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Trusted Olymp Trade Review – Scam or not?
Table of Contents
Is Olymp Trade a scam or not? – We will answer this question honestly in the following broker review. With more than 7 years of experience in online trading we tested the Olymp Trade trading platform with real money investments and we will give you an exact tutorial how it works. Furthermore, we will show you the conditions, functions, and possibility for new traders who want to open an account with this Forex Broker.
Trading is available for any device
Olymp Trade is a regulated company
|Review:||(5 / 5)|
|Regulation:||International Financial Commission (IFC)|
|Demo account:||✔ Free|
|Markets:||Forex, Cryptocurrencies, Commodities, Stocks|
|Products:||Fixed Time Trades & Forex|
|Yield:||up to 92%+|
|Support:||24/7 phone, chat, email|
(Risk warning: Your capital is at risk)
Watch our full review of the Olymp Trade trading platform:
Is Olymp Trade a regulated company?
Before you sign up with any online broker you should check the regulation of the company. On the internet, there are many scam websites that are not regulated and want to steal the customer’s money. They are looking professional but there is no regulation. Search for the regulation of the company on the broker´s website. In most cases, you will find the information about regulation and registration at the bottom of the website.
Olymp Trade is a fully regulated and legal company. The broker “Olymp Trade” is regulated by the International Finance Commission since 2020. Through our experience, we know that a lot of different Forex Brokers are regulated by this authority. Olymp Trade is regulated with the category “A” which implies more advantages and safety for the customers. In the next section, we will discuss the regulation of facts and details.
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Category “A” means that the Financial Commission guarantees a monetary compensation up to 20,000€. The funds of traders are backed up if some mistakes happen or the broker or bank goes bankrupt. The Financial Commission is a contact person for every trader. If you got some issues with the broker you can contact them.
The violating of the rules of the certificate result in a loss of the license. Furthermore, the regulator verifies the trade execution of the broker. More than 5,000 orders are executed by the employees of the IFC. As a trader, you can be sure that you will get the best execution with Olymp Trade proofed by the IFC.
The regulator (IFC) is based in Hong Kong and London. It is an international authority for international brokers and a little bit different from the regulatory authorities of countries. From our experience, it is a trusted regulator and a fraud by Olymp Trade can be excluded. All in all, Olymp Trade shows that it is a real and legit company that is official regulated. In the next sections, we will go more into detail about the safety of the trading platform.
Olymp Trade is a regulated company:
- Regulated by the International Finance Commission
- Approved trading technology
- Verified execution
- 20,000€ compensation fund
- Independent contact person
Is Olymp trade safe or not?
In the section before, we showed you that Olymp Trade is a fully regulated company. That is the first sign of a good and safe online broker. In addition, there are more points for the safety of customers which we will present to you. First of all, you have to confirm your phone number and your profile for the full security of the account.
The money of the clients is managed in European banks which are fully regulated, too. If you do a deposit or a withdrawal, Olymp Trade only uses regulated payment systems like online wallets, credit cards, or bank transactions. In addition, the broker does not use your money for hedging or speculation. The funds are very safe.
In order to get more safety for your account, you can enable the Two-factor authentication. This feature gives you a double login to your account. When you logged into your account you will get an SMS verification code or you can use the google authentification app to get full access to your account. This feature will stop hackers before they get into your account.
Olymp Trade is a very safe broker:
- Funds are managed in European banks
- Regulated payment methods
- The broker does not invest with your money
- Two-factor authentication for more safety (Google, SMS)
(Risk warning: Your capital is at risk)
What is behind Olymp Trade? – Company facts
Olymp Trade operates since 2020 and accepts international traders. The broker’s website belongs and is managed by Inlustris Ltd. which is based in James Street, Kingstown, First Floor, First St Vincent Bank Ltd Building. The agent is Wallfort Limited which is based in KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. These companies are fully legal and official registered.
The broker offers options trading and forex trading on the multi-functional trading platform. As we can see on their website the broker and platform got many awards from other institutions and websites for being reliable and professional. Also, Olymp Trade is a sponsor of the LCR Honda team at the MotoGP 2020.
Olymp Trade Awards
The company got a really good track record and more and more traders want to trade on their trading platform. Olymp Trade grows very fast and is at the moment the most growing online broker worldwide. Because of easy access to the financial markets through the platform Olymp Trade is very popular. In addition, it is very comfortable to trade there which we will prove in the next sections.
More than 25,000 users are trading every day on the platform and the number is rising. With more traders, the payouts and the traders per month are rising too. Overall, Olymp Trade pays more than 13 million dollars to its clients each month. As an international broker, traders will get international support in 8 different languages.
In conclusion, Olymp Trade is one of the most popular online platforms because it is very easy and comfortable to invest in the financial markets. The company got a really good track record and is trusted by many institutions.
How to open your account with Olymp Trade
To open an account with Olymp Trade you have to follow the next steps. From our experience, it is very easy to get access to the trading platform and start trading. This section will explain to you exactly how to do it.
First of all, you have to sign up on the broker’s website or use the registration form below. After you insert your personal details you can get access to the trading platform. Olymp Trade allows you to use the platform in the free demo account or starting with a real money deposit of 10$. You can trade with real money without a full verification of your account. We recommend to do it first.
Sign up for you free account:
After signing up you should fullfill your account details (see the picture below). That means you confirm your email address and phonenumber. It is important to use your real data because the broker can require different documents for further verification. After you set up your account you can start to trade on the platform.
