Olymp Trade

Details

Broker Olymp Trade
Website URL https://www.olymptrade.com
Founded 2014
Headquarters Saint Vincent and the Grenadines
Support Number +84 2844 581 413
Support Types Chat , Email , Phone
Languages English , Bahasa Indonesia , हिन्दी, हिंदी , Tiếng Việt , Русский , اردو , ไทย , Português , Bahasa Melayu , 中文 , Türkçe , العربية , Español , Français , 한국어 , 日 , 本語 , বাংলা , Filipino
Trading Platform Olymp Trade Platform
Minimum 1st Deposit $ 10
Minimum Trade Amount $ 1
Maximum Trade Amount $ 10,000
Bonus 100% Bonus
Payout 60-90%
Free Demo Account Open Demo
Regulated Yes
Regulation IFC
Account Types Demo , Basic , VIP
Deposit Methods Visa , Master Card , Yandex Money , Qiwi Wallet , WebMoney , Skrill , Neteller , Bitcoin
Withdrawal Methods Visa , Master Card , Yandex Money , Qiwi Wallet , WebMoney , Skrill , Neteller , Bitcoin
Number of Assets 30
Option Types Forex , Currency Exchange
Account Currency EUA , EUR , BRL
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score

Pros

  • It has a very low minimum deposit
  • Your customer service support is excellent
  • Offers VIP Program, including risk-free business incentives and personal advisor
  • Has a trading academy

Cons

  • Has limited resources

Olymp Trade is one of the most popular online brokers in the industry, with more than 25,000 customers trading on its platform every day. This analysis was designed to detail all the services that Olymp Trade can provide, including the types of account on offer, demo account and login features, how good the mobile trading app is and how to implement strategy – basically all your questions answered!

We also list the latest promotions and bonuses along with key comparison data (such as minimum deposit amounts, minimum trade amounts and types of trade available. Read more for additional information about Olymp Trade.

Olymp Trade Company

Olymp Trade has been operational since 2014 and the company has a reputation for continuing to improve its trading platform every year in a row.

The brand has won several awards, including:

  • Best financial broker at the CPA Life Awards 2017,
  • Best options broker at Forex Expo 2017,
  • Best options trading platform at Le Fonti 2016
  • Fastest growing broker at ShowFx World 2016.
  • As one of the most popular brokers on the market, Olymp Trade offers an easy user interface, great customer service and many options to learn how the markets work.

It is a suitable platform for new users as well as experienced traders, and its high level of daily users is proof of the type of service provided by the brand.

Olymp Trade Trading Platform

The Olymp Trade platform is easy to navigate and there is a real focus on the user experience.

It is clean, organized and has links that make it incredibly easy to find what you are looking for.

The Olymp Trade platform can be accessed via the web, a dedicated desktop application (available for Windows and Mac) and a smartphone / tablet application (available for Android / iOS).

The site is straightforward and shows users exactly what they need – not just to track their trades, but to trade successfully.

There is a clear and concise graph on the main page that shows values ​​and times, which helps to make it easy to understand.

Charts can also be customized using chart type and color. At the bottom of the web page, users will find information about open / closed trades, along with a help / chat function.

This design makes it exceptionally easy for users to find what they need in a simple way.

Olymp Trade Assets / Markets

Olymp Trade offers users the opportunity to trade in the following markets. However, it is important to note that the availability of the instrument will vary depending on where the trader resides:

• Stocks
• Commodities
• ETFs
• Currencies
• Cryptocurrency

Olymp Trade Spreads and Commission

When testing a standard demo account, the EURUSD reference spread leveled off at approximately 1.1 pips, making Olymp Trade one of the most competitive brokers on the market.

Spreads also vary according to the type of account the user has, with premium accounts offering lower spreads.

However, even on a standard account, spreads remain competitive. It is worth mentioning that spreads may increase / decrease depending on current market conditions.

Olymp Trade Fees

In terms of rates, Olymp Trade charges a fixed rate overnight rate for overnight trading, which is limited to 15% of the total investment value.

