BROKER INFORMATION
Broker Name: Olymp Trade
Platform: Olymp Trade
Founded: 2014
Return/Refund: up to 92% *Return and 0 to 10% Refund (Amount to be credited to account for a successful trade)
Countries Not Accepted: United States, Europe, Canada, Japan, Australia, UK, Russia, or Israel.
Number of Assets: over 300
Regulated: Yes, Licensed
Demo Account: Yes
Deposit Options: Credit card, wire transfer, Skrill, Qiwi, WebMoney, CashU, iDeal, Fasapay, Neteller and Boleto
Language: English, Italian, Spanish, Russian, French, Portuguese, Turkish, Dutch, Chinese, Indonesian, Korean, Swedish
Minimum Deposit: $10
OLYMP TRADE TRADING PLATFORM
Olymp is easy to navigate and very user-friendly. The platform looks clean and organized, with links that make it easy to find what you are looking for. You can access Olymp Trade three different ways.
- Their main website
- A desktop application (available for both Windows and Mac)
- Phone application (for both Android and iOS)
Being able to access your trades from anywhere via a phone app is extremely convenient. This is especially considering the site specializes in fast, short-term trades. Their mobile app is responsive and has the same capabilities of the desktop and web version. Put simply, trading from their phones are not missing out.
The Olymp Trade website is very straightforward, showing you exactly what you need to track your trades and be successful. They present a clear, easy to understand trade chart on the main page. You can see the timing and amounts alongside the chart, making it easy to immediately understand. You can also customize the charts by choosing the type of graph and color. On the bottom of the page, there is information on open and closed trades along with a help chat. The design makes it easy for users to see only what they need in a simple and clear presentation.
USER FRIENDLY
One of the most unique aspects of Olymp Trade is its focus on education for beginner traders. They are adamant about trading not only being for professionals, but as an easily accessible income or hobby for anyone. Their free educational training focuses on teaching strategy-based trading. They help familiarize users with the world of finance and how to think like a trader. Members have access to education in the form of:
- Interactive courses
- Strategies from experienced financial analysts
- Video tutorials and webinars
They even offer courses tailored towards experienced traders. More advanced classes focus on analyst webinars. These teach essentials such as managing capital and trading strategies for the current market.
Another feature of Olymp Trade that makes it accessible for beginners is their low deposits. The minimum deposit is set at $10, and the minimum trade amount is $1. New traders do not have to worry about losing a large investment. They can make low risk trades until they feel more comfortable.
Mobile Trading
With trading on the move being more critical than ever before, a mobile app, responsive website and accessibility have to be at the forefront of brokers features. It is no longer enough to have a good desktop site and trade off reputation. So many criteria have to be met and being able to keep up with technological developments is one of them.
Launching in 2014, Olymp Trade understood the importance of mobile technology and have been able to build a modern, seamless platform. From the moment you login, you realise their mobile platform is exceptionally responsive. There is a bespoke Olymp Trade app for both Android and iOS available from Google Play and the Apple App Store for those who prefer apps to browser trading.
Account Types
After the initial demo account, there are two different options for accounts. You can try these out once you are ready to start investing real money.
Standard
To open a standard account, you have to deposit at least $10. Yes, this is a very low minimum. Investors can trade a minimum of $1 and a maximum of $2,000. The minimum amount for withdrawal is $10, and there is no maximum. You can only make one withdrawal for day. Withdrawals take around 3 days to process.
VIP
To be eligible for a VIP account, you must deposit at least $2,000. This account provides additional benefits the standard account does not offer. The VIP account ups your maximum trading amount to $5,000. Another huge benefit is access to a VIP consultant. VIP consultants are leading, experienced financial analysts. This also opens the door to additional tools to aid in your education and understanding of trading.
OLYMP TRADE DEMO ACCOUNT
Along with training materials, Olymp Trade offers free demo accounts. When you register, you get access to 10,000 virtual coins to play around with. This way, you don’t risk losing any of your real money while getting over the learning curve. The demo account is also a valuable feature for experienced traders to get a feel for the interface. You can see if it is right for you without having to invest real currency.
№ OF ASSETS AND EXPIRY TIME
Experienced traders may find the number of assets limiting. However, it is convenient and not overwhelming for those getting their feet wet in the world of trading. It is up to you if you want to focus on a single asset or choose an entire group of assets. They currently offer 79 financial instruments, including:
- 36 currency pairs
- 5 ETFs
- 9 cryptocurrencies
- 13 stocks
- 6 commodities
- 10 indices
Charting Tools
For trading options and forex a technical analysis should be used. On the platform, you can use different chart types and indicators. Olymp Trade offers a huge range of tools for the analysis. If this is not enough for you you can use fundamental news and analysis which is also provided by Olymp Trade.
If you click on the chart next to the symbol the menu for chart types and indicators will open. You can use more than 4 different chart types for trading. The most popular chart type is the Japanese candlesticks. It allows you to get more information from the chart than by using the line chart.
