Why Olsson Capital Doesn’t Suck In 50 Words?
The only thing that I like here, which far from convinces me to deposit with Olsson Capital, is the fact that they upload daily financial news on their YouTube channel. They call it Trader’s TV. I like the idea, it is innovative and more brokers should apply this.
Why Olsson Capital Sucks In 50 Words?
There are many reasons. Most important one is the lack of regulation. The second reason is that they are “sneaky” – there is not much info regarding the company. You could call it lack of transparency which is further confirmed by the fact that they are getting their clients mainly from get rich quick schemes. Finally, they are applying the old scam bonus terms and conditions which locks your funds.
Is Olsson Capital A Scam?
Olsson Capital comes off as a typical scam broker. First and foremost, there is no real information on who they are and their whereabouts. We had too Google Carter Enterprises for their address in Tallinn. Furthermore, they provide phone support in countries where they hold no license where they are soliciting client, for example, UK citizens according to their traffic. Another concern is lack of regulation but also that the majority of their traffic is linked to scam robots and get rich quick services as we will discuss further below.
Should I Open A CFD Account With Olsson Capital?
Olsson Capital is a broker founded in 2017 where you can trade CFD’s and Cryptocurrencies. Clearing and billing services are handled by Carter Enterprises OU. There is no information on who owns the company so we can only guess it is Carter Enterprises OU. Adress is 85 James Bouchier Blvd., Sofia Bulgaria and GM Management Doo, Golubovci BB Podgorica. We also managed to find an address for Carter Enterprises OU; Roosikrantsi tn 2 Tallinn Harjumaa 10119 with register code 14310046. Support can be reached through email at [email protected].
Let’s go through a few things and then we answer whether you should avoid Olsson Capital or not. Olsson Capital claims to be “the leading CFD broker” which is a very bold claim considering they are unregulated and so new. The Tallinn address we managed to dig up through Google was registered in August 2017. It’s been barely 6 months since then and they already claim to be top notch brokers. Most brokers, even the scam ones, at least tell you who owns and operates the firm. Olsson Capital doesn’t. They mention clearing and billing services that Carter Enterprises OU is in charge of but not who owns and operates the firm itself.
Interestingly, their live chat confirmed that they DO in fact accept US clients. This is another alarming fact considering they cannot solicit US clients without holding a CFTC regulation. Their live support claimed they are in the process of being regulated which is complete nonsense. An unregistered firm based on a virtual address somewhere in Bulgaria is seeking CFTC regulation is nothing more than lies. This is a very bad sign and only a matter of time before CFTC puts them on their red list.
As mentioned earlier, it is very alarming that when you check the sources of Olsson Capital’s traffic (or even Google their names) it is revealed that they are pretty much in bed with hundreds of autotrader/robot scams. Some are CFD scams and others try to lure people through offering a get rich quick system using Bitcoin or other cryptocurrencies. They call it investing in BTC. Some examples are: Best Coin Bot The Bitcoin Code (also known as Mama-system.com)Whitelabelrobot.com (needs no further introduction…), Bitcoin Bonanza, BinaryRobot365.
This is just the tip of the iceberg their robot scam bonanza. The fact that they are using Whitelabelrobot.com could mean that they are themselves creating many of these scam robots under different names or giving it to their affiliates. Speaking of scam, the bad bonus terms are there and are even worse. Normally, even the worse brokers ask for a 30 or 50x volume on your claimed bonus before you get to withdraw. Olsson Capital wants you to trade 80 times the received amount and of course, as you may have guessed, you may NOT withdraw at ALL until this is done. The use of such unfavorable methods to lock clients was banned by financial authorities. Olsson Capital not being regulated can do whatever they wish and putting all this together with what we exposed above, you should avoid them.
Olsson Capital Complaints
It’s easy to find complaints on Olsson Capital. The first one we found was in a thread on a very big and popular Swedish forum where people mentioned how they had been solicited into depositing and had no luck getting any money out. Surprisingly, there were a few but only good comments on Forexpeacearmy but those look very suspicious and seem to be coming from the broker itself as all of the four reviews showed up in January and February 2018 and are overly positive. Furthermore, I found one of the commentators on other forums under the same nickname defending Olsson Capital wherever there was a bad review. It is clear that the broker representatives themselves are spamming various forums to clear their name. But facts don’t lie: On other websites, you can find multiple complaints where clients say Olsson Capital does not reply to their emails after they asked for a withdrawal.
Examples:“They are a bunch of sheisters! Opened an account, deposited some money – quickly realized my mistake. Now can’t get my money back or close my account they just keep fobbing me of! Avoid like the plague.”
“They just don’t respond to any communication and my partner is unable to withdraw any money, and was told ‘you can take it out any time’. Simply not true. Complete scammers. Hold onto that cash, you may not get it back so easy next time.”
Overall, you will find many complaints on this broker – money goes in and does not come out. Bonus terms are also scam so forget about withdrawals. “I was encouraged by Olsson Capital advertising online to trade with Cryptoin coins and paid 250 Euros only to discover it is one big scam. After I repeatedly tried to get my money back, but they wouldn’t. Because of some terms and conditions thing where they give you a bonus and once you sign for it, you are trapped. So the whole thing is one big scam. Sorry and never again!.”
That’s right, Cryption Coin is another one of those “get rich quick” scams affiliated with Olsson Capital.
Olsson Capital Withdrawal
Deposit and withdrawal methods are credit cards (Visa or MasterCard), debit card or wire transfer. Fees apply as follows: Credit Card: 3.5%, Wire Transfer: $20. Withdrawals of less than 100 USD/GBP/EUR/AUD on Credit Card and/or Wire Transfer will incur a flat withdrawal fee of $20. Transaction may take 7 business days.
Trading Bitcoin With Olsson Capital
Olsson Capital uses SpotOption platform where you can bet on various cryptocurrency pairs such as BTC/EUR or ETH/EUR. Leverage various from 1:2 up to 1:3. You can set stop loss and choose expiries. It is important to note that you are not actually buying or selling any cryptocurrencies or CFD’s unlike what their “get rich quick” affiliates promise on their websites. Olsson Capital actually addresses this in their terms and conditions: “12.2. For the avoidance of doubt, monies received from you are not invested in any securities, futures, currencies, derivatives or other investments, on your behalf. Such monies are solely used as Collateral for your transactions in the System.”
Olsson Capital Ratings
User Friendliness 5/20
The website looks pretty good and it’s fairly easy to find things but it leaves a lot to be desired. For example, you have to find the tiny “terms and conditions” at the very bottom of the page and scroll through a lot of tiny text to find the bonus terms and conditions. There was also not much info on who the owner is and their address. We had to Google that. The website comes in German and English.
Range Of Markets, Spreads And Leverage 10/20
Olsson Capital offers CFDs, Stocks, Indices, Cryptocurrencies and Commodities.
Leverage differs depending on the asset, but it goes up to 1:200 for currency pairs and 1:20 for indices and stocks. Cryptocurrency leverage is 1:2 or 1:3. Spreads are normally around 2 pips for Forex pairs.
Deposits And Withdrawals 5/20
Most brokers offer multiple ways for deposits and withdrawals including e-wallets for smoother and intraday transactions. Olsson Capital does not. You can only use wire, Visa, and MasterCard. Minimum deposit is 250$. Following fees apply Credit Card: 3.5%, Wire Transfer: $20. Withdrawals of less than 100 USD/GBP/EUR/AUD on Credit Card and/or Wire Transfer will incur a flat withdrawal fee of $20. A transaction may take 7 business days.
CFD Fees, Bonuses and Support 5/20
There are no trading fees but bonuses are available. The bonuses will lock your funds and withdrawals will not be possible until a volume of 80 times the accepted bonus is traded. They advertise 24/7 customer support and they were indeed available on the live chat. Unfortunately, the customer support was not honest and lied about regulation. After my second question, the chat already wanted me to speak to a broker (read: pushy account manager).
The extra is an up-to-date YouTube channel with daily financial news.
Olsson Capital Ratings: 33/100