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iMarketsLive MLM Review (2020): Scam, Wolf, or King of Wall Street?
Table of Contents
It’s All About The Benjamins
So you wanna get rich from Forex trading, huh?
I know the feeling.
But you might wanna think twice about joining iMarketsLive.
Like it or not, most MLMs like iMarketsLive are dressed up sales jobs.
Whether it’s selling “the dream” to your friends and family to convince ’em to sign up for your new Forex trading program…
Or just buying and selling currencies in the Forex market yourself.
Either way, you better enjoy hustlin’ and grindin’ if you’re gonna make it in this game.
Let me break it down for you:
iMarketsLive – short for International Markets Live – is a unique multi-level marketing company that’s all about Forex trading.
That’s short for foreign exchange trading, also known as currency trading.
It’s just like the stock market but instead of buying and selling shares of companies, you buy and sell currencies like the U.S. and Canadian dollar.
And unlike a regular 9-to-5 job, skilled currency traders can make (or lose) serious bank.
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In fact, the Forex market is the largest financial market on the planet — doing 5 TRILLION (with a “t”) a day in trade volume.
That’s over 200 times larger than the New York Stock Exchange!
Now you can see why there’s an absolute sh*tload of Benjamins to be made in Forex.
And iMarketsLive is doing exactly that:
By 2020, they were pulling in over $6 million per month.
They’ve also experienced a tremendous amount of growth and momentum in 2020 and 2020.
But there’s a fair amount of controversy surrounding this network marketing phenom.
If you’ve noticed that too, you’re probably interested in a lil’ more info about ’em, right?
You’ve come to the right place, brotato chip.
iMarketsLive Company Overview
First things first:
iMarketsLive is a Forex trading MLM that offers various trading educational products and services to a global audience.
They currently appear in over 120 countries and have training available in 8 major languages.
As you’d expect, their headquarters is located in the center of the financial universe:
New York City, New York.
They also have a staff of over 60 educators who have a single job: Teach peeps like you and me about the joys of Forex and cryptocurrency trading.
Oh, did I not mention they do cryptocurrency markets like Bitcoin as well?
The company’s vision, according to their website, is to “Educate, Enrich, and Empower One Million Students by 2020.”
Admittedly, also according to their website:
Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style.
To be fair, that could be said about any investment opportunity (e.g. financial services from Primerica, binary options, etc), but Forex trading is notoriously difficult — I know from personal experience.
Risks aside for now, let’s talk about how iMarketsLive came into being in the first place.
When Was iMarketsLive Founded?
What’s the real story behind iMarketsLive?
Well, for starters:
International Markets Live, Inc. was founded back in 2020 by CEO Christopher Terry.
But you know what’s weird?
iMarketsLive’s corporate website is surprisingly thin when it comes to offering information.
Most companies, even most MLM companies, have at least a little history of the company along with a small biography of the founder/CEO.
iMarketsLive.com has no such information on their site and seems to prefer to remain as mysterious as possible.
But I did manage to find this page, which appears to be an older bio of the company’s founder Chris Terry.
Here’s an excerpt:
Mr. Christopher Terry began this journey in construction, both as a worker and eventually as an owner, for nearly 12 years. In 1995, he discovered commodities trading and began to immerse himself in the markets.
In just 3 years, he was confident enough to walk away from his Construction Business, which had generated sales in excess of $40 million that same year, in order to become a full time trader.
Over the years he applied and effectively utilized this winning strategy of gaining the necessary learning and experience through the proper Mentors and then imitating the strategies of successful people.
While doing so he realized the same process of following success step by step, could bring average people everywhere to the same level of success that he himself had achieved.
Mr. Terry began to realize that at this point in his life it was his calling to help change people’s lives on a massive Global scale through a marriage of Network Marketing with Professional Trading.
This is why, in August 2020, Mr. Terry made the decision it was time to act on this Philosophy, and International Markets Live, Inc. was born.
One thing that’s missing from that bio of Chris Terry is his long history with MLMs and network marketing.
Terry came up in Amway, and although by his own admission he didn’t actually make any money, he said it gave him a “mindset of wealth”.
In other words, he probably realized the folks who made the most money in an MLM were the ones at the top and who recruited the largest downlines.
This also might explain why Chris Terry was reportedly a big promoter of Zeek Rewards*, which got busted by the SEC in 2020 for being a ponzi scheme.
(*In this interview with Denise Martino, Terry refers to Denise as his “downline member” and she clearly appears to be in Zeek at the time.)
Despite these failed business attempts, Chris Terry persisted and while the idea of iMarketsLive was spawned in 2020, it officially launched in 2020.
The new Forex trading MLM grew quickly and by 2020, iMarketsLive reached 55,000 members.
Unfortunately, that same year brokers began locking the accounts of many iMarketsLive customers for using an unregulated “expert advisor”.
Here’s what happened:
iMarketsLive had a special little automated trading program called “FX Signals Live”.
The program automatically mirrored the trades of Chris Terry himself, so members could essentially play the Forex market without actually understanding it.
However, one of the main reasons there are regulations in the investment world is to prevent exactly that.
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And when legitimate brokers like FXCM decided they wouldn’t allow it anymore, FX Signals Live was discontinued in 2020.
As a replacement, iMarketsLive released their new online “Harmonic Scanner” designed to help follow market trends.
It’s a little technical but here’s a basic video that explains what it does:
It’s basically an online tool that scans the market in real-time and gives you alerts for different price patterns and trading opportunities.
But now you actually have to know what’s going on and make the trades yourself.
What Are iMarketsLive Products?
iMarketsLive sells you on the ability to become a successful currency trader.
Sure, you could try to learn it all by yourself.
After all, how hard could it be to click a few buttons and place a few trades?
Buy low, sell high.
Easy peasy, right?
Well, despite what you may have heard, day trading is MUCH harder than it sounds.
That’s why iMarketsLive offers a full suite of support and trading education.
Over 100 training videos and modules offer basic and advanced strategies on both Forex trading and cryptocurrency investing.
You can also access live trading rooms and watch experienced staff members place trades and talk about the secrets of their success (in 8 different languages).
Here’s a good overview video that explains the iMarketsLive opportunity:
Obviously that’s a company sponsored video, so take it with a grain of salt (don’t drink the Kool-Aid).
But I will say that iMarketsLive seems to provide a ton of help for their members, which is always a big plus.
Even CEO Chris Terry himself gets in on the action, holding Sunday night webinars that you can sit in on.
Additionally, iMarketsLive gives you access to their proprietary financial trading software.
As mentioned earlier, their Harmonic Scanner searches the market for harmonic patterns to exploit and profit from.
Their Web Analyzer does the same with cryptocurrency, for an additional fee.
And even though their trade-mirroring service is gone, iMarketsLive still provides other ways for you to copy what their experts are doing.
Swipe Trades will alert you to “Forex trade ideas” including risk management and expert guidance for an extra $17 per month.
Swipe Coin does the same but for Crypto trade ideas and info, for an extra $100 per month fee.
While that may seem pricey, keep in mind that it allows you to get solid trade ideas sent right to your phone without having to do any of the legwork.
Because let’s be honest: If you knew what you were doing when it comes to trading, you wouldn’t be paying this company $165 a month or more for the privilege.
Long story short: The more you pay iMarketsLive, the more training and tools you get.
Speaking of which, here are your membership options if you wanna join:
iMarketsLive Membership Options
*Mobile users: scroll left/right on table if last column is not fully visible
|DIGITAL CURRENCY MONTHLY||HFFX MONTHLY||PLATINUM PACKAGE||ELITE PACKAGE|
|INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT||INITIAL PAYMENT|
|MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT||MONTHLY PAYMENT|
|WHAT YOU GET||WHAT YOU GET||WHAT YOU GET||WHAT YOU GET|
|DC Academy||HFF Academy||IML Forex and Crypto Academy’s||IML Forex and Crypto Academy’s|
|DC Scanner||HFF TV||IML TV (All Sessions)||IML TV (All Sessions)|
|SwipeCoin App||PipTalk||Harmonic Scanner||Harmonic Scanner|
|IMLTV Sessions||High Frequency Forex||Swing Trades & Night Owl Sessions||Swing Trades & Night Owl Sessions|
|Pip Talk (Basic)||Pip Talk (Basic)|
|High Frequency Forex|
Hey, nobody said day trading was cheap.
To be fair, iMarketsLive does offer a 7 day, 100% money back guarantee to all of its subscribers.
If you’re dissatisfied with their service in any way, you can get a full refund of your membership fee within a week of signing up.
iMarketsLive gives their Customers a “2 & FREE” option as well — if you personally refer 2 people into buying a monthly membership, your membership is free.
So: If you can convince a couple people that Forex trading is awesome…
You don’t have to pay anything to get the iMarketsLive training and support.
Sounds good, but here’s something you should know from a guy who’s been in the trenches:
My Forex Trading Experience
The risk factor in Forex trading is something we shouldn’t just gloss over.
