Olymp Trade Review
Olymp Trade is an established broker in the fixed time trades marketplace having launched back in 2014. They are certified by FinaCom making them a trusted choice for any online trader. Their background is very much as an international broker with a seamless platform and packed education centre available in 12 languages.
With more than 25,000 people trading every day and around $171 million of monthly turnover Olymp Trade are a massive company in this space. Adding to the brokers’ prestige is an award cabinet to be proud of, including “Best Trading Platform” Le Fonti 2018. They are a grade A broker with a proven track record.
A solid offering of over 70 asset types including currency pairs, commodities, stocks, indices and crypto gives you plenty of opportunities. Another difference between Olymp Trade is their comfortable level of entry. Traders can start with a small $10 deposit with minimum trades as low as $1 which is excellent news if you’re new to the world of online trading.
In this review, you will learn:
- Why they’re different from others in the market
- he Olymp Trade platform features and benefits
Because Olymp Trade focuses on being user-friendly, they keep things simple, clean and easy to use. Whereas you might see a complicated list of accounts ranging from basic to gold, diamond or platinum offered by others, there are three well-managed choices. You can choose between demo, standard and VIP accounts. All of them are easy to sign up to and offer an excellent trading experience.
OlympTrade Account Features
OlympTrade doesn’t have a huge variety of trading accounts to choose from. Although this seems to be odd, it gives all the traders equal features when trading. The fact that traders can only open similar account type makes everyone equal and there is a lot of democracy for all traders.
Traders can choose to open their trading account with US Dollars or Euros as the base currency. This choice is made during the account registration and can not be altered later on. Therefore, the trader should choose his or her base currency wisely.
The minimum deposit that a trader can make with this is $10 just like with IQ Option, which is low enough for even beginners with lower amounts of cash to invest. $10 is the lowest amount of minimum deposit that any trading platform in the field can ask for.
The OlympTrade offers a number of important features to all its traders who deposit funds with them. The trading account is equipped with free market analytics and personal account manager. The traders are also entitled to an easy access to financial market and a payout of up to 80%.
All traders who register with OlympTrade are qualified to get bonuses as well as other promotions offered by the trading platform. However, the terms and conditions of the bonuses are not laid out well on their website; they are left to your account manager to advise you accordingly. But we hope with time the trading platform will do all it can to make the terms and conditions more detailed and easily accessible.
This trading platform offers a demo account, and it is good to keep in mind that:
- You have to be registered with the trading platform in order to be allowed access to the demo account.
- The Demo account is funded with 10,000 virtual money which is more than enough for experimenting and also understanding the trading platform.
- The demo account is also a very prime stage for testing new trading strategies.
- Demo account is by all means recommended even to experienced traders.
All the features of the OlympTrade trading platform show they are set to serve all traders and especially the newbies.
OlympTrade Trading Software
OlympTrade uses its proprietary trading platform where registered traders can choose to trade different currency pairs and commodities.
Unfortunately, with their trading platform, the only type of options available for trading is the classic high/low option. The expiry time varies from 60 seconds to 3 hours. Therefore, this trading platform is a better choice for traders who prefer short expiry times. The short expiry times also has higher risk but it is more profitable.
But for you to trade there are no downloads that are required. Traders carry out their trading in selected Internet browsers.
The OlympTrade trading platform is very user-friendly. The trading chart is positioned on the right side of the website, while the area for viewing the placed trades is on the left. Their website has bright colors are thus showing exactly what each element is for and thus removing any confusion, even when it comes to inexperienced traders.
Furthermore, on the bottom of the trading platform, traders will see a table that contains all their trading history which gives the traders an amazing overview of their trading history as well as their previous decisions.
The trading platform also provides an Android app for Android operated devices and an iOS app for iPhone devices. This mobile app ensures that traders can trade on the go at whichever location and at whatever time provided it is within the allowed trading hours.
The trading platform website is very well designed and it is navigated by a drop-down menu bar that is placed on the right-hand side. All their Terms and conditions can be easily viewed at the bottom of the pages.
Just as with most trading platforms, the OlympTrade has a very responsive and supportive customer support team. This forms the basis of the relationship between any trading platform and their traders.
The trading platform’s support team is easily reachable in a number of ways. They can be reached via phone, live chat or email. The live chat and the phone call are the fastest means of communicating with the customer support, but if you are not in a hurry you can use the email address and your grievances will still be handled.
The OlympTrade trading platform is available in:
OlympTrade also has an education section with articles and videos available to only the registered traders. Here beginners can get access to the beginners’ course which only takes 15 minutes. There are also different trading strategies that are explained, and also videos that provide further information. Any learning materials are easily accessible from the OlympTrade Academy.
