Olymp Trade Review
Olymp Trade was founded in 2014 and is owned and managed by Inlustris Ltd which is registered in Saint Vincent and the Grenadines.
The broker offers forex, CFDs and digital options trading over the internet. Olymp Trade believes in trader education and so organises training webinars almost every week at no cost to all interested clients.
Olymp Trade states that about 25,000 users trade on its platforms everyday and over 240,000 clients trade on their live accounts every month. The broker also boasts that its trading volume has risen to over $170 million in turnover every month. This comes from over $37 million trades that are closed monthly. These figures are up to date as of 2019 but may have since changed.
The broker also has won more than 8 trading broker awards to its credit. At the 2018 forex awards, Olymp Trade won the ‘Best Trading Platform’ award. Other important awards are; ‘Best Options Broker’ which was won at the 2017 Forex Expo awards and ‘Innovative Broker’ which was won at the 2017 IAFT awards. Olymp Trade is also into sports sponsorship and has sponsored the LCR Honda team at MotoGP 2019.
Olymp Trade Regulation
Olymp Trade states that it is a member of the Financial Commission (Finacom PLC). The International Financial Commission is a conflict resolution commission which settles disputes between member brokers and their clients. A client can claim a compensation of up to €20,000 for each case won. Finacom does not stipulate guidelines for broker operations and cannot be compared to standard regulatory agencies like the FCA, CySEC or ASIC.
Olymp Trade’s platform and website is protected by a 256-bit Secured Socket Layer (SSL). This is the industry standard security practice that engenders a digitally safe transaction environment for all clients. SSL encrypts all data to and from the servers. This is done in order to prevent cyber crimes such as identity and credit card theft, phishing and hacking.
In order to complete the registration process, clients are required to undergo identity verification. This entails the uploading of a copy of ID card, utility bill and payment means confirmation. It can take up to 5 business days before the verification process is complete.
Unfortunately, Olymp Trade are not regulated by any regulatory authority which will be very concerning for most potential clients as they do not have the same protection as they would from a regulated online brokerage.
Olymp Trade Countries
Olymp Trade accepts clients from most countries excluding those where distribution or use would be contrary to local law or regulation. They cannot accept UK or US traders.
Olymp Trade Trading Platforms
Olymp Trade provides only its proprietary platform to all clients for trading activities. The platform is web based and so, requires no downloads and installations. The platform is optimized for mobile viewing and resizes to fit on most screens. It is available in 19 languages and has a range of tools for order placement and analysis. The following are some features of the Olymp Trade platform:
- It has 4 chart styles; Area, Japanese candlesticks, Helken Ashi and Bar charts.
- The charts can be displayed on 11 timeframes from 15 seconds to 1 month.
- From the platform, deposits and withdrawals can be made into the trading account.
- Supports one-click trading.
- Switch between forex trading and binary options trading on the same platform.
- Over 30 technical indicators including the most popular ones like MACD, RSI, moving averages, etc.
Olymp Trade Mobile
This mobile app is developed by Olymp Trade for trading binary options. It is available for Android and iOS devices. The app is clean and user friendly. Here are the features of the mobile app:
- Customizable assets list.
- Switch between demo and real account.
- Fund and withdraw from trading account.
- One-click trading.
- Access to customer support from the app.
- Educational resources available from the app.
- 2 Chart styles that can be displayed over 6 timelines form 15 seconds to 1 hour.
- Technical indicators and drawing tools are available.
Olymp Trade Trading Tools
Olymp Trade gives trading signals on their website. The signals are given on selected instruments. Signals are based on technical indicators and analysts’ tools. They are available on currency pairs, commodities, indices and stocks.
This section of the Olymp Trade’s website features news, trends and analysis. It looks at selected instruments and gives their daily analysis. The analyses are based on charts, indicators, price action, news and economic releases.
The weekly review looks at the events that are expected within the week as well as their potential impacts on the market. It also follows up on the happenings of the past week.
Olymp Trade Blog
This blog is updated frequently by Olymp Trade experts and analysts. It has different sections which include; education, analytics, FAQ, lifestyle and platform news. The blog features some interesting and informative articles.
Olymp Trade Education
The brokers website and platform contain various training videos and articles aimed at teaching forex trading to a beginner. The training is grouped into video tutorials, strategies, technical indicators and webinars.
The education section of the Olymp Trade blog has articles on fundamental and technical analysis, trading psychology and money management.
There are over 250 videos of recorded past webinars that can be watched on the website. New webinars are scheduled at least every week. The webinars teach various topics ranging from indicators, options trading, etc.
Olymp Trade Trading Instruments
Olymp Trade offers 32 forex pairs, 15 indices, 13 US stocks, 6 commodities and 9 cryptocurrency assets. This asset list is rather limited especially when compared to competitors. Some online brokers offer thousands of trading instruments for trading on their platforms.
Olymp Trade Accounts & Fees
Olymp Trade does charges commission on all trades. The maximum leverage is 1:500. There are only two types of accounts. They are as follows:
- Regular account: This account is designed for new traders. The minimum deposit for opening this account is $10.
- VIP Account: The minimum opening deposit is $2,000. VIP account holders get private webinars, analysts’ consultation and invitations to exclusive events.
Demo accounts preloaded with $10 000 in virtual funds are available to test the different trading platforms and conditions before opening a real account.
Accounts can be opened in EUR, RUB, BRL & USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
As fees can vary and change, there may be additional fees that are not listed here in this Olymp Trade review. It is imperative to ensure that you check on the official Olymp Trade website all of the latest fees and are completely clear about all of the charges before opening a trading account with any online broker.
Olymp Trade Customer Service
The client support department is always available 24/7. The support desk speaks different languages. They can be reached on phone, email and instant web chat. They also have a ‘Contact Us’ form which can be used to ask quick questions to the support team. A knowledge base comprising of FAQs is provided on the website. The FAQs are grouped under trading platform, financial questions and verification questions. A trading glossary of over 50 items is provided. The Olymp Trade social media platforms are facebook, Twitter, YouTube and Instagram.
Olymp Trade Deposit & Withdrawal
Olymp Trade does not charge deposit and withdrawal fees. The minimum withdrawal is $10. Withdrawals are processed within 24 hours.
- Credit/Debit Card: The cards accepted are Mastercard, Visa Card and Maestro. The minimum deposit is $10. Card payments are instantly processed.
- Online Payments: The internet payment gateways accepted are AstroPay, Neteller, Skrill, Fasapay and WebMoney. The minimum deposit is $10 and the payments are processed immediately.
- Bitcoin: The minimum deposit is $25 and it is paid into Olymp Trade’s Bitcoin wallet. It is exclusively for clients who already own Bitcoins. The payment is processed within 24 hours.
Olymp Trade Account Opening
Fill the form on the homepage of the website to open a new account. You can also click ