Olymp Trade Complaints & Reviews

Im trading with Olymp Trade for several months now. I liked how they implemented educational services on their website, which really helped me understand trading, what to look for and how to execute. However, I'm facing with some difficulties on the platform. I dont quite understand why the prices are different in trading view chart and your chart. Im trading nasdaq and i compared the prices its like 6 points off, so idk whats wrong. They moving similarly, but im concerned about this…

To: [Consumer Protection Agency Email]

Dear Sir/Madam,

I am writing to file a consumer complaint against Olymp Trade, a online trading platform. My account has been blocked for over 20 days, and they are withholding my balance of ₹650, 000.

Despite providing all necessary documents, including bank confirmation emails and statements, Olymp Trade has failed to unblock my account and release my balance. I suspect scam activity and request your assistance in resolving this matter.

Please find attached the following documents:

- Bank confirmation emails and statements
- Account statements
- Other relevant documents

I request you to take immediate action and direct Olymp Trade to:

1. Unblock my account
2. Release my withheld balance (₹650, 000)
3. Provide compensation for the distress and financial loss caused

Thank you for your attention to this matter. I look forward to hearing from you soon.

Sincerely,

SOBANBABU K
[protected]

Hello,

I, Yathish Kumar N, a resident of 115/4, Bandepalya, Bangalore - 560068, would like to formally complain about Olymp Trade, an online trading platform, for the unethical and fraudulent withholding of my withdrawal requests, causing me significant financial distress.

Details of the Issue:
case 1: ₹49, 000 Withdrawal Delay

Withdrawal Request Date: January 24, 2025, at 05:29 AM
Request Number: #[protected]
Status: Marked as "Done" by Olymp Trade, but the amount never reached my ICICI Bank account.
UTR Provided (After 20+ Days): [protected]
ICICI Bank’s Response: The bank confirmed that the funds were never credited to my account and that since the transaction was from a non-ICICI source, they could not trace it.

case 2 : ₹4, 500 Withdrawal Delay

Withdrawal Request Date: February 13, 2025, at 10:57 PM
Request Number: #[protected]
Status: Marked as "Done" by Olymp Trade, but the funds have not reached my account.
Current Status: Olymp Trade keeps extending the resolution timeline without any valid reason.

Attempts to Resolve the Issue:
I have repeatedly contacted Olymp Trade customer support, yet they continue to delay and give false assurances.
They asked me to provide bank statements, which I have done multiple times, but they keep re-requesting them, delaying my case.
They initially refused to provide UTR numbers, which could have helped in tracking the transaction sooner.
Even after providing the UTR, ICICI Bank confirmed that the transaction was never received on their end, meaning Olymp Trade has falsely marked the withdrawals as “Done.”
Now, they claim my case is "rare" and ask me to wait indefinitely.
Impact of Their Negligence:
Due to this deliberate delay, I have suffered major financial stress and losses. I had planned my finances based on the expected withdrawal, but this fraudulent withholding of my own money has led to serious consequences.
This violates fair business practices and appears to be a clear case of mismanagement or financial fraud by Olymp Trade.

My Demands:
Immediate refund of ₹49, 000 and ₹4, 500 into my bank account.
Compensation for the financial hardship and stress caused due to their negligence.
A thorough investigation into Olymp Trade's unethical practices to prevent further victimization of traders.
Supporting Documents:
Screenshots of withdrawal confirmations from Olymp Trade (Attached).
Email response from ICICI Bank confirming that the funds were never credited (Attached).
Correspondence with Olymp Trade support proving their intentional delays (Attached).
I request the Consumer Forum to take strict action against Olymp Trade for withholding customer funds and misleading traders. If the matter is not resolved urgently, I will escalate this complaint to higher authorities, including RBI, SEBI, and Cyber Crime authorities.

I expect a swift resolution to this complaint. Please confirm receipt of this email and update me on further action at [protected]@gmail.com or [protected].

