Olymp Trade Review
Introduction
A well-known online trading platform called Olymp Trade was launched in 2014. It provides a wide range of assets, which is unusual for forex brokers. Additionally, Olymp Trade offers a mobile application with more than 50 million downloads.
Olymp Trade is a member of the Financial Commission, an international body that governs the reimbursement of any unlawful acts up to $20,000 in actual money obtained from the Compensation Fund.
The low initial investment needed to start trading and creating a live account is a significant benefit. Anyone may sign up for the financial technology company Olymp Trade and begin trading because the minimum deposit is only $10.
A multilingual staff of experts who are available by phone, email, and chat around-the-clock and always prepared to answer swiftly and effectively provides technical assistance.
Olymp Trade customers may easily access training materials and educational tools. Each of those items and resources are available for use at any moment by any member of Olymp Trade. All nations can trade on Olymp Trade, with the exception of Australia, Canada, USA, Japan, UK, EU (all countries), and Israel.
This Olymp Trade review is a comprehensive examination of all there is to know about this provider of trading services and what it has to offer.
Pros
• No withdrawal or deposit fees
• Free Demo Account is offered.
• Financial Commission member
• Constant customer support is offered.
Cons
• There is just one available trading platform
• Not accessible for trade in all nations (EU, UK, and USA included)
• Extended withdrawal procedure
Trade Olymp Rewards
Security and Control
Olymp Trade is a licensed and validated brokerage firm that is a member of the International Financial Commission, despite the fact that it lacks a robust financial services license. The Financial Commission is a global financial institution that provides traders with a 20,000 EUR guarantee, complete access to their resources, and legal support as needed.
With a safety line, traders can take advantage of a variety of uncommon forex trading benefits.
Pros
• The Financial Commission oversees regulation
• Provides 20,000 EUR in damages
• Access to legal counsel is possible.
• There is investor protection.
Cons
• Not subject to financial regulator oversight
The Financial Commission, one of the best and strictest financial organizations in the world, has certified Olymp Trade as a brokerage firm.
When there is a problem with a trader, the Financial Commission is a financial entity that serves as a regulator and mediator. Any IFC member is required to submit an annual report and conduct themselves in a completely transparent manner toward the IFC and its traders.
Olymp Trade prioritizes the monetary compensation of 20,000 EUR if any misbehavior happens to the trader in order to keep their traders safe. Additionally, the trading service provider gives the IFC an annual report on their annual trades and permits traders to receive full legal support from the IFC in the event that a problem should emerge.
Trade Olymp Fees
Olymp Trade offers unusually cheap trading commissions for Forex brokers. It is best to think about if the cost justifies the service because most FX brokers generate their money from non-trading fees.
Pros
• Free withdrawals
• No fees for deposits
• There is a very low minimum withdrawal and deposit amount.
• Significant payouts for both kinds of accounts
Cons
• Overnight charges necessary
Account Creation
Account Olymp Trade VIP
The account is favoured by very experienced traders and is available to individuals with advanced trading skills. Traders must deposit $2,000 (or the equivalent in another currency) for an account to be active and usable.
Clients that purchased VIP Accounts gain access to a VIP adviser, financial analysts, and a variety of trading tools, as well as speedier withdrawal times.
Pros
• More rapid withdrawals
Consult a VIP
• Appropriate for elite merchants
• Catering to big investors’ traders
• Free Demo Account is offered.
Cons
• High required minimum deposits
• Inappropriate for new merchants
Standard Olymp Trade Account
The Standard Account, used by the majority of traders, is open to any potential client who wants to experiment with a free Demo Account or casually trade.
The lowest and maximum tradeable amounts for the account are one dollar and two thousand dollars, respectively. When a trade is successful, the Standard Account permits the highest possible profit of 80%. With the Standard Account, there is no maximum withdrawal amount and a minimum withdrawal fund of $10.
A maximum waiting period of three days applies to withdrawals, which might take up to 24 hours.
Pros
• Free Demo Account is offered.
• Low transaction costs
• Account with a low minimum deposit
• 80% of the maximum profit is available for every successful trade.
• Low required withdrawal threshold
Cons
• Extended withdrawal procedure
Trial Account
Olymp Trade provides consumers with a free demo account so they may test out their platform. As a result, customers can test the platform out before deciding to invest with real money.
Each sample account is pre-loaded with $10,000 in fictitious money.
This sample account is helpful since it enables experienced traders to examine Olymp Trade and get a sense of how the interface works while also enabling newbies to learn how trading operates.
In demo mode, all the features of a standard paid account are accessible. Users only need to register with an email address to activate a demo account; unless they choose to register for a premium account, they are not required to submit any kind of identification.
How to Create a Trade Olymp Account
Fill up your name, email address, password, and base currency preference in STEP ONE.
You will be granted access to a Demo Account for 60 minutes after which you must fund your trading account in order to start trading in real time.
You may now begin trading!
Contribution and Withdrawal
Olymp Trade provides its traders with a range of deposit and withdrawal methods. With deposits, traders can fill their accounts using a variety of payment methods, including Boleto, electronic payments, Visa and MasterCard, and Visa and MasterCard. For all clients based in Brazil, boleto is an option.
Customers can apply using Web Money, Neteller, Skrill, Bitcoin, Qiwi, and Yandex Money if they prefer utilizing e-wallets. The same payment choices apply to withdrawals as well.
Pros
• No deposit costs
• Low initial deposit requirement
• Quick deposit procedure
• Numerous deposit alternatives
Cons
• None
Options for Olymp Trade Deposits
• Wire transfers to banks
Cards, both credit and debit
• Digital wallets
Withdrawals
After finishing the deposit, traders using Olymp Trade have the option of making a withdrawal. The maximum waiting period for a withdrawal request is three days, while Olymp Trade makes every effort to complete the transaction as quickly as possible. The typical wait period for any trader using a Standard Account is twenty-four hours. However, VIP Account holders just need to wait a few hours on average.
The minimum withdrawal amount is ten dollars, and there are no costs associated with withdrawals. Additionally, Olymp Trade does not charge commissions to traders and handles all transaction fees.
Pros
• Free withdrawals
• Quick pullout procedure
• Low required withdrawal threshold
Cons
• None
Options for Olymp Trade Withdrawals
• Wire transfers to banks
Cards, both credit and debit
• Digital wallets
Trading Environments
The current trading platform used by Olymp Trade was created and is maintained internally by the company’s software developers. The trading platform’s mobile application runs on both iOS and Android operating systems. This implies that all Olymp Trade clients can trade whenever and wherever they want.
The trading platform is user-friendly and has a sense of direction when it comes to the client’s trading tactics, according to client ratings and feedback. One of the greatest financial market applications is Olymp Trade’s mobile app, which is regarded as being among the best.
The Olymp Trade trading platform is self-contained and simple to understand; it has technical indicators and analysis tools that help traders choose the optimal trading strategy. The history area at the bottom of the page on the internal Olymp Trade trading platform enables traders to keep tabs on a particular asset and follow its development. The trading chart is located on the left side of the website, and the icon where the trader can choose the length of the transaction, the trading amount, and place a Put or Call option is located on the right side of the page.
Additionally, you’ll discover that a MetaTrader4 trading platform is at your disposal. Most traders are aware with MT4, one of the most popular and successful trading platforms in the world.
E-commerce platform
Price orders and time orders are the two categories of trading orders offered by Olymp Trade. You can place an order using price orders based on the maximum price you are willing to pay. Regarding the time orders, you can place an order for a specified time, and it will be carried out at that moment without further action from you.
The Olymp Trade trading platform account may not allow you to enable alerts and notifications, but you will be able to view all of your previous and pending orders. Additionally, you will have the choice to view a thorough summary of your previous trades and your past traders. This will enable you to maintain track of your deals and determine what may be coming up next.
The Olymp Trade platform has a very straightforward and user-friendly layout. Finding the financial markets, tools, and indications won’t be a problem for you. You can manage multiple charts simultaneously on the web trading platform because it is a multi-chart platform.
Trading Platform for Desktop
The desktop trading platform is comparable to the Olymp Trade web trading platform, however it must be downloaded separately for Windows or Mac devices.
Pros
• Accessible using MT4 and Windows
• Multiple-use charting software
• Convenient access and use
• Customizable
• There are over 200 financial markets.
Cons
• No notifications or alerts
Trading App for Mobile
The Olymp Trade mobile application supports price orders and time orders, two different types of trading orders. You can place an order using price orders based on the maximum price you are willing to pay. Regarding the time orders, you can place an order for a specified time, and it will be carried out at that moment without further action from you.
You can log into your trading account using your fingerprint with the Olymp Trade mobile application. Due of the sophisticated technology required, the fingerprint recognition capability is extremely hard to discover. Although the fingerprint recognition is not a two-step login method, it is still a preferable option.
Through your mobile settings, you can turn on alerts and notifications for the mobile application platform. It will appear as a push notification in the settings of your device.
Overall, the Olymp Trade mobile app is incredibly user-friendly and enables traders to never miss a crucial trading opportunity while they are on the road. Software traders can access the mobile application using iOS and Android. You can use the Android’s fingerprint recognition capability as an additional login option.
Pros
Trading nonstop
• Easily navigable
• Fingerprint authentication is available.
• There are over 200 financial markets.
• There is a multi-charts feature.
Cons
• There is no two-step login process
Financial Instruments and Markets
Customers of Olymp Trade have the option of trading in stocks, commodities, ETFs, currencies, and cryptocurrencies. Nevertheless, the trader’s location will have an impact on the availability of some instruments.
Tools for market analysis and trading
Olymp Trade offers a growing selection of learning tools and resources, enabling traders to get the information they need to identify the finest trading techniques and make wise trading decisions. Webinars, tutorial videos, trend indicators, blog articles, and a social media presence are examples of these educational materials.
One of the hottest and most well-known trading platforms that makes good use of social media is Olymp Trade. Facebook and YouTube are two examples of social media sites that are utilized to provide educational materials with their traders. Any client who is interested in learning more about the trading sector can do so by watching a live broadcast on Facebook or by signing up for webinars that are offered on YouTube.
The video lessons that are provided to traders include instructions and how-to movies that clear up any doubt that traders may have about the website.
Pros
• Employs social media as a teaching tool
• Tradesmen have simple access
• A guide to using the platform visually
• Free tools for learning
• A blog with daily and weekly evaluations is provided.
• Interactive education
Cons
• No live updates on the news stream
Additionally, there are trading tools that traders will find to be of great assistance when they are trading. The economic calendar, which sets up alerts of the most significant trade events that are taking place at a given time and date, is the most popular trading tool. Through analytics and in-depth data, the trading signals also provide you the ability to act in a specific direction, maximizing your trading profits while minimizing potential losses.
Tools for trading Olymp Trade
Olymp Trade offers a variety of trading tools that are accessible to all traders. In addition to other tools that may be found on their internal trading platform, the trading tools include support for cryptocurrencies and fundamental research.
Pros
Accessible to all traders
• Convenient access and use
• Reliable trade equipment
• Accessible through mobile applications, PC trading platforms, and the web
Cons
Trading signals are exclusively accessible to VIP Account members.
Consumer Assistance
They offer customer service help for Olymp Trade that is accessible 24/7. You can contact the customer service department via email, phone, or contact form. They offer phone help in Argentina and South Africa.
Pros
Available always
• Numerous customer service options
• Appropriate reactions
Cons
• PO customer service is sometimes a tedious affair.
Communications Tools
• Phone assistance
• Postal Code
Many traders have expressed their admiration for Olymp Trade’s trading platform, in particular for the withdrawal procedure and customer support. While VIP Account holders receive their money in only a few hours, traders who have requested withdrawals only have 24 hours to wait. However, the PO customer care technique has been criticized as being slow in comparison to the other customer support methods. Many traders who have utilized the customer service were appreciative of the quick and pertinent answers they received.
Customer Education
Through a Demo Account, Olymp Trade offers prospective traders who wish to gain experience trading access to the trading environment without risking any money. The Demo Account gives traders the ability to assess the advantages of their internal trading platform by providing virtual cash in the amount of $10,000 of their preferred currency.
