OTC Review – Learn More About This Fraudulent Broker

Behold! Olympia Trust Company is a seasoned veteran in the financial landscape of Canada. It has been facilitating monetary transactions since the year of 1996. Amongst the vast services, they offer lies and a platform that allows you to dabble in the mystical world of forex trading.

But the question remains, is this company deserving of your hard-earned cash? Discover the answer in this impartial OTC review.

OTC Regulation and Fund Security

It is rather obvious that a financial institution that has been in existence since 1996 seems to be devoid of any regulations. As a Canadian-based broker, they ought to possess the coveted IIROC trading license. Yet our inspection of their registry yielded naught. However, Olympia Trust Company proclaims that it abides by a few regulations – namely the FCA, FCEN, and FINTRAC.

Thus, these claims may ring hollow. But neither of these registers bears any trace of an OTC trading company.  Moreover, they seem to lack any other Tier 1 regulations. Aside from the aforementioned FCA. In essence, this means that the broker is not bound by any rules and regulations. Which is a matter of grave concern.

Any company that lacks authorization for trading is inherently risky. Therefore, in our humble opinion, should be avoided at all costs.

OTC Trading Platform Overview

Yet another red flag looms over this company like a dark cloud. The trading platform they provide is out of any standardization that you may have come to expect. For this being a currency exchange, it is indeed possible to place orders. But also to purchase or vend currencies, but such transactions transpire sans any security measures.

This company claims to offer contracts to capitalize on market fluctuations. A task that is fraught with peril for the uninitiated. Thus, history is replete with instances of traders who ventured into the forex market without a firm grasp of its complexities.  Only to rue their decision later.

We compared them to some of its Tier 1 regulated competitors. But this company’s offerings seem more akin to a game than a reliable means of investment.

Available Account Types Offered at OTC

It’s worth noting that OTC scam broker has avoided the convention of having standard account types. In fact, they have not even deemed it fit to disclose what the minimum deposit requirement is. As such, you are left to surmise these crucial details.  Or engage in the arduous task of completing a registration form and conversing with their agents.

However, one should tread carefully in such a scenario. Considering that this company is bereft of any regulations. Another conspicuous absence is the lack of a demo account. This is a feature that many reputable Tier 1 licensed companies offer, as it provides traders with a sneak peek into the platform.

But also features, trading conditions and much more. It is a valuable tool that helps traders obtain a holistic understanding of the company they are dealing with. The absence of such a feature, in this case, is indeed suspect. Moreover, one cannot help but ponder if there’s something shady afoot.

OTC Instruments

Important to realize is that OTC broker scam offerings are confined solely to currency pairs. It’s not your run-of-the-mill leveraged trading. But it’s the real deal when it comes to exchanging currencies. However, it’s important to point out that legitimate exchanges have the requisite authorization to conduct such business. Whereas this company does not.

As of now, they provide access to 18 currencies.  Including CAD, EUR, USD, GBP, JPY, DKK, CHF, HKD, and more. However, it’s crucial to keep in mind that each transaction attracts a fee ranging from 1-3%. This is a prohibitively high fee, especially for larger amounts.

Comparatively, CFD trading offers much lower fees. Moreover, regulated brokers offer a vast of investment options. That mostly enables investors to diversify their portfolios. It’s prudent to bear this in mind if you’re seeking to invest your money wisely. Unfortunately, that’s not a possibility with this company.

OTC Deposit and Withdrawal

If you’re interested in FX trading, an OTC broker has got you covered. Whether you’re a corporate entity or an individual. To make your trading experience as seamless as possible, they accept multiple funding methods, including:

• PAD-ACH (Pre-authorized debit / Automated clearing house)
• PAD-EFT (Pre-authorized debit / electronic fund transfer)
• Wire payments

The same methods are also available for settlements. The company claims that they don’t charge any fees, and the processing time varies depending on the method you choose.

I Was Scammed by OTC – How Can I Get My Money Back?

The best way to protect fellow traders from falling victim to scammers is by sharing our experiences. By doing so, we can work together to find a solution. As we could see from other OTC broker reviews. Unfortunately, with no regulatory body overseeing this company, there’s no official place to file a complaint.

But don’t worry, we’re here to help. Our third-party fund recovery team specializes in cases like these, and we’re ready to guide you through the process step by step. It’s essential to act quickly and not wait until it’s too late. Many traders have already recovered their funds and started trading with a regulated broker. Let’s start your recovery today! Get in touch with us for your first free consultation.

OTC Summary

• Unregulated broker with a bad reputation.
• Unconventional trading options.
• OTC broker doesn’t reveal location and office details.
• A few reviews don’t comply with long business existence.

FAQs About OTC Broker: