[Resolved] Olymp Trade

[Resolved] Olymp Trade — Wait what

P Prem Bagchi Sep 3, 2023 Sep 4, 2023 This thread was updated on Sep 4, 2023

I think I may have found a serious bag or an interest from the side of the broker to make people lose money. I think there is something seriously wrong with it and i am sure of it! I know a little bit of markets. And I know for a fact, that, stocks, for example, can only be traded for a certain amount of hours during the week. Because their exchanges work on a schedule. Same thing is valid for ETFs, for example, or commodities. They all have their separate exchanges, so when the exchanges are closed, you cannot trade them outside business hours. In forex, I know it is a little bit different. Exchanges work around the clock to facilitate world trade, this is why forex pairs can be traded 24/5. That is common knowledge. However, I went on Olymp trade's platform on a saturday and what do I see? There is this EUR/USD OTC, AUD/USD OTC, NZD/USD OTC, USD/JPY OTC contracts. And they are moving on a weekend! How is this possible? Are they lying to us? How can they move in price when I know for a fact that forex market is closed on the weekends? Was this information helpful? No (0) Yes (0)
Sep 17, 2023 Complaint marked as Resolved Emmm.. Allright. I might have messed it up. They were Over-the-counter contracts of the forex pairs that I know about, meaning, that, according to the official information from olymp trades platform "This chart shows changes in the Euro’s exchange rate against the US dollar in the over-the-counter (OTC) market. OTC asset quotes are determined using over-the-counter sources of information, which makes it possible to make trades on the weekend, when most major trading sessions are closed." soo there is an explanation for that. okay. my bad. have a good weekend trading everyone then. Olymp Trade customer support has been notified about the posted complaint. Verified Support Sep 04, 2023 Olymp Trade Customer Care's response Hello, Prem Bagchi. Thanks for taking the time to share your thoughts and feedback with us. We are incredibly grateful for your honest feedback. It is pleasing to know that you learn about Forex and know a lot about it. Regarding your question, we are glad that you have asked. OTC (Over-The-Counter) assets are formed not within a formal exchange but on the basis of over-the-counter information sources. The distinctive feature of the OTC market lies in the principle that the OTC traders act as market makers and have the right to independently set the price of the assets. Therefore, we can trade OTC assets on the weekends. Best regards, Olymp Trade team.
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