Offering of Olymp Trade Education
• Strategies
• DO a webinar
Webinars on forex
• Trial Account
Control & Licensing
You should search for a platform that is adequately regulated by a reputable official government organization before selecting a broker.
The International Financial Commission (IFC) oversees Olymp Trade, which has its main office in St. Vincent and the Grenadines.
Users may wish to learn more about the International Financial Commission before determining whether to think highly of Olymp Trade as a broker because there have been questions raised in the past about its authenticity.
This is because funds are typically only seen as secure when a broker is overseen by an authoritative authority like the Australian Securities & Investments Commission, Cyprus Securities & Exchange Commission, or UK Financial Conduct Authority (ASIC).
Extraordinary Qualities
Olymp Trade offers suggestions and a pre-made trading plan that guarantees returns of up to 92% to manage and direct new users.
New users are cautioned, meanwhile, that CFD and FX trading have a remarkably high risk, and claims of returns of up to 92% should be taken with a grain of salt at best.
Additionally odd is the online broker’s promise to handle accounts. This is so because brokers are market makers who make money whether a trade is successful or not.
On the plus side, Olymp Trade welcomes newbies with open arms and has a wealth of instructional tools to offer.
The company makes a point of emphasizing their desire to be a broker that is accessible to consumers of all expertise and financial levels. The educational materials are instructive and primarily concentrate on trading strategies.
This aids new users in becoming familiar with the financial sector and developing a trading mindset. Members have access to interactive courses, webinars, video tutorials, and expert financial analyst strategies.
Even seasoned traders can benefit from some of the more sophisticated courses, which concentrate on topics like capital management and current market trading advice.
Security & Safety
The Olymp Trade website uses the most recent encryption technology to keep your data secure. Customers don’t have to provide the platform access to their personal banking information because they can finance their accounts using eWallets.
Concerns over the International Financial Commission’s legitimacy and ability to provide the same level of protection as organizations like the FCA have been expressed in terms of regulation.
Users are urged to select a broker with more respected regulations if they want assurance that their cash are secure.
Conclusion
In Saint Vincent and the Grenadines, Olymp Trade was established in 2014 as a provider of trading services. It has more than 25,000 active users right now who are either using their VIP Account or Standard Account. By being a part of the renowned International Financial Commission (IFC), which acts as a go-between for traders and brokers, Olymp Trade is governed. The IFC members are expected to provide an annual report as part of monitoring and evaluating, as well as a 20,000 USD financial reward if the broker engaged in any financial misconduct.
One of the most well-known brokers is Olymp Trade. They do not, however, accept customers from the US, the UK, or Japan, among other nations. They are also one of the few brokers with a significant social media following, using the platform to teach traders new skills.
Accepted Nations
Thailand, South Africa, Singapore, Hong Kong, India, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are among those that Olymp Trade welcomes as dealers.
From Canada, Australia, the United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, the Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, the United Kingdom, and the Russian Federation, traders are not permitted to use Olymp Trade.
substitutes for Olymp Trade
If you’re looking for brokers that are comparable to Olymp Trade, we’ve produced a list of the top 5 below for you. Only firms that accept traders from your location are included in this list of brokers like Olymp Trade, which is arranged according to how similar they are.
1.
Open an account with IQ Option for only $10. Trade directly over 14 cryptocurrencies, conventional FX with thin spreads, or digital options with 900% rewards (successful trades only).
2.
Leading platform for short-term trading, Binomo provides big returns, rapid trading, and dependable service.
3.
Alpari – Alpari provides forex, CFD, and binary options trading across a wide range of markets with competitive spreads and a selection of account types that cater to traders of all experience levels, from amateur to expert.
4.
Digital trading on forex, cryptocurrencies, commodities, indices, and stocks is available through Expert Option. Beginners and novice investors will benefit greatly from the user-friendly trading platform.
5.
Easy Markets – Simply Honest at easyMarkets.com. With a Top Rated Forex Broker, Trade CFDs on Forex, Commodities, Indices, Shares, and Cryptocurrencies