Olymp Trade Review 2023: Is Olymp Trade Legit or Scam?
Olymp Trade was established in 2014, and it has become one of the established online brokers. 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.
Olymp Trade Overview
|Headquarters||St. Vincent and the Grenadines|
|Product Offered||Currencies, Stocks, CFDs, Indices, ETF|
|Minimum Initial Deposit||$10|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Trading fees||It varies depending on the asset|
|Supported currencies||EUR, USD, CAD, NZD|
|Customer Support||24/7 via Email, Phone, Live chat, and Help center|
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
Olymp Trade offers great tools, features, financial instrument, 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. It also provides free demo trading where the investors can practice trading before they proceed with live trading. However, read the Olymp Trade review in detail and know all of its services.
What Is Olymp Trade?
Since its inception, the broker has become one of the most reputed online brokers owned by Saledo Global LLC First Floor, First St. Vincent Bank Ltd Building. The broker has its headquarters in St. Vincent and the Grenadines and member of International Financial Commission since 2016. Olymp is a broker that caters to several millions of users around the world. It provides over 80 plus trading instruments, including currencies, shares, indices, cryptocurrencies, and commodities.
Since 2016, Olymp Trade has been a member of FinaCom (the financial commission) even though this broker is not regulated in North America and Europe. Further, the membership is offered only to companies that ensure the protection of their customers by covering up to 20,000 Euros that comes under the framework of the Finacom compensation fund. On December 5, 2022, Olymp Trade made 1,766,160 trades on its platform.
Features of Olymp Trade
Here are a few important features of Olymp Trade:-
It offers an array of trading assets in indices, major currency pairs, cryptocurrencies, stocks, commodities, from well-known companies like Microsoft, Apple, and IBM. The platform offers an intuitive interface for less experienced traders.
Olymp Trade’s minimum deposit to trade on the platform is as low as $10; this helps the traders to proceed with trading online on the Olymp Trade website without the need to deposit huge amounts of their own money. The broker offers different account types like ECN account, extensive training materials for its users, an array of educational materials to help users add value, and supports auto trade on the platform. It also offers webinar sessions, news, analyst help, price charts, an economic calendar, and a large number of other tools for successful trading.
As per our Olymp Trade wonderful review, the platform is of high quality, has a great user-friendly and simple user interface. This helps users to auto trade anytime and from anywhere. The platform can be accessed on both mobile and desktop; Expert traders can also access MetaTrader 4, which is supported by this broker.
It offers a mobile trading app; users can use this platform, and it is available on Android and iOS, which can be downloaded from the Apple app store and the Google Play Store. The user can download the app, and they can trade real money online on the go.
This broker has “Olymp Plus” which is known as the encyclopedia of the different trading information that is offered in an intuitive and simple design. The users are offered exposure to tutorials, financial markets analysis in the form of videos, time-tested strategy, tips on various experts, latest news, and market news and updates.
Here is the list of exactly what types of services are offered by the company:-
- As per our review of Olymp Trade, this broker is a member of Finacom. Finacom 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 the users can reduce the high-level risk of loss and make more profits.
- The users learn about risk management to start trading with Olymp trade with a minimum deposit of $10 and this platform charges a 0% fee on withdrawals and deposits. Investors can also trade FTT and forex.
- Olymp trade offers 100% negative balance protection for its users. This system provides two-factor authentication to safeguard user accounts.
Key Features Offered by Olymp Trade
Here are the few key features offered by the broker:-
As per our review, one of the important things is that the brokerage has attained a positive impression from its clients and it is a Category A member of Finacom; this confirms that the Olymp Trade team has such positive feedback and it is a reliable broker.
This brokerage caters to traders in 194 countries and the platform’s user-friendly interface is supported in 13 languages. Recently this broker has added 30 new assets to its platform. This financial broker has introduced a new reward system known as “Experience Points XP” where it offers its active traders more privileges and perks.
It has a tool named “Profit Line” functionality which helps traders identify the break-even point per trade. It also offers a tool named “Adviser” that analyzes numerous indicators as per the trading strategies for its trading community.
It offers a simple and smooth user experience and the user can trade using any device whether they would like to trade using a desktop or a mobile. The platform is custom-built and it can adapt itself with any device and switching is 100% effortless.
The broker provides a demo account with 10,000 virtual funds for its users to learn and practice. They can also customize the platform by using unique and useful tools to hone their skills. The major advantage is it offers a personal manager where the users can get one-on-one guidance exclusively from trading expert advisors for investments. The support team of the broker is very convenient and can be contacted 24×7. Users can contact them through online chat or email and the queries are answered within a short time.
The website offers its support in multilingual languages that 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 platform themes are provided in light and black, which offers an invaluable experience to users. The users can also make use of the real-time trading chatbot assistant and how they can be used.
Olymp Trade Products
This broker provides an array of trade products that can be traded in the markets specified below. On the other hand, the users should know that the availability of the instrument will vary based on where they reside.
Is Olymp Trade Regulated?
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. This regulatory body offers legal assistance to resolve any issues and it can obtain a compensation of up to 20,000 Euros.
Olymp Trade India Review: Pros and 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.|
|Olymp Trade mobile app is easy to access on Android and iOS devices.||Non-verified accounts have problems with withdrawals.|
|Low minimum deposit compared with other traditional platforms.||Does not provide clear terms on Bonus.|
|Offers a wide range of assets for trading.|
|Olymp offers 24×7 customer service.|
|Supports a wide range of payment methods.|
|The broker has an array of training methods.|
Olymp Trade Account Opening Process
Below given are a few steps about how to trade in Olymp Trade:-
Registering on the website is a simple process and this is the initial step if the investor wants to open an account. They should go to the Olymp trade website or mobile app and click the Register button. Further, they need to provide details like their full name, email address, password, and their preferred currency option like Euro or dollars. They should also provide a strong password that will safeguard their real account. The next step is to verify the details.
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 fix time.
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.
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.
Account Types of Olymp Trade Accounts
We have explained the different account types offered by the broker:-
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 free 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.
If a user wants to create a standard account, they need to add a minimum deposit of $10. If they want to trade, they can start trading using 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.
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.
Olymp Trade Tools
This broker provides more information that will help new and experienced traders. The users can learn about the price forecast which might help them before executing the trades to make the right decisions. It offers video tutorials that are easy to understand from professional financial analysts. New and experienced traders hone their trading skills with these resources. Using educational resources and other tools, the users can have access to several interesting topics from anywhere or anytime for their trading career.
Users need strong insights if they want to trade forex like a pro; they should know about trades and how to use the tools to execute profitable trades. It offers “Olymp plus” which is a specific tool that provides the user’s insights and news about the unexpected market movement, technical analysis, short-term recommendations, and detailed overview which will help the traders in making investment decisions.
Here are a few tools that can help traders to carry out successful trading. Some of them include:-
- 24 hours Trading
- Great Charting Package
- Trading Checklist
- Forex Market Hours
- Trader’s Profit Calculator
- Economic Calendar
- Trade Log for Binary Options
- Detailed Market Overview
Olymp Trade Leverage
Olymp platform offers variable leverage size; it is based on the type of trade the trader is planning to execute a transaction. It offers maximum leverage of up to 400:1. Some of the most popular Forex trading pairs like EUR/USD are offered leverage of 30:1; minor forex pairs are NZD/USD, AUD/CAD, USD/SGD are offered 20:1 leverage.
Olymp Trade Platform Fees
This 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.
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.
As per our Olymp Trade wonderful review, the Olymp Trade 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.
This broker does not charge any account maintenance fee or custom fees but it charges a subscription-based type of fee, also known as an activity fee. If there is no trading activity for 180 days, the charge comes to $10 per month. If there are insufficient funds on the account, it will be closed. This broker charges a small amount for forex trading, which depends upon the fixed amounts, specification conditions, required multiplier, and the present market situation.
Deposit And Withdrawal Fee
Olymp Trade platform does not charge any type of fee from traders for deposits and withdrawals as compared to other platforms in the trading industry that charge a small number of fees as a deposit or a withdrawal fee. Before getting acquainted with the site, the investors should pay attention to the minimum withdrawal amount and fees with their bank to get the best out of every deal.
Olymp Trade Deposit & Withdrawal Options
It offers several options for deposits and withdrawals, but the investors can withdraw funds using the same method used for depositing the funds.
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.
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.
Olymp Trade Bonuses & Promotions
This brokerage 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. 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.
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.
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. It also provides blogs on several topics like productive trading, how markets work that helps 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.
Olymp Trade team offers a referral program that helps the 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.
Olymp Trade App
This broker provides an app that can be used on tablets or smartphones that has 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. Thus the Olymp Trade app is a must.
The website offers the latest encryption standards and ensures that users’ data is safe. Customers can deposit funds to their accounts through a wallet; this implies that they need not have to provide the personal banking information that is stored on the platform. The financial commission has regulated this platform for user experience in terms of the deposit and withdrawal process. If you want to choose a brokerage, you should determine the best platform regulated by a regulatory body. The IFSC (International Financial Commission) licensed and regulated this company.
This company 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.
Olymp Trade India Review: Conclusion
To conclude, we can say that the Olymp Trade platform is one of the best brokers that provide its own trading platform that is simple and easy to use. It offers a streamlined technology and a simple interface that helps the investors to master fruitful trading. It has several trading tools that help the traders to maximize their profit potential by trading on the platform. It is the best option for new traders who want to learn about prosperous trading. This platform also offers training and educational materials that are useful for investors who would like to start trading on the platform.
Is Olymp Trade Legal in India?
Is Olymp Trade Safe?
Is Olymp Trade a Good Broker?
What Is the Minimum Deposit for Olymp Trade?
How Long Does It Take to Withdraw Money From Olymp Trade?
How Long Does an Olymp Trade Deposit Take?
Is Olymp Trade Really Paying?
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.