Olymp Trade Review 2022: Is Olymp Trade Legit or Scam?
Olymp Trade was founded in 2014 and has since established itself as one of the leading online brokers. It offers its customers an intuitive and effective trading platform, and it continuously improves its services. This platform is regarded as one of the most trustworthy and well-liked brokers and has won numerous forex awards in the trading industry.
Overview of Olymp Trade
For its traders, Olymp Trade provides excellent features, tools, financial products, educational materials, and customer service. This platform offers the highest level of security in line with industry standards and can be utilized by both novice and experienced traders. Additionally, it offers free demo trading so that investors can get some practice in before engaging in live trading. To learn about all of Olymp Trade’s services, read the review in full.
Describe Olymp Trade.
Since its beginning, the broker, owned by Saledo Global LLC First Floor, First St. Vincent Bank Ltd Building, has grown to become one of the most well-known online brokers. The broker’s headquarters are in St. Vincent and the Grenadines, and it has been a member of the IFC since 2016. Olymp is a broker that serves many millions of users globally. It offers more than 80 trading options, including those for commodities, equities, indices, cryptocurrencies, and currencies.
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Despite being unregulated in North America and Europe, Olymp Trade has been a member of FinaCom (the financial commission) since 2016. Additionally, membership is only available to businesses who guarantee the safety of their clients by providing up to 20,000 Euros in coverage within the guidelines of the Finacom compensation fund.
Characteristics of Olymp Trade
The following are a few of Olymp Trade’s key characteristics:
It provides a wide range of trading assets from well-known corporations like Microsoft, Apple, and IBM, including indexes, significant currency pairings, cryptocurrencies, stocks, and commodities. For traders with little experience, the platform provides an easy-to-use user interface.
Due to Olymp Trade’s modest minimum deposit requirement of just $10, traders can conduct online trading on the Olymp Trade website without having to deposit substantial sums of their own money. The broker provides a variety of account types, including ECN accounts, significant user training resources, a wide selection of educational resources to assist users create value, and platform support for auto trading. Additionally, it provides a wide range of other resources for profitable trading, including news, analyst support, price charts, an economic calendar, and webinar sessions.
According to our excellent Olymp Trade review, the platform is very high quality and features a very user-friendly and straightforward user interface. Users can now trade automatically at any time and from any location. Both desktop and mobile devices can use the platform, and this broker also supports MetaTrader 4, which is available to expert traders.
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It offers a mobile trading app that customers may utilize. Users can download it for Android and iOS from the Apple App Store or the Google Play Store. The user can download the app and trade real money online while they are on the move.
This broker offers “Olymp Plus,” which is referred to as an encyclopedia of the various trading information available in an easy-to-use interface. The users are given access to tutorials, video analyses of the financial markets, tried-and-true tactics, professional advice, the most recent news, and market news and updates. You can also check out our list of forex brokers in India, where we’ve covered a variety of features for broker platforms that are appropriate for any trader.
Services Provided
Here is a list of the specific services that the business provides:
• According to our review of Olymp Trade, this broker is a Finacom member. Brokers must abide by Finacom’s laws and regulations because it is a regulatory body, ensuring the security of user funds.
• It provides a web platform that can be utilized on a variety of devices, including desktop and mobile versions. The Metatrader 4 trading platform is additionally available.
• Olymp Trade provides users with a stop loss or take profit option so they can lower their high risk of loss and increase their profits.
• Users can start trading with Olymp Trade with a minimum amount of $10 and no fees for deposits or withdrawals while learning about risk management. Investors can trade FTT and FX as well. To explore them, learn more about the various top forex broker platforms.
• Users of Olymp Trade have complete protection against negative balances. Two-factor authentication is offered by this system to protect user accounts.
Principal Offerings of Olymp Trade
Here are a few of the main services provided by the broker:-
According to our analysis, one of the most crucial factors is that the brokerage has won over the trust of its clients and is a Category A member of Finacom, proving that Olymp Trade is a trustworthy broker and has had such excellent feedback from its team.
The user-friendly platform’s interface of this brokerage, which serves traders in 194 nations, is offered in 13 different languages. 30 new assets have just been introduced to this broker’s platform. This financial broker has unveiled a brand-new incentive program called “Experience Points XP,” where it grants its active traders greater benefits and privileges.
Its “Profit Line” functionality has a tool that aids traders in determining the break-even point for each trade. Additionally, it provides a tool called “Adviser” that evaluates a variety of indicators in accordance with the trading plans of its trading community.
The user can trade using any device, whether they would want to trade using a desktop or a mobile, and it offers a simple and fluid user experience. The platform was specifically created to adapt to any device, and switching between them is completely painless.
The broker offers its users a trial account with 10,000 fictitious dollars to use for experimentation and learning. By utilizing special and practical tools, they can further tailor the platform and hone their abilities. The main benefit is that it provides a personal manager where customers may receive one-on-one investment advice only from trade professional advisors. The broker’s support staff is easily accessible and available around-the-clock. Users can get in touch with them by email or online chat, and their questions are promptly addressed.
English, Russian, Thai, Portuguese, Indonesian, Turkish, Spanish, Chinese, Vietnamese, Arabic, Malayan, and Hindi are among the many languages the website supports. Additionally, it gives the necessary settings for a bar, line, heikin-ashi, and candlestick chart and offers advanced chart possibilities. The light and black Olymp Trade platform themes give users with a priceless experience. The real-time trading chatbot assistance is available to users, who can also use it.
Trade Products by Olymp
A variety of trading products are offered by this broker, which can be traded in the marketplaces listed below. However, users should be aware that depending on where they live, the instrument may not always be available.
• Commodities
• Cryptocurrencies
• Currencies
• Indices
• Stocks
Olymp Trade is it governed?
The top financial broker is Olymp Trade, which is overseen by the Financial Commission of Hong Kong. This commission will be able to handle any necessary external dispute resolution. Additionally, it has a category A class broker registration. Users may file an appeal with the Finance Commission to resolve their problems if there are any complaints against the broker. This regulating agency can collect compensation of up to 20,000 Euros and provides legal aid to resolve any disputes.
Review of Olymp Trade India: Positives and Negatives
Opening an Olymp Trade Account
Here are a few instructions on how to trade on Olymp Trade:
Registration
The first step in opening an account for the investor is to register on the website, which is a straightforward procedure. Then, they should click the Register button on the Olymp Trade website or mobile app. They must also supply information like their complete name, email address, password, and preferred currency (such as dollars or euros). Additionally, they must supply a secure password to protect their genuine account. Verifying the information is the next stage.
Practice Trading
The investor will be registered for options trading when they open their first account with Olymp Trade Broker. After completing the registration process, the user can proceed with Olymp Trade Login and use the demo account, which is provided without charge. They are given $100,000 in virtual funds on this demo account, which is a copy of the genuine account. This helps seasoned traders develop new abilities, test trading techniques, and become more accustomed to the website. By doing this, customers can avoid losing their money and transition to a real account once they feel comfortable trading at set times.
Spending Money
The traders can move on with putting funds to their accounts that offer various sorts of options after registering and practicing with the demo account. They should choose their preferred currency and click the terms and conditions before contributing money to the account. After completing this, individuals can start trading binary options and live commodities.
Actual Trading
The team offers VIP and standard accounts, two different kinds of live accounts. As the name implies, VIP accounts offer exclusive benefits not available to regular customers. The key requirement for users who want the VIP account is that they maintain a minimum balance of $20000.
Various Olymp Trade Account Types
We have described the many types of accounts that the broker offers:
Trial Account
Customers can test out Olymp Trade’s platform with a free demo account. By doing this, consumers can test out various indicators and other platform tools before parting with their hard-earned cash. Additionally, this example account has a $100,000 virtual fund. The demo account is highly helpful to the user because it is an exact replica of ordinary account holders. The user must register on the website in order to utilize the free demo account; unless they choose a paid account with high risks, they are not required to present identity evidence. Users can choose between a normal account and a VIP account after using the demo account.
Regular Account
A user must add a minimum deposit of $10 in order to open a basic account. If they choose to trade, they can do so with a predetermined sum, which can range from $1 to $2000. The ordinary trading account has spreads of 1:1 pips; the minimum withdrawal amount is $10, and there is no maximum withdrawal amount. Also available is an ECN account.
Account VIP
The user must deposit a minimum of $2000 if they wish to get a VIP account. Comparing this sort of account to a conventional account, additional perks are offered. VIP account users have access to VIP consultants and can execute deals for up to $5000. VIP consultants are financial experts with extensive work backgrounds who may offer insightful guidance on precisely which transactions to carry out while utilizing the Olymp Trade approach. Additionally, this account holder is provided with trading tips, features, and tools from Olymp Trade that are not accessible to users of normal accounts.
Trade Tools Olymp
Both novice and seasoned traders will benefit from the additional information this broker offers. Before making transactions, customers can learn about price forecasts to help them make the best judgments. It provides simple-to-understand video lectures created by seasoned financial experts. These resources help both new and seasoned traders improve their trading abilities. Users can access a variety of fascinating topics for their trading career from anywhere at any time using educational resources and other tools.
If users want to trade forex like an expert, they must have great insights; they must understand trades and know how to use the instruments to execute lucrative transactions. It delivers “Olymp plus,” a special tool that gives users information on unexpected market movements, technical analysis, short-term recommendations, and a thorough overview that will aid traders in making investment decisions.
Here are a few tools that traders can use to conduct profitable trading. Some of them consist of:
Trading 24 hours a day
• Excellent Charting Software
• Checklist for Trading
• Currency Trading Hours
• Calculator for Traders’ Profit
• Financial Calendar
• Binary Option Trade Log
• Comprehensive Market Overview
Trade Olymp leverage
Based on the sort of trade the trader plans to execute, the Olymp platform offers variable leverage size. Up to 400:1 maximum leverage is available. Leverage of 30:1 is available for some of the most popular Forex trading pairs, such as EUR/USD; 20:1 leverage is available for minor forex trading pairings, such as NZD/USD, AUD/CAD, and USD/SGD.
Fees for Olymp Trade Platform
Spreads
When compared to the trading platforms of other brokers, this broker gets favorable evaluations and provides some of the most alluring spreads. For a regular account, spreads begin at 1.1 pips, which is reasonable. Stocks and cryptocurrencies have prices based on assets. When users do fixed-time trading on the platform, it can be seen on the live trading platform.
Daily Fee
This broker doesn’t charge any commissions for trades that are executed on the standard account from the start. If the trader does not execute any trades for more than 180 days, this platform imposes a $10 monthly fee.
A nightly fee
The Olymp Trade team does charge a set rate overnight fee when the trades are conducted overnight; they are charged up to 15% on the total investment amount, according to our excellent Olymp Trade review. In FX mode, there is an additional fee.
Activation Fee
This broker does not impose custom fees or account maintenance costs; instead, it levies a subscription-based fee known as an activity fee. The fee is $10/month if there is no trading activity for 180 days. It will be closed if there are not enough funds in the account. The minimal fee this broker charges for forex trading is determined by the fixed quantities, specification requirements, necessary multiplier, and the current market conditions.
Fee for Deposit and Withdrawal
In contrast to other trading platforms that charge a minimal deposit or withdrawal cost, Olymp Trade platform does not impose any kind of fee on traders for deposits and withdrawals. Investors should be aware of their bank’s fees and minimum withdrawal amount before becoming familiar with the site in order to maximize every opportunity.
Options for Olymp Trade deposits and withdrawals
There are a variety of ways available for deposits and withdrawals, but investors can withdraw money using the same process they used to deposit it.
Deposit Alternatives
This broker provides a number of deposit choices. Bank transfers, credit or debit cards, Skrill, Neteller, and cryptocurrency are a few of them. While bank transfers from their own bank account take many hours, payments are completed instantaneously. Additionally, the minimum deposit is $10 and there are no commission fees.
Optional Retraction
When an investor withdraws money from Olymp Trade using the same method they used to deposit it, the process goes more quickly. When using the bank transfer method, withdrawals are often handled the same day; in unusual circumstances, they may take up to 3 working days.
Olymp Trade Promotions & Bonuses
Although there is no additional information on the requirements to qualify for promotions or incentives offered by this brokerage, it does offer trading bonuses. Olymp Trade promo codes are frequently given to new traders by this platform, allowing them to take advantage of discounts and incentives of up to 50%.
An additional 50% bonus will be given to new traders who sign up using these promotional codes. However, before investing, the investors should read the service agreement that is included with the incentive and double-check the pertinent details.
Although this platform doesn’t have a set incentive, it has excellent flexibility for trading little sums. A modest initial investment, a terrific trading platform, free educational resources, and competitive returns are just a few of the advantages. When they do, a fresh sign-up offer is also made available; by increasing their deposits, they can double their profit. Both significant gains and losses may result from this. An explanation for this would be a promotion.
Loyalty Initiative
There are different tiers of the customer loyalty program that this business offers, including Starter, Advanced, and Expert status. Each level offers a specific number of advantages. The more advanced the level, the more trading privileges are available to those who are active traders. A beginning level, for instance, starts with a basic status, whereas an advanced or expert level includes advantages like a personal account manager that are not available at the starter level.
