OTC Review: Can You Trust Cgp.Olympiatrust.Com?

Say you’ve been contacted by the Olympia Trust Currency & Global Payments (Cgp) investment company. We understand that you’re not sure what to do or  whether to invest.

Well, there are a couple of things you should know about this company. We managed to compile all the necessary info in this OTC broker review and we will cover all the shady things this investment scam does.

OTC License and Fund Security

Olympia Trust Company, the entity behind Cgp is part of the Olympia Financial Group from Alberta, Canada. Essentially, the company offers FX trading solutions on its PayFX platform.

The company’s website says that Cgp is compliant with the Canadian Financial Transactions and Reports Analysis Centre (FINTRAC), the UK’s Financial Conduct Authority (FCA) and the US Financial Crimes Enforcement Network.

Upon checking the databases of these authorities, we didn’t find an entity with “Olympia Trust” in its name at all. The FINTRAC regulation is the most important here since Cgp operates in Canada but it’s missing.

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) don’t have Cgp in their registers either.

OTC Trading Platform Overview

Cgp’s proprietary platform is called PayFX. It’s a web-based trading terminal that can be accessed via both desktop and mobile phones.

According to Cgp’s website, this platform allows you to “buy & sell foreign currency, manage your global payments or simply hold multiple currencies in one account.” There are a total of 18 currencies available for trading, among which are USD, GBP, EUR, CAD, AUD, NZD.

Overall, the trading platform is just a basic web trader that is lacking in many things. There are no advanced features such as EAs or social trading, and even the number of trading indicators is quite limited.

It would be much better if you invest via advanced platforms like MetaTrader4 or MetaTrader5, as they have really innovative and unique features for sure.

OTC Account Types

OTC has stated on their website that they offer two account types which include the following ones:

• Corporate account 
• Personal account 

The company stated in its FAQ section that the minimum transaction amount for the corporate account is $25,000 CAD. For a corporate account, clients have to contact the account manager.

The same goes for the Personal account. As for the fees, Cgp charges $15 for wire transfers, adding that the fee is subject to change at any time.

Procedure for Deposit and Withdrawal

The Cgp.Olympiatrust.Com payment options include:

• PAD-ACH payments
• PAD-EFT payments
• Wire payments

Processing time is between one and three business days. The first two methods are fee-free allegedly but people claim that Cgp demanded huge fees. The wire transfer fee is $15.

How Is the Con Carried Out?

Scams operating in this manner are not as uncommon as one might think. Many people leave various personal information online and after this or unscrupulous brokers of the same kind get a hold of it, they start harassing people.

They all promise many easy earnings or numerous bonuses if you just go ahead and give them a chance to make you rich overnight.

Well-trained agents will call you almost daily to get you to invest at least the minimum amount.

OTC does not disclose the minimum deposit is, which is very uncommon as legitimate brokers will ask for as little as $10 in order for you to start investing.

Be sure that once this dishonest scam broker gets your money, it will disappear without a trace. Don’t feel ashamed if you ever got scammed by these persuasive agents, after all, they are professional smooth-talkers who scam people for a living.

Always think twice before taking any risks while investing money and never forget to read reviews online to see if there are any withdrawal issues or other complaints people are reporting.

OTC Summary

This OTC review was conducted to give you a good explanation of how this scam broker operates. The fact that they failed to provide even the most basic info like the address they operate from or the minimum deposit needed, is just the first red flag out of many. 

This investment scam allegedly offers trade in derivatives. However, after one look at the alleged trading software they provide, it becomes obvious no trading takes place there.

Additionally, they are operating without a license and follow no regulations and therefore offer no safety for your funds.  

We also found many complaints about the broker online and all of them state that after depositing the money, the broker disappeared into thin air. Always be cautious where you invest your funds, and stay as far as possible from this unscrupulous broker  

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