As mentioned in iMarketsLive’s disclaimer, you can easily lose all your invested money in addition to the monthly fees.
I should know — years ago, I was heavily into Forex trading and learned everything I could about it.
Technical analysis, risk management, chart indicators — you name it, I tried it.
And that’s not all:
I kept daily trading journals, learned how to read candlesticks, recognize trends, and was a particular fan of using 2ATR for a trailing stop loss.
Along the way, I traded almost every currency pair, chart timeframe, and read every trading strategy book I could find.
(Here’s my personal favorite, along with this one originally published in 1930.)
I should also mention that I paid a small fortune for different trading systems, tools, and “secret” strategies from so-called experts.
I’m FAR from the smartest guy in the room — but I’m not a complete Muppet either.
I wasn’t just gambling (only risked 2-3% max per trade) and I gave Forex trading everything I had for almost 3 years straight while I was still driving truck.
And even though I had periods of profitability, in the end I always lost money.
Not to mention I also got sick of the highs and lows of trading — feeling like a God one week, damn near suicidal the next.
Out of desperation, I finally resorted to following a mirror-trading service which ultimately blew up and reduced my trading account to almost nothing.
It was my own dumbass fault, but that’s when I decided to hang up my Forex trading gloves and look for something else.
Also contributing to that decision was realizing that after being on countless online trading forums — I wasn’t alone in my frustration and misery.
The only ones who seemed to be making any consistent money in Forex (besides the banks and hedge funds), were the guys selling me the tools and systems.
Just like during the gold rush back in the 1800’s, the real money wasn’t in digging for gold — it was selling the pickaxes and shovels to the desperate and hopeful.
Now obviously, there ARE successful Forex traders out there.
So just because this ex-truck driver with a GED couldn’t do it, doesn’t mean that you can’t make it work.
Like any other form of retail trading, some folks make money and some folks lose money.
All I’m saying is that Forex trading is hard as hell.
As a general rule, if you enter a gambling game against a lotta peeps who are more experienced and skilled than you are…
It’s a safe bet that the odds aren’t in your favor.
Don’t say I didn’t warn ya.
Pros: Why Join iMarketsLive?
✓ Potential for serious income without recruitment.
Almost every MLM in existence requires you to recruit and grow a huge downline if you wanna make the big money.
The reason is simple:
Your time is limited and there’s only so many hours in a week that you can use to sell products to people you know.
Forex trading is different in the sense that you could gain (or lose) a lot of money all by yourself, without ever having to recruit anyone.
✓ No pants required.
While most MLMs involve you dragging around a box of products to various houses, iMarketsLive is something you do from your desk or smartphone.
This is a very modern MLM and the entire thing (training + products + support) is all available online.
Never having to leave your house to run your business is a definite advantage.
For example, go try selling Amway products with no pants — I’m guessing it wouldn’t turn out so well.
✓ Plenty of training materials.
Between all the videos, training modules, tutorials, and live help sessions, iMarketsLive probably offers more actual product support than most other MLMs.
If you’re willing to invest in your education and want a crash course in Forex trading, there’s a vast bucket of knowledge here waiting for you.
Cons: Is iMarketsLive a Scam?
✗ First off: Solid trading advice don’t come cheap.
Around $200 up front plus $170 a month is what it’s gonna cost you for the most basic level of membership.
That’s over $2000 per year.
But if that trading advice makes you ten times that, it might be worth it.
✗ You could lose a lot more than your monthly fees.
Yes, plenty of people lose money in MLMs (most do).
But they generally lose money from not being able to recoup their minimum purchase requirements and monthly fees.
With iMarketsLive, in addition to your membership fees, you’ll also have to risk your own trading capital to play the currency markets.
And you might lose all of that money too.
In fact, thanks to the way that leveraged trades work, you can actually lose even MORE than the full amount of your Forex trading account.
✗ A strong fishy odor.
Can you trust iMarketsLive?
Well, sometimes the best way to predict the future is to look at the past (or just Google the present):
• iMarketsLive CEO Chris Terry has a previous connection with Zeek Rewards which the SEC had to shut down for fraud in 2020.
• The VP Alex Morton has a long history with MLM companies like Vemma Nutrition that had to settle for hundreds of millions of dollars with the FTC for being a pyramid scheme. You should check out this revealing article on Morton that shows the reality of being a professional MLMer when he was with his last company.
• iMarketsLive is banned as unauthorized in Belgium, and also received warnings from other countries like France.
