Olymp Trade Review 2024: Trada & Fulfill Your Forex Trading Goals!

Olymp Trade was established in 2014 and is regulated by the International Financial Commission (FinaCom). It provides continuous improvement in its services and an easy-to-use and good trading platform for its users. This platform is considered one of the most reputable and popular brokers and has received many forex awards in the trading space. This Olymp Trade review will explore the platform’s features, benefits, and potential drawbacks to help you determine if this forex broker is the right choice for your trading essentials.

Key Takeaways

• Olymp Trade is regulated by FinaCom.
• Olymp Trade has just over 30 currencies to trade, including major, minors, and exotics.
• It offers an impressive range of currencies, stocks, indices, commodities, crypto, and ETFs.

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Our Take On Olymp Trade Broker

Since 2016, Olymp Trade has been a member of FinaCom (the financial commission). The broker caters to several millions of users around the world. It provides over 80 plus trading instruments, including currencies, shares, indices, cryptocurrencies, & commodities.

Olymp Trade offers great tools, features, financial instruments, educational resources, and great customer service for its traders. This platform can be used by both new and advanced traders, and it offers the highest level of security matching industry standards. Free demo trading can be found here, through which traders can practice trading before they proceed with live trading.

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Pros and Cons

Pros	Cons
The web and mobile trading platforms provide an easy to use interface.	The broker does not accept EU or US clients.
Attractive spreads and offers leverage of up to 400:1.	Deals and bonuses are limited.
Low minimum deposit compared with other traditional platforms.	Non-verified accounts have problems with withdrawals.
Offers a wide range of assets for trading.	Does not provide clear terms on bonuses.
Supports a wide range of payment methods.
Olymp Trade mobile app is easy to access on Android and iOS devices.
Olymp offers 24×7 customer service.

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Olymp Trade Key Features and Services

Olymp Trade provides several features and services to support its trading services. Here are some of the same:-

Security and Regulation

Olymp Trade is the best financial broker and is regulated by the Financial Commission from Hong Kong. If any external disputes need to be resolved this can be carried out with this commission. It is also registered as a category A class broker. If there are any complaints against the broker, users can appeal to the Finance Commission to solve their disputes. As per many Olymp Trade reviews, this regulatory body offers legal assistance to resolve any issues and it can obtain a compensation of up to 20,000 Euros.

Trading Platform and Tools: Experience

This broker provides a list of trade products that can be traded in the markets which is specified below. On the other hand, the users should know that the availability of the instrument will vary based on where they reside.

Below are few Olymp Trade instruments –

Forex – Traders can engage in major, minor, and exotic currency pair trading in the forex market.

Commodities – Traders can trade in commodities, which may also include energy commodities like natural gas and crude oil along with precious metals like gold and silver.

Cryptocurrencies – Olymp Trade offers trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Traders can make predictions about the changes in prices of these digital assets through cryptocurrency trading.

Indices – Traders can predict general market patterns using common examples of indexes, such as the Dow Jones, S&P 500, and NASDAQ.

Stocks – Trader opportunities may include trading shares of specific companies, depending on the site’s current offerings.

ETFs (Exchange-Traded Funds) – Regarding ETFs, you should expect a limited selection that focuses on targeting the S&P, NASDAQ, and the US Real Estate industry.

Commission and Fees

Spreads 

This forex broker has good reviews and offers some of the most attractive spreads compared to other best forex broker trading platforms. Spreads start from 1.1 pips for a standard account which is competitive. The prices for cryptocurrency and stocks are based on assets. It can be viewed on the live trading platform when the users execute fixed-time trading on the platform.

Monthly Fee

From the beginning, this broker does not charge any commissions per trade executed on the standard account. This platform charges $10 as a monthly fee if the trader does not execute any transactions for more than 180 days.

Overnight Fee

As per our Olymp Trade review, the team does charge a fixed rate overnight fee when the trades are executed overnight; they are charged up to 15% on the total investment amount. It also charges a fee in forex mode.

Inactivity Fee

If there is no trading activity for 180 days, Olymp Trade forex broker charges an inactivity fee of $10 per month, and if there are insufficient funds in the account, it will be closed. This broker charges a small amount for forex trading, depending on the fixed amounts, specification conditions, required multiplier, and the present market situation.

Deposit And Withdrawal Fee

Olymp Trade platform does not charge traders any type of fee for deposits and withdrawals, unlike other platforms in the trading industry that charge a small deposit or withdrawal fee. Before getting acquainted with the site, investors should pay attention to the minimum withdrawal amount and fees with their bank to get the most out of every deal.

