ExposureFive Illegal FX/CFD Brokers Have Been Blacklisted By CONSOB
Consob has ordered the blackout of five additional websites that provide unlawful financial services released on February 2, 2023.
No valid regulatory information, please be aware of the risk!
|Founded Year||1-2 years|
|Company Name||olympusbrokers Ltd|
|Regulation||Suspicious Regulatory License|
|Minimum Deposit||250 USD|
|Maximum Leverage||Not specified|
|Trading Platforms||WebTrader (proprietary platform)|
|Tradable Assets||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Account Types||Apprentice, Intermediate, Superior, Distinguished, VIP|
|Demo Account||Not specified|
|Customer Support||Not specified|
|Payment Methods||Debit/Credit Card, Cryptocurrencies|
Olympus Brokers is an online brokerage platform offering trading services in multiple financial instruments. The broker provides access to forex, commodities, indices, shares, and cryptocurrencies, allowing traders to engage in various markets. They offer a range of account types, including Apprentice, Intermediate, Superior, Distinguished, and VIP, with each account tailored to different trading needs and investment levels.
However, there are concerns regarding the regulatory status of Olympus Brokers. The broker is not regulated, which raises questions about the safety and protection of clients' funds. Additionally, the broker has been blacklisted by CONSOB, the Italian regulatory authority, indicating potential regulatory violations or issues.
The proprietary trading platform, WebTrader, raises further concerns. As the broker developed the platform internally, there may be risks associated with market price manipulation and the security of clients' funds. The website accessibility issues, as reported by users, and the language barrier, with the website primarily in Italian, also contribute to negative feedback surrounding Olympus Brokers.
Considering the mentioned concerns and negative feedback, it is advisable for traders to exercise caution and consider alternative brokers that are regulated, transparent, and have positive reputations in the industry.
Olympus Brokers presents a mixed bag of pros and cons. On the positive side, the broker offers a diverse range of market instruments, including forex, commodities, indices, shares, and cryptocurrencies, allowing traders to explore various trading opportunities. They also provide multiple account types tailored to different trading needs and investment levels. However, the lack of regulation is a significant drawback, as it raises concerns about the safety of client funds and the broker's adherence to industry standards. The proprietary trading platform comes with potential risks such as market price manipulation. Additionally, the website's inaccessibility and language barrier can be challenging for non-Italian speakers. Traders should carefully consider these factors and conduct thorough research before engaging with Olympus Brokers.
|Diverse range of market instruments||Lack of regulation and suspicious regulatory license|
|Multiple account types catering to different needs||Inaccessible website and language barrier|
|Availability of a proprietary trading platform||Potential market price manipulation and security risks|
|Established presence in multiple countries||Lack of Information on spreads, leverage, customer service etc.|
|Blacklisting by regulatory authority (CONSOB)|
Olympus Brokers, as per the information available, is not a regulated broker. Regulation is an essential aspect of the financial industry, particularly in the context of brokerage services. Regulated brokers are subject to oversight by financial regulatory authorities, which helps ensure that they adhere to certain standards and safeguards for client protection. To obtain the most accurate and current information, I recommend conducting further research or contacting relevant regulatory authorities or financial institutions directly.
Olympus Brokers offers a diverse range of market instruments to cater to different trading preferences. Here are the major categories of instruments available on the platform:
Olympus Brokers provides access to various currency pairs in the Forex market. Some examples of currency pairs offered include EUR/USD (Euro/US Dollar), AUD/CAD (Australian Dollar/Canadian Dollar), and USD/ILS (US Dollar/Israeli Shekel). Traders can engage in currency trading and take advantage of fluctuations in exchange rates.
The platform allows trading in commodities, including precious metals and agricultural products. Examples of commodities available for trading on Olympus Brokers include gold, corn, and sugar. Traders can speculate on the price movements of these commodities and potentially profit from their market fluctuations.
Olympus Brokers offers trading opportunities in major stock market indices. Traders can participate in the performance of global indices such as Dow Jones, NASDAQ, FTSE100, NIKKEI, and S&P 500. Trading indices provides exposure to the overall market performance of a group of selected stocks and allows traders to speculate on the index's price movements.
The platform enables trading in individual stocks of well-known companies across various sectors. Traders can engage in share trading and potentially profit from the price movements of popular stocks such as Adidas, Alibaba, and Google. The available shares span multiple sectors, including aviation and technology.
Olympus Brokers supports trading in popular cryptocurrencies. Traders can participate in the cryptocurrency market and speculate on the price movements of digital assets such as ADA (Cardano), BTC (Bitcoin), and XRP (Ripple). Cryptocurrency trading has gained significant popularity in recent years, and Olympus Brokers allows users to engage in this market.
In addition to the above categories, Olympus Brokers provides access to other assets and trading instruments. These may include trading opportunities in crude oil, metals, and natural gas, which can further diversify a trader's portfolio.
