You Asked: Is Olymp Trade safe?
Olymp Trade has been in operation since 2014 and it is one of the safest brokers we have had the pleasure of adding to our ‘recommended’ list.
The broker is regulated by the Financial Commission of Hong Kong, colloquially known as FinaCom, holding A-Category status since 2016. This is only given to those brokers that have a demonstrable history of good practices and adherence to regulation.
FinaCom regulation includes the provision of a compensation fund equal to €20,000, which can be applied in the event of an unresolved dispute as well as free legal advice. An annual audit is carried out by FinaCom experts and the most recent certification of the Olymp Trade platform emphasized …the safety, capacity and transparency of the accounting flow, honesty of trading operations processing, protection of confidential customer information and backup data storage.
Olymp Trade’s security features include two-factor authentication for login, https:// used on every web page as well as 256-bit bank-level SSL encryption for sensitive data and financial transactions. All apps for any mobile operating system are equally safe, provided your device is secure and you download only from verified sources.
All client funds are kept completely separate from the broker’s business funds, held securely and managed by top European banks. Only regulated types of payment methods are supported, meaning those which provide additional verification for every financial transaction you complete.
You should be aware that this broker also operates a very stringent verification procedure before you can withdraw funds from your account. This process requires presenting very specific forms of personal ID, as well as proof of address and funding account ownership. Always read the T&Cs to avoid delays in withdrawing your money.
Regrettably, Olymp Trade’s broker services are not currently available to EU member countries or residents of the United States.
Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2015 and readers can benefit from her insider knowledge of how brokers work.
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