Open your account step by step:
- Sign up with Olymp Trade (use the form above)
- Verify your email address
- Verify your phonenumber
- Complete your account profile
- Start trading
Important verification process
The verification process only lasts a few minutes. It is very easy to complete the account profile. As mentioned before you need to confirm your email address and phone number. In the picture below, you can see the account dashboard. Olymp Trade allows you to trade without verification and full profile but we do not recommend to do that.
If you are trading with high order volume or make big transactions the broker can request further documents from you. That can be a photo of your passport or a utility bill. The broker does that to fight money laundering. This is nothing special and a well-known process that is done by 99% of the Forex Brokers.
Free Olymp Trade demo account for everyone
As professional broker Olymp Trade offers a free and unlimited demo account for its traders. Everyone can use this account there is no need for a deposit of real money. The demo account is a practice account filled up with virtual money. Traders can use the platform without risk and try new strategies or markets to trade. It is a good way to learn more about the software.
The demo account is filled up with 10,000$ and you can change with one click between the demo account and live account. In the picture above you see how you can do it. In addition, the demo account is unlimited. That means you can deposit virtual money on the account if you make a loss for example.
We recommend that every user try out the demo account first. It is very important to get knowledge about the trading platform and the financial products before you deposit real money. The demo account is the best way to improve your trading skills and a useful tool for online trading.
Advantages of the demo account:
- 10,000$ balance
- Free and unlmited
- Switch between real money and demo account with one click
- Fill up the balance by yourself
Demo account vs. real money trading
Another point to prove is the order execution. The order execution should be the same in the live account and demo account. As professional traders, we can tell you that there is nearly no difference between the order execution in the demo account and in the live account.
Why you should use the demo account:
- Learn about the trading platform
- Learn how to trade the financial products (forex and options)
- Develope new trading strategies
- Try out new markets and assets
(Risk warning: Your capital is at risk)
Review of the Olymp Trade VIP account
Another account type is the VIP account for traders. You can get an upgrade to your real account if you deposit 2,000$ or more on the platform. The VIP account got a lot of different advantages for traders which we will discuss in this section.
The key features of this account are a higher rate of return, account manager and risk-free webinars. Also, more professional education and service ist available for the traders. Compared to other online brokers the requirements for the VIP account are very low. A 2,000$ deposit is not a huge amount for most traders.
Check out the advantages for traders:
|Rate of return:||Up to 92%+|
|Maximum trade amount:||5,000$|
|Risk-free trades:||✔ depending on the trading turnover|
|Exclusive events:||Free gifts depending on the turnover|
How to deposit on Olymp Trade:
For deposit real money on the platform, you can use different payment methods. It always depends on your country of residence which payment methods are accepted. The minimum deposit is only 10$. You can start trading with 1$ investment amount each trade.
Some of the deposit methods
The deposits are made instantly to your account balance by electronic methods. In fact, is it quite easy to deposit money on the platform? Choose the payment method first. After that, you come into the next section (picture below). Traders can choose to take a free deposit bonus or not.
Make your deposit
Now you will get the payment notification if the process was sucessfull. Also, you will get a email with the deposit details. You will see the message in the picture below:
Confirmation of the payment
Deposit methods for 10$ minimum deposit:
- Credit Cards
- Neteller, Skrill
- And more methods depending on your country of residence
How to do your withdrawal:
For the withdrawal, you can use the same methods as the deposit. It is very easy to make a withdrawal too. Just go into the account dashboard and click on “withdraw”. Most withdrawals are processed within 24 hours. We tested the process and the money was in less than 5 hours into our account. The maximum duration for withdrawal is 3 business days.
Request your payment
Click on “send a request” and Olymp Trade will process the payment. The minimum limit for withdrawal is 10$ and there are no fees too. In addition, there are no maximum limits for your account.
In the picture below you will see our withdrawal request. We made a payment of 90$ with the payment method Neteller. It is a very efficient method to do international transactions.
Advantages of the Olymp Trade withdrawal:
- Very fast (from our experience in less than 24 hours)
- No fees
- 10$ minimum limit and no maximum limits
(Risk warning: Your capital is at risk)
Free Olymp Trade Bonus is available
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.
It is possible to activate the bonus or not. After you activated the bonus and made the deposit you will get an additional bonus balance in your account. Remember, you can not withdraw the bonus.
In conclusion, the Olymp Trade bonus is a very good program for any trader who wants to trade with more volume on the markets. It is completely free and there are no restrictions for your account. There are only advantages to it and we recommend to take the free bonus.
The advantages of the bonus:
- Up to 100%
- Free deposit bonus
- No restrictions or account balance blocking
- You can not withdraw the bonus but the profit
- Fair conditions
Are there Olymp Trade fees?
Surprisingly there are no fees for the deposit and withdrawals. This is a huge advantage compared to other Forex Brokers. You can do unlimited money transactions for free. In addition, for options trading, there are no fees to. Only when you trade forex there is a trading commission for open an order.
For an inactive account, there can be an inactivity fee. When you did not trade for 180 days there is a service fee of 10$. This fee only occurs if you got money in your account balance. To avoid the service fee you have to do at least 1 trade in 180 days.
Fees for traders:
- No deposit fee
- No withdrawal fee
- No option trading fee
- Forex trading commission
- Inactivity fee after 180 days (10$)
Olymp Trade Trading Platform Review
In the next section we will show you the Olymp Trade trading platform with all details and functions. The platform is multifunctional and offers a huge range of different markets and assets. The software is available for any device. That means you can trade with your computer, smartphone, or tablet.
From our experience, the platform is easy to use and understand. Within a few minutes, you will know how to trade because all functions are clearly shown in the software. For further information, Olymp Trade offers an education center with webinars, strategies, tutorials, and videos. All in all, it is one of the most user-friendly platforms for a trader. Continue reading to get an exact overview of how it works.