Regards,
Yathish Kumar N
Trading ID:[protected]
Contact: [protected]
Email: [protected]@gmail.com

The platform, before the recent updated, started to shine even brighter, not going to lie! I can't call myself a rookie trader, seriously. But it's a nonsense to call myself a seasoned trader because I still don't have enough skills and MONEY to prove that I am a pro, huh.
Anyway, I trade on the real account, of course, and got a question, maybe even a whole complaint as one thing remains really unclear to me.
It's about fixed time trading mode, actually. IDK why the profitability rate is so low for me and I don't really like it. 30% of return for some exotic pairs, Ether has even smaller % of returns and it's...disappointing, guys, a bit. I am not an active user of FTT, but sometimes siwtch to the mode to make a couple of deals and run away with cash :)) So wanna find some explanation!

Verification took too loing, I even thought for a second they mby wouldnt approve me. As it turns out, everything takes a lot of time here.
I also trade cryptocurrencies, and only 10 times leverage on bitcoin is a bit underwhelming. They need to go 30x to attract people.
Trading platform is convenient enough and I would say safety is alright, since I was able to withdraw, but with how slow the responces from support are, and with how long basic verification took, I'm not sure if I would want to continue.
They need to hire more customer support representatives, and focus on that, not just on the platform and payment/withdrawals.

I've been using the platform for a while now, and, generally speaking, it's pretty solid.
However, I've noticed a minor inconvenience that could be improved. Occasionally, when I switch between time frames, there’s a slight delay in the loading time. Sometimes it loads quickly, sometimes it takes time, and sometimes it is freezing, and I need to restart…
It’s nothing too disruptive, but it would be nice if these small legs could be smoothed out for an even better user experience. Just a minor nitpick from an otherwise satisfied trader.

The costs are per month basis... Like, some strategies are $30/month, some are $8/month. It's almost nothing, but makes it much harder to test them, aside from free trial which for me was not free 2 times already. Because it turns out you need to not forget to disable auto-renewal on these free trials, or the costs will start incurring, which is kind of a sales-ey tactic. Would like for it to be 1 and done deal, with no "free trials" that encourage spending.
These strategies are easy enough to use, and are explained in video-form and in text on how to use them, but testing them could be made A LOT easier.

Olymp trade has been scamming me for the past 2 months. I am a long-time user, but this has never happened to me before. I have been defrauded of approximately 17, 000 in payments. I filled out all account details correctly, but they falsely claimed that I had not. This has happened to me 3 times now, and they insist it was my mistake, but it is actually a bug on their platform. Please help.
Trader id[protected]
Widrwal request id[protected],[protected],[protected]

I have some experience trading on Olymptrade platform and you know it seems that I started to make stable profit from trading.
I use pending orders in my trading. And they are quite effective when trading with support and resistance levels.
About 2 days ago, I installed an application with the mobile version of broker's platform on my smartphone.
Now I can't stay in the office or at home all day, and therefore mobile app is something that is really useful for me.
But I noticed a problem... There is no possibility to use pending orders in the mobile version of this platform
It seems that interface of this platform is limited for the mobile version. Although I guess I might not noticed this feature since I'm still have little experience.

Mera deposit hua hi nahii pata nahi kaha chale gaya refund bhi nahi aaya mere pass ye app fraud hai mujhe mere paise do bas

Not a technical complaint, because from what I use, the platform works without bugs or glitches. But the fact that I am on standard account (and I bet 99% of people from India are on standard accounts too) is a big deal. Usually the difference between standard vs elite account is maybe 0.1 pips of spread, but in Olymptrade case, the difference is massive. Expert account gets 93% returns on trades, standard only 85%. There are also 20% discounts.
I can't get expert acc - need 2000 dollars for it. So I am earning a lot less than people who are rich... By my estimates, around 10% less... that is clearly too much, if you compare the difference vs other brokers.

