Is OlympusMarkets a scam or legit broker?

No, it is not safe to trade with OlympusMarkets. OlympusMarkets is owned by Next Trade Ltd. which is an offshore company registered in Vanuatu.

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, 70Trades and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu. 

According to the website, OlympusMarkets offers more than 200 assets, easy-to-use trading tools and indicators, fastest market execution and mobile versions for a trade-on-the-go experience. However, the company doesn’t disclose any information about its regulation and it should be the main red flag for the traders. The broker provides contact phone numbers in Malaysia, Luxembourg, and Russia, although it is not regulated in these countries.

Moreover, OlympusMarkets has been blacklisted by New Zealand’s regulator Financial Markets Authority:

“Olympus Markets could be involved in a scam. Olympus Markets is not registered as a New Zealand Financial Service Provider or licensed to provide derivatives products to New Zealand retail investors.”

Also, there is a warning from the German regulator BaFin:

“The company offers German clients on its trading platform Financial Contracts for Difference ( CFD ) based on commodities, indices, equities and currencies. As a result, the company commercially conducts proprietary trading. However, it does not have the permission of BaFin. It is therefore illegal.”

We advise all investors and traders to avoid OlympusMarkets and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.

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