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What makes people think Olymp Trade is a scam or not a scam?
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I think that what makes people think that Olymp Trade is a scam are comments from people that do not know anything about the company and give wrong answers.
We have an example here, a profile with a lot of followers saying bad things about Olymp Trade and clearly he does not know anything about the platform. This is a typical comment of someone that never accessed or tried to negotiate in the platform and just pick facts and distorts it.
I have been trading with Olymp Trade for more than one year and I am making great profits! Everyday my earnings are there!
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Did you know the forex market is the largest financial market in the world, with over $5 trillion traded every single day? Not only does it allow central banks and corporations to trade with each other, or holidaymakers visit new destinations, it also also allows speculators to take advantage of a market that trades 24 hours a day, 5 days a week.
There has never been an easier time to access the world’s forex market either. At the click of a button you could be trading on the direction of the Euro, British pound, Japanese Yen, US dollar or even the Russian Ruble! There are hundreds of currency pairings to trade from, so you’re free to find the ones that interest you most.
However, while the financial gains of trading the forex market seem lucrative, it’s not considered easy. Having a sound trading education, a properly funded trading account and understanding of risk management techniques are essential. Unfortunately, there are many unscrupulous individuals who will try to scam individuals through forex trading scams.
Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators – such as a Ponzi scheme, after the infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed, is by getting a good Forex trading education, so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like “a too-good-to-be-true investment opportunity” as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here’s where Forex scammers step in and make you exciting offers.
How To Spot A Forex Trading Scam
The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there’s no such thing as a 100% guarantee. If there was, there’s no way traders would share it with other market players. Some of these offers may sound very attractive, especially to beginning traders. But as the saying goes, the only free cheese is in the mouse trap. The bottom line is this: if something sounds too good to be true, it probably is.
For some more insight into the trading ‘dream’ that a lot of scammers sell, and the trading reality that most traders experience day-to-day, check out this video from professional trader Paul Wallace.
Here a few simple rules to follow in order to avoid scammers:
- Remain safe and don’t run after empty promises
- Be especially wary of software that claims to have found a ‘secret formula’
- Do not install any programs until you are certain they won’t damage your computer
Another giveaway is that scammers never register with any regulatory authority. Remember – true brokers always provide proof of their legitimacy. If you suspect that a Forex brokeris lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.
Three Major Types of Forex Scams to Avoid
Those involved in forex scams, money scams and general trading scams are always trying to find new and innovative ways to take advantage of new traders. However, there are three major types of forex scams that people commonly fall victim to. Understanding them is the first step in trying to avoid them.
#1 Forex Robot Scams
A forex robot is a trading program which uses algorithms, or lines of computer code, as technical signals to enter and exit trades. Typically forex robots are built using expert advisors, or EAs, within the popular MetaTrader suite of trading platforms.
Of course, not all forex robots are scams. Searching online for forex robot scams list may help you avoid some of the known scammers. However, here are a few things to watch out for to avoid any forex robot scams you may come across:
- Marketing messages that are unrealistic: If the author of a forex robot has to ‘sell’ you on it the dream of what it could do for you, then it’s unlikely they’ll have the results to back it up. After all, numbers don’t lie, or do they?
- Very high percentage growth returns: There are some forex robots that are advertising systems that should over 4,000% return in just a few years. This may seem fantastic, but it’s important to look at the statistics. The return could just be closed trades, the system may have open trades that if the stop losses were hit could wipe out any gains.
- Undiversified scalping strategies: Many forex robots employ a scalping system which means they trade for very small profits. This then shows a high win rate and can inflate the results in a supportive market condition. Yet, market conditions change, and if the system loses more per trade than it wins, it will only take a few losing trades to wipe out any accrued profit.
- Using unregulated brokers: There are some forex robots that show extremely good results using unregulated brokers no one has ever heard of. In this instance, the results might be good on their own interbank spreads but if you open an account with them your spreads and commissions will be wider, thereby eating into much of the profit.
At the end of the day, if you are considering using a forex robot, then treat it like a business rather than make an emotional decision. Start with an online search for a forex robot scams list and then do your own due diligence. As the saying goes, ‘if it looks too good to be true it usually is’.
#2 Forex Signal Seller Scams
Forex signal sellers are individuals who send out trade ideas which usually include a currency pair, direction, entry price, stop loss and target levels. There are multiple things to look out for so you don’t fall victim to these kinds of forex trading scams and money scams:
- Subscription fees: Individuals may market you amazing results without any verification. To get access to the trades, you often need to pay high subscription fees, or they start out low and use credit or banking details for other kinds of money scams. If their trade calls were so good, why sell them at all?
- Broker-tied signals: Some signal sellers offer you trading signals, but only if you sign up with a specific broker. This means they may be getting a kickback from the broker, so are motivated to send you any trades for you to take regardless if they win or lose. Having said this, there are some that will want to keep you profitable so they can continue to receive their kickbacks from the broker, which acts as their payment for the service.