Services Offered by Olymp Trade Platform

Here is the list of exactly what types of services are offered by the company-

• As per our Olymp Trade review, this broker is a member of Finacom, which is a regulatory authority, brokers need to comply with its rules and regulations; this ensures that the user’s funds are safe.
• It offers a web platform that can be used on multiple devices, like mobile and desktop versions. It also provides the MetaTrader 4 trading platform.
• Olymp Trade offers a stop-loss or take-profit option where users might reduce the high-level risk of loss and make more profits. 
• Olymp Trade offers 100% negative balance protection for its users. This system provides two-factor authentication to safeguard user accounts.
• This financial broker has launched a new reward system known as “Experience Points XP” where it offers its active traders more privileges and perks.
• The website offers its support in multilingual languages which include English, Russian, Thai, Portuguese, Indonesian, Turkish, Spanish, Chinese, Vietnamese, Arabic, Malaya, and Hindi. It also offers advanced chart options and provides the required settings for a bar, line chart, heikin-ashi, and candlesticks.
• Olymp Trade users can also make use of the real-time trading chatbot assistant

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Account Types

• Demo Account

Olymp Trade provides customers with a free demo account to test their platform. This helps the users test the different indicators and other platform tools before investing their hard-earned money. Further, this demo account comes with a $10000 virtual fund. The demo account is a replica of standard account holders, which is very useful for the user. To use the demo account, the user should register on the website; they need not provide identity proof unless they go for a paid account with high risks. After trying the demo account, the users can go for two account types – a standard account and a VIP account.

• Standard Account

If a user wants to create a standard account, they need to add a minimum deposit of $10. To start trading traders need to opt for a fixed amount or a minimum of $1 and up to $2000. The minimum withdrawal amount starts at $10 and there is no limit for maximum withdrawals; the standard trading account provides spreads of 1:1 pips. It also offers ECN account.

• VIP Account

If the user wants to go for a VIP account, they should deposit a minimum amount of $2000. This type of account provides additional benefits when compared with a standard account. VIP account holders can make trades of up to $5000 and they are also offered VIP consultants. VIP consultants are financial analysts who have wide work experience and can provide valuable advice on exactly what trades to execute using the Olymp Trade strategy. This account holder is also offered additional trading Olymp Trade tricks, features, and tools that are not available for standard account users.

Account Opening Process, Deposits, and Withdrawals

Below given are a few steps about how to trade in Olymp Trade-

Step 1 – Registration

To register, first go to the Olymp Trade website (https://olymptrade.com/) or mobile application and click the Register button. Then, provide details like your email address and password. The next step is to verify the given details.

Step 2 – Demo Trading

When the investor opens an account with Olymp Trade broker for the first time, they will be registered with options trading. When the registration process is complete, the user can proceed with Olymp Trade Login; they can make use of the demo account which is offered free of cost. This demo account is a replica of the live account and they are offered $10000 as virtual funds. This helps experienced traders practice new skills, try out trading strategies, and also to familiarize themselves with the site. In this way, the users will not lose their investment, and they can switch to the live account when they are confident enough to trade using fixed time.

Step 3 – Adding Funds

After registration and practicing with the demo account, the traders can proceed with adding funds to their account that offer different types of options. While adding funds to the account they should select their preferred currency and they need to click the terms and conditions. When this is done they can proceed with live trading and binary options trading.

Step 4 – Live Trading

The team provides two types of live accounts; VIP and regular accounts. As the name suggests, VIP accounts provide exclusive features that are not offered by regular accounts. If the user wants to go for the VIP account, the main thing is they should maintain a minimum amount of $20000.

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Deposits: This broker offers several options for making deposits. Some of them include bank transfers, credit or debit cards, Skrill, Neteller, and cryptocurrencies. The payments are instantly processed, while the bank transfers take several hours form their personal bank account. Further, it does not charge commissions for deposits and the minimum amount is $10.

Withdrawals: For Olymp Trade withdrawal, the process is carried out faster when the investor uses the same method to withdraw funds that are used for deposits. Withdrawal is processed on the same day; in rare cases, it takes around 3 working days if the bank transfer method is used.

Promotions and Bonuses

This brokerage firm offers trading bonuses, but there is no additional information about the conditions that need to be met to avail promotions or bonuses. This platform regularly provides their new traders with an Olymp Trade promo code; they can avail of deals and bonuses of up to 50%.

When a new trader signs up using these promo codes they will get a 50% bonus aside from their initial amount. But the investors should read the service agreement that comes with the bonus and they should check the necessary information before they proceed.

This platform does not offer any fixed bonus, but it offers great flexibility to trade small amounts. As per our observation while writing this Olymp Trade broker review, some of the bonuses include a low initial deposit, a great trading platform, free education materials, and competitive returns which can be considered as a bonus. It also offers a new sign-up deal when they achieve them; they can double the profit by increasing their deposits. This can lead to both large profits and losses. This can be explained as a promotion.

