As a trading enthusiast, there is a very narrow chance that you may not have heard Olymp Trade’s name. Now, online trading is certainly a popular way to earn for many. However, a lot of illegal activities also take place in the name of online trading.
Many a time, brokers are directly part of such activities. Or in other cases, they may be providing illegal services. So, is Olymp Trade one of them? How do you recognize an illegal broker? Is Olymp Trade legal or not? All such queries will see a clear end soon.
What you will read in this Post
Is Olymp Trade legal or not?
Olymp Trade је брокер бинарних опција that can freely showcase its registration and license. St Vincent and Grenadines is the place where it has its registration put to the final form. However, that fact alone may not suffice you to believe it’s legal.
In furtherance, this broker has a regulation certificate obtained from the Financial Commission. So, that would clear it for being legal in most countries in the world. But, not every country provides legal status the same way. They may have their own criteria, which a broker may or may not fulfill.
Some people may disagree with its legal status, as some countries are vague with their disclosures for this broker. However, with Olymp Trade, you can eliminate such doubts as it is a genuine and legal broker. We say it is legal because of various reasons that you are about to find here.
Is it illegal in some countries?
Као угледни брокер, Olymp Trade is available for people all over the world. But certain countries may choose to stay away from trading as a whole. So they may make it illegal to execute trades, especially the most common ones like binary options.
A major argument for the same is its resemblance to коцкање. Да ли је 1ТП5Т коцка или не? We answer this question in the linked article.
For example, in Arab countries, binary trading and brokers are totally illegal as they consider them gambling. Since gambling is against Islamic teachings, they prohibit them as a whole, except for a few who can offer Islamic accounts.
Moreover, the legal status also comes as a by-product of the regulation that a broker can offer. Thus, certain countries that don’t consider FC regulation valid may also make it illegal to trade there. So, what is the way to know which countries have this restriction? The simplest way is to enter this query in the chatbox at the Olymp Trade platform.
The official support assistant will send you the list of countries where it is either unavailable or illegal. From our findings, we can emulate that Olymp Trade does not operate in the below-stated countries:
- Commonwealth of Puerto Rico
- Democratic People’s Republic of Korea
- Federal Democratic Republic of Ethiopia
- Lebanese Republic
- Нови Зеланд
- Republic of Congo
- Republic of Iraq
- Republic of Liberia
- Republic of Mali
- Republic of Sudan
- Republic of Zimbabwe
- Republic of the Union of Myanmar
- State of Libya
- The Federal Republic of Somalia
- The Islamic Republic of Iran
- The Republic of Mauritius
- The Republic of Yemen
- The Syrian Arab Republic
- The central African Republic
- The state of Eritrea
You must be wary before joining any of these countries. The broker refrains from providing the services to their residents. But, it also dissociates from any dependents of these countries.
So, suppose you are a country resident where the regulation is against this broker, or the broker itself refrains from providing the services.
It may be illegal for you to access the services in that situation. Other than that, you can legally access it from anywhere, and on any device you like.
How can you avoid falling into an illegal broker’s hands?
It is necessary for any trader to avoid an illegitimate broker. The reasons for that are numerous. Nobody would want to pay penance for the broker’s wrongdoings. Therefore, certain practices should become a habit for every trader to avoid an illegal broker. Here we have shown a few methods to do so.
Checking for the regulation
The first and foremost step or practice is to keep a vigilant eye on the regulation. You must scrutinize every broker’s website for the регулаторни сертификат. Also, if you could stick on to searching for the license as well, it can help further. If you cannot find it at first glance, you should try to establish contact with the broker to demand those documents.
Many a time, certain brokers may keep a condition to join the platform first, or they might simply not respond to your demands. The chances are that you are dealing with an illegal broker then.
Knowing its policies
Legal brokers have a common practice of disclosing their legal policies. So going through them one by one can save you from an illegal broker. These policies can contain their terms and conditions, policies that state keeping the private details secure is mandatory, policies against fiscal crimes, etc.
Opinions from trade experts
Getting the opinions from experts about a doubtful platform or broker is the most sensible way. It will surely keep you away from such brokers, but it shall also save a lot of time.
To get in touch with experts, you can follow them on social media or visit their online forums. Some of them even run public communities where other traders will have their presence as well.
What makes Olymp Trade a legal and trusted broker?
Као trading platform, Olymp Trade could stand as your ideal choice for numerous causes. It is a rare broker that even participates in charitable activities. Illegal brokers doing such a stunt is surreal. Not just that, this broker is open to 194 countries and also offers localized services in their languages.
Only a legal broker can have such an expansive consumer reach. Already 60 million-plus accounts are currently functioning with Olymp Trade, with a trade turnover crossing $211 million. The monthly transaction of this broker is also proof of its legitimacy. Over 30 million dollars are under its monthly transaction records.
Lastly, to end all suspicions, we have two major pieces of evidence for this broker to prove its legal position.
It has the regulation from the finest authority
Not just any agency, but the Fincom or the Financial Commission regulates Olymp Trade. This agency has been doing the regulation job for over 70 years, making it trustable. Moreover, the regulation status is visible through its freely accessible certificate. Only legal brokers have the conviction to do so.
Being under the FC has its additional benefits also. All the traders are eligible to take up any dispute with the authority. They even have access to free legal aid for that. So the entire expense shall not be over the shoulders of the client itself.
There is also a compensation fund for dispute relief. All the traders in connection with Olymp Trade are eligible for it, which is up to 20000 Euros. The funds serve as emergency funds that can compensate any trader who falls prey to the broker’s impractical behavior.
It clarifies all the legal information through various policies
When we visit the homepage of this broker, the legal information is not hidden from our view. Simply by going to the broker’s link, we can enter a new page full of different policies. We will find policies that range from AML and КИЦ (Упознајте свог купца) to privacy, trading transaction policy, etc. All the legal policies are available on one page itself for easy viewership. Such policies cover most of the aspects that a trader can ever encounter.
The trading transaction policy will ensure the legal validation of the transactions. It will ensure that any violation in the transaction clauses shall end in a legal claim. Moreover, other policies such as AML and KYC ensure safety for traders by tackling money laundering and fraud traders, respectively.
It is not possible for any illegal broker to offer such in-detail norms and rules through legal policies. No illegitimate broker would want its business to stop or come under the scanner of legal authorities.
So, it is conclusive proof that Olymp Trade can offer its customers all of that because of just one reason; it is legal and legit in all sense.
Olymp Trade is a legal broker for many reasons. There are more than enough conclusive pieces of evidence that make it a clear point that ni illegitimate activity is associated with this broker. However, being legal or illegal also depends on the country you reside in. There may be a few countries where the services of this broker may be illegal for now. We have also listed them above for your convenience.
However, that should not let you take away from the fact that it is accessible from over 194 countries other than those. So, from a broad view, it is legal in most countries. Moreover, its regulation comes from one of the finest sources. When you combine that with its stringent safety policies, there is no question of illegality with this broker.