For a further analysis more than the technical analysis, you can click on the menu to get fundamental data. Olymp Trade provides you the economic calendar, trading signals (VIP), and information about volatility. We recommend checking the news before trading because the volatility can be very strong on certain events like economic news.
Make professional analysis with Olymp Trade:
- More than 20 indicators
- Technical analysis tools
- Economic calendar
- Fundamental analysis
- Different chart types
Commissions Effective return
With a maximum payout ratio of 90% (Amount to be credited to account for a successful trade), the payouts offered by IQ Option are one of the highest in the industry. At present, no other binary broker can come close to what is being offered by IQ Option.
Bonuses and Promotions
Olymp Trade offers bonuses for traders. The bonus can be up to 100% of the deposit. For every new trader, there is a unique offer of a first deposit bonus. Olymp Trade doubles your deposit for free. Furthermore, you can get a high bonus on further deposits (see the picture below).
You can use the bonus to make additional profit. It is not possible to withdraw the bonus amount but you can withdraw your profit which is made by the bonus amount. There are no restrictions for your account and the account balance is not blocked. Compared to other bonus offers from other brokers this is a new type of bonus.
Customer Support
Most online brokers offer varying levels of support from a virtual live assistant to a full menu of options to choose from including, emails, telephone numbers, support forums and more. Olymp Trade is no different; they have a strong support system in place and support is available by phone, via email or by live chat.
They offer helpful customer support 24/7 in 8 languages, so it’s highly likely you’ll be able to speak with someone who fully understands you no matter where you are. Throughout our Olymp Trade review process, we had no problems or difficulties contacting the various support departments.
Here are the contact details for Olymp Trade:
Email – support-en@olymptrade.com
Phone – +27 211 003 880
Address – Saledo Global, First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines
Deposit and Payment
All functions — withdrawing and depositing, as well as payment type choice are accessible trough the same control interface presented after user logs into the account.
Deposits
Olymp Trade accepts deposits via the following methods:
- Credit and debit cards
- Bank wire transfer
- E-payments such as Skrill and Neteller
- Cryptocurrency such as Bitcoin
Depositing is free with no extra charges, with the minimum deposit being $10. This makes the site easily accessible to everyone and a good starting point for beginners. Funds deposit relatively fast, but wire transfers take longer than other methods. Cryptocurrency tends to deposit the fastest.
Withdrawals
The maximum withdrawal amount depends on whether you have a VIP or standard account, with the minimum always remaining at $10. Your funds will go back to whatever payment method you used to deposit the money. Both standard and VIP members enjoy fast withdrawal processing times. Withdrawals take 24 hours to 3 days for standard investors. It takes only a few hours for VIP investors.
Unique Aspects
A distinctive feature of Olymp Trade comes in the form of its packed education centre. With 56 webinars together with 20 strategy and trend lessons as standard, there is a wealth of information and technical analysis on offer. If you have a VIP Account, you can look forward to other perks with the addition of one-on-one training lessons and private webinars.
The Demo Account is available to anyone that registers on the site, and the $10,000 virtual money is there for traders to use to practise successful trading and get used to the dos and don’ts. The addition of our exclusive bonus if you join these guys makes their offering even more attractive.
In addition to fixed time trades, Olymp Trade has recently added Forex trading to its platform lineup. Forex traders can now benefit from their MT4 (MetaTrader4) platform and a huge range of currency pairs on offer.
Cryptocurrency Support
This platform is known for its proprietary Cryptoindex, and this is complemented by Bitcoin, Ethereum, and Litecoin. You can trade these assets anytime, and are known to provide better return of investments.
Trade cancellation
If the trade is not going your way, this platform gives you the chance to order a cancel trade. If this option is exercised, customers can get up to 60-percent of his investment.
Pending trade tool
This is a result to sell or buy a particular option within a set time, or when an asset has reached a targeted price.
IS OLYMP TRADE A SCAM?
Absolutely not!
Olymp Trade is a massive player in the fixed time trading marketplace, and their seamless platform and competitive rates of return are excellent. Their minimum $10 deposit and $1 trades means that the service is accessible to anyone who wants to trade and their education service supports their commitment to new traders as one of the best brokers.
For the more experienced traders among you, there is the VIP Account, which boosts the rate of return further and the maximum trade amount as well as offering lots of special features. Olymp Trade pays out over $9 million per month to traders in several countries around the world. They are a category A broker of the International Financial Commission which gets awarded to those that are proven to be honest and reliable.
Essentially, they tick all of the boxes of a trustworthy broker including offering trader protection, backed by the IFC of up to $20,000. Following our thorough Olymp Trade review, we found no warnings to imply this broker is a scam and we only found a small number of online complaints. Compared to other broker reviews, Olymp Trade is highly recommended.