Olymp Trade Trading Platform
As you see in the picture above multi-charting is available. You use different indicators and chart types to analyze the market. We will go in more detail later. On the platform, you can find any function with less than 3 clicks. It is a very clear platform and all the functions are available for mobile (App) and desktop.
Advantages of the Olymp Trade software:
- User-friendly and multifunctional
- Easy to understand
- Clear platform
- Available for any device
- A lot of indicators and analysis tools
What can you trade on the platform? – Offers for traders
Traders can trade options or forex on the platform. These are 2 different financial products which we will discuss in the next section in detail. You can invest in these financial products in more than 200 different markets. Currencies, cryptocurrencies, stocks, ETFs, indices are available.
On the menu, you can pick the market you want. You will see the changes within 24 hours and the rate of return. It is also possible to save favorites. The rate of return (yield) for fixed time trades can be up to 92%+. It is important to know the regular trading time of your asset because the yield will be higher.
Chose any market
The platform works 24/7 and it is possible to trade on the weekend OTC assets or cryptocurrencies. Surprisingly on the platform, you will find a lot of different cryptocurrency assets. Traders can make a huge profit because the volatility is very high in these assets.
In conclusion, if you are searching for short-term or long-term investments then you are completely right on this platform. Olymp Trade offers the trader any market and financial product which he needs to make a profit.
Offers for traders:
- More than 200 different markets
- Trade forex and fixed time trades on one platform
- Yield up to 92%+
- Long-term and short-term trades
- Currencies, cryptocurrencies, indices, commodities, stocks, ETFs
- Trading 24/7
(Risk warning: Your capital is at risk)
Mobile Trading (Olymp Trade App)
Another important point to check for a reliable online broker is the mobile app. For successful trading is necessary to use the mobile phone sometimes. On the other side, a lot of traders prefer to trade with the smartphone or tablet instead of the computer. We tested the app completely and we will show you our review in this section.
The mobile app of Olymp Trade is available for Android and Apple (iOS) devices. Also, you can use a tablet for trading. You can install the app within 1 minute by downloading it from the app store. In the picture below you will see a direct screenshot of the app.
Screenshot mobile app
Similar to the web version the Olymp Trade app has the same functions and offers for trading. There are not so many differences between the desktop and the app. You can use the analytic tools, indicators, and chart types for trading.
The advantage of the mobile app is that you get a connection to your portfolio any time you want. You just need your smartphone to get access to over 200 different markets. In addition, the order execution is fast like in the desktop version. All in all, the mobile app is another point why Olymp Trade is so popular.
Mobile trading is possible:
- The app is available for any device (Android, Apple)
- Fast execution like desktop trading
- Same functions like desktop version
- Trade 24/7
Chart types and indicators for analysis
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.
Chart types and analysis tools
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
Multi charting is possible to analyze more than one chart at the same time.
Fixed Time Trades trading tutorial:
When it comes to trading many traders are asking how to make money on the Olymp Trade platform. As mentioned before you can choose between fixed time trades and forex trading on the menu. It is possible to switch with one click between these two financial products. In the next sections, we will discuss how to trade on the platform and how does it work to invest money.
Fixed time trades (Wikipedia) is very popular because it is easy to understand how it works and you get a 50/50 chance to make a very high profit of up to 92%+. Just choose a market or asset for your analysis and investing. Make a forecast of the price direction in the future. You can choose an expiry time when the contract will end. At the end of the option, the price has to be below or above the strike price (entry point). You can trade in both directions (up or down).
Fixed Time Trades trading
There are only two options. You can lose the investment amount or win the high yield. Before you start the trade you know all conditions. Overall it means your hit rate has to be over 50% or you double your investment amount when you lose a trade. By using an asset with a high return of investment you can make a lot more money.
The minimum investment is 1$ per trade. You can choose any expiry time of the trade. It is possible to trade short-term and long-term fixed time trades. The minimum expiry time for the fixed time trade 60 seconds. That is why options are so popular. You can make a lot of money on a small-time horizon and the market has to move only 1 point in your predicted direction.
Summary of fixed time trades trading:
- Choose the asset you want
- Make an analysis and a forecast of the price movement
- Choose the expiry time of the fixed time trade
- Trade up or down
- Make profit or lose
(Risk warning: Your capital is at risk)
Forex Trading Tutorial:
There are some differences between these two financial products. The main difference between forex trading and fixed time trades trading is that with forex trading you will make more profit if the price moves more in your direction. With options trading the profit is limited. Forex trading means that you can make an unlimited profit or loss.
For all scary trader, you can not make a debt on the platform. The broker will close your trade automatically. With forex trading, it is possible to set limits for the profit and loss by the take-profit and stop-loss. For example, you invest in a currency and sell the other currency. If the price is rising you can make a profit. Also, short trades are possible because you always trade 2 different currencies in one currency pair.
Forex trading is leveraged trading. That means you trade with more money than you own. The maximum leverage is 1:500 and you see that clearly on the trading platform. Leverage is necessary for forex trading because there is very low volatility.
Summary of forex trading:
- Choose the market you want to trade
- Make a forecast and analysis of the chart
- Choose your investment amount
- Set the stop-loss and take-profit
- Start trading
- Close the trade whenever you want with profit or loss
Review of the support for traders
Olymp Trade offers a chat, email, and phone support. The employees are working 24 hours per week each day. In addition, as an international broker, the support is available in more than 8 languages.
From our experience, the support works very quick and professional. If you got any questions you can write a specialist directly through the chat option. Furthermore, there are huge FAQ articles to answer the most asked questions. VIP traders get a personal account manager which will help you personally. It is nothing special but Olymp Trade tries to make good contact with its customers.
|Support available:||Languages:||Options:||Phone number:|
|24/7||More than 8||Phone, email, chat||+27 (21) 1003880 Cape Town, South Africa
+54 (11) 59175747Buenos Aires, Argentina
Olymp Trade education center and free webinars
Olymp Trade offers a very good service for its traders. There is a huge education center with learning material. You can learn about each indicator, about the news, and about strategies and analysis. There are more than 318 different videos for traders. Beginners should be very comfortable with the mass of education.
Olymp Trade education
To get further information you can join the webinars. They are free to join and live made by a professional trader. The webinars are about different topics like strategies or beginner tutorials. In addition, you can ask questions and chat with other traders.
- How to trade
- Trend indicators
All in all, Olymp Trade tries to educate its traders. You can use this offer or not. It is completely for for everyone. From our experience, there is information for beginners and advanced traders.
Conclusion of the Olymp Trade review: Recommended broker
Our test result and review says that Olymp Trade is one of the best brokers for trading fixed time trades and forex. On this page we showed you all details and functions of the Forex Broker. Now you got a good overview of the platform and know why you should sign up.
Olymp Trade offers very good trading conditions for trading options and forex on one platform. The software is professionally designed and easy to use by beginners and advanced traders. You can customize the chart for different strategies like you want. Another advantage of the broker is that you can start trading with a small deposit of 10$. Also, the minimum investment per trade is only 1$.
In conclusion, Olymp Trade is not so popular without reason. You get very fast access to the financial markets and you can trade with a very high return of investment on the platform. It is a trusted and recommended broker.
Why you should open an account with Olymp Trade:
- Regulated and safe company
- Free demo account
- Minimum deposit $10
- More than 100 markets
- Fixed time trades and forex trading on one platform
Olymp Trade is a legit and reliable online broker. You can invest by using the best conditions for forex and options trading. (5 / 5)
Olymp Trade New Review 2020 – a Good Options Broker?
Olymp Trade overview
Olymp Trade is well recognised online options broker. It was established in 2020 and from that time developed dramatically. The company invests in its expansion and makes everything possible to stay up-to-date and to meet its customers’ needs.
Today, I want to present this Olymp Trade overview so you have all the information about it in one place. I did my best to make it as comprehensive and accurate as possible.
Olymp Trade was first introduced in 2020. The company is registered in Saint Vincent and the Grenadines and in Cyprus. You will find a detailed address on the Olymp Trade website.
Olymp Trade has obtained a license from the Financial Commission in 2020. The Financial Commission’s main goal is to supervise financial institutions and make sure the deposits of the customers are safe. Olymp Trade can provide the certificate of the Financial Commission membership which means your deposit is safe.
Olymp Trade Financial Commission certificate
Being a trusted online broker is of the utmost importance. Besides having a certificate from the Financial Commission, the trade executions at Olymp Trade are audited by the independent company VerifyMyTrade. The results of the audit were satisfying, all the order execution met the required standards. If this is something you would like to know more about, check the Financial Commission website.
Is Olymp Trade a secure broker?
Nowadays, there are many options brokers available online. Unfortunately, not all are trustworthy. This is very important you gather some information before you would invest your money. You do not want to lose them, you want to find a broker you can trust. What is more, you need to be sure you will not be left alone when any problems occur. What does make Olymp Trade a legitimate options broker?
I have already mentioned about two external companies that test Olymp Trade’s financial operations. There is another thing you should check. It is important that the broker is a regulated one.
Olymp Trade is fully regulated and you will find all the regulations easily on their website. The Financial Commission policy is strict enough to assure that legal assistance will be offered to any trader who has serious trouble with the broker.
The Financial Commission ensures that the customers’ deposits are kept separate from the company operating funds. It also provides a compensation fund in a very unlike scenario of the Olymp Trade bankruptcy. The refund can reach up to $20,000.
Anyhow, it is always best to try to solve the problem directly with a broker first. And if this way fails, then you can take the complaint further.
The Olymp Trade support system works perfectly. You can reach the Olymp Trade team via telephone (available 24/7), e-mail (the answer will come within 1 working day), contact form on the site or live chat. So if you have any doubts about the Olymp Trade platform, do not hesitate and contact the support team. I can tell you from my experience that the response you get will not only be fast but adequate as well.
Awards won by Olymp Trade
It can be under discussion whether 5 years in the business are a long or a short time. But the awards won by Olymp Trade speak for themselves. The broker was noticed by major financial companies and keeps being awarded.
In 2020 Olymp Trade gained the title of:
The best options trading platform by Le Fonti,
The best options broker by KROUFR Awards,
The fastest-growing broker by ShowFx World.
In 2020 it was called:
The best financial broker by CPA Life Awards,
The best options broker at Forex Expo,
The innovative broker by IAFT Awards.
In 2020 it collected the following rewards:
The best options trading platform from Le Fonti,
The best trading platform 2020 by the Forex Awards,
The best traders FB community in Thailand by Traders Fair.
With such awards, Olymp Trade can claim itself to be among the leading brokers in the world who is not only legit but also transparent and trustworthy. Customer satisfaction is the best indicator of success.
What distinguishes Olymp Trade
We established that Olymp Trade is among top online brokers in the world. Now, what makes it unique? The first thing I can name is the Financial Commission membership. This is an insurance for the traders that they are not left alone in case of any dispute. The Financial Commission’s task is to supervise and monitor its members’ actions and to protect the clients’ money.