It is important to note that the availability of specific instruments may vary over time, and it is recommended to check the platform directly for the most up-to-date list of tradable assets and instruments.
|Wide range of currency pairs for forex trading||Lack of transparency on instrument availability|
|Opportunity to trade commodities like gold, corn, and sugar||Potential volatility in commodity markets|
|Access to major stock market indices||Limited control over index performance|
|Ability to trade individual stocks across various sectors||Exposure to individual stock risks|
|Support for popular cryptocurrencies||Volatility and regulatory uncertainties in cryptocurrency market|
Olympus Brokers offers a range of five different account types, each designed to cater to different trading needs and investment levels. Let's take a closer look at each of these account types:
The Apprentice account is the most basic option available, ideal for those who are new to trading. To start trading, investors are required to make an initial deposit ranging from $250 to $10,000. With an Apprentice account, members are assigned a junior account manager to assist them. Trading is conducted through a user-friendly web-based trading platform. While there are no trading alerts provided, members can benefit from zero fees on deposits.
The Intermediate account is suitable for traders who have a bit more experience and a higher investment capital. To qualify for an Intermediate account, members need to deposit between $10,000 and $15,000. Along with this account, traders gain access to the advanced MT5 trading platform. They also receive the services of a mid-account manager. Although exclusive position access is limited, yield wallets are not available for Intermediate account holders.
The Superior account is designed for traders with a larger investment capital and a higher level of expertise. To open a Superior account, members need to deposit between $50,000 and $250,000. With this account type, traders are provided with the services of a senior account manager who can offer personalized assistance. Members enjoy access to all available trading platforms and instruments. Additionally, Superior account holders receive free trading alerts and benefit from a weekly session with a professional analyst.
The Distinguished account is intended for traders with substantial investment capital. Deposits exceeding $250,000 are required to open a Distinguished account. Members with this account type have access to all the features offered by the previously mentioned accounts. Furthermore, Distinguished account holders enjoy additional benefits, such as unlimited social and strategy trading. They also receive coin allocations, yield wallets, and a debit card.
The VIP account is the most exclusive account type offered by Olympus Brokers. Access to this account is by invitation only, typically targeting institutional traders. Unfortunately, detailed information about the features and benefits of the VIP account is not provided by the broker, making it difficult to assess the specific advantages or services available.
|Cater to different trading needs and investment levels||Limited information on VIP account features and benefits|
|Assigned account managers for personalized assistance||Lack of transparency regarding VIP account details|
|Free trading alerts for Superior account holders||Higher deposit requirements for advanced account types|
|Exclusive benefits limited to Distinguished and VIP accounts|
Olympus Brokers sets a minimum deposit requirement of 250 USD for customers who wish to start trading with their services. This means that in order to open an account and begin trading, a minimum deposit of 250 USD is mandatory.
However, it is important to note the information provided regarding the minimum subscription period for their services. According to the details mentioned, the minimum subscription period is one month. This implies that customers are obligated to maintain their funds within the account for at least one month before being able to make any withdrawals.
Olympus Brokers offers several deposit methods to facilitate funding your trading account. These methods include bank and wire transfers, as well as deposits through cryptocurrency wallets, which the broker seems to prefer. It's worth noting that depositing funds through crypto wallets may provide a certain level of anonymity.
The specific deposit methods available on the platform may include:
1. Debit/Credit Card:
Olympus Brokers accepts deposits made using debit or credit cards. This provides a widely-used payment option for many traders. By linking your card to your trading account, you can easily transfer funds and start trading.
Another deposit method supported by Olympus Brokers is through cryptocurrencies. Traders have the option to deposit funds using various cryptocurrencies. This allows for faster transactions and may provide an added layer of privacy. It's important to note that the specific cryptocurrencies accepted may vary, so it is advisable to check with the broker for the available options.
Withdrawals from the platform, however, seem to be a significant issue faced by members. The information provided suggests that withdrawing funds from Olympus Brokers is problematic. The lack of detailed information or transparency surrounding the withdrawal process can raise concerns. It's crucial for traders to thoroughly understand the withdrawal policies and procedures before depositing funds with any broker.
Additionally, the mention of crypto as an “untraceable payment method” raises questions about the broker's intentions and commitment to customer satisfaction. It is essential for traders to be cautious and conduct thorough research before engaging with any broker, especially if there are doubts or concerns about the withdrawal process and the broker's reliability.
As with any financial transaction, it is recommended to review the broker's terms and conditions, withdrawal policies, and customer reviews to make an informed decision and understand the potential risks involved.
|Multiple deposit methods including debit/credit cards and cryptocurrencies||Difficulty and issues with withdrawing funds|
|Widely-used payment options||Lack of detailed information and transparency regarding the withdrawal process|
|Concerns about the broker's intentions and commitment to customer satisfaction|
Olympus Brokers provides a proprietary trading platform called WebTrader. It is important to note that the term “proprietary” indicates that the broker has developed the platform internally.
However, it is mentioned that the proprietary nature of the platform raises concerns. The statement suggests that because the broker built the platform, there may be a risk of market price manipulation and potential issues with the security of clients' funds.