• When I first published this article, iMarketsLive had an F rating (very bad) from the Better Business Bureau due to having so many complaints.
Then all of sudden they had an BBB rating of “A”, mostly thanks to a bunch of positive reviews that showed up around the same time (many on the same day).
Coincidence? Yeah, right.
As another reviewer pointed out, prob’ly because IML asked their members to spam their BBB page with positive reviews to drown out the negative ones.
Nice try fellas. Not shady at all.
Also can’t forget that iMarketsLive is an MLM which means recruiting other members is highly encouraged.
Here’s one of IML’s top earners explaining in detail how it’s done:
Ask yourself: If it was just about forex trading, why teach people how to recruit at all? Why not just trade forex and make a ton of money?
I dunno… maybe cuz:
Most retail traders lose money in the long run, so the real money is made by getting other people to join.
Is it really, though?
- 87% of all IBOs make an average of $4.30 per month (you read that right, less than $5/mo).
- 98% of all IBOs make less than $115 per month.
- Only 0.3% of all IBOs earn more than $30k per year.
Not exactly what I’d call a high-probability trade.
But if that doesn’t make you puke in your mouth a lil’, this industry might be for you.
If, however, you’re looking for a more legit and reputable business model… my two cents?
Daily Trade Alert Reviews – Legit or Scam?
The Daily Trade Alert, www.DailyTradeAlert.com, claims to provide its members with the top picks from “today’s leading advisors,” specifically providing the “10 Best Divided Stocks to Own Right Now” report.
The publishers of the Daily Trade Alert claim that after looking through the recommendations of dozens of the nation’s leading investment advisors, they personally have selected the 10 best stock recommendations.
The stocks they are recommending will be, according to the Daily Trade Alert, “safe and steady, through good times and bad, for decades to come.” Some of these stocks include investors like Warren Buffet, some have a history of high yields, and some are predicted to be high yield earnings in the near future.
What to Know about Financial Newsletters
Financial newsletters, like the Daily Trade Alert, often warn their subscribers to not purchase any stock they recommend without doing their own individual research or without speaking to a professional broker or investment advisor.
The Daily Trade Alert is not compiled of professional brokers or investment advisors; instead, they look at the public information provided by these people in their own newsletters, books, or other publically available information, and then they choose which stocks to recommend in their newsletter.
In addition, they always recommend that you never invest more money than you can afford to lose comfortably, and always keep in mind that as a public newsletter service, they are not liable or responsible for any investing you choose to do or money you lose.
Daily Trade Alert offers you their newsletter and their report on the “10 Best Dividend Stocks to Own Right Now” completely for free. In addition, they promise they will never sell your information to any third party sources.
However, from time to time, they will send you offers from their sponsors and partners. If you find these offers intrusive you always have the option to unsubscribe, so consider this when providing them with an email address.
Is Olymp Trade Scam? – Broker Review 2020
|(4.8 / 5)||IFC||10$||92%+|
Is Olymp Trade a reliable Digital Options and Forex Broker or not? – In this review, I will show you my test results of the company. Olymp Trade offers the possibility to bet on rising and falling markets to get a high profit/payout. Is it really worth to invest your money or not? – Now read more about it in this review.
The official homepage of Olymp Trade
What is Olymp Trade? – The company presented
Olymp Trade is an international Broker for Digital Options and Forex. The company is based in Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines and managed by Walfort Limited. Since 2020. The Broker is regulated by the International Financial Commission. Traders are protected by a 20,000€ compensation fund. This is a really big advantage of this broker.
The broker offers you a free demo account to practice the financial instruments on the unique trading platform. Also, there is a phone, chat and email support. If you deposit 2000$ or more you can get a direct account manager and better support with special education and bonuses. In conclusion, it is a very experienced broker with knowledge. They pay out more than 9 million $ every month.
Facts about Olymp Trade:
- Broker since 2020
- Regulated by the IFC (20,000€ compensation fund)
- Free demo account
- Good and professional support
- Trade Digital Options and Forex on one platform
- Free education for the best success
For the first impressions, Olymp Trade offers a clearly structured and well-built website. Compared to other brokers they want to give the trader more than only Digital Options. As a customer, you got access to intensive education information about how to trade successfully. In addition, the broker provides his traders actually an analysis of the current market status. This is the best basis for becoming a professional trader.
