Olive Markets Review – Is This Broker Functional?
Olive Markets review shows that is a world-renowned forex broker that has established dominance in its short time of existence. Although the broker is licensed, there still are some challenges associated with it that traders should know about. Olive Markets Forex broker is a great example that a broker can be licensed, but not trustworthy.
The minimum depositing amount on the site is $100. additionally, a great thing about the suite is the fact that anonymity is a possibility as one can make deposits via banks and cryptocurrencies. The available digital coins for depositing include Bitcoin, Ethereum, Litecoin, and even Ripple which is an altcoin.
The site uses the acclaimed Metatrader4 software. This will be great news for the users who are not into web-based trading platforms like WebTrader. MetaTrader4 is a multifunctional and secure trading platform that offers a lot to its users.
The customer service of Olive markets is very bad. They don’t have a live chat widget like most other functional forex brokers. The only way one can get in contact with them is via email or a phone call. This is definitely a disadvantage of the site. There’s also no mentioning of the working hours of the customer service team which is definitely a sign of fraudulent behavior.
The only perk we could come across on the site was the investment advisor which is given automatically to one after signing up on the site.
License and regulations – is olive markets legit?
The critically acclaimed broker has a GLOFSA qualification. This is an abbreviation of the Global Financial Services Authority which is a great piece of information as this organization is very reputable and trustworthy. However, the regulatory framework provided by the agency is simply not enough to guarantee the safety and security of Forex traders.
A forex broker is only as good as its services, products, and other trading features. In this section of the pour review, we will be discussing the matter of trading tools such as leverage and spreads and other general information about the important aspects of Olive markets.
Olive markets have three accounts with different names for all of its users in live demo modes. This is a great and powerful feature as the demo account offers a landscape where one can try out their trading strategies without any consequences. There three available accounts are the silver, gold, and VIP account types.
We have already discussed the fact that the site offers a wide range of trading instruments; each of the assets has specific leverage, they’re not the same for every trading instrument.
- For forex trading, the maximum amount of leverage is 1:300.
- For commodities, the leverage is 1:100
- For stocks, the available is 1:10
- For indices, the available leverage is 1:100 much like commodities.
- The available leverage for cryptocurrencies is 1:5
As for the spreads on the broker, they are variable but not as competitive. Unfortunately, the site doesn’t display specific numbers.
The minimum deposit available for the standard live account on the site is $100. This is very much on par with the set of rules of the regulatory body.
you can quickly deposit and withdraw your winnings via SWIFT CODE, Visa, or MasterCard. even with AMEX and also with cryptocurrency transfer which by far is the fastest way to make a deposit on the site. A $100 minimum deposit is required.
There are many promotional offers on the site in different categories. This is definitely one of the redeeming features of the Olive Markets forex broker. There is a generous welcome bonus and a crypto bonus for all the crypto enthusiasts.
The welcome bonus will be given to the user automatically once they sign up on the site for the forex broker’s products and services. There is a 30% welcome bonus on your first deposit with no lot restrictions and margin support. For example, if you deposit $10,000, you will receive a bonus of $3000 with no lot restrictions and margin support.
To activate your account, you must upload the documents listed below to the system.
The crypto bonus functions as an extra promotional offer that gives crypto users a 5% bonus. Additionally one can fund their accounts using digital coins as well.
There is also an account transfer bonus and a refer-a-friend bonus. if one is trading with another person and doesn’t want to lose any of the trades, by transferring the account one can benefit from a 15% bonus when the transfer process happens.
The more the marrier is clearly the motto of the Olive Markets promotional marketing team as there is also a Refer a friend bonus. By referring another trader to Olive Markets one can get a $100 bonus and one’s friend can benefit from a 15% bonus as well on their initial deposit.
There’s also a 20% extra bonus for the VIP account users after making the initial deposit amount which is $10,000.
Olive Markets – Final Verdict
All in all, we don’t recommend our readers to do their trading with this broker, and its’ not transparent.t the available written content on it is underwritten and very vague. They seem to offer nice leverage ratios however completely disregard the needed to display the same kind and specificity when it comes to the spread amounts.
The site virtually doesn’t have a live chat widget to help the trader through navigating the clearly outdated website. The overall user interface is very bad and the site doesn’t function smoothly. additionally, there is no FAQ section on the website where one could find clear information about the interface is of the Olive markets forex broker.
The site doesn’t function smoothly, the user interface is extremely outdated and on a few occasions, the site has crashed. This is not a safe environment for trading. Additionally, we think that the site is not even encrypted and there are no measures of safety like the two-factor authentification process.
Oddly site seems to put its resources in rather unresponsive projects, for example, they have developed a custom trading app for their Turkish consumers. This on-the-go trading experience is rather inadequate as only a small fraction of the clientele can benefit from it.