Of all online trading platforms, Olymp Trade drew most of our attention. This is after one of our blog articles reader requested that we review one of it’s many online ads.
Particularly, the one on How I Earned 12,450,000 Shillings To Buy A Car Of My Dreams In Just Four Months by the speaker news. And although the general review data we collected regarding the platform might not be as conclusive as possible, well, there’s some evidence to it.
As can be seen, from the illustration above, the deal seems so real and true of any doubts. But, not until you learn some truth in regards to what some of its users have to say.
And as the narrator continues to explain, “First, a couple of words about myself. My name is Fatuma Tando. I’m 26, I live in Nairobi, and I’m just an ordinary girl from a family, which cannot by any means be called ‘well-off’.
I was born to middle-aged parents. My Mum was a nurse at the clinic, while my Dad was a dump truck driver” the narrator continues. And since we can’t run the full story here, you can see it in this article.
What is Olymp Trade?
Olymp Trade is one of the most known online trading platforms. And as some of its users say, it allows you to invest less and earn big. The Olymp Trade platform has been serving customers since 2014. Proving to be reliable for people interested in online trading. It provides its users with both Fixed Time Traders and FX.
This’s what separates it from other trading assets as they offer an extensive list of assets. The application platform is owned by Smartex International Ltd which is an offshore company registered in St. Vincent and the Grenadines. The company claims to be one of the fastest-growing companies that deliver access to trade to the client at any level.
While at the same time, increasing its trading volumes daily and currently closes around 32M trades per month.
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Moreover, the broker received numerous awards, the world industry recognition for their services, options trading platform, fast growth, and innovations.
Olymp Trade is an international-level broker. Through the platform, more than 30 000 traders from over 50 countries make over 5 million trades daily. And the monthly payoff reaches $13 000 000.
How the Platform works
Of course, Yes! You too can become one of its successful traders. As you trade, train, and analyze from your smartphone. Use your favorite local payment methods including M-Pesa for fill-ups and fast withdrawals.
In short, the best mobile trading experience is here! Bearing a user-friendly interface with a lot of indicators and technical analysis tools to make winning trades. You can even choose the type of asset you prefer.
There are just a few examples of them:
- Stocks: Apple, Tesla, Google
- Indices: S&P500, Dow Jones
- Metals: Gold, Silver
- Commodities: Crude Oil, Natural gas
- ETF and Currencies: Many other assets are also available in the app.
But, the biggest question for any online trading beginner, is it really worth a shot? Or it’s just another platform to scam brokers?
Is Olymp Trade Legit or Its a Scam?
Unfortunately, according to our research, the answer is sideways! For instance, from this research, it’s not safe to trade online with Olymp Trade.
According to various sources, Olymp Trade is not technically illegal in Kenya. But, it is in no way monitored or controlled by CBK or CRB.
Meaning that, if a trader faces any issues with regards to the app’s transactions or collections then the authorities will not be able to help.
Also, Olymp Trade is not regularized by many other key financial authorities. Not to mention, various banks are not dealing with the platform directly perse.
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Additionally, only some international Devit/Credit are accepted on this platform. And due to the fact that the setup cost is low, it does not regulate forex trading.
Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron, and more. St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations.
You can read and learn more about what other users have to say about Olymp Trade in this article. As well as an article om Choosing The BEST Forex trading solutions for your brokerage.