Olivecryptotrades is trying to convince us that they are a regulated broker that offers you the possibility to invest in forex and cryptocurrencies. The reality, on the other hand, is very much different since they are only trying to fool inexperienced people to invest money with them.
In this honest Olivecryptotrades review, we will expose all the tricks this scam broker uses to make it seem that they know what they are doing.
|Headquarters||168 St Christopher Street, Valletta VLT 1467, MALTA|
|Broker Type||Forex and cryptocurrencies|
|Platforms||Web and mobile|
Regulation and Security at Olivecryptotrades
Regulation is the most important information financial services provider. All licensed brokers provide very detailed information about which company runs them, where it is based, which jurisdictions it is authorized in and which regulatory bodies oversee its activities.
The same can’t be said for Olivecryptotrades. They are stating that their website is operated by OLCT Ltd., a company that is based in Malta and regulated by the Malta Financial Services Authority (MFSA).
After further investigation, we realized that the license number Olivecryptotrades put as their own, actually belongs to another company. The license number belongs to the NSFX Limited company, which offers its services through different domains and trading names.
All of this just confirms our suspicion that Olivecryptotrades is nothing but another investment scam that will do anything in its power to seem legit just so it can take your money.
Available Trading Platform at Olivecryptotrades
The regulation is not the only thing Olivecryptotrades falsely claims to have. While we were browsing their website, we saw that they offer the industry standard trading platform that is MetaTrader5 (MT5).
To be honest, we weren’t that surprised once we clicked on download to see that is nothing more than just a demo version of the software they have. On top of that, they state you can use the software on iOS, Android, and also the web.
As much as this software is amazing, trading on it through Olivecryptotrades is surely not going to give you a very good trading experience. In conclusion, this company is nothing more than just another scam attempt in which they want to take money from you with no actual trading software or platform.
Deposit and Withdrawal Options
On their website, Olivecryptotrades has stated following methods are available for deposit:
- Visa or Mastercard debit or credit
- Wire transfer
Although that sounds completely fine and not at all shady after we tried to activate the account we saw that they offer the possibility to use PayPal and cryptocurrencies also. Those two options are not mentioned anywhere else until you click on the deposit button.
But that’s not all, if you try to click on any other option, such as your card, it will show you a message that you need to contact website support for instructions. The only option that actually works is to activate your account through cryptocurrencies.
This is very typical for scam brokers since once the customer deposits the money, they can’t ask for a refund. We have also come upon many user complaints regarding the withdrawal issues. They have stated that once they request their money, agents will do anything to not let that happen and if the agents are not successful in doing so, they just disappear.
In case you have invested with them or any other fraudulent broker, getting your money back is possible! Don’t feel ashamed since scams can happen to anyone and reporting it to the authorities is a must.
Offshore Brokers Scam Tricks
Olivecryptotrades is just another fraudulent broker who uses dirty tactics to get you to invest with them. Not only did they falsely claim they are regulated but they also lack proof for many things they say they offer on their website.
A lot of scam brokers operate in the same way and Olivecryptotrades is not falling behind. There are a lot of complaints made against the broker, saying their agents push clients to deposit more by showing them fake profits and telling them they will lose all of it if they don’t add more funds.
For inexperienced people, that might sound like a legit thing, but remember, those are just tricks they use to manipulate you and get you to invest more. And if you are wondering have they violated any terms and conditions by doing so, they did.
The Best Forex Brokers
Trading can be a great thing to achieve financial freedom. Choosing the right broker who is regulated can be a very tiring thing to do. Keeping that in mind, we have made this table with user-recommended brokers who are licensed. In it, you will be able to find a name, their website, and the minimum deposit required.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
In this Olivecryptotrades broker review, we gave you an in-depth explanation of how this illicit broker operates. With their false claims of being regulated and licensed, to them not even having a trading platform.
This review will also give you an insight into how many alike scammers operate on the same principle. Always make sure to do proper research before investing your money anywhere.
In conclusion, it’s best to stay away from Olivecryptotrades and the dirty tricks they use to get you to invest.
FAQs About Olivecryptotrades Broker
What Are Olivecryptotrades Deposit Methods?
They state you can deposit using Visa or Master credit or debit card, wire transfer, Neteller, and Skrill.
How Do I Withdraw my Earnings at Olivecryptotrades?
You are unable to do so. That’s why it’s best to contact your bank and local authorities to help you
Is Olivecryptotrades Regulated?
No. They say they are, but the license number they have provided belongs to another company.