Abstract：Is the majority of your trades on the Olymptrade platform resulting in losses? Does the Vanuatu-based forex broker fail to grant you withdrawal access despite numerous requests? Have you witnessed an error in the candlestick chart provided by the brokerage entity? Did your deposit fail to show on the Olymptrade login? You are among the list of traders who have faced all these, with some venting out on broker review platforms such as WikiFX. In this Olymptrade review article, we have examined a series of allegations made against the trading enterprise. Have a look!
Is the majority of your trades on the Olymptrade platform resulting in losses? Does the Vanuatu-based forex broker fail to grant you withdrawal access despite numerous requests? Have you witnessed an error in the candlestick chart provided by the brokerage entity? Did your deposit fail to show on the Olymptrade login? You are among the list of traders who have faced all these, with some venting out on broker review platforms such as WikiFX. In this Olymptrade review article, we have examined a series of allegations made against the trading enterprise. Have a look!
Olymptrade Overview: Company Profile, Trading Instruments & Account Types
Olymptrade has been in the trading business for more than five years, as per the information sourced through the WikiFX team. As we dive deeper into the brokers official website, it is found that the trading firm allows investors to trade stocks and foreign currency pairs.
For forex traders, the firm is promoting a scheme where deposits are eligible for a bonus of up to 100%. The minimum deposit required to initiate forex trading on the Olymptrade platform is $10 or EUR 10. The company further advertises zero spreads and commissions beginning from 0.6 pips. As a trader, you can use the stop loss/take profit order mechanism to minimize your losses or secure your profits.
The company offers demo and real trading accounts, including the Islamic one.
Top Forex Trading Allegations Against Olymptrade
A Case Involving a Fund Loss of $15,000
A Vietnam-based trader accused Olymptrade of price manipulation while observing the trend on the trading platform. According to the complaint, the trader admitted having faced numerous losses. The trader recounted the incident, saying the closing price equaled the opening price; however, upon checking the trade history, he witnessed an alteration in the price. This made the user suspect about the potential interference of the broker with his trades. All that led to a loss of $15,000 for the trader, who admitted all these in this Olymptrade review.
Issue with Withdrawals, Poor Support Service
A trader from Uruguay recently highlighted a loss case of 30 dollars, which he had in his account, while trading on the Olymptrade platform. Consequently, the trader decided to cancel the withdrawal request of $67 that he wanted to put on his card. Despite waiting for 25 hours, the trader could neither have had the $67 on the account nor on his card. The technical support execution, when inquired, stated that the trader may have lost it while making a trade. In response, the user claimed that the betting was made for just $30, not $98 through trading screenshots. Check out the entire complaint to have a better understanding.
Allegations of Price Manipulation and Inconsistent Trade Closures
Two traders, one from Cuba and another from Thailand, have raised concerns about potential price manipulation on Olymptrade, particularly around trade execution timing and candle behavior. One user claimed that a trade initially appeared to close exactly at the price line, but later showed a price break upon rechecking, suggesting the candle data may have been altered. Another trader reported that a short-term (5-second) buy order closed at the start of a new candlestick, which moved upward without any visible fluctuation, raising doubts about the accuracy and fairness of price movements.
Overall, both complaints highlighted suspicions of inconsistent or manipulated chart data, especially at the moment trades expire, leading to losses that users believe may not reflect real market conditions.
Without any further delay, lets check out the two Olymptrade reviews concerning alleged price manipulations.
Fund Scam & Subsequent Account Closure Accusation Against Olymptrade
A Turkey-based client of Olymptrade reported a fund loss case of $3,718, with the broker attributing the violation of item number 88 for this. The trader, however, refuted the brokers claims with this critical review.
Olymp Trade Accused of Withholding Funds and Lack of Transparency
A trader alleged that Olymp Trade is withholding a significant compensation amount (worth $204,000), claiming the platform refused to provide supporting evidence and cited “trade secrets” as justification. The user reportedly escalated the matter to regulatory authorities and media outlets, accusing the broker of unfair practices and demanding the release of funds. For more details, read this complaint.
Large Amount Withdrawal Denials, Unexpected Commission Charges & Inconsistent Pricing
A Pakistan-based user highlighted a series of glitches when trading on the Olymptrade platform. While the user admitted having faced no issues when requesting small withdrawals, the problem reportedly emerged with large withdrawal requests. These requests remain pending for an extended period as the broker is alleged to be delaying these cases. The high commission charges on withdrawals, which, according to the user, were not communicated beforehand. Importantly, the price shown on the brokers platform differs from those available on other platforms. This long & negative Olymptrade review is much like a sum up to the overall trading mess that traders usually report here.
The Deposit Credit Failure
Several traders have highlighted issues concerning the deposit credit on the Olymptrade platform. A user from Nigeria highlighted that the deposit worth $1,000 failed to reflect in the brokers platform. The trader allegedly failed to receive any response from the broker by email. Two traders from Egypt also highlighted an issue concerning deposits. According to these users, they were promised that a deposit would be processed within five working days . However, as they did not witness any deposit credit, they contacted the support, only to be told that it might take even 30 days. Here are multiple Olymptrade reviews, demonstrating the lack of deposit credits.
Olymptrade Review by WikiFX: Is It Regulated?
The reportedly large number of complaints against Olymptrade poses serious legitimacy issues for the broker. While investigating, the WikiFX team found that Olymptrade was an offshore regulated entity, which does not protect investors to the extent possible in firms regulated by the Financial Conduct Authority (FCA), Australian Securities & Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). Amid elevated investment risks, the WikiFX team gave Olymptrade a poor score of 2.75 out of 10.
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