The offshore broker scheme Olymp Trade is operated by Saledo Global LLC, registered in St. Vincent & The Grenadines, and Aollikus Limited, Vanuatu. The offshore broker addresses clients in Asia and the MENA region and attracts some 5 million monthly website visitors. OlympTrade is also connected to other broker-affiliated schemes such as Saledo Global, Swiss USDT, or DealAcademy through its operating entities. We included Olymp Trade in our Red Compliance list.
The Network
Key Data
| Trading name | Olymp Trade OlympTrade |
| Business activity | Multi-asset brokerage platform |
| Related schemes | Swiss USDT (www.swissusdt.com) DealAcadamy (www.dealacademy.org) Saledo Global (https://saledo.global) |
| Activity | Forex, CFD, crypto broker |
| Domains | https://olymptrade.com https://olymptrade-pid.com https://olymptrade-idtrade.com https://olymptrade-idntrade.com https://olymptrade.com.pk https://olymptrade-idntrades.com https://olymptrade-vn.com https://martique.ltd https://saledo.global |
| Social media | LinkedIn, Facebook, YouTube |
| Legal entities | Saledo Global LLC, SVG Aollikus Limited, Vanuatu Martique Limited, Cyprus Visepoint Limited, Malta Wallfort Limited, Cyprus (liqudidated in May 2022) |
| Jurisdiction | St. Vincent & The Grenadines Vanuatu Cyprus, Malta |
| Authorization | VFSC for Aollikus Limited FSC SVG for Saledo Glogal LLC |
| Membership | Financial Markets Association (FMA) Vanuatu Dispute regulator Financial Commission (FinCom) |
| Related individuals | Roman Fomin (LinkedIn) Ilya Kanev (LinkedIn) |
| Leverage | up to 1:500 |
| Trustpilot | 4.0-star rating with a “Great” trust level |
| Compliance rating | Red |
| Warnings | RBI (India) |
Short Narrative
According to the information on its websites, Olymp Trade has more than 88 million traders processing more than 30 million transactions per month. Russian Roman Fomin introduces himself as CEO of the group on LinkedIn.
The offshore broker is operated by the offshore entities Aollikus Limited, registered as a financial dealer with the Vanuatu Financial Services Commission (VFSC), and Saledo Global LLC, registered with the Financial Services Authority (FSA) in St. Vincent & The Grenadines. According to an Olymp Trade statement, Saledo Global LLC is the sole shareholder of Visepoint Limited and Wallfort Limited (liquidated in May 2022). These subsidiaries act exclusively as payment agents for the scheme and do not conduct any other activity.
The group of companies also operate the broker scheme Swiss USDT, which also acquires clients in EEA jurisdictions and other regulatory regimes without regulatory permission.
Olymp Trade is a member of The Financial Commission, a so-called External Dispute Resolution organization. This is not a regulator, and the membership does not entitle Olymp Trade to offer regulated financial services.
The latest Similarweb statistics from July 2023 show that Olymp Trade is quite successful, especially in India and the MENA region. Around 5 million people visited the Olymp Trade websites in June 2023; most came from India, followed by Indonesia. However, that’s a significant drop from the 9 million monthly visitors we saw in our review in September 2022.
The OlympTrade broker scheme is apparently very active on Facebook and YouTube. The Facebook page has collected likes from about 1.3 million users; the YouTube channel has almost 300k subscribers.
Compliance Check
Olymp Trade is a company registered with the VFSC as a Financial Dealer and with the Financial Services Authority (FSA) in St. Vincent & The Grenadines. The FSA does not license or regulate forex brokers. Furthermore, the offshore broker does not have any regulatory permission that we are aware of. In addition, Olymp Trade is also a member of the Financial Markets Association (FMA) in Vanuatu. This is a self-regulatory body for financial dealers in this offshore state.
Through various domains Olymp Trade offers its financial services mainly in Asia (Vietnam, Indonesia, Pakistan) strongly. In addition, according to Similarweb statistics, customers from the MENA region also visit the websites. The offshore broker does not have regulatory permissions in these jurisdictions. In 2022, the Reserve Bank of Indis (RBI) included Olymp Trade in an alert list besides OctaFX, Alpari, HotForex, and other brokers.
For example, according to the information on the website and the statement to FinTelegram, Olymp Trade does not have a license to offer its brokerage services there.
Being a company duly incorporated under the laws of St. Vincent & the Grenadines, Saledo Global LLC does not have the obligation to receive any license to conduct its activity and provide its services. The laws of St. Vincent & the Grenadines clearly indicate that the services of Olymp Trade are not regulated and thus there is no need to obtain any specific license in order to render these services.
OlympTrade statement to FinTelegram
Saledo Global LLC offers its services on cross-border basis (remotely), however, it has never conducted and does not conduct any activity in the countries where such services are prohibited under the applicable laws. The Company’s services are not available for individuals / residents and/or citizens and/or nationals of the countries where the Services are prohibited under the applicable laws, including, but not limited to, United Kingdom, the Republic of Malta, the Republic of Cyprus, or any other country within the European Union.
Due to the lack of regulatory permissions in the active countries and, additionally, the lack of information on beneficial owners and operators, and, finally, its connection to the Swiss USDT broker scheme, we put Olymp Trade on our Red Compliance list.
Share Information
We recommend staying away from this unregulated offshore broker scheme. If you have any information about the scam operators or supporting partners, we would be happy if you share it with us.
I am a Vietnamese trader. Olymp Trade is a trustworthy broker. I have been with Olymp Trade since 2018. So I do not agree with this article. I know what a scam is and Olymp Trade is not a scam