- Unverified results: It’s all well and good saying your forex signals have made a high percentage return but if they can’t show a verified track record it means they’re not trading the signals themselves – which is clearly a red flag in itself.
The key to avoiding any type of currency exchange scams, money scams or trading scams is to, again, think like a business and do your due diligence, rather than act on an emotional decision of inflated promises and dreams.
#3 Phony Forex Trading Investment Scams
There are many adverts nowadays promoting phony forex trading investments scams and phony forex investment funds. In essence, a slick marketing message or salesperson will sell you on the phantom, or unverified results, of their forex fund. All you need to do is send them your investment, and you can sit back and enjoy the returns.
Of course, many people who send their money over often never see it again. The company says they’ve never heard of you and have not received any funds from you. What started as a forex trading investment scam now turns into one of those money scams.
Another outcome, is that they open an account for you, usually with an unregulated shady broker. However, after one or two trades, they wipe out your account. While they blame it on the market, it’s all gone to their brokerage company. And, because it is unregulated, it’s very difficult to get your money back – just another type of currency scam.
Why You Should Educate Yourself To Avoid Trading Scams
As Forex trading carries exceptionally high risk, losses are inevitable. Retail speculators are almost always trading undercapitalised, and are subject to the problem of gambling addiction and improper use of leverage. Any speculator who trades without skill is essentially playing against the market as a whole, which has nearly infinite capital, and they will almost certainly go bankrupt as a result.
In all fairness, a large number of the reports of money being stolen by brokers is a result of weak trading, and not scam brokers. If unskilled traders spent time developing a proper trading methodology they would become better traders much quicker, and would likely avoid Forex scammers altogether, as they would suitably informed about the potential risks and what to avoid.
Most retail traders should be able to use almost any trading platform with any broker, and see very little difference in their results – it’s that simple. Once you accept your losses, trade with a trading system, and master your market, it will be much harder for you to fall for a scam.
Three Signs of Forex Trading Investment Scams
1. Trading Systems and Education Without Any Proof
There are a lot of scammers selling trading systems and education. When you ask them to provide any proof of their trading history, they evade the answer. There are also many traders who would offer their systems without a trading room or any services. These types of scammers are sometimes referred to as “snake oil merchants”. “Snake oil” is the term traders use for false traders and trading systems that have no valid proof of their trading history.
2. Email Spam Asking for Personal Info
Scammers may also ask you for personal information, such as:
- Your full name
- Your phone number
- Your home address
Don’t give away your personal details to someone you don’t fully trust. Be suspicious of brokers who don’t provide you with a written risk disclosure statement. Even if they do, read the statements thoroughly, because the devil is in the details. Remember, data may become currency soon.
3. No Background
Never work with someone who refuses to provide you with their background information. Be it a broker, a trader, an educator, or a money manager. Always do a quick check online to see if the person or company is legit.
According to New York Magazine, a kid from Queens, New York City in the USA made tens of millions of dollars by trading stocks on his lunch breaks at Stuyvesant High School. What happened in reality, is that it turned out he never made any money, and all his profits were made in a paper trading account.
How to Avoid Forex Scams
The best way to avoid investment scams is to take your time. Don’t rush your decisions – and make sure to assess all the pros and cons first. Finding a reliable Forex broker is not an easy task, but you’ll benefit in the long run from investing your time. The first step you should take when you come across a Forex broker or agency is to google their business name.
Look for customer reviews on reputable websites. If there are none or they are sound fake, you should stay away from that service provider. Additionally, you can browse through scam reviews and see if a Forex broker is as reliable as claimed. Also, make sure to find out if there are any outstanding legal actions against the broker.
For example, you can:
- Visit Forex forums and see whether there are any complaints about fund withdrawals, and if so:
- Contact the user who posted the complaint and ask for more details.
Perhaps the user was mistaken or confused, but it never hurts to ask. A proper background check will also minimise your risks.
Keep Away From Opportunities That Seem Too Good to Be True
Easy money? No way! Don’t believe anyone who tells you it’s easy to make money with something like ”20% gain per month”. It’s pure nonsense, because Forex & CFD (contract for difference) trading requires a lot of screening time, education, patience, and quick wits to become profitable. There is no easy money achieved here. If you dedicate your time and learn how to trade properly, you might achieve an additional source of income.
Further Steps You Can Take To Protect Yourself
Make sure to compare the regulations of the regulatory authority with the terms on the broker’s website to find inconsistencies and anomalies in their terms. If you don’t trust your own judgement, or you simply don’t have time, ask the advice of a licensed financial advisor. Additionally, you can ask for business registration proof before registering with a broker. Make sure to read through all the fine print when opening an account. Sometimes scammers use account incentives against the trader, when it comes to withdrawing funds.