It is always advisable to contact the Olymp Trade support team first. However, if the problem continues to be unsolved during the longer time you are entitled to consult the Financial Commission and ask to intervene.
The next thing that makes Olymp Trade stand out is its demo account. It is a great feature to practice your skills, to try different indicators and various strategies. The Olymp Trade demo account comes with no fees at all, so all you need to do is to register online. You get 10,000 virtual units to trade with and there is always a possibility to recharge the balance.
The Olymp Trade practice account is a great opportunity to get familiar with the platform and train trading skills. Using it does not cost you real money so there is no risk involved. Only benefits.
When you decide to trade on the real account, still, you do not have to risk a lot. The minimum deposit amount is $10 or €10, depending on your currency and the minimum investment amount per trade is $1. Thanks to such rules you can start small without unnecessary risk to lose all the money from the account.
The last thing I would like to mention in this section is the Olymp Trade availability. It is naturally accessible from your computer via their own website. But there is also the Olymp Trade application for desktop for Windows and macOS. Moreover, you can also download the mobile version for both Android and iOS, and have the trading platform always on hand.
Olymp Trade downsides
What has attracted my interest is the number of assets available on the Olymp Trade platform. It may be considered not a big amount. To be specific, there are 80 for trading options and 56 for forex, including, among others, currency pairs, commodities, ETFs, Indexes and cryptocurrencies.
Maybe it is not a lot, but it gives some variety. Especially at the beginning of the trading journey, it gives a chance to try multiple financial instruments.
The Olymp Trade platform inspection
Multiple charts, tools and indicators
The variety of options on offer makes the platform attractive. Each trader has its own unique style, prefers different trading methods and has other skills. To meet everybody needs, Olymp Trade proposes you adjust the platform to your wishes. It makes trading easier and more enjoyable.
You get 4 different chart types: Area chart, Japanese candlesticks, Heiken Ashi and Bars. I usually use the Japanese candlesticks chart as it is the most transparent for me. But it really depends on your preferences and the trading strategy you decide to use.
The candles interval is adjustable. Simply use plus and minus buttons to change the timeframe.
Then, there are over thirty different indicators which suppose to help you in good entry points’ identification. Moreover, most of the indicators come with an assistant. By clicking the small arrow you will get a short explanation of the indicator and further instruction recommendations.
All the above are easily accessible from the user interface.
Once you register on the website and open your free demo account, you are rewarded with access to numerous educational resources. There, you will find short instructional videos and webinars that will help you understand trading art better.
Bonuses are waiting for new members. Naturally, they are not obligatory so it is your decision to use it or not.
Your choice does not end up between demo and real accounts. When you are ready to invest real money you still have some options. You can choose a regular account or the VIP account.
The VIP account has numerous benefits. You get a personal manager, everyday market reviews and fast withdrawals, just to name a few.
The payouts at Olymp Trade may be considered as quite high in comparison to other brokers. They can reach 82% for a regular account and 92% for the VIP account.
The traders who choose the VIP account receive personal consultant and access to recommendations and trading signals.
Olymp Trade periodically organises contests and provides special offers what creates additional opportunities for its customers.
All the financial instruments are easily accessible from the platform interface. The amount of assets is well-balanced. You will not be overwhelmed by a great volume of instruments and it will be easier to choose the ones you would like to trade. Of course, it may be not enough for those with bigger experience in trading. Still, a choice involves assets like currency pairs, ETFs, Indexes, commodities and cryptocurrencies.
Furthermore, you can select a group of assets like for instance you want only commodities to be displayed. You will then see small pictures of how the price is developing and after analysis, you will make a decision which particular asset you would like to trade.
Once you enter the position you have two options. One is to wait until it expires. The other is to follow the price movements and sell the trade if you expect it will not end according to your previous assumptions.
Generally, the Olymp Trade platform interface is transparent and user-friendly. You will find all the necessary buttons like chart types, indicators and so on without any problem. The chart is easy to navigate both on the website and through the apps.
The language of the trading platform
You will be stunned with a number of languages that are offered on the platform. You can change from English into Russian, Spanish, Turkish, Japanese, Filipino and many others.
Depositing and withdrawing money can be done by using your bank card, but you can also make the payments via e-wallet. The minimum amount you can deposit or withdraw is $10 or €10. There are no additional costs to these operations. Usually, the transactions are processed very fast, for 24 hours. However, it can take up to 5 business days, so no need to worry until then.
Complaints concerning Olymp Trade
During my investigation, I went through various websites and forums to find out what traders think about Olymp Trade. I was happy to discover most comments were positive. Of course, I could not get past all of the opinions, and it was especially difficult in foreign languages, mainly Russian. I did translate some of the comments and yes, I found also negative statements.
One complaint was from a trader who entered the very same transactions at one time on two separate devices. The interesting thing was that the outcome upon expiry was different for both operations. Nevertheless, the validity of that claim cannot be verified.
There is one more complaint that caught my attention. It was about a difference between the prices shown on the real and demo account. I am writing about this because you should know this can happen. The brokers are controlling the prices so there can be a small delay in the prices displayed on the charts.
Where to trade with Olymp Trade
Olymp Trade had started with Russia and a few other countries in Asia. With years they expanded and began to offer services in many more regions including India, Ukraine, the Middle East, Latin America and others.
The governments of the countries had introduced new regulations and that is the reason why in some countries it is not possible to use Olymp Trade. The company systematically makes changes in own regulations so can widen its range, however, it is still not available in many countries in Europe or the USA.
The website is designed to serve people and even a beginning trader should find it easy to use the platform. It is very intuitive and clear. There are not too many pointless features. All the buttons are visible and well distributed. Moreover, you can use the desktop or mobile app what gives you the opportunity to follow your operations everywhere you go.