Regulation and safety of the broker
Is Olymp Trade regulated? – As mentioned before the company is officially regulated by the IFC. This is a big advantage compared to other Digital Options Brokers. It is the most important point to check before you invest money with an online broker. The IFC acts internationally and is based in England and Hong Kong. The broker is regulated by category A. This is the highest category. The regulation checks out the trading technology and the reliability for customers.
By doing a violation of this license they would lose it. Traders can contact the IFC to report their problems with any broker. The IFC is neutral support who will clear this case of complaints.
Olymp Trade official regulation
Moreover, the website belongs to Inlustris Ltd where the agent is Walfort Limited. This is a company with the registration No. HE364695 based in KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. All in all, financial regulation and the company registrations show me that Olymp Trade is a legal and legit online broker.
Facts about the regulation:
- IFC regulation
- Monetary compensation up to 20,000€
- Registered company in Cyprus with No. HE364695
The conditions to trade with Olymp Trade
Olymp Trade offers you a free demo account. For trading with real money, you have to deposit the minimum of 10$. Sometimes there is a deposit bonus which doubles your money or you can get risk-free trades. The start amount for a trade is 1$ and the maximum is 2000$. VIP accounts can trade with maximum 5000$ in one trade.
More than 200 different assets are available to trade on the platform. The trade execution is out of my experience very fast. The yield/return for normal accounts can be between 75 – 95%. In the VIP Account, you can get higher returns of 92%+. In conclusion, Olymp Trade gives a trader all the options he needs.
Facts about the conditions:
- Only 10$ minimum deposit
- Start trading with 1$
- Free demo account with virtual money
- Maximum trade is 2000$, VIP 5000$
- Over 200 assets with high profit (92%+)
- Trading 24/7
- Forex, Cryptocurrencies, Stocks, ETFs, and more
Trading with Digital Options follows a very simple principle. Just make a forecast for the price direction of the markets in a certain expiry time and bet on rising or falling markets. You have to predict it correctly to get a high return on investment. On the platform, you can trade short-term or longterm trades (read more below). Digital Options are available for a diversity of underlying assets. The broker offers popular stocks for example of the S&P 500 and more other indices. Trade forex, commodities and cryptocurrencies 24/7 via computer or smartphone.
|Assets:||Support:||Trading on weekend:||Trade execution:|
|100+ Forex, Crypto, Stocks, Commodities||24/7 Phone, Chat, Email||Yes||Very fast and no laggs|
Review of the Olymp Trade Platform
In this review of Olymp Trade, it is important to look at the trading platform. At first glance, the platform looks very clear and user-friendly. After some practice, you will feel very comfortable. With Olymp Trade you can use the version for your computer or for your smartphone/tablet as an app.
There are a lot of functions in the interface. Do one click trades and sell options early before the expiry time. It is possible to develop different strategies with free indicators and technical analysis in a separate window. You can easily customize the chart. It is possible to trade 24/7 on this platform (crypto-currencies and OTC for example). The biggest advantage is the use of demo and real account in one window. You can change between the two accounts in a few seconds.
Facts about the platform:
- Flexible and user-friendly platform
- One-click trading
- Sell options early
- Use free indicators and strategies
- Get VIP Signals for high profit
- Change between Digital Options and Forex Trading
Charting for professional trading
As you see in the upper picture Olymp Trade offers multi-chart. That means you can open more than one asset at the same time. The chart is available in different types and you can customize it by yourself. The charting software works very smooth and without any lags. For example switch between different timeframes within less than 1 second.
- Line Chart
- Bar Chart
- Mountain Chart
Free indicators are available
Indicators are necessary for technical analysis and strategies. Olymp Trade offers a huge range of indicators. There are more than 20 different types to use. Just add them by one click. In addition, you can customize the period, color and more by the trading platform. Use the indicator like a confirmation for your technical analysis. You can improve your profit by using RSI, Bollinger Bands, Moving Average and more.
Drawing tools for Technical Analysis
Also drawing tools are available on the trading platform. Horizontal lines, vertical lines, trend lines, and Fibonacci can be used by traders. In conclusion, Olymp Trader offers a wide range of different tools for analyzing the assets. The platform provides a trader what he needs to trade successfully.
Available for any device
Olymp Trade Mobile Trading (App) for any device
Nowadays it is important for brokers to provide a mobile platform. Trades want to trade with their smartphone or tablet. Check out your portfolio and opened position while you are on the road. The app is available for any device and there are the same functions as in the web-based version. From my experience, the mobile app runs quickly and without lags. It completes the portfolio of the broker.
Trading tutorial: How to use Olymp Trade?
