Olymp Trade has stopped accepting traders from Russia

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Why did Olymp Trade stop its activities in Russia?

One of the main problems of the global financial market is the lack of general rules for regulating the activities of brokers working online. However, they must comply with the laws of those countries where the company provides its services. Even the presence of licenses of well-known organizations (FCA, CySec, NFA), which regulate the activities of brokers, do not give the right to work in countries where there are no relevant laws.

The popular olymp trade marketplace, the whole truth about which is “lost” among ambiguous reviews and negative reviews on specialized web resources, is a typical example of the above problem. At the end of 2020 (December 26), the company stopped registering new customers from Russia. Such a statement looked very strange, if you count how much money the company owners spent on advertising and project promotion, as well as the fact that in other CIS countries it continued to work as before.

So why did the management of Olymp Trade make such a decision? On the Internet, this topic began to be actively discussed, there appeared various versions explaining this fact, but many of them had nothing to do with the real state of affairs. For a detailed analysis of this issue, it is necessary to examine the main performance indicators of the broker.

What offers its customers a broker binary options Olymp trade

Most experienced traders speak positively about the Olymp Trade platform. The list of the main advantages of the broker in question includes:

● a decent selection of financial instruments;

● availability of indicators for technical analysis;

● no problems with the input / output of funds;

● availability of personal analyst;

● the ability to enter into transactions using a demo account;

● minimum deposit – $ 10;

● transaction amount – $ 1.

You can also add that Olymp Trade is a trading platform that has been providing services since 2020, its website is reliably protected from intruders, and broker clients are given the opportunity to use the services of a support service at any time of the day.

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Deposit and withdrawal

For input / output of financial resources, users of the resource are provided with the following methods:

● Credit cards of financial institutions.

The currencies of the trading platform accounts are the Russian ruble, the euro and the US dollar.

How to make money on Olymp trade ?

Beginning traders, before starting work on the trading platform in question, can take a full course of training on the broker’s website. After studying the theory and passing practical training (concluding transactions using virtual currency), a novice will learn:

● how the world financial market functions;

● where does the money come from to pay for successful transactions;

● what to do to get a stable income, etc.

The essence of work on Olymp Trade is to predict how to change the exchange rate, or other trading assets over a certain period of time. That is, this service is a classic binary options broker. A detailed analysis of economic news and other information that influences the change in the value of trading assets significantly increases the chances of a trader to receive a substantial income. Some users do not know how to trade on the Olymp trade, but they are counting on their own luck, practically turning serious business into a game of chance. As a rule, such experiments end with the defeat of “successful traders”.

What made Broker Olymp Trade prohibit registration of new users from Russia?

On the Internet you can find many answers to this question. However, many authors emphasize that the broker has left the Russian market altogether, but this is not the case. Olymp Trade continues to provide financial services to all traders from Russia who have registered an account until December 26, 2020.

Broker version

Officially, the owners of the company explain their decision by changes in the legislation of the Russian Federation (this issue was discussed in the first section of the review) and the change of priorities in the development plans of the broker. Olymp trade is more interested in the rapidly developing markets of South America, Asia, and Africa. It seems, everything is clear and quite logical. But experienced analysts, after such a response, have the impression that company leaders do not all tell the general public.

Versions of resource users

Among the reasons that led the broker to change their attitude towards the Russian market, resource users cite a variety of assumptions. From quite logical to fantastic. This is both world politics and the possibility of complete economic isolation of the Russian Federation, pressure on site managers, etc. It is possible that these factors also played a certain role, but they are unlikely to be key.

What do analysts think?

Most likely, the administration of Olymp Trade does not want to repeat the fate of reputable brokers, which not so long ago the leadership of the Central Bank of Russia actually drove out of the country (Teletrade, Alpari and Forex Club). But they don’t want to lose the promising market either, so old users were able to work on the same conditions. Thus, the broker leaves the “alternate aerodrome”. If Russia develops a favorable situation for the development of the company, they can return at any time.

But in the case of adoption of laws that will force Olymp Trade to leave the Russian market, the company’s management will do this by complying with all the agreements. This will provide an opportunity to preserve their reputation and even turn the situation in their favor. But if you continue to register users from the Russian Federation, the company may simply not fulfill its financial obligations in a timely manner. Based on these factors, it is not difficult to understand the logic of the owners of Olymp Trade, who act very reasonably in this situation.

“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

Olymp Trade stops trading for the Russian clients

The Olymp Trade broker ceases accepting deposits and trading on the platform in the territory of the Russian Federation.

From March 31, 2020 at 20:59 GMT, Olymp Trade terminates trading on the platform for the customers in the territory of Russia. Thereafter, users will not be able to carry out any financial transactions in their personal accounts in Russia—except for the funds withdrawal.

The broker’s customers from the Russian Federation will be able to withdraw money from their platform accounts within three months—until June 30, 2020. In addition, Russian users will be able to verify their account during this period.

At the same time, Russian citizens can use all the services the broker provides in the countries where Olymp Trade operates.

This decision was made as a part of the broker diversification and its shift in business priorities to international markets due to the possible adoption of amendments to the Federal Law “On Securities Market”. Olymp Trade is currently focusing its business development on Southeast Asia, Africa, Latin America, and the CIS member states.

Olymp Trade ceases registration for new clients in Russia

The Olymp Trade broker ceases registering new users from Russian Federation from December 26, 2020 onwards. Also, starting on December 26, the company terminates all advertising campaigns targeted at Russia and users with Russian IP addresses.

The decision was taken due to the business strategy of the broker, which is going to focus on emerging markets, mostly in Asia, Africa and Latin America. This strategy has already been implemented and yielded first tangible results.

In turn, main reasons for such a shift in the company’s priorities is the forthcoming adoption of the Russian Federal Law “On Securities Market” No. 39 dated 22.04.1996. The broker’s policy is aimed at steadfast compliance with the local laws of every country Olymp Trade operates in.

As for the existing users from Russia, the Olymp Trade broker will continue to work with them as previously until the moment the Law comes into force.

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