IN SHORT: Some posts on Facebook claim that an investment platform called Olymp Trade can double your money in an hour. But don’t be fooled, it’s just another scam.
Several Facebook users are encouraging others to join an investment platform called Olymp Trade, claiming it can double their money in an hour.
A 12 May 2024 post reads: “Olymp trade investment had done it again, I had invested again and I was credited with double of the amount I invested within an hour again. I'm using this opportunity again to invite my family and friends to invest and benefit from the platform too.”
Similar posts can be found here and here. (Note: See more instances listed at the end of this report.)
But can Olymp Trade investment platform be trusted? We checked.
Beware of scams
We searched the internet for “Olymp Trade” and found a website for an online trading platform with that name.
The company is headquartered in the Republic of Vanuatu and allows users to trade forex, stocks, commodities and cryptocurrencies. Olymp Trade warns users on its website that they may incur losses when trading.
The company’s website also links to its social media platforms, including Facebook and X (formerly Twitter), which are verified. Its Facebook page has over 1.4 million followers, while the X account has over 38,000.
We looked through both accounts and found nothing about the platform promising to double users’ money in an hour.
In a response to our enquiry on X, the company representative advised users to avoid schemes impersonating the platform. The rep said: “Success on our platform depends on your knowledge, practice and a good strategy.”
We found no evidence that the investment platform being promoted by Facebook users is linked to the legitimate company.
One of the signs of an investment scam is the promise of large returns in a short period of time. If it sounds too good to be true, it usually is.
In 2022, Nigeria’s Economic and Financial Crime Commission, which is responsible for combating financial crime, also warned the public not to trust platforms that offer unrealistic returns.
Africa Check has investigated several similar false investment schemes here, here and here.
Read our guide on how to spot risky investment schemes and scams on Facebook in Nigeria here.
For publishers: what to do if your post is rated false
A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?
Click on our guide for the steps you should follow.
Publishers guideAfrica Check teams up with Facebook
Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.
The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.
You can also help identify false information on Facebook. This guide explains how.
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