Olymp Trade offers to invest in rising or falling markets. You can buy short (put) and long (call) Digital Options or trade Forex. The financial products are very flexible and tradeable for different underlying assets. The advantage of Digital Options is that the risk is limited to the bet amount and you can earn a high profit in a short period of time. Also, long time horizons for trading are available on Olymp Trade.
For Forex Trading you are not limited by time but the market has to move more prices into your favor in order to make high profit. In the next section, I will explain to you how to trade with Olymp Trade.
Example Digital Options – EUR/USD – 92%:
Make a forecast of the EUR/USD in a certain expiry time. Buy or sell the asset with a Digital Options. If the market moves in your direction, you will get a high payout of 92%. 1000$ investment means a return of 1920$. 1000$ is the return of your bet amount and 930$ is the profit. For example, this can happen on a time horizon of 60 seconds or longer.
Earn up to 93$ in a small time horizon with Digital Options
- Select an asset based on the return or your analysis
- Select a chart type and do a forecast of the movement
- Choose a trade time
- Choose your investment amount
- Start trading (invest in falling or rising prices)
- Wait till the trade ends (The price have to be above or below your entry point)
- Earn a huge return or lose your invested money
Example Forex Trading with Olymp Trade:
Choose an asset you want and make a forecast like with Digital Options. The difference is now that your profit is depending on the market movement. In Forex Trading you buy or sell an asset and now you have to wait if the price is falling or rising. The more the price goes in the direction of prognosis, the greater the profit. For Forex Trading you can use a leverage of up to 1:500 and use a loss limit (stop loss) and profit limit (take profit).
Forex Trading with Olymp Trade
- Select any asset you want (currencies, cryptocurrencies, ETFs, stocks, commodities)
- Make a successful chart analysis
- Choose your investment amount (be careful because it is leveraged trading 1:500)
- Use a market order (by asset price) or limit order (by time)
- Select risk limits (stop loss and take profit)
- Start trading and earn money when the price is falling or rising
Free and unlimited Demo Account
Another important criterion for a reliable broker is the demo account. It is an account with virtual money. So you can trade without risk. Most traders get their first experience with this account by practicing their first trades. The account is useful for getting your first impression of the broker. Beginners and advanced traders can improve their strategies without risk.
Olymp Trade offers a free and unlimited demo account. As a trader, you can switch with one click between the demo and the real money. If you feel comfortable, start trading with real money. The conditions on these 2 accounts are the same and there is no difference.
Sign up on this form below and get a direct access to the trading platform:
Open your real account
With Olymp Trade you got only one account. The advantage is that you can switch between the demo and real money with one click. Just register with your full name, email, phone number, and a secret password. You can choose between a euro or dollar account. In addition to that, you can start trading directly with real money after the deposit. In my opinion, you should verify the account first because the broker only can withdrawal to verified accounts. It only takes a maximum of 10 minutes to verify your account. In addition, you can activate some features for more safety (picture below).
Account types review: VIP status and basic account
I like it that Olymp Trade offers some traders the VIP account. You have to deposit more than 2000$ for the VIP status. The VIP traders get better support and more education like webinars for trading. In addition to that, there are VIP managers who will help you in any situation and the maximum trade limit is higher (5,000$).
The biggest advantage is the high return of 92% or more. The chance of making money is higher than in the regular account. In conclusion, I recommend using the VIP account for trading.
Fast withdrawal and deposit with Olymp Trade
Just deposit and withdrawal with different payment methods in a few seconds. The deposit is as easy as the withdrawal. The withdrawal system works very fast and they payout in less than 3 days. Sometimes I waited for my withdrawal only 10 hours. Use your bank card (MasterCard, debit card, credit card) or an electronic payment system (Skrill, Neteller, Epayments, Yandex). Also, you can use Bitcoin. Sometimes the payment methods depend on your country.
There are no hidden fees for your transactions. This is a big advantage for Olymp Trade.
These payment methods are available:
- Credit Card (Visa/Master)
- Read my full “deposit tutorial” with real money
- Read my full “withdrawal tutorial” with real money
Olymp Trade fees and commission review
Olymp Trade does not charge any fees for deposits, withdrawals, and trading Digital Options. Sometimes it can happen that your payment method is charging a small fee. For Forex Trading is a small trading commission charged. This fee is depending on the market situation and the asset. You can see transparent the trading fee on the platform.
In conclusion, there are no hidden fees and Olymp Trade is one of the few brokers which charges no fees on deposits and withdrawals.
Bonus and conditions
Olymp Trade offers a range of deposit bonuses. The bonus depends on the amount and on the promotions. Sometimes there are special promotions for new customers.