The brand does not charge an account maintenance fee or custody fees, although it may charge a subscription (based on your account type) or an inactivity fee if you have not used your account in 180 days.

This usually costs $ 10 a month. If there are not enough funds in the account, the account will be closed.

Olymp Trade also charges a fee for trading in forex mode, based on the trading value, multiplier, specification conditions and current market situation.

Olymp Trade Leverage

Olymp Trade’s advantages are variable and depend on the types of trade the user is considering.

The Olymp Trade website promises attractive leverage of up to 1: 400. For the most popular forex pairs (like the EUR / USD benchmark), the leverage is set at 1:30.

This is an officially sanctioned level that is almost the same at most regulated online brokers. Smaller pairs like NZDUSD, USDSGD, AUDCAD, EURNOK and EURPLN have a 1:20 leverage.

Olymp Trade Mobile Applications

Olymp Trade offers dedicated apps for smartphones / tablets for Android and iOS users. They can be easily downloaded by searching for Olymp Trade on the Google Play Store / Apple App Store, respectively.

Alternatively, Android users can download the official .apk installation file directly from the Olymp Trade website.

Both mobile apps are rated highly in their respective app stores. With a responsive design complete with the same features as the web version, merchants operating on their smartphones are certainly not missing out.

At most, mobile traders have a competitive advantage with the Olymp Trade app as it allows them to make quick decisions on the go.

While it can be a little tricky to try to get all the information you need on a small mobile screen, the good news is that the app comes with all the analysis traders need to make informed decisions.

It is a great tool to be used as an autonomous means of trading or in conjunction with the web version of the Olymp Trade platform.

Olymp Trade Payment Methods

Olymp Trade users have the option of several different deposit and withdrawal methods. However, withdrawals must be made using the same method as the initial deposit (up to the corresponding deposit amount).

This is standard practice in the industry to prevent money laundering.

Olymp Trade Deposits

Deposits are possible using the following methods:

  • Credit / Debit Card
  • Bank transfer
  • Cryptocurrency
  • Skrill
  • Neteller

Most payments are processed instantly, although bank transfers can take several hours. Deposits are free and cost nothing (although your bank may charge you for transferring funds).

The minimum deposit is low, just £ 10.

Olymp Trade Withdrawals

Withdrawals are quick and made using the same method used to deposit. Most withdrawals are processed on the same day, although the operator says to allow three business days (mainly for bank transfers).

In practice, however, users rarely wait more than a day to receive their funds.

Olymp Trade Demo Account

Olymp Trade offers users the chance to test their platform with a free demo account. This allows users to see if the platform will work for them before they decide to invest real money.

Each demo account comes pre-loaded with a balance of £ 10,000 in virtual funds.

This demo account is useful because it allows newcomers to understand how trading works, while allowing experienced traders to review Olymp Trade and feel how the interface works.

All options on a standard paid account are available in demo mode. To activate a demo account, users simply need to register with an email address and do not need to provide any proof of identity, unless they decide to register for a paid account.

Olymp Trade Offers and Promotions

According to the Olymp Trade service contract, the brand says it offers commercial bonuses. However, the broker does not disclose the withdrawal conditions in this service contract.

It is important to keep in mind that bonus trading is actually prohibited in the EU and in many other regulated markets, mainly because of the additional withdrawal conditions and clauses associated with the bonus.

This usually takes the form of a minimum volume of trading required, which can be quite a challenge – even for experienced traders.

Olymp Trade regularly offers promotional codes to new users to get bonuses of up to 50%. When signing up with these promotional codes, new users will receive a 50% bonus in addition to the initial deposit.

However, it is worth keeping in mind the terms associated with these bonuses and whether it is worth taking advantage of in terms of how much you deposit.

Olymp Trade Regulation and Licensing

Before choosing a broker, you should be aware of a platform that is well regulated by an official government agency.

Olymp Trade is regulated by the International Financial Commission (IFC) and is headquartered in Saint Vincent and the Grenadines.

However, concerns have arisen in the past about the legitimacy of the International Financial Commission, and users may want to conduct a little research on that body before deciding whether to consider Olymp Trade as a fully trusted broker.

