Olymp Trade has over 1700 combined user reviews on major websites like Trustpilot, ForexPeaceArmy, and Reviews.io. This platform has gained quite a reputation for offering top-tier binary options trading services to 100+ traders worldwide.
Analyzing these user reviews will help us see whether Olymp Trade is legit.
Is Olymp Trade Legit or Not? Reliability Overview
Olymp Trade has been operating for nearly a decade, attracting millions of traders worldwide. The platform offers a user-friendly interface accessible on both desktop and mobile devices. Before diving deeper, we suggest reading our Olymp Trade review to familiarize yourself with platform trading services. Here's a breakdown of key reliability factors and relevant information:
- Negative Balance Protection: The platform claims to offer this essential feature, ensuring traders can't lose more than their initial investment;
- Website Services Provider Details: Registered as Aollikus Ltd. with Company Number 40131 in 1276, Govant Building, Kumul Highway, Port Vila, Republic of Vanuatu;
- Crypto Trading Services Provider Specifics: Saledo Global LLC, registered at Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines, P.O. Box 2897;
- Awards: Most Transparent Broker by World Finance Magazine in 2023, Best Mobile Trading Platform by World Finance Award in 2021, Best Trading Platform by Dubai Forex Expo in 2020, etc.
The provided company data on the website suggests that Olymp Trade attempts to keep the transparency at an acceptable level.
Olymp Trade Trust Scores on Reputable Platforms
To gauge Olymp Trade's legitimacy, let's examine its trust scores across various reputable review platforms, as these websites play a crucial role in determining the trustworthiness of a company. In the next sections, we will investigate the reviews on these websites:
- Trustpilot;
- ForexPeaceArmy;
- reviews.io.
Note that the ratings mentioned on this page are submitted at the time of writing this article, and might change in the future.
Trustpilot Scores
This platform which is a well-known consumer review website, gives Olymp Trade a solid 4.0 out of 5 stars in the "Investment Service" category. Here's a breakdown of users' feedback:
- Positive reviews praise the platform's transparency, reliability, legitimacy and educational resources;
- Many users appreciate the overall trading experience and user-friendly interface;
- There are some positive comments on the variety of markets and customization options;
- Some customers report issues with payouts, trading errors, and customer support services, but the company appears responsive in addressing these concerns.
To be precise, as stated by Trustpilot, the company has replied to 92% of negative reviews, and it takes less than a week for a reply from them.
How Are The Reviews on ForexPeaceArmy?
This website as a respected forex community, offers a more critical perspective:
- Olymp Trade scores a modest 7 out of 5 with over 120 reviews on this platform;
- Users report mixed experiences, with some praising the flawless process in trading and other operations;
- Criticisms include performance issues (withdrawal errors, account closures, etc.) and concerns about the platform's regulation by the Vanuatu Financial Services Commission (VFSC), considered a low-tier regulator.
Most important thing about the platform's page on FPA is the fake reviews notice. ForexPeaceArmy states that from November 2018 to December 2021, there have been "large numbers of fake and highly suspicious positive reviews submitted for Olymp Trade". This is a huge drawback for the company in terms of legitimacy.
Trust Scores on REVIEWS.io
Let's see how the question "Is Olymp Trade legit or scam?" is answered on the mentioned website, which is highly reputable:
- The platform scores a respectable 1 out of 5 based on more than 260 total reviews;
- Users appreciate the company's informative website, payments, etc.;
- Negative reviews mention the withdrawal issues, account blockings, and support irresponsiveness;
Overall, 85% of reviewers on REVIEWS.io recommend the binary option company to traders.
Should I Consider Olymp Trade Trust Scores?
While trust scores provide valuable insights, it's essential to approach them critically:
- Diverse Perspectives: Consider scores from multiple platforms to get a balanced view;
- Look Beyond Numbers: Read individual reviews to understand specific pros and cons;
- Pay Attention to The Number of Scores: On some platforms, the number of reviews might not be high enough to be considered serious.
However, the reviews examined above in the article mostly seem to be real. Therefore, we suggest you to take them into account.
Is Olymp Trade Trustworthy?
Based on the available information, the platform appears to be a legitimate trading platform with both strengths and areas for improvement. Its longevity in the market and generally positive user experiences suggest a level of trustworthiness.
However, some negative user reviews indicate that potential traders should proceed with caution and conduct thorough due diligence before investing.
Conclusion And Final Words
We have gone through the reviews on major websites such as Trustpilot, ForexPeaceArmy, and Reviews.io to find out whether OlympTrade is legit.
Based on our analysis, Olymp Trade is a trustworthy binary options broker. You can read our Olymp Trade tutorial articles to create an account in this broker.
