OlympusFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this OlympusFX Review.
OlympusFX Review
OlympusFX is a forex broker, providing access to the global financial markets. The company does a rather poor presentation of its trading conditions.
The Company. Security of Funds
Company Country Regulation
Olympus Financial Group Limited St. Vincent and the Grenadines N/A
OlymupusFX is owned by Olympus Financial Group Limited, a company registered in St. Vincent and the Grenadines. While being registered on the islands, they don’t fall under any specific financial regulation. This is generally troubling.
Off-shore zones can often be an issue by themselves, but an unregulated company is even more dangerous. The combination of the two factors is enough for us to recommend avoiding this broker.
The reason for this is quite simple – when dealing with such a company there is no guarantee you will get your money back. This is why most countries have special financial regulatory agencies, who aim to protect consumers and create a fair market. For instance, the Australian Securities and Investments Commission (ASIC) requires a company to have at least AUD 1 million in capital before it can apply for a license. This rule alone deters most scammers, as they simply don’t have that much. On top of that they enforce the “segregated accounts rule”. This means all ASIC-regulated brokers don’t have the ability to freely spend your money, once you have made a deposit with them.
Trading Conditions
Minimum Initial Deposit
There is no information on the minimum deposit requirement at OlymupusFX, which is a bit unusual. Most companies reveal their entry barriers beforehand, such as easyMarkets, who require only $100.
Keep in mind, the minimum deposit is not a very important factor. Sometimes even reputable companies set-up levels, which some will find a bit high. Financial regulation is much more important.
Average spreads & Commissions
OlymupusFX does not provide information on the spreads it provides. We tested their trading platform and saw a 1.9 pips average pips spread on EUR/USD. This is not very competitive, when compared to most of the industry. You can always check the conditions offered by some of the top-rated brokers here.
Leverage
The maximum leverage offered by OlymupusFX is 1:500. This is level which can suit every kind of trading strategy. This broker is not alone in offering such high leverage.
That being said, you must know that higher ratios can carry higher risk. In fact, some experts claim misusing leverage as the main reason for the losses suffered by a lot of new traders.
Trading Platforms
MetaTrader4 (MT4) is the platform provided by OlymupusFX. It is the current industry Standard, provided by many brokers. This is a platform which most traders find enjoyable, due to its great charting potential. On top of that, its most unique feature is the availability of multiple custom technical indicators and automated trading systems. If you are interested in quant-trading, be sure to check our reviews on some of the so called Expert Advisors, which are being sold by developers.
MT4 also has a great mobile version, which allows you to catch-up with the markets, when you are on the go. It is available for both Android and iOS devices and more importantly does not burden the hardware too much (just like the desktop one).
Methods of Payment
No information on the payment options available at OlymupusFX is provided by the company. This is not that important, but some traders will prefer to know the methods in advance, as they use e-wallets, like Netteller for their trading needs.
OlymupusFX is an unregulated off-shore broker. While this may be enough to turn away most readers, trading conditions aren’t very competitive. Spreads are wider than what you can find at other brokers. The company’s overall presentation is not that great, as a few details are not directly mentioned on their website.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
OlympusFX Review Conclusion
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