I've visited a blog the other day in search of some interesting articles and maybe systems. To my surprise, the articles on technical analysis and risk management were super nice. I have actually learned something new. What is sad about the blog is that almost every article were published in 2022, and I haven't found anything new since. Trading doesn't stop developing, and there are so many market overviews that can be done. I suggest Olymp Trade to revive the blog and start uploading new articles regularly!

I traded on a demo account for some time and recently decided to see how it would work out with real money. I deposited $100 and already lost some of it. The problem is that my trades automatically close after a certain time. When I was trading on a demo account I could keep my trades open the whole day, even I could leave them open till the next day. Once my trades are in profit I would close them.
But with a real account, my trades automatically close and I check everything… I can only choose the time when they should close. Is this how it is supposed to work, or am I doing something wrong?

I trade using web version of this trading platform. And to automatically log in to platform without having to enter username and password, I clicked on button in browser to save my data.
But sometimes it happens that data is not saved and I have to re-enter my username and password.
I assume this is due to platform glitches. Perhaps developers made some mistake.
I hope that future platform updates will fix this problem and I will no longer have to enter my username and password. That is, I'll enter it once and I won't do it anymore.

They are rock solid guys and I know it from those multiple reviews that I have encountered.
Additionally, I know that they are regulated by the FinaCom which is quite a reputable supervisor in the financial world.
Still, the matter of my inquiry is a bit different, it's not connected with the reputation of the broker or maybe its suspicious activity and stuff like this... fortunately, everything in this regard is okayish.

I am more about trading itself. When I trade I don't understand one thing: why my deals are executed within 5 secs? You know, I run the analysis, open the deal and then after 5 secs it's closed. I ain't want to have 5 secs deals cause... it's not interesting and there is a big chance to run out of balance, imho. What's going on?

When I read feedback from traders about their FTT experience on this platform, they wrote that one of the most crucial advantages is profitability of trading in this mode.
One of broker's clients wrote that profitability on his trading account sometimes reaches up to 93%.

I was impressed and decided that such trading conditions are really beneficial.

But after I opened trading account, I found that FTT profitability of my account doesn't exceed 85%.
This is also a fairly high percentage of profitability, but it's less than value I wanted to get.
Maybe broker changed trading conditions, or maybe I misunderstood something

I deposited my money in the olymp trading account but still it is not credited in the olymp trading account over 21 July 2024 at 12:03am
My money debited from my bank account but failed showed in the olymp trading account
Trading id 91179917
Amount 2000rs
Time .21 July 2024 at 12:02 am
Via UPI
Utr no[protected]
Transaction ID :: T2407210002448157330550

Request no of trading account :: [protected]
Receiver ..:: DIGITAL SERVICES CENTRE

I want my money refund sir .. please .. refund my money

So I have some difficulties with trying to understand the features of the platform.
So if I trade crypto, the options are completely different from other pairs like forex. So on crypto, I choose my own leverage like 7x or 10x while there is no feature like in forex. Also there are features of pending order in crypto and it has auto close like when price for example hits 10% profit. So I wanna know the difference between these features, mainly enable orders in forex and pending/auto close in bitcoin, and I wonder if I can choose my leverage in FX too...

I deposited 700 rs in olymp trade account on 7 July 2024 but it didn't get credited..they said to wait for 24 hours..still not credited..then wait for 5 working days ..still not credited and now they are asking my bank statements my credentials for check but they said if after 5 days amount didn't get credited they will provide a refund but they didn't..I provided them the screenshot of the payment...they scammed me and did fraud with me. This is the request number of payment : [protected]

The account setup of the broker is not really straightforward. I am struggling to understand if the account types are the currency bases available. Another thing I need clarified is how the spreads work... I do not see any spreads on y trades, so how does this thing work? Even with brokers that charge commissions, there are spreads, so this is really confusing. It is starting to seem as though the platform is a lot more complicated than I initially thought it was.