The practice account
Olymp Trade offers a practice account which is free of charge. It comes with 10,000 demo currency and can be replenished any time up to this amount.
When you are registered on the Olymp Trade website you get access to numerous educational resources, video tutorials, webinars and eBooks. In addition, you can search the answers in the sections “Terms” and “FAQ”.
Let’s take a closer look at the assets available at Olymp Trade. They have significantly increased their number over the years and they are now quite competitive.
You can trade options or Forex.
If you wish to trade options you have 6 commodities, 35 currency pairs, 16 indices, 13 stocks and 10 cryptocurrencies.
For Forex it is as follows: 12 indices, 28 currencies, 2 metals, 5 stocks and 9 cryptos.
Besides, while trading forex you may choose a multiplier to increase your gains (and losses). Olymp Trade allows leverage up to x500.
The duration of your position can be as short as 1 minute or as long as 23 hours 59 minutes. But what is more, you can set your own unique time, and thus gain better control over your trades duration.
Furthermore, you can also close the position manually. If you notice the price does not go in the desired direction, sell your trade before scheduled expiry and limit your loss.
Opening a position
You can certainly open a position manually simply by clicking buy or sell button at the specific time. But then, you can also place a pending order which means you can automate the operation.
It can be done according to the price which means your position will be automatically opened when the price reaches a predetermined level. Or you can set the time when you would like your position to be opened.
Take profit and Stop loss
If you are trading Forex, you can use the option to set take profit and stop loss. These are the features that secure your account against losing, as the markets can change fast. When you set take profit, the position will be automatically closed when the desired profit is reached. Stop loss, on the other hand, will automatically close the position when the predetermined loss is incurred.
Finding a legit broker may not be as easy as one could think. And this is an extremely important task because nobody wants to lose money on a scam. I wanted to describe Olymp Trade as meticulously as I could to make the decision of choosing your broker easier for you.
In conclusion, I can say that Olymp Trade is a legitimate broker. The most important thing is its membership of the Financial Commission. And successful VerifyMyTrade audit.
The other very meaningful fact is that Olymp Trade has the majority of good online reviews.
Then there is a transparency of their platform which makes trading easier, even for beginning traders.
To summarise the investigation, Olymp Trade is a broker you can trust your money with. If you are interested, you can register for a trading account. You can always open a free demo account at the beginning and check how it works for you.
Wish you an enjoyable trading experience!
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Olymp Trade Review – Is it SCAM or LEGIT broker?
- Great customizable platform
- Low minimal deposit
- Beginner friendly
- Free demo account
OlympTrade platform is a popular online trading platform, and has been serving customers since 2020. But what makes Olymp platform a reliable choice for many investors out there? There are a number of reasons why Olymp Trade is the choice platform of many informed and experienced investors out there.
- Security and reliability of the platform. As a leading investing platform online, Olymp Trade is considered an A-recognized member of international Financial Commission, an organization that secures the interests of investors. Since the trading platform is a member of this organization, unlawful acts are covered up to $20,000, which is sourced from the Compensation Fund.
- Minimum amount required to start investments. The minimum amount to deposit to start trading on this platform is $10. This means that almost anyone can join the platform and become a trader.
- Easy access to training and educational materials. The training and helpful resources are open to all members of this trading platform.
These are just the reasons why it’s this platform is popular among many investors, beginners included. I think that OlympTrade works the same way as IQ Option – profesional, reliable and real trading. If you are still interested as to why this platform is highly recommended, then we suggest that you read this OlympTrade review.
OlympTrade’s professional trading platform
Compared to other investing platforms out in the market (such as Binomo‘s), the Olymp Trade is a customized platform that was designed by experienced programmers, traders and financial analysts. The team also continually improves on its services, so customers can count on a platform that is working 24/7. The ability to customize is actually one of the best selling points of this platform. For example:
- You can choose how the charts are shown, for example it can be displayed as a line chart, candlesticks or using Heiken Ashi
- Vary the colors of the chart
This is what you will see right after logging for the first time – Demo account ready to go!
Aside from the visual effects of the charts, the technical settings can be configured as well:
- Change the time frame from 25 seconds to 1 month when using the area chart, and change from 15 seconds to 60 minutes when using the Heiken Ashi or Japanese candlesticks
- Use oscillators and indicators for accurate reading of the charts
Special Features of Olymp Trade
Olymp Trade is considered a trading system that makes use of an online trading platform. The features and functionality offered respond to the needs of the customers, and most of these features will generally appeal to investors who are just starting out. Compared to other popular platforms in the market, Olymp Trade provides free registration, and all new members and investors are given 10,000 credits. The free credits can be used by the new member to try out the system and investing platform. Through the use of the demo account, customers can explore their trading skills and try out a few more strategies before trading for real money. The only thing an investor may notice is the absence of incentives. Instead of the usual perks, Olymp Trade provides low investments and starting trade.
OlympTrade Offers a Demo Account
It should be kept in mind that the platform also provides customers with a free demo, with 10,000 virtual dollars and this is given to the customer as soon as the account has been made. The free demo capability of this platform is welcome news for the beginners since they can try out a few trades. Also, there is no time limit to consider when using the free demo. Investors and customers of this platform can practice all they want without having the need to risk the money.
Trading Terms Customers Should Know
- Minimum deposit amount: $ 10. Deposit $ 2000+ to upgrade to a VIP Account.
- Minimum amount required to trade: $1.
