[Resolved] Olymp Trade — Fraud and manipulated trading

[Resolved] Olymp Trade — Fraud and manipulated trading

Y Yashvinder Sharma from Mumbai, Maharashtra Dec 20, 2020

One day (on 27th September 2019) I saw an advertisement (web banner) appearing in to a web page. I clicked on that advertisement. Women in that advertisement was claiming that she earned quite huge amount by trading with Olymp trade. Believing on this advertisement I registered myself with Olymp Trade. My Olymp Trade ID is 49975696. I am trading with Olymp Trade platform from 27th Sep 2019. Initially I used their demo account and after that I started using their live account. I have some loses earlier but later on I started earning. But at the moment when I started to recover my losses and earned some money, trade line in stock charts started responding opposite to my every expectation. It seems that stock charts are controlled by Olymp Trade team and in last few seconds they can eaisly change the stock line. There is a reason to mention this as I have experienced this several time. It can happen to anyone for few times but can’t happen repeatedly. When I started trading with Olymp trade, my success rate was 50-70 % which has been reduced to less than 10% now. Just to recover my losses I traded again and again. But now the situation is that I have nothing to spend. I have lost everything I had. Even I took loan 25000USD from my bank. Till date I lost my hard earn money of an amount approx 48000 USD in their manipulated trading. I never lost such a huge amount in other trading platforms in India. I am very afraid now after losing my hard earned money of so many years.This is very painful and depressing situation for me. I have lost my all the money and I left with no money now. It is becoming very difficult for me to run a life as I need to take care of my wife and my two small kids (6 years and 8 years old). I humbly request you to kindly help me to recover my money from them. My earnings are very limited and I can't bear such loses. Was this information helpful? No (0) Yes (1)
Apr 27, 2021 Complaint marked as Resolved No steps have been taken by the company to resolve my complaint. Olymp Trade customer support has been notified about the posted complaint. Verified Support Dec 21, 2020 Olymp Trade Customer Care's response Hello, Yashvinder Sharma. Thank you for sharing. It is a pity that you have formed such a negative impression of the platform. Olymp Trade is a transparent and reliable broker, it is a member of an A category of the international Financial Commission. It confirms the high quality of our services and speaks of the trustworthiness of the platform. We know that losses are demotivating and discouraging. It may take a long period of time to learn how to trade and start earning a stable profit. It is also hard to prevent yourself from risky actions when you try to return the losses. But it is important to maintain a thoughtful money management strategy and not to risk large amounts of money. We offer an opportunity to gain profit by providing a functional financial instrument, useful tools that are required for complete market analysis, a broad educational base, and comprehensive support service. Trading results depend entirely on the trader's ability to analyze the market. The chart is based on the quotes, which are transmitted to all users equally. Current market quotations are received on the platform directly from the supplier, we have no possibility to influence them. To check the Quote History for each asset, you can look up the section on the platform: https://olymptrade.com/en-us/cabinet#tab=rates This section is available for all authorized users. As we are a member of the Financial Commission (FinaCom), you have all rights to file a claim to an independent regulator by providing all the necessary evidence on the official website: https://financialcommission.org/olymp-trade/ It guarantees funds compensation in case the dispute is settled in favor of the trader. Best regards, Olymp Trade team. Dec 23, 2020 Updated by Yashvinder Sharma Screen shots are enclosed which are self explanatory. Verified Support Dec 30, 2020 Olymp Trade Customer Care's response Hello, dear Yashvinder Sharma. Thank you for providing screenshots. We advise you to increase the expiration time from 15 minutes and more so your predictions will be more accurate. When you trade on such a short timeframe, prices can not change significantly. Please, have that in mind while creating your trading plan. Best regards, Olymp Trade team.
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