Olymp Trade Tools

Users should need strong insights if they want to trade forex like a pro, for this they should know about trades and how to use the tools to execute profitable trades. 

Olymp Trade has listed out few latest tools which are as follows –

• Olymp plus – It is a specific tool that provides the user’s insights and news about unexpected market movement, technical analysis, short-term recommendations, and detailed overview which will help the traders in making investment decisions.
• Profit Line – It helps traders identify the break-even point per trade.
• Adviser – It analyzes numerous indicators as per the trading strategies for its trading community.
• Other Tools – Traders can trade using more tools like 24-hour Trading, Great Charting Package, Trading. Checklist, Forex Market Hours, Trader’s Profit Calculator, Economic Calendar, Trade Log for Binary Options and Detailed Market Overview.

Customer Support

Olymp Trade forex broker offers customer service that operates 24×7; quality service is offered in 8 languages. The Olymp trade team can be reached through email, phone, and live chat. It also provides a FAQ section that can be seen on the website which is very helpful for users to expect the right answers to the queries. If they couldn’t find an answer to any of the queries, they can kindly contact the Olymp Trade customer support number anytime, which provides immediate guidance to their customers.

Research and Educational Resources

Olymp Trade provides training and educational resources to traders that include analyst support, webinars, live tracking, and analyzing the prices of different assets. It also provides several useful tools like specialized webinars and economic calendars, along with blogs on several topics like productive trading, how markets work that help the investors to keep in touch with the latest risk-free trades, note the market trends and the different trading strategies.

We highly recommend this company for beginners who prefer to trade for the first time. It has a small deposit of $10, a free demo account, and a wealth of resources through “Olymp Trader’s club” for learning.

Loyalty Program

This company offers a customer loyalty program and it is offered in various levels like Starter, Advanced, or Expert status. Each level has a certain amount of benefits. Higher the level, the users are offered more trading privileges for active traders. For example, a starter-level starts with a basic status and for an advanced or expert level, it offers certain privileges like personal account manager that are not offered on the starter level.

Affiliate Program

Olymp Trade team offers a referral program that helps users to earn passive online income with time trading with this broker. This online broker provides a partnership option for the Olymp Trade affiliate program to get this as a source of income. To create an account, the investor should go to the website’s home page and click on the link. It will send a link to the trader, where they can send it to the family members or friends. When they join using the link, they earn 50 to 60% through the referral link.

Forex Trading Mobile App

Olymp Trade has a forex trading mobile app that can be used on tablets or smartphones with a stable internet connection; it is available for IOS and Android devices. This app can be easily downloaded from the Google Play Store or Apple app store directly.

The Olymp Trade mobile application is highly rated in customer rating and it provides a responsive design that has the same capabilities as that of the web version. This implies that traders who are speculating using their mobile phones are not missing out on any feature. Traders who trade successfully using mobiles are provided a competitive edge when they are real trading financial instruments with this platform.

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Olymp Trade Review: Our Conclusion

Concluding our Olymp Trade Review, we can say that it is the best option for new traders who want to learn about prosperous trading. Olymp Trade is hailed as a top broker, offering a user-friendly platform known for its simplicity and ease of use. Geared towards both new and experienced traders, the platform provides essential tools and resources to maximize profit potential. It has garnered a trustworthy rating attesting to its legitimacy and high satisfaction within the cryptocurrency news community.

Additionally, the platform’s commitment to investor education through training materials makes it an ideal choice for those looking to embark on a successful trading journey.

FAQs

Is Olymp Trade Safe?

Yes, Olymp Trade is considered safe by many users. The platform implements safety measures such as account protection limits, KYC protocols, and is listed with Finacom, a regulatory body, providing assurance for users’ funds.

Is Olymp Trade a Good Broker?

Olymp Trade broker is a well-known and most popular online trading platform that allows people risk-free trade with a minimum investment of $10.

What Is the Minimum Deposit for Olymp Trade?

Olymp Trade minimum deposit is €/$10.

How Long Does It Take to Withdraw Money From Olymp Trade?

When the request is received, it is processed within 24 hours; in several cases, this broker credits the funds within a short time. At the same time, if there is any problem the process of withdrawing money can take up to more than 5 days.

How Long Does an Olymp Trade Deposit Take?

The deposited funds are credited to the investor accounts immediately or in a few cases it might take up to 2 to 5 working days which is based on the payment provider used by the trader.

Risk Warning – Investing in trading carries a high level of risk and the possibility of a loss of money. You should consider whether you can take the high risk of losing your money. Invest the money you can afford to lose.