Given the mentioned concerns, it is advisable to prioritize reliability and security when choosing a trading platform. It is recommended to opt for platforms with a strong reputation, widely used by reputable brokers, and known for their transparency and security features. Conducting thorough research and considering customer reviews can help in selecting a trading platform that meets your trading needs while prioritizing safety and reliability.
|Developed internally by Olympus Brokers||Potential risk of market price manipulation|
|Customizable to meet specific trading needs||Security concerns regarding client funds|
|Provides control over platform features and functionality||Lack of third-party verification or industry recognition|
Based on the information available, it appears that Olympus Brokers primarily targets Italian clients, as the entire website is in Italian. This focus on the Italian market is further supported by the mention of a CONSOB warning, which is the regulatory authority in Italy for the supervision of the financial markets.
In addition to Italy, Olympus Brokers also operates in the following countries:
1. United Kingdom (UK): The broker provides services to clients in the UK. However, it is important to note that financial regulations in the UK are overseen by the Financial Conduct Authority (FCA). Therefore, it is recommended to verify the broker's regulatory status and ensure compliance with the necessary regulations.
2. United States (US): Olympus Brokers extends its services to clients in the United States. It is worth noting that operating as a broker in the US requires adherence to specific regulations set forth by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Traders in the US should exercise caution and ensure that the broker complies with all applicable regulations.
3. Canada: Olympus Brokers also operates in Canada. It is important for Canadian traders to ensure that the broker is compliant with the regulations established by the Canadian Securities Administrators (CSA) and other relevant regulatory bodies in Canada.
Reviews and Current Status
Based on the provided information and reviews on WikiFX, it appears that Olympus Brokers has faced some negative feedback and issues:
1. Inaccessibility of the Website: The first concern mentioned is the sudden inaccessibility of the Olympus Brokers website. The user states that they were able to visit the website previously, but now it is inaccessible. This kind of situation raises concerns about the reliability and stability of the broker's online presence.
2. Language Barrier: Another review highlights the fact that the Olympus Brokers website is entirely in Italian. This can be a significant drawback for individuals who are not familiar with the Italian language, as it may hinder their ability to understand the information and navigate the platform effectively.
3. Blacklisting by CONSOB: The user mentions that Olympus Brokers has been blacklisted by CONSOB, the Italian regulatory entity responsible for overseeing and regulating the Italian securities market. Being blacklisted by a regulatory authority raises serious concerns about the broker's compliance with regulations and adherence to industry standards. It suggests that there may have been regulatory violations or issues that have led to the blacklisting.
Considering the mentioned negative feedback and regulatory concerns, it is recommended to exercise caution when dealing with Olympus Brokers. It is advisable to look for brokers that have a positive reputation, are regulated by recognized authorities, and have a track record of transparent and reliable operations.
In conclusion, Olympus Brokers presents several disadvantages and concerns that potential traders should be aware of. Firstly, the broker lacks regulation, which raises doubts about the safety and protection of client funds. Additionally, the blacklisting by CONSOB further underscores potential regulatory violations. The proprietary trading platform raises security concerns, and the website accessibility issues, as well as the language barrier, can hinder the user experience. On the other hand, Olympus Brokers offers a diverse range of financial instruments and account types to cater to different trading needs. However, given the mentioned disadvantages and the negative feedback surrounding the broker, traders are advised to exercise caution and consider alternative brokers that are regulated, transparent, and have positive reputations in the industry. Thorough research and due diligence are crucial in making an informed decision and ensuring a secure and reliable trading experience.
Q: Is Olympus Brokers a regulated broker？
A: According to the available information, Olympus Brokers is not regulated. It is important to note that regulation is an important aspect of the financial industry.
Q: What are the market instruments offered by Olympus Brokers？
A: Olympus Brokers offers a diverse range of market instruments, including forex currency pairs, commodities such as gold and agricultural products, stock market indices, individual shares of well-known companies, and popular cryptocurrencies.
Q: What are the account types offered by Olympus Brokers？
A: Olympus Brokers offers five different account types: Apprentice, Intermediate, Superior, Distinguished, and VIP.
Q: What is the minimum deposit requirement for Olympus Brokers？
A: Olympus Brokers requires a minimum deposit of 250 USD to start trading.
Q: What deposit and withdrawal methods are available with Olympus Brokers？
A: Olympus Brokers offers several deposit methods, including debit/credit cards and deposits through cryptocurrency wallets. However, withdrawal issues have been reported.
Q: What trading platform does Olympus Brokers provide？
A: Olympus Brokers offers a proprietary trading platform called WebTrader. While the broker has developed the platform internally, concerns have been raised regarding its proprietary nature, including the potential risks of market price manipulation and security of clients' funds.
Q: In which countries does Olympus Brokers operate？
A: Olympus Brokers primarily targets the Italian market, as the website is entirely in Italian. It also operates in the United Kingdom, the United States, and Canada.
Q: What is the current status of Olympus Brokers based on reviews？
A: Reviews suggest that Olympus Brokers has faced negative feedback, including the sudden inaccessibility of the website and being blacklisted by CONSOB, the Italian regulatory authority.
Consob has ordered the blackout of five additional websites that provide unlawful financial services released on February 2, 2023.
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