Olive Financial Markets Forex Broker

Olive Financial Markets Forex Broker - Comprehensive Information Guide

1. Broker Overview

Olive Financial Markets Pty Ltd, commonly referred to as Olive Financial Markets, was established in 2019. The company is headquartered in Suite 1613, 87-89 Liverpool Street, Sydney, NSW 2000, Australia. It operates as a private company and primarily serves the Australian market, catering to both retail and institutional clients.

Since its inception, Olive Financial Markets has focused on providing a diverse range of financial services, including trading in securities and derivatives. The company has faced challenges, including the cancellation of its Australian Financial Services (AFS) license by the Australian Securities and Investments Commission (ASIC) in March 2020, due to multiple breaches of its legal obligations. Despite these hurdles, Olive Financial Markets has continued to operate, appealing the cancellation and maintaining services for existing clients during the review process.

The business model of Olive Financial Markets includes retail forex trading, contract for differences (CFDs), and managed discretionary accounts. The company aims to develop trading capabilities across various asset classes, including equities, options, futures, and margin forex. As a result, Olive Financial Markets broker has positioned itself as a versatile option for traders looking for a wide array of trading instruments.

2. Regulatory and Compliance Information

Olive Financial Markets was initially regulated by the Australian Securities and Investments Commission (ASIC), holding the AFS license number 390906. However, this license was revoked in March 2020, leading to significant scrutiny of the company's operations. The revocation was upheld by the Administrative Appeals Tribunal (AAT), which cited serious and systemic breaches, including misleading conduct and failure to act in the best interests of clients.

As a consequence of the revocation, Olive Financial Markets is currently classified as an unregulated broker. This status raises concerns regarding investor protection, as clients may not have recourse through a regulatory body in the event of disputes or issues with fund withdrawals.

Clients funds are not protected under any investor compensation scheme, and the company has not provided clear information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures. This lack of regulatory oversight and transparency makes investing with Olive Financial Markets broker particularly risky.

3. Trading Products and Services

Olive Financial Markets offers a broad range of trading products that include:

• Forex Trading: The broker provides access to over 70 currency pairs, including major, minor, and exotic currencies.
• CFDs: Traders can engage in contracts for differences on various asset classes, including:
• Indices: Access to global indices for diversified trading.
• Commodities: Trading options include precious metals like gold and silver, as well as energy products such as oil.
• Stocks: CFDs on shares from major companies listed on exchanges like the NYSE and NASDAQ.
• Cryptocurrencies: A selection of popular cryptocurrencies for trading.

The frequency of product updates and the introduction of new trading instruments are not explicitly detailed in the available resources. However, Olive Financial Markets broker aims to provide a comprehensive trading experience by catering to both retail and institutional clients.

4. Trading Platforms and Technology

Olive Financial Markets supports the widely-used MetaTrader 4 (MT4) trading platform, which is favored by traders for its user-friendly interface and robust functionalities. The platform offers advanced charting tools and various customizable indicators, enabling traders to execute strategies effectively.

Additionally, Olive Financial Markets provides a web-based trading platform that allows users to trade without the need for software installation. The broker also offers mobile trading applications compatible with both iOS and Android devices, facilitating trading on the go.

The execution model employed by Olive Financial Markets is primarily market making, which may lead to potential conflicts of interest. The broker's server infrastructure and technological capabilities are not extensively detailed in the available information, leaving some uncertainty regarding the efficiency of order execution.

5. Account Types and Trading Conditions

Olive Financial Markets offers a standard trading account with a minimum deposit requirement of $200. The trading conditions include:

• Spreads: Starting from 0.8 pips without any trading commission.
• Leverage: Up to 1:500, allowing traders to control larger positions with a smaller capital outlay.
• Minimum Trade Size: Typically set at 0.01 lots, which is standard in the industry.
• Overnight Fees: Swap points are determined based on the interest rate differential between the currencies involved, with adjustments for positions held overnight.

The broker does not appear to offer a wide variety of account types, such as VIP or professional accounts, which may limit options for more experienced traders. There is also no indication of the availability of Islamic accounts or special trading conditions for institutional clients.

6. Fund Management

Olive Financial Markets supports various deposit methods, including:

• Bank Transfers
• Credit and Debit Cards
• E-wallets such as PayPal (specific options may vary).

The minimum deposit for opening an account is $200, and deposits are typically processed within a short timeframe. However, specific details regarding deposit processing times and fees are not clearly outlined.

Withdrawal methods include bank transfers and credit cards, but the processing times for withdrawals can be longer than deposits, often taking 2-3 business days. There are no clear indications of withdrawal fees, which can vary based on the method used.

7. Customer Support and Educational Resources

Olive Financial Markets provides customer support through various channels, including:

• Phone Support: Available at +61 1300 941 852.
• Email Support: Specific email contact details are not provided.
• Live Chat: Not available, which can be a disadvantage for immediate assistance.

The service hours and language support are limited, primarily focusing on English-speaking clients. Educational resources such as webinars, tutorials, and market analysis reports are not prominently featured, which may hinder the learning opportunities for less experienced traders.

8. Regional Coverage and Restrictions

Olive Financial Markets primarily serves clients in Australia, with its main office located in Sydney. However, the company does not accept clients from certain jurisdictions, particularly those with stricter regulatory frameworks. Specific countries or regions where services are restricted have not been disclosed in the available information.

In conclusion, potential clients considering Olive Financial Markets broker should exercise extreme caution due to the lack of regulation, mixed reviews from existing clients, and the absence of robust educational resources. Conducting thorough research and seeking alternatives may be prudent for those looking to engage in forex trading.