- Maximum amount to trade: $ 2,000 for standard account holders and $ 5,000 for VIP traders
- Successful trade payout: 82 % for standard investors, 90 % for VIP-account holders
- Minimum allowable withdrawal: $ 10
- Withdrawal times: Takes 24 hours for standard account holders to a maximum of 3 days, and a few hours for VIP investors
- No withdrawal fees
|Broker||Bonus||Min Deposit||Payout||Review||Open Account|
|FREE DEMO ACCOUNT||$ 10||82 % for Standard, 90 % for VIP accounts*||Review||Trade Now!|
At Olymp Trade, investors and customers can count on friendly terms which can be helpful in making the trades. When using the service, investors can count on minimum investments and faster withdrawals.
Banking and Withdrawal Options
Olymp Trade provides its customers with a number of options when it comes to deposits and withdrawals. When it comes to deposits, investors can choose from the following list of payment processors:
- E-wallets like Web Money, Neteller, Skrill, Bitcoin, Qiwi and Yandex Money
- Use of Visa and MasterCard
- Boleto, for customers based in Brazil
Withdrawals can be made from these payment processors as well.
Here’s a note when using the banking option of this platform: you can make a withdrawal from the platform where you have completed the deposit. The maximum waiting time for a withdrawal request is 3 days, but the platform strives to complete the withdrawal in the fastest possible time. If you are a standard account holder of this platform, then the average waiting time is 1 day. But if you are a VIP member of this platform, then the average waiting time is just a few hours.
OlympTrade In India and Pakistan
This broker is really popular in these countries last year and we are getting more and more questions from Indian and Pakistan traders. So If you are from India or Pakistan and you are wondering if it’s possible for you to register with this broker, respond is – yes, you can trade with this broker! OlympTrade accepts Indian and Pakistan traders.
And what more – this type of trading (options trading) are still attracting more and more people from these countries and it became a way, how they make money for a living.
As it is written above, you have many possible ways, how you can withdraw/deposit to this broker (visa, MasterCard, Astro pay, Neteller, Skrill, Qiwi, Yandex money, web money, etc…). So you don’t need to worry about this – there is always a way, how to deposit and withdraw your money from the broker.
OlympTrade in Nigeria
We are also getting a lot of questions from Nigeria and it’s kinda similar to the questions we are getting from the Indian and Pakistan traders. So – If you are from Nigeria (or another African country) you can trade with OlympTrade – it’s allowed.
Deposit and withdraw methods are same as for any other country. For possibilities – check above.
How to verify your account?
If you are from Nigeria, India, Pakistan, UK, whatever, the process of verification is the same for everybody on this planet. We are getting more and more questions about “how to verify my account”, “what documents do they want” etc… Please read this below carefully and keep in mind, that the process of verification is still the same and same for everybody, so you don’t need to worry about anything! Let’s go.
So to complete the verification (to withdraw your money) you need to send these documents:
- A photo where you hold your passport/ID card in expanded form and where they can see your face and the details in the passport/ID. It’s like a selfie with an appropriate document – nothing more. Note that the photo must be from your shoulders up and it must be easily seen (no blurry). Like on the image below.
- Then you need to send them also the photo/scan of the appropriate document that you want to use – ID or passport.
- If you used for the deposit a credit card, you also need to send photo/scan of the card from which the payment was made. On the card, the first 6 and last 4 digits, name and surname must be seeable. The validity of the card and the rest of digits can’t be seeable (cover it). The reverse side of the card doesn’t need to be present (they don’t need it).
- If you used for the deposit an electronic wallets – A photo/screenshot of the personal electronic purse (Skrill for example) need to be also sent (screen the detail of your account). The information you need to provide is – the picture of number, owner’s name, and the second photo/screenshot must be of that right money transfer (that one your transferred money to OlympTrade).
Where to send the documents?
Upon receipt of the verification request, all the necessary documents must be sent to the e-mail – [email protected] together with the login (the login is the email address) you put during registration.
How long does verification take? Processing of the documents takes up to five business days. And the result of the document verification you will find on your email because you will receive an email with notification about the result.
That’s it – If you need to help with the verification, let us know and we will try to help you.
Types of Accounts Available on Olymp Trade
- Demo Account. This account is provided for free, and each account will be assigned 10,000 virtual units. Interested individuals can simply sign up for an account on the website.
- Standard Account. A minimum of $ 10 or its currency equivalent is required to enjoy this account. Under this account, investors can trade at a minimum of $1, and a maximum trade worth $2,000. The maximum possible profit that one can get is 80-percent of the investment made. When it comes to the withdrawal of funds, the minimum amount that can be withdrawn is $10 with no set limit for the withdrawal. Withdrawals can take an average of 1 day, with a maximum waiting time of 3 days.
- VIP Account. To take advantage of this account, interested investors must deposit $2,000/or its currency equivalent. For this account, the minimum deposit required here is $2,000, and when it comes to trading, the minimum is set at $ 1 and the maximum is set at $ 5,000. Aside from faster withdrawals, VIP members can count on a number of perks. If you sign up for this account, you get the assistance of a VIP consultant and you are given access to leading financial analysts and other trading tools.
|USA Allowed No
Payout: 82 % for Standard, 90 % for VIP accounts*
Demo Account: Yes
Min Deposit: $ 10
|FREE DEMO ACCOUNT||Trade Now! Read Review|
Helpful Trading Tools
On top of the standard tools that are offered by the website, Olymp Trade also offers other friendly tools that can promote a satisfying trading experience:
- Support for cryptocurrency. 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.
Education and Training Within your Reach
If you sign up for an account with Olymp Trade, you are given the chance to access free resources that can be helpful in your growth as a trader. All members of this platform can use:
- Interactive course
- Webinars and video tutorials
- Recommended strategies by top financial analysts
Our Educational Materials
If you don’t want to be dependent on your broker, you can simply go through our wide range of educational materials we prepare and offer on xBinOp.com. Click a button below to see more!
OlympTrade on Social Media
Olymp Trade is one of the popular investing platforms that makes use of the social media. Social media platforms like Facebook and YouTube are used to the company’s advantage, and these platforms are used to distribute learning materials and resources to its members.
Traders and interested students of investing can watch live stream on Facebook, or join webinars that are hosted on YouTube. With the use of the platform and the availability of massive educational resources, we can say that the Olymp Trade is a helpful platform for all types of investors. Today, the website is considered home by more than 6.5 million users, and more than 20,000 traders are active on a daily basis.
- Great customizable platform
- Low minimal deposit
- Beginner friendly
- Fast withdrawal times
OlympTrade – Review author
More about the author Step
I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
|✅ Website URL||www.olymptrade.com|
|✅ Trading Platform||Custom made platform|
|✅ Minimum 1st Deposit||$ 10|
|✅ Minimum Trade Amount||$ 1|
|✅ Maximum Trade Amount||$ 5000|
|✅ Bonus||FREE DEMO ACCOUNT|
|✅ Payout||82 % for Standard, 90 % for VIP accounts*|
|✅ Free Demo Account|
|✅ Regulation||Regulated by FinaCom|
|✅ Account Types||Standard (10-2000 USD Deposited), VIP (2000+ USD Deposited)|
|✅ Account Currency||USD, EUR, BRL|
|✅ US Traders Allowed|
|✅ Mobile Trading|
|✅ Tablet Trading|
|✅ Overall Score||4.9 / 5|
157 Responses to “Olymp Trade Review – Is it SCAM or LEGIT broker?”
That is a surprisingly low threshold for getting VIP account at Olymp. I’ve learnt that VIP customers get better payout rates at Olymp, not only personal assistant. 92% or 82% seem to make not that big difference, but in fact it is a huge difference that these 10% make. Unfortunately I don’t have that much spare money yet. My plan is to turn my $500 into $2000 and become a VIP client this way
Hi there. Its been apx 2 months now im trading with Olymp. I have no problem with Olymp so far. They have paid me for all the withdrawals so far on time. I had made apx 3000% profit within this period and all things are well. But the only problem i have with Olymp is the Trading limits. Whenever i try to execute trades with higher amounts, the account automatically get restricted. Then i wont be able to trade for cpl of days. When i tried to contact the Customer Care, they are asking me to trade with 1$-5$. But i want to give orders in 3 digits, and not one digit. Can some one help me to understand how to overcome this issue.
Can i conform that it will continusoly trade the account from different commedities ? and withdrawal amount should be initiating late to bank/card?
Hello am from Nigeria if I start trading with 10 dollars how much am I going to make as profit
Hi, this is Brayden (name changed). I have been trading with Olymp Trade for the past 41 days. My total investment is 73$. The best part is that I had already made my first withdrawal of 110$ and it got credited in my bank without any issues. So the best thing is that my capital is secured. Now I have $400+ in my account. I have ordered for a withdrawal of 150$, and its been 3 days now with a response from them that they are investigating my account to check if I have violated the law or not. Let them investigate if that is part of their process. I have no major complaints with Olymp so far. Some inconveniences are there everywhere. Even though I have secured my capital, I’m looking forward to make some profit and withdraw them. I’m currently working as a full-time trader. So ill be happy if things go well. My advice is that just study and understand the market and go ahead. Do not gamble. Demo trade first, and then invest a small amount and trade and learn with live money. Im in the forex industry for 12years. I’ll post a detailed review after 3 months of my usage with Olymp.
I come from Tanzania, I want to invest but I have no passport card
Don’t do it…..
Short answers for this question are not enough…
Let me give you brief about the realtime experience with olymp trade…-yes it may provide you some amount as winning amount in beginning…
But then after 3 4 wins and few losse ..
You cm to realise that… its actually a big hoax…you are fooled in the name of trading… you are simply playing bets for the trade going up or down….again , the app does every possible thing to catch you at your most vulnerable points of mobile usage like… screen lock, network loss, application switching and all other similar aspects… if you are in the middle of a trade and unfortunately your screen gets loked or so… when you switch on your screen, all your trades will be lost… this happened every single time when i had to lock my screen while trading.. infact i used to trade multiple bets in single go.. they all vanished without the trade being complited…
The same happens when you relode the app after app switching and network loss situation.
Also the app reads your psychology and trade behaviour and starts snatching money with altered algorithmic strategies.. at the end of the day… you will have nothing in your pocket…
In short.. beware..
They are big Cheaters…
Hello, do you have some bad personal experience or why you are saying this? Let us know. Thank you.
Olymp Trade works since 2020 and offers services in various markets. Personally, I have been working with them for 2 years and so far have not noticed any deception. I don’t know where you got it from, but it seems to me that either from slander on the Internet or from negative experience. If this is simply based on others thoughts, then this is bad, because you are simply misleading people. If you have a negative experience, then share trade does not offer guaranteed earnings or golden mountains to everyone, they offer a high-quality terminal and a set of tools for traders, as well as training for beginners. I am very sorry that often people perceive trading as a place where anyone can get rich, this is not so. But the brokers themselves are largely to blame, who in the 90s and 00s positioned trade as an opportunity to become rich. And many come to trade without learning, and then lose and blame respectable companies like Olymp trade. Just in order not to lose money, you need to study hard for a long time and not wait for millions on the first place.
Where to study and how to study olymp trade
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