Offers of Resources
Trading professionals can receive training and instruction from Olymp Trade, which includes analyst support, webinars, live tracking, and price analysis of various assets. Additionally, it offers a number of helpful tools including professional webinars and economic calendars. Additionally, it offers blogs on a variety of subjects, including profitable trading and market functioning, which aids investors in staying up to date with the newest risk-free trades, noting market trends, and learning various trading tactics.
For those who want to trade for the first time and are beginners, we highly recommend this company. It offers a $10 minimum deposit, a sample account that is completely free, and a variety of learning resources through “Olymp Trader’s club.”
Partner Program
The Olymp Trade team has a referral scheme that enables consumers to use time trading with this broker to generate passive online revenue. This online broker offers the Olymp Trade affiliate program a partnership opportunity to use this as a source of income. The investor must visit the website’s main page and click the link in order to register an account. The trader will receive a link that they can share with their friends and family. They make between 50 and 60 percent of the money when they sign up via the link.
Trade Olymp App
This broker offers an app for IOS and Android devices that may be used on tablets or smartphones with a reliable internet connection. You may quickly get this software from the Apple App Store or Google Play Store. The Olymp Trade mobile application has excellent customer reviews and offers a responsive design with similar functionality to the web version. This suggests that traders who use their mobile devices for trading are not skipping any features. When trading real financial products on this platform, traders who use mobile devices successfully are given a competitive edge. This makes the Olymp Trade app essential.
Security Steps
The website offers the most recent encryption standards and guarantees the security of user data. Customers who use wallets can add money to their accounts without having to divulge the personal banking information that the platform stores about them. The deposit and withdrawal procedures on this platform have been controlled by the financial commission to improve user experience. If you want to select a brokerage, you need figure out which platform is the best and is governed by a regulatory organization. This business was accredited and subject to IFSC (International Financial Commission) regulation.
Customer Service
This business offers high-quality customer assistance that is available around-the-clock in 8 different languages. Email, phone, and live chat are all ways to get in touch with the Olymp trading team. Additionally, it offers a FAQ part that is visible on the website, which is highly beneficial for customers to anticipate the correct responses to the questions. If they were unable to resolve any of their questions, they are asked to call the Olymp Trade customer service line at any moment for instant assistance.
Review of Olymp Trade India: Final Verdict
As a conclusion, we can state that the Olymp Trade platform is one of the top brokers that offers a straightforward and user-friendly trading platform of its own. It provides investors with streamlined technologies and a straightforward user interface that aid in learning profitable trading. It includes a number of trading tools that enable users to get the most out of their trading on the site. The finest choice for novice traders who wish to discover profitable trading is this one. For investors who want to start trading on the site, this platform also provides training and instructional resources.
FAQs
Is Indian Olympic Trade Legal?
Olymp Trade India is legitimate, yes. Additionally, it belongs to the regulating body Finacom. It is a regulating organization that oversees a number of online trading brokers and makes sure that this web trading platform complies with Olymp Trade India’s Indian legislation.
Olymp Trade security
Olymp is praised for being a safe broker because investor accounts are guarded by limitations, KYC procedures, fraud prevention, and many other things. A KYC process, or know your customer, should be completed when opening an account. Additionally, this broker has a listing with Finacom, one of the regulated organizations that aids users in protecting their money.
Olymp Trade: A Reliable Broker?
A minimal investment of $10 can be made on the well-known and most well-liked online trading platform Olymp Trade Broker. This platform has established itself as trustworthy and dependable for traders who want to conduct online trading since its launch in 2014.
What Is the Olymp Trade Minimum Deposit?
The Olymp Trade minimal deposit amount is €/$10.
What is the time required to withdraw funds from Olymp Trade?
Within 24 hours after receiving the request, it is handled; frequently, this broker credits the funds right away. Additionally, if there is a difficulty, the money withdrawal process could take up to 5 days.
How long does it take to deposit an Olymp Trade?
Depending on the payment source the trader uses, it may take up to 2–5 working days for the deposited monies to be credited to the investor accounts.
Olymp Trade: Does It Actually Pay?
Olymp Trade is one of the trustworthy brokers that pays its clients, according to many assessments of the company. The trader must make a small minimum deposit of $10 in order to profit significantly from it.
Risk Warning: Trading investments involve a high level of risk and the potential for financial loss. You should think about whether you can accept the significant risk of financial loss. Put your spare cash into investments.