For example, you do a deposit of 1000$ in your account and activate the bonus of 100%. Now you get the balance of 2000$ and 1000$ is additional money gifted by the broker. Now you can trade with more risk and money to improve your profit. It sounds very easy but you have to be a successful and profitable trader.
Most brokers have restrictions for their bonus offers like a turnover of the trading volume. Not so with Olymp Trade. You can withdraw your money and profit at any time but it is not possible to withdraw the bonus. In conclusion, the bonus can be used to earn additional profit but can not withdraw.
Facts about the bonus:
- Olymp Trade offers a free bonus
- There are no restrictions for you account balance
- You can not withdraw the bonus
- The bonus can be used to make additional profit
- Read more about the Olymp Trade Bonus Conditions
Are Robots and automated trading allowed with Olymp Trade?
Robots and automated trading tools are not allowed with Olymp Trade. If the broker finds out that you are using automated trading your account can be banned forever without warning.
On the internet, you will find a lot of different Olymp Trade bots or robots. From my experience, these systems are fake and they try to steal your money. I recommend it never to try any automated strategy or system which you will find on the internet without any proven statistic. So it is fake news that you can use a robot with Olymp Trade.
Robots are scam and fake
Olymp Trade does not allow robots and automated tools to protect its customers because there are a lot of scammers with automatic trading systems. In conclusion, you should never use any Olymp Trade robot or automated bot.
Webinars, Strategies and more – Olymp Trade education
The education is provided for beginners and experienced traders with Digita Options and Forex Trading. Learn more about new strategies, economic news and the psychology for traders. The range of education is very big. You can see the last webinars as videos in the education center. I did not watch all the videos yet because there is so much information.
The advantage is that everybody can use the education center. Just create a demo account an learn how to trade successfully. Start trading with virtual money and when you feel comfortable you can deposit real money. Earn hard dollars with the right knowledge.
Support and service for traders
Another important point of this review is the support and service for traders. From my experience, the support is very competently and works fast. Traders got a range of possibilities to ask questions. First of all, you can use the FAQs (frequently asked questions). Also, direct contact via chat and phone is possible. Another advantage is that the broker got well-educated account managers for VIP-Accounts. They are personally available for bigger clients. In conclusion with more than 8 different languages, the support is reliable and recommendable.
Facts about the support:
- 24/7 Support
- Account Managers
- Fast and professional support
- More than 8 different languages
- Vip training
Which countries are available?
As mentioned before the support speaks more than 8 different languages. Also, the website is available in more than 13 languages. The broker tries to improve its service for international clients by getting more additional service employees. Digital Options and Forex Trading are growing fast around the world but there are some countries where Olymp Trade does not provide its service:
These countries are prohibited: European Union, USA
Asian and Africa is the fastest growing region for Digital Options. Many traders ask: Is Olymp Trade legal in India? – Yes, it is. There are no restrictions for trading binary in Asia, India, and Africa. The Broker tries to improve its service in these countries.
The fastest growing countries are:
|Phone, Chat, Email||24/7||+27 (21) 1003880 – Cape Town, South Africa
+54 (11) 59175747 – Buenos Aires, Argentina
|Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.|
Review conclusion: Is Olymp Trade real? – Scam or reliable Broker?
Olymp Trade is interesting for beginners and advanced traders. In conclusion, it is a very reliable broker for Digital Options and Forex Trading. The company provides a very good service since 2020. I tested the platform in detail to provide you good feedback. I have to mention the platform gives you the best execution for trades and you can customize it as you want.
Usually, the yield/return for normal accounts is between 75 – 95%. It depends on the asset and market you are trading. Otherwise, you can get a higher return with the VIP account. At the moment Olymp Trade is one of the best Online Brokers for private trading. I did not notice anything bad during this test.
Advantages of Olymp Trade:
Start trading with only 10$
Very good and professional trading platform
Trade Digital Options and Forex on one platform
Fast withdrawal and deposit
Free education for successful trading
Olymp Trade is one of the best addresses for Digital Options Traders. Earn a high profit in a small time horizion with a regulated company (4.8 / 5).
Online Trading Academy Reviews
39 ‘Online Trading Academy’ Reviews
OTA is being sued by FTC
I have been a OTA student for many years. It was one my biggest mistakes in life. I paid $23K in tuition to learn about their “patented core strategy” where one buys on demand and sells on supply zones. What a joke. I signed up back in 2020. Since then, I have writing in many review boards about my experience. Today, I am happy to see that OTA is being sued by the FTC. Here is the site where you can learn more about it.