The reason for this is because funds are generally considered safe only when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) or the Securities and Exchange Commission Australian Securities and Investments (ASIC)

Olymp Trade Additional features

Olymp Trade offers to help manage and guide new users with recommendations and a prefabricated trading plan that promises returns of up to 92%.

However, new users are reminded that CFD and forex trading is an incredibly high risk and promises of returns of up to 92% should be considered dubious at best.

It is also strange that an online broker offers to manage accounts. This is because brokers are market makers who generate wealth, whether you win or lose in a trade.

On a more positive note, Olymp Trade is very friendly for beginners and has many educational resources to offer newcomers.

The brand makes a point of stressing that it wants to be a brokerage accessible to people of all levels of experience and income. The educational resources are informative and focus mainly on strategy-based negotiations.

This helps new users to become familiar with the financial world and to think like traders. Members can access interactive courses, video tutorials, webinars and strategies from professional financial analysts.

Some of the more advanced courses are useful even for experienced traders and focus on subjects such as capital management and current market trading tips.

Olymp Trade Account types

After trying the demo account, users can choose two different types of ‘real’ account. They are as follows:

  • Standard account : to open a standard account, users only need to make a minimum deposit of £ 10. Investors can trade with a minimum of £ 1 and a maximum of £ 2,000. The minimum withdrawal amount is just £ 10, with no maximum withdrawals. The standard account offers spreads in the region of 1.1 pips.
  • VIP Account : To qualify for a VIP account, users must deposit at least £ 2,000. These account types offer some additional benefits compared to the features available in a standard account. VIP account holders are allowed to trade up to a maximum of £ 5,000 and also gain access to a VIP consultant. These consultants are experienced financial analysts who can advise on which trades to make. VIP account holders can also access additional training tools that are not available to standard account holders.

While it is beneficial to have more types of accounts on offer, most users should find something to work with, choosing a standard or VIP account.

Olymp Trade Benefits

  • Attractive spreads
  • Levers up to 1: 400
  • Variety of payment methods available
  • Compatible with MT4
  • For starters
  • Supports multiple languages
  • 77 assets to choose from
  • Low minimum deposit amount
  • Intuitive design
  • Friendly mobile app

Olymp Trade Drawbacks

  • Withdrawal issues for unverified accounts
  • Concerns about dubious regulations
  • Bonuses with unclear terms
  • Only two account types

Olymp Trade Business Hours

You can access the Olymp Trade website 24 hours a day, seven days a week, 365 days a year. Essentially, investors can trade when (and where) they see fit via mobile and desktop devices.

It is, however, important to note that the available markets do not operate 24 hours a day, 7 days a week.

Although Olymp Trade can be accessed at any time, trading is limited to times when the market of your choice is open. For example, the London forex market opens between 3 am and 12 pm GMT.

In New York, the foreign exchange market operates between 5 pm and 2 am GMT. In Tokyo, it opens between 7pm and 4am GMT.

There are usually trading opportunities at any time, although you may feel restricted, especially if you choose to trade only in certain markets.

Olymp Trade Customer Support

Olymp Trade customer support is available 24 hours a day, 7 days a week, through the following means:

  • Phone: +84 2844 581 413
  • Email: news@olymptrade.com
  • Web: olymptrade.com

Olymp Trade Security

The Olymp Trade website uses the latest in cryptography to ensure that your data remains secure. Customers can fund their accounts using eWallets, which means that they do not have to share their personal banking information with the platform.

In terms of regulation, concerns have been raised about the legitimacy of the International Financial Commission and whether it offers the type of coverage that bodies like the FCA offer.

Users who want a guarantee of protection of their funds are advised to choose a broker with more reputable regulatory bodies.

Olymp Trade General Verdict

Olymp Trade is incredibly popular and has a unique and intuitive user interface that makes trading as easy as possible.

With competitive spreads and many educational resources, it’s easy to see why thousands of people use this platform every day. Setting aside regulatory issues, Olymp Trade is certainly recommended for new users and experienced traders as well.

Olymp Trade Accepted Countries

Olymp Trade accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders are not allowed to use Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand , Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.

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