Traders can also use the FAQ section which provides answers to questions which are frequently asked by traders. This is a superb solution for traders who don’t want to chat with the customer support team or want to find answers on their own.
Banking and Company Info
The Olymp Trade platform is certified by the international Financial Commission (FinaCom) as a category A member. The Financial Commission provides for the traders protection by its fund for up to $ 20,000 per case if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions established by FinaCom).
In September, Olymp Trade was certified as a quality broker by an independent service Verify My Trade: https://financialcommission.org/ru/2018/09/27/financial-commission-announces-execution-quality-certification-of-additional-broker-members
The registration address is available in the User Agreement at: https://olymptrade.com/docs/terms/opt/en/service-agreement.pdf
Traders have the freedom to choose from a wide range of depositing and withdrawing methods. These methods are:
Traders should use the same banking method for depositing to withdraw their funds. Withdrawals take 5 working days to be withdrawn. However, the money may take a longer time to appear in the trader’s bank account due to different banking systems and legislation.
Similar to the minimum deposit amount, the minimum withdrawal amount is $10.
But according to the trading platform, some trading accounts will require special verification and authorization by the financial department once the request for a withdrawal is made. However, the information pertaining this is not well laid out on their website. For those accounts which require the special verification, the traders are obligated to provide certain documents.
The documents required:
- a colored copy or scan of trader’s national identity card
- a colored copy or scan of the trader’s international passport
- a driver’s license and a utility bill
Upon submitting, all the documents are processed in 1 day once they are received by the trading platform’s financial department. Then, the trader gets a notification letter showing if the authorization is successful or not.
Olymptrade is a trading system with a option based platform. It offers particular functions that are contingent with a customer’s perspective. These features may sound more enticing to a trader who is new to the world of trading than to one who is already big on making significant investments.
Olymptrade appeals mostly to new and inexperienced traders who are looking for a risk-free and profitable way to invest their money, make reasonable profits and learn new strategies along the way.
One of the best feature of Olymptrade is that it offers free registration to new members with virtual credits of $10,000. It is to provide new investors with a general idea of how the whole system functions.
A demo account allows a new member to hone their trading skills, get accustomed with the strategies of the trading platform, learn about the ground rules and get familiarized with what to expect before they begin trading with real money.
Olymptrade doesn’t offer bonuses and signup incentives that are usually offered by most of the online trading platforms nowadays. Instead, they offer their traders with the lowest level of investments possible. Registered members of Olymptrade can trade with the minimum amount of $1.
While being the most moderate to low risk platform. Olymptrade also provides newbie traders with a low rate of profit and loss making it ideal for someone who is just stepping into the world of trading. But it’s not the platform to use for anyone who wants to make money quick.
You only need a $10 deposit to open a real account offering you access to all the available financial instruments, assets, educational materials and analytical tools. You’ll also have the opportunity to take advantage of returns of up to 82% which is a competitive offering. Maximum trade amounts are very respectable too at $2000 enabling you to trade freely. We love the standard accounts comprehensive benefits and excellent rate of return.
Aimed at the more experienced trader, the VIP Account offers many exclusive benefits. Maximum trade amounts rise to a massive $5000 as well as the rate of return being boosted up to an unbeaten 92%. The account also has an extensive list of features including everything from the availability of risk-free trades to a personal consultant and private webinars.
The VIP Account is a competitive and well-structured account which is an excellent choice for the seasoned trader.
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.
Deposits And Withdrawals
Like most brokers, the primary payment method of depositing real money funds include the use of a credit card and debit card. Bank wire transfer and other e-payment solutions such as Skrill and Neteller are also available. Customers can also pay using the latest cryptocurrencies such as Bitcoin.
Depositing funds overall is simple although deposits using wire transfer will take longer than other methods. Crypto deposits are much more straight forward and as we found, slightly faster. All deposits are free, and with a deposit amount of only $10 required to open an account, it is a service that is accessible to all.
To withdraw funds request your withdrawal and funds will arrive back in your account or on your card within one day. Payments go to the same source that you used to fund the account in the first instance. Please make sure your trading account is fully verified to avoid any withdrawal problems. This broker told us the most significant cause of refusal is due to a lack of personal identification.
Is Olymptrade legitimate, or will they scam me?
We have a team of professionals that tests all the trading platforms, before recommending them to you. A trading platform’s software and licensing are not only investigated but also tested extensively by us. Our team trades with the dealers to estimate the legitimacy of different aspects of their trading systems. These aspects include ease of access, methods of withdrawals and deposits, client services and the total experience of trading with said trading platform.
