How was your experience with OlympTrade
Olymp Trade experiences (olymptrade.com)
Read our Olymp Trade experiences carefully to find out why we DO NOT recommend this broker. Just to clear any suspicion, this is an olymptrade.com experience.
Who are you?
A look at their website reveals that they are not subject to any regulatory authority. That's a big red flag! That should be enough for you to NOT invest with them. And they also partner with websites that offer “Automated Trading Software,” another red flag as these types of websites are known to be known for scam programs.
So Olymp Trade is just another unregulated forex broker, which means that customers are not protected and there is a very good chance that they will get away with your hard earned money and there is no regulator to hold them accountable.
How does the fraud work?
Typically, unregulated forex brokers operate in the following way. You will be calling people to persuade them to make the initial minimum deposit, trying every possible method to achieve this. They offer offers that sound too good to be true. We double your first deposit or you can easily earn 100 euros per day. Please don't fall for something they say !!! It is a scam! After the first deposit, people will be referred to a smarter scammer called a "retention agent" who will try to get more money out of you.
You should make a withdrawal request ASAP as your money is never safe with an unregulated broker. And this is where it gets difficult.
If you want to withdraw your funds and it doesn't matter whether you have profits or not, they will delay the withdrawal process for months. If you delay it for six months, you will not be able to get a refund and your money will be gone for good. It doesn't matter how many times you remind them or insist on withdrawing your funds, you will NOT get them back. And if you have signed the Managed Account Agreement or MAA, which basically allows you to do what you want on your account, you will lose all your money so that you can no longer request anything.
How do i get your money back
If you've already deposited your money with them and they refuse to return your money, which is very likely, don't worry, there might be a way or two to get your money back.
First of all, you need to keep the emails as evidence that you requested the money from them but did not give it to you or delay the process for too long so as not to get your money back.
The first thing you should do is make a chargeback! And you should do it right away! Contact your bank or credit card provider and explain how you were fooled into making a deposit with an unregulated trading company that refuses to return your money. This is the easiest way to get your money back, and it's also the way that hurts you the most. Because if a lot of chargebacks are carried out, the relationship with the payment service providers is destroyed. If you haven't already, or are not sure where to start or how to present your case to your bank or credit card company, we can help you prepare your chargeback case. Simply contact us at [email protected], but do not inform your broker that you have read this article or are in contact with us.
What about bank transfers?
Once you've sent them a transfer, you won't be able to do a chargeback on a transfer. For this step you need to take the fight to another level. Tell them that you will go to the authorities and file a complaint against them. That will make them rethink the refund option. You can also prepare a letter or email for the regulators. Depending on the country you live in, you can search google for the regulator of forex brokers in that country. After that, you can prepare a letter or email describing how they fooled you. Make sure to show them this letter or email and let them know that if they don't refund your money, you will send it to the regulator. If you don't know where to start, you can reach us at [email protected] and we will help you with this step too.
Make sure to leave reviews of Olymp Trade on other websites
Another way to hurt them and save other people from falling victims is to leave bad experiences on other websites and briefly describe what happened. If you have become a victim, please leave an experience and comment on this page in the comments section.
Olymp Trade experience conclusions
It is our pleasure to have the Olymp Trade experience and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully study all forex companies and any other company before entering into any transaction. We hope our Olymp Trade review has been useful to you. If you have any questions or need advice on the withdrawal procedure, please contact [email protected]
If you enjoy trading, please do so with a trusted, regulated broker by selecting one of the brokers listed below.
|Olymp Trade experiences|
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