Olymp Trade is an online broker that has been offering digital options and forex trading since 2014. This broker is regulated by the IFC and has over 25,000 traders using their platform everyday.
But can this binary options broker really be trusted or are they just a scam? Continue reading this Olymp Trade review to find out the truth.
Table of Contents
- 1 Trading Platform
- 2 Countries and Availability
- 3 Beginner Friendly
- 4 Short Term Trades
- 5 Free Demo
- 6 Types of Accounts
- 7 Security and Regulation
- 8 Assets
- 9 Deposits
- 10 Withdrawals
- 11 Negative Complaints
- 12 Trade Types and Payouts
- 13 Customer Service
- 14 Olymp Trade Review Conclusion - Final Thoughts
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.
St. Vincent and the Grenadines
IFC (International Financial Commission)
Yes ($10,000 Practice Account)
Deposits and Withdrawals:
Credit Card, Yandex, WebMoney, QIWI, Neteller, Skrill, Bitcoin
Number of Assets:
Stocks, Commodities, Indices, Forex Pairs, Cryptocurrency
Up to 92% Profit
1 min, 5 min, 10 min, 3 hour, custom time.
Countries and Availability
Olymp Trade is not supported in the United States, Australia, Canada, EU, UK, Japan, or Israel. Olymp Trade is an international broker service available in the following regions:
- Middle East
- North Africa
- Latin America
- Southeast Asia
To fit the needs of their large international market Olymp Trade is available in the following languages:
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.
Short Term Trades
Olymp Trade focuses on short-term trades. These positions can be held for as short as 15 seconds to 3 hours. The platform allows traders to choose a specific expiration time. This gives users more control over their trade. They can also cancel a losing trade at any time. These unique features make it easy for beginning traders to get their foot in the door.
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.
Types of Accounts
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.
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.
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.
Security and Regulation
Before choosing a binary options broker, one of your main concerns should be their security. You should never invest your money with a site where you do not feel safe. In February of 2016, Olymp Trade became an A-recognized member of the International Financial Commision (FinaCom). FinaCom is an organization that secures investors. When using a platform secured by FinaCom, any unlawful acts are covered by up to $20,000.
It is also important to look for well-established platforms. Olymp Trade has around 25,000 people trading every day and a $171 million monthly turnover. They have also won numerous accolades including:
- Fastest Growing Broker – ShowFx World 2016
- Best Options Broker – Forex Expo 2017
- Best Financial Broker – CPA Life Awards 2017
- Best Options Trading Platform – Le Fonti 2018
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
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.
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.
Some negative Olymp Trade reviews claimed issues with withdrawing their funds. Most of these issues can be resolved if you make sure your account is fully verified. This simply involves having all of your required personal information on file. The following steps are required to verify your account and start receiving payouts.
- Uploading photo identification from an ID or passport. The photo must be from your shoulders up and completely visible.
- If you are using a credit or debit card, you need to scan the card that you will be using. The name, first 6 and last 4 digits must be visible. You only need to upload the front of the card not the back.
- If you are using an electronic wallet (ex. Skrill), a picture of your electronic digital purse is required.
Trade Types and Payouts
Most companies offer 6 or 7 trading options such as one touch, long-term, ladders, and call/put options. Olymp Trade only offers high/low trading. High/low trading expiry times are limited to a maximum of 24 hours and are ideal for beginner traders. Standard investors have 82% successful trade payout while VIP investors have 92%.
Customer support is available 24/7 via email, live chat, or phone. With a VIP account, your customer support experience is even more phenomenal. In part, this is because Olymp Trade is backed up by FinaCom. If they do not resolve an issue after 14 days, you can file a dispute with FinaCom. Customer service is usually fast to resolve any issues before it gets to this point.
Olymp Trade Review Conclusion - Final Thoughts
Experienced investors may be disappointed with the lack of assets and trading options. However, Olymp Trade could still be a convenient option for someone looking for binary trading with mobile options. The interface is designed with new traders in mind, taking time to develop education and an immersive demo. The limited options can make it less intimidating for newbies to jump into trading. Also the uncluttered, simple design and low deposit requirements make it an attractive option for anyone looking to get into trading.
Olymp Trade Ratings
Deposits and Withdrawals