OlympusFx

Note: OlympusFx's official website: https://olympusfx.com/ is currently inaccessible normally.

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.

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.

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.