Stay away from OTA. Don’t make the same mistake as I did.
One Student’s Experience With OTA
OTA was once all about technical analysis and risk management. I took the entry level class in 2007, then called Pro Trader, with a great instructor named Fernando Gonzales, and after that a great class called Broad Market Analysis with a fabulous instructor named Brandon Wendell who really knew his stuff. Lots of technical analysis. Around 2008 they replaced their director of curriculum with an experienced trader named Sam Seiden. He is the originator of the “Core Strategy” patented method of identifying supply/demand zones. This is different than classic definition of support/resistance zones, but they often overlap. I consider Core Strategy to be more precise. Most classic support/resistance zones will also show up in Core Strategy supply/demand zones, but it identifies additional zones, besides being more precise. That is my opinion after having worked with Core Strategy. Anyway, it took several years for OTA to develop and fully implement the Core Strategy curriculum and transition out of the focus on the teaching of classical technical analysis. Then the instructors had to be convinced this was the right thing to do. That took time I suppose. I also took an investment course called Proactive Investing which involves long term management of IRAs, 401Ks etc. After I retired at the end of 2009, I had more time to devote to the markets. In 2020 I retook the entry level class. By then the Core Strategy curriculum was mature. There was very little similarity between the classical technical analysis of Pro Trader in 2007 and the “patented strategy” of Core Strategy in 2020. Because I had been away from classroom instruction for over ten years, I first took a live 5-day online Core Strategy class as a re-take, though in fact it was a pre-view, at no additional charge, and then a month or so later I took the 7-day in class Core Strategy, again at no additional charge. Then I did the same thing with Proactive Investing, online re-take as a review of the old and preview of the new, and shortly after that the 5-day in class version which is now called Strategic Investing. And I use the online XLT webinar sessions which are available live multiple times every week, and they are available recorded if I am unable to attend live. The point is, the money I paid in 2007/2008 was not just to take a class or two. It has been an ongoing and evolving education for me. So how am I doing with my trading/investing after the education? Clearly I am better investor/trader than ever, steadily improving. Most of my monetary success comes from the Proactive Investing and general market technical education, more so than Core Strategy. I have been easily meeting my minimum targets to die with more money than I have today, while making ample withdrawals as needed for my retirement. I am not swinging for the fences, but for consistent profits in all market conditions. I am a happy customer mainly because of two big advantages I enjoy over someone coming to OTA now. 1. The price I paid in 2007/2008 is in the range of one fourth of the prices today and 2. I feel fortunate to have been introduced to the Core Strategy concept basically for free, after having an awesome classical technical analysis education by a series of OTA instructors back in 2007/2008. So for me, it has all been good. Knowing what I now know, would I have done it in 2007 at today’s prices (less inflation) if I only got the Core Strategy and Strategic Investing without the classical technical analysis education? Probably not. Too expensive. While I use their Core Strategy technique when it is appropriate (often) and I am clearly a better trader/investor for having that knowledge in my quiver, I am not a hard Core Strategy focused trader. The quality of the instruction is generally exceptional. I had some outstanding instructors who were very experienced and knowledgeable traders. It is worth something to spend a week with such a person and be able to ask them whatever you want. At the end of my Core Strategy class, clearly many students were struggling with execution of the strategy. The instructor made a big point that continuing resources were available to anyone who needed them. Both online assistance and personal coaching was available as needed. My point is, for those students who never got it, they were not just educated and abandoned. I experienced a genuine care for the trading success of the students. Clearly OTA wants every student to become a successful trader. It just isn’t possible. That said, I believe some people are just not cut out to be successful traders – perhaps most. It takes disciple and emotional management skills many can’t or won’t achieve. Understand that you could be one of these. If you get into any formal instruction program on trading, you have to have the right mindset going in or you are desttined for failure. That mindset is that – I understand that most people who want to be traders will never be successful traders. But I have a burning passion to be one of the minority who succeed. I take full responsibility for every trade I make. I have to forge my own trading strategy, my own plan, with the benefit of solid education. Trading is risky – real, real risky. I can’t blame any lack of success I may have on anyone but myself. It is absolutely untrue that I can approach trading lackadaisically and be even modestly successful because of some training I have taken. OTA (or any other trading educator) is not responsible for my success or lack of success. Only I am responsible. If you want someone to teach you to make trading easy, take the advise of many other reviews here, and run as fast and as far as you can, not from OTA, but from trading..
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