What Is Olympic Markets？
Olympic Markets, a Malaysian forex broker, majorly focuses on currency pairs trading. It holds regulation by the LFSA, suggesting a level of oversight.
Pros & Cons
Pros of Olympic Markets:
MT5 Supported: It offers multiple advanced features for traders, which is a leading trading platform in the industry.
Regulated by LFSA: This indicates a level of oversight by a financial authority in Malaysia, offering a certain level of investor protection.
Cons of Olympic Markets:
Detailed Trading Conditions Not Mentioned on the Official Website: Crucial information such as spreads, commissions, leverages, and minimum deposit amounts are not mentioned on its official website, which is a significant drawback.
Customer Support Limited to Emails: Support is only reachable via email. This limited approach can not meet the requirements of traders who prefer immediate assistance.
Is Olympic Markets Safe or Scam？
Regulatory Sight: The LFSA designation as the regulating body suggests Olympic Markets is overseen by a financial authority. The license type it is holding is Straight Through Processing (STP), which indicates that Olympic Markets executes client orders directly in the market without intervention. The license number is MB/22/0106.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
Olympic Markets caters to currency traders by offering 75+ currency pairs for trading on their platform. These currency pairs are classified into three main categories: Majors, Minors, and Exotics. Majors represent the most traded and most liquid currencies globally, such as the US Dollar (USD), Euro (EUR), and Japanese Yen (JPY).
Minors are less-traded currencies compared to Majors but still hold significant importance in the Forex market, including the Australian Dollar (AUD) and the Canadian Dollar (CAD). Finally, Exotic currency pairs involve currencies from smaller economies or emerging markets and are generally less liquid than Majors and Minors.
Trading Platform
Olympic Markets equips traders with the powerful MetaTrader 5 (MT5) platform, known for its advanced functionalities. This platform offers in-depth market analysis through features like Market Depth, which provides transparency into the order book by revealing buy and sell orders at various price levels.
Furthermore, MT5 goes beyond basic market orders by allowing stop-limit orders, giving traders more control over entry and exit points at specific prices. Technical analysis is well supported with a variety of free professional charting tools. Flexibility is offered to traders by supporting both netting and hedging accounting methods for managing positions.
The platform boasts a vast selection of over 80+ indicators for comprehensive analysis, alongside the ability to utilize automated trading strategies with Expert Advisors (EAs). An EA testing environment is even included for optimizing these strategies. Finally, the platform caters to a global audience with its multilingual interface.
Customer Support
Olympic Markets offers customer support only through email. You can reach them at support@olympicmarkets.com, with representatives available 24/5. However, this is the only channel advertised for contacting customer support, so if you require immediate assistance, email can not be your most suitable option.
Users can also visit their physical address to have their inquiries in person: Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca Ranca, 87000 F.T. Labuan, Malaysia.
Conclusion
Olympic Markets is a forex broker under the regulation of LFSA, with a business focus on currency pairs and relatively limited customer support. The information on key trading conditions can not be seen on the website either. It is a regulated broker that lacks transparency.
Frequently Asked Questions (FAQs)
Q: Does it support MT4/5？
A: Yes, it does support MT5.
Q: Can I call them if I need help？
A: No, you can't, since their customer service is only available via emails.
Q: Can I contact them on weekends？
A: No, you can't. Its customer service is 24/5, which means it is only available during weekdays.
Q: Is Olympic Markets regulated or not？
A: Yes, it is regulated by LFSA.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-29 14:04
