Many people have lost money to scam brokers. This is why one should be careful before investing money.
Olymp Trade is an international broker for binary options. Since 2014 Olymp Trade has been providing people with a platform to trade binary options. But you may ask is Olymp Trade a Scam? Or is it a legit online trading platform? So, today, we will talk about what makes a trading platform legitimate, and if Olymp Trade is a safe trading platform. Let us talk about the Olymp trade scam now.
Is Olymp Trade a Scam? :
There are inherent risks within all trades, and Olymp Trade is no exception. Trading can be risky. If you don’t invest your money wisely, you could lose it. So, you have to be careful. But if you do lose money, it doesn’t make the trading platform a scam. Olymp Trade is a renowned trading platform, and millions of people use it. It is legitimate and safe. There are a lot of reasons why Olymp Trade isn’t a scam. Some of them are:
1.Reliability: There are some shady trading platforms that do not have any affiliation with any international financial institution. These trading platforms are probably a fraud. Olymp Trade is a member of International Finance Commission. This means that International Finance Commission recognizes Olymp Trade as a legitimate trading platform. Not only this membership assures traders of Olymp Trade’s legitimacy, but it also provides them protection from fraudulent activities on the part of the broker. Before granting membership, International Finance Commission has to make sure the trading platform isn’t a scam.
If a trading platform turns out to be a scam, International Finance Commission can take legal actions against them and find them. The fines can be up to 20000 USD. Since Olymp Trade hasn’t been fined and they haven’t faced any lawsuit, we can safely say that Olymp Trade is a legitimate business platform.
2. Transparent about Fees: Most fraud trading platforms know they are going to get caught either sooner or later. So, they try to scam people as quickly as possible for easy money. They do this with hidden fees. An inexperienced trader can lose money because of this scam. But Olymp Trade is very transparent about their fees. Olymp Trade does not have a typical pay structure. Unlike some platforms, Olymp Trade does not take a percentage of traders’ earnings.
A minimum of 10 USD is required to start investments. Olymp Trade is very transparent about their fees. Olymp Trade holds a reserve of money to pay out to winning bids if there is no opposing trading. Is Olymp Trade was a scam they wouldn’t reserve money. They would take all the money for themselves.
3. Credibility: Olymp Trade is a renowned trading platform that has been active since 2014. Most scam platforms are not well known. Firstly, they don’t provide good service. Secondly, they want to stay hidden. It helps them with their scamming activities. Many experienced programmers, traders, and financial analysts can vouch for Olymp Trade.
Olymp Trade continuously improves its services. That is why customers can count on the platform 24/7. Olymp Trade has an official website. Their website is very straightforward, showing you exactly what you need to track your trades and be successful. A scam trading platform wouldn’t do all these to make sure their customers get the best services. Olymp Trade is also a member of International Finance Commission. To be a member, a trading platform has to be transparent about their finances. All of this evidence suggests that Olymp Trade is a legitimate trading platform.
4. Easy Withdrawal: The main purpose of scam platforms is to steal people’s money. So, they make withdrawing cash as difficult as they can. But withdrawing money from Olymp Trade is very easy. Olymp Trade offers bank transfer, credit/debit card, and E-wallet service. They pay their traders in time without fail. Olymp Trade is one of the few trading platforms to provide free registration. They also reserve some money to pay out to winning bids if there is no opposing trade. Why would Olymp Trade go to this length to provide good service to their customers if they want to scam them? It proves that Olymp Trade is not a scam. They are a legitimate trading platform.
Trading can be uncertain sometimes. There is no guaranty that you will always make money. But it is more disheartening when fraud trading platforms scam you. This is why people get more apprehensive about trading platforms. Not all trading platform is safe. But Olymp Trade is not only a member of the International Finance Commission, but they also have a reputation of their own. In this article, we have given evidence and data to prove that Olymp Trade is safe and legitimate.