Do they offer a selection of mobile or tablet apps?
The modern age allows us access to technology from anywhere, anyplace and at anytime. Everyone has access to the power of technology at all times with mobile and tablet devices in our pockets, and with access to technology comes the need to stay informed.
It is necessary for a reliable trading platform to acknowledge this fact and provide their investors with an easily accessible platform that is supported by both iOS and Android devices. Olymptrade has recognized this fact by offering a website that is supported and easily operated from all mobile devices.
What bonuses do they offer for new traders?
Olymptrade is aiming to provide services to Russian beginner level traders with their low-risk trades between dollar $1 to $10. Their members can start investing with an amount as little as $1 by making a deposit of $10 only.
Since Olymptrade provides its members with a chance to invest in small amounts, the amount of available and tradeable assets is low, which helps greatly in reducing the risk factor when using Olymptrade’s services. The best part of trading with Olymptrade is that they don’t try to draw in potential investors with alluring schemes and bonuses. They do, however, offer intermittent bonuses or rewards such as when members successfully refer people to the system.
Is it possible to start trading using a free demo account?
Olymptrade offers free virtual demo accounts to its registered members, where they can refine their trading skills with the virtual money of nearly $10,000. This is the best option for an investor who is searching for a way get into trading.
Here they can learn the basics of trading, how and when to invest, trading strategies, what to expect, and so much more without even spending any real money. With their focus on providing the most up-to-date trading experience possible to a first time trader. The Virtual demo accounts of Olymptrade are the best way to get introduced to the world of trading.
What’s the minimum deposit and trade amount?
With the aim of providing low-level deals, Olymptrade is one of the few trading platforms who is providing minimum deposits of $10. This initial amount gives you access to your demo account with almost $10,000 of virtual credits. With Olymptrade, you can begin trading your investments in quantities starting from $1.
This is an ideal introductory platform for a new investor which gives them a chance to invest safe amounts and also enables them to learn more about the trading world before they move on to making significant investments.
Currently, Olymptrade traders can trade using a handful of currency pairs and commodities. However, other currencies and assets like stocks and indices will soon be added to their list of tradeable assets, as the trading platform seems to be working on expanding their list evident from their mention in the ‘glossary’ section.
- EUR/RUB, RNDM
OlympTrade has one of the greatest mobile platforms
Members of Olymptrade benefit from an extensive list of tradeable assets. Members are allowed to choose from 8 pairs of currencies along with many other individual stocks, bitcoin, commodities, indices. The Olymptrade software allows members to use standard trade options of ‘call’ and ‘put,’ commands with wide-ranging expiration time limiting ranging from a minute up to one hundred and eighty minutes (3 hours).
Some of the features offered by Olymptrade
An investor can initialize their trading with Olymptrade by depositing a minimum amount of $10 which enables a member to start making trades of minimum $1. These low-level trades allow a member to get a general idea of the trading system, and they can benefit from low-risk businesses while getting a chance to practice their trade skills.
- Low minimum deposit: A trade account can be refilled with the minimum deposit amount of 10$ or 10€. The minimum investment amount required to make a trade is 1$/1€ which is as small as one can expect.
- The Demo account: Members who sign up for an account with Olymptrade can benefit from a unique feature allowing members to run the demo and real account in parallel. Apart from getting access to your account, a particular link will be generated to give you access to another virtual account which is created in your name with virtual $10,000 credits. This account can be used freely to experiment with trading strategies and improve investment skills without risking your real money.
- Unique trading platform: Olymptrade offers you a smooth and easy to use trading platform which is supported by all iOS and Android devices. Also, the trading platform aims to add extra functions to their trading platform based on customer’s demand for trading options.
- Easy Availability of educational information: Olymptrade provides their members with an opportunity to benefit from free educational trading lessons. Members can use this feature to analyze market stats and conduct extensive performance analysis of trade signals.
- Regulatory oversight: This makes the trading platform reliable and provides you with a legit business trading platform with whom you can confidently invest your money with. Olymptrade provides its clients with such benefits as dispute settlement options and deposit compensation in the event that a broker violates the agreement or law.
- Welcome bonuses: New members offered a welcome bonus of approximately 50% on their initial deposits, which depends on the amount deposited. This bonus cannot be withdrawn but is available for use for the purpose of generating further profits.
- Free withdrawal: No withdrawal fee is charged to registered members by Olymptrade.
- No app for Windows: Currently, Olymptrade is providing its members with an Android and iOS app and a trading platform supported and easily accessible through all web browsers. An app that is backed by Microsoft Windows hasn’t been announced yet.