- If you receive bonus funds and wish to withdraw them, a Forex scammer may deny you that right due its terms and conditions.
Don’t forget that when you start live trading – always trade a small volume for a short period initially, and then attempt a withdrawal. If everything goes smoothly, it’s safe to deposit more funds. The availability of a Demo account is another indicator of a good or bad broker. If you don’t get offered this option, or are discouraged from demo trading, this is a strong indication of a Forex scammer.
Questions To Ask To Avoid Forex Trading Investment Scams
Remember that you have every right to ask questions. A few proper questions, can determine whether you are dealing with a trustworthy broker or a Forex scam artist. Make sure know your rights, research the contacts, and check the company’s registration and business background. Keep in mind that all the information you receive from a potential new broker must be in written form. Never rely on phone conversations or oral statements.
Ask yourself these questions:
- What can you do when you realise a broker’s offer is not for you?
- How binding is the contract?
- How easy is it to reach customer service?
- Can you contact the broker by phone, Skype or email?
- Do they list a physical address?
- Do they use actual names?
- Are they a registered company?
- Can they provide performance history?
To ensure you’re not a victim of a scam, always use a regulated broker that is well established, has favourable online reviews, and is 100% transparent in their fees and compliance policies. The allure of quick money and easy cash will always be omnipresent, which is why you should make sure that you fully understand what it truly takes to become successful at currency trading, without using quick-fix schemes that put you at risk.
Trading With A Demo Account
Trader’s also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admiral Markets’ demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.
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About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Trade Scam FAQ
Valve employees will never ask you to trade your items to them; this includes users who claim to work for Steam Support.
Users claiming to be a Valve employee, accounts asking to verify your items, and users who send you a message which insist you need to trade your items to them for investigation or security reasons should immediately be reported for trade scams.
What is a trade scam?
A trade scam is when a Steam user convinces another user to make a deal (trade, gift or market transaction) under false pretenses. Scams usually involve deception in order to convince a user that they are getting a good or fair deal when in fact they are not.
For more information on scams please read below and view our Recommended Trading Practices article and the Steam Item Restoration Policy.
What are the best ways to avoid getting scammed?
- You don’t need to rush to complete a trade. If you recieve an offer, take your time to thouroughly review the contents. Once you confirm a trade offer, there is no going back.
- Ignore pressure to trust the other user. If you are trading with a user who insists that you trust them, they are probably attempting to scam you. Please note that +rep comments can be generated easily by malicious groups.
- Mouse over every item to ensure that the item/gift properties are correct. Information about the item/gift will be shown in the tooltip, including the quality, name, description and any effects.
- Do not trade items in separate or future trades. If another user requests that you do multiple trades, they could be scamming. Always insist to complete the entire trade in one single offer.
- Ensure that you are trading with the correct user. Scammers may try to impersonate your friends and other trusted traders. It is your responsibility to know who you are trading with.
What kind of trades should I avoid?
Do not trade for anything that cannot be added into the Steam trading window. The most common examples of these types of trades include:
- Trading items/gifts for money outside of the Steam Community market. You cannot add Wallet credit, PayPal, gift cards or any form of money to trade offers.
- Trading items/gifts for CD Keys. You cannot add a CD Key into the trade window. CD Keys that are offered can be for a different game, fake, used or region restricted.
- Trading items/gifts for nothing in return in the first trade and expecting to get an item or gift in a later trade. There is no reason to not trade everything in one trade. You may add unlimited items/gifts to a single trade. A common example of this is using a middleman to facilitate a one-sided trade.
For more information, please see our Steam Trading FAQ and Recommended Trading Practices articles.
What specific scams should I be aware of?
Users should always double check the contents of a proposed trade before accepting, even if that means inspecting each item in a multiple-item trade. Be sure to verify the item and its quality before confirming any trade.
There are a number of common scams users may attempt to deceive you out of your items:
- Item switching – You discuss a trade offer with another user beforehand, and the item they put into the trade offer looks like the item, but isn’t as valuable as the original offer.
- CS:GO quality switch – A user offers you a specific quality CS:GO item (Factory New), but the item in the offer is of a lower quality (Field-Tested). Often the item switch is made in a counter-offer.
- Hidden item – A user offers a trade that includes a lot of your low value items (cards, crates, etc.), but also includes a high value item hidden somewhere in the middle.
- Begging/spamming – A user spams trade offers requesting high value items for nothing or little in return in hopes that you mis-click and accept the offer.
- Forward confirmation email – A user convinces you to forward your confirmation email to their email address. They then confirm the trade using the link in the message. Do not forward trade confirmation emails or links and do not provide additional information to another user asking for information used for your account.
- Money For Items – A user offers to send you money in the form of PayPal, PaySafeCard, Steam Wallet codes, Steam Digital Gift Cards, etc. The scammer usually sends you a fake payment code after the trade is completed. In the case of Steam Digital Gift Cards, the scammer may even appear to pay you first, but be planning to charge the Digital Gift Card back later or buy the gift card with a fraudulent credit card.
- CD keys for items – A user offers to send you a Wallet Credit code or a game’s CD Key in exchange for your items. The scammer usually sends you a fake CD Key after the trade is completed.
- Users offering item duplication – A user offers to duplicate your items, but first you have to trade away your items. After receiving your items, the user blocks your messages and keeps your items.
- Users acting as trade bots – A user impersonating a trade bot(s) tells you that you have to trade them some items. After you’ve accepted the trade and sent the user the items, they block you on Steam and keep your items.
- Middleman trades – If you are performing a trade that sits within Steam’s trading guidelines, there is no need for a middleman. Any time you choose to trust any other user with one of your items, you are allowing them the opportunity to scam you.
- Verification accounts – A user wants you to trade an item for “verification”. The user will give a made-up excuse to convince you to do this, such as needing to make sure the item is not a duplicate or to ensure the item is not bugged. These users will then keep your item(s) and block you, getting away with the items.
- Fund transfer via the Steam Market – A user offers to send you Steam Wallet funds by buying one of your low value items at a high price in the market. Most of these offers are done using fraudulent funds.
- Voice comm software/join our tournament team (malware) – A user convinces you to install malware hidden in a voice communication, anti-cheat, or other type of software by claiming that they need you to install it so that you can play in a tournament.
- Offering fraudulent items for resale – Malicious users will sometimes acquire unusual items (often with fraudulent credit cards) and then attempt to trade them to you for more well known items with established value. Prior to doing this they may also manipulate the Steam Community Market price of these unusual items by using stolen credit cards. Watch out for claims that they will overpay or that you can quicksell (qs) the items for an immediate profit. Consider why the user would be willing to take a loss by trading the items to you instead of selling them themselves. As an excuse, these users will sometimes say they need tradeable keys or other tradeable items. Do not accept these trades as the value of the unusual items has been falsified and the subsequent Market transactions may be reversed due to fraudulent activity.
What is the difference between a scam and a hijack?
A scam is when a user deceives another user into willingly (at the time) completing a trade, market transaction, or sending a gift. After the trade is completed, the person who was scammed either doesn’t receive what was promised, or the items involved are not what was agreed upon.
A hijacking is when an account or a computer is taken over by someone else without the account owner’s permission. This is often done with malware or a virus. In some cases the hijacker will convince a user to hand over their login information by providing a fake Steam or a third-party trading site. Hijackers most commonly steal accounts to gain items or games, and sometimes commit fraud. Hijackers often use stolen accounts to commit more hijackings. In these cases, we lock the account until the rightful owner contacts us about the hijacking.
Additional information about hijacked accounts can be found in our Reclaiming a Stolen Steam Account article.
How do I report a scammer?
If you’ve been scammed or another user has attempted to scam you, please use the Report feature built into Steam. This is the best way to bring scammers to our attention so we may take action:
- Go to the profile of the offending user
- Click the ‘More’ drop-down located at the top right of the page
- Choose ‘Report Violation’
- Select the violation (example, ‘Attempted Trade Scam’) and hit ‘Submit Report’
If a user you’ve reported for scamming has had action taken on their account, you’ll be notified with a message in Steam.
What action is taken when a scammer is found?
If evidence exists that a Steam user is scamming, Steam Support will ban the account from using the Steam Community, including trading and using the Steam Market. The length of the ban is dependent on the severity and quantity of the scams. In some cases, scammers will be banned permanently. If a scammer has multiple accounts, all of their accounts may be subject to the ban as well.
In rare cases, scammers will hijack an account and use it to commit scams, fraud, or other hijackings. In these cases, we lock the account until the rightful owner contacts us and we will take appropriate action.
Why doesn’t Steam return scammed items?
Our community assigns an item a value that is at least partially determined by that item’s scarcity. If more copies of the item are added to the economy through inventory rollbacks, the value of every other instance of that item would be reduced.
We sympathize with people who fall victim to scams, but we provide enough information on our website and within our trading system to help users make good trading decisions. For more information on this, please see this post on our store blog.
Upon receiving a trade ban, the offending account also gets placed into trade probation as well. Probationary status allows other users to determine if a user has committed scams in the past so they can make better decisions about whether or not they want to trade with users who have scammed. Please note, probationary status does not prevent users from trading.
Why won’t Steam Support provide information on why an account was trade banned or locked?
By limiting the provided data, Steam Support prevents malicious users from learning how to avoid getting caught in the future. Steam Support relies on several data points to arrive at a decision to ban or lock an account. Users intent on committing malicious activity, most often done to other users, are constantly trying to gain this data to use in future scams, fraud and hijackings.
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