a certain set up.
Usually they give the impression of a fully functioning trade desk with Billions of dollars just waiting to be handed to you.
All you have to do is make a couple of clicks with your mouse and Bingo ! you’ve got it made! You wish…
How does the Olymp Trade Platform Work?
Once you register on their site, the screen moves through a quick overview of how to place a trade. You can then have a play trade, I did and I made $89.00 in play money.
You have 3 paid options for a subscription, dependent on your ability, and the amount you have deposited.
- One month at US $133.00
- Three Months Expert Status at US $2137.50
- Three Months Advanced Status at US$ 441.00
Some of the Perks of Expert Status.
- Trade on best conditions with the highest rate of return.
- Up to 92% return on trades –
- Up to 20% discount on a position opening fee in the Forex mode –
- The maximum trade amount of $4000 for the FTT mode –
- The maximum trade amount of $5000 for the Forex mode –
- Up to 30 trades open at once –
- Weekly consultations with a personal analyst –
- 15 exclusive strategies – Special materials – Daily analytics and trading signals –
- Exclusive webinars
Those benefits are good for 90 days at a cost of $2137.50, then ( I believe), you need to deposit money into your olymp trade “trading account”
There are various levels of membership each comes with varying levels of benefits. The below screen shot will explain it better.
Olymp Trade provides a set of indicators, but not as many options as you would find on the Technical Analysis software used by professional traders at banks or Hedge funds.
They have a very basic “Training Course” in the reading of Japanese Candlesticks. These are a charting style often used to predict moves of a stock or commodity and used by many traders.
Japanese Candlesticks provide more detailed and accurate information about price movements, as compared to bar charts. They provide a graphical representation of the supply and demand behind each time period’s price action.
Can You Make Money With Olymp Trade.
The short answer is yes. There are many professional traders who are expert at short term trading, and these guys can be a risk to sites like Olymp Trade.
The way sites like Olymp Trade get around this is make with drawls as hard as possible or Not at All !
You may notice the maximum trade is $5000.00 on this site, which is a fairly conservative number considering the way it is advertised.
The problem many people have with sites like Olymp trade is withdrawing money. So it is one thing to make it. Completely another to get it in your hand.
There are rules to be followed and they can be tricky. To quote.
“The Expert or Advanced status levels are revoked if the client withdraws the amount of money that was deposited within 15 days in order to obtain the relevant status. In addition, if no trades are made on the real account within three months and/or fraudulent activity is detected, or if a client is found to be abusing the Expert or Advanced status privileges, the Company reserves the right to revoke the client’s status without explanation”.
Although that does not specifically apply to withdrawls it will pay to read everything on the site before deciding whether to make any commitment. Other wise that big smile you have after making bank will turn into something less attractive if you cannot get the money into your pocket.
Frequently Asked Questions about Olymp Trade.
Many relate to withdrawals. Some answers to requests have an original spin to them in my opinion.
Q . Why do I only Receive My Payment in Parts. A. This situation may arise because of the payment systems’ operational features.
You have requested a withdrawal, and you only got part of the requested amount transferred to your card or e-wallet. The withdrawal request status is still “In process”.
A..Don’t worry. Some banks and payment systems have restrictions on the maximum payout, so a larger amount can be credited to the account in smaller parts.
You will receive the requested amount in full, but the funds will be transferred in a few steps.
Please note: you can only make a new withdrawal request after the previous one has been processed. One cannot make several withdrawal requests at once.
These are hard to just call scams without there being any feedback to study. The thing with these, one disappears and another appears.
So the conclusion obviously leads to SCAM.
My feeling is they are all part of the same group and churn websites through a revolving door.
You could do your own due diligence and test the three links I have placed below. They are all supposed to lead to the Olymp Trade Platform
Click on each one and see if you get taken to Olymp Trade.
I think you will find you get taken to three different gambling type websites.
For Link 1. Click Here
For Link 2. Click Here
For Link 3. Click Here.
Online gaming is big business. These binary options sites may be ok to have a dabble every now and then, if you know a little about share market trading you have a head start.
If not the training offered by Olypm Trade probably won’t help much.
Olymp Trade may not be a full on scam ( I am thinking it is), but my advice would be don’t play with money you cannot afford to lose.
You need to eat too.
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