PROTECTING YOURSELF FROM SCAMMERS
PROTECTING YOURSELF FROM SCAMMERS TARGETING OLYMP TRADE TRADERS
Online trading has increasingly become one of the most effective ways to make money online. In this day and age, being able to have this source of income is important. This is why many people are looking to trading as a way to give them additional money, and for those who are already experts, it is a way to sustain a comfortable life. However, because of this rise in popularity, there has also been a rise of people who are looking to prey on others by luring them into a scam or another. And the sad thing is, these scammers use names of legitimate and reputable companies in their schemes. Sadly, people fall for it.
One of the companies whose name they use is Olymp Trade. First, let me tell you something about Olymp Trade — they are a digital options and forex trading platform that was founded in 2014. During their five years as a company, they have garnered awards from different forex award giving bodies. Aside from this, they are also a category A member of the Financial Commission which regulates brokers to follow rules and regulations.
Olymp Trade’s website is www.olymptrade.com that can be accessed in a lot of different countries all around the globe. Aside from this, they also have active social media sites in the form of their youtube channel or their facebook page. Here is what you’ll see when you look at their website:
It’s because of this legitimacy and good service of Olymp Trade that a lot of scammers pretend to be affiliated with this broker even though they are not. I have witnessed a lot of people get scammed and complain, even though the people who victimized them are not from the company. It’s just sad that people will go to these lengths. Now, I will share with you some of the ways these scammers are trying to take advantage of traders and tips on how to avoid being their victims.
FRAUDULENT SOCIAL MEDIA
One of the most common tells about these scam activities are their fake social media pages. If you will look for the keyword “Olymp Trade” on Facebook, you will happen to see so many results whose profile photos are the logo of Olymp Trade.
But guess what? There is only one official Facebook page of Olymp Trade and it is: https://www.facebook.com/olymptradecom
The Facebook page would also look like the screenshot below. You will see that the name of the company has a verified icon beside it. This is the only official page of Olymp Trade. So, if you have any questions about them, you can inquire through their website or through this. Scams are also rampant in twitter and linkedin which I will discuss in another section. But again, to make sure that a social media account is legitimately owned by the company, look at it clearly and investigate. You may also inquire about this in the website.
There are also some websites who pretend to be affiliates of Olymp Trade. These websites ranges from being basic ones, to professional and convincing websites. There will be a link to sign up or register for Olymp Trade. But, when you click this link, it could lead you to another website that is not Olymp Trade and could possibly just steal your login credentials.
Dont get me wrong, there are affiliate websites that are legitimate. Again, just make sure to check before you enter any personal details.
PEOPLE PRETENDING TO BE OLYMP TRADE “ACCOUNT MANAGERS”
This one is very rampant not just on Facebook but on other social media sites such as twitter and linkedin. You will see people who will tell you how they are expert traders in the platform and are employees of Olymp trade. They will then offer you to help your money grow. This can be done by investing in them and giving them money. And of course, for you to trust them, they will show photoshopped photos of earnings that they received (that they want you to believe).
But again, be reminded: there are no account managers in Olymp Trade who will talk to you in person.
It is stated in the Olymp Trade service agreement that traders must learn how to trade on themselves. You should not entrust your money in these people pretending to be working for Olymp trade because they will just end up running away with your money. If you want to earn, you should learn. It might be slower, but the progress will be real.
FAKE TRADING BOTS AND STRATEGIES FOR SALE
Again, in the service agreement with Olymp Trade, it is stated that traders cannot even use bot service because when they do, they will be banned from using the platform. But still, this does not make traders afraid and they still buy trading bots. But if you will research and see findings, a lot of these bots are scams and they are just designed weakly to make you lose your money. And who benefited? The scammer who sold you the bot.
There will also be some people who will offer to sell their strategies on Olymp Trade because it “works” for them. Then they will proceed in showing withdrawals and trading histories that are edited, so you will bite their offer. Do not fall for this scam.
Instead, join groups of traders in your country or your area who can really help you out. I know that trader communities of Olymp Trade are active and you can get real insights and advice from other traders here for free. This also helps because the group can serve as a guide in trading from newbies up to experts.
We all want to be great traders. We all want to earn money from trading. And this is what scammers are trying to use against us. But, we should not let them. We should not be tricked by scammers pretending to be something that they are not. We should always investigate because at the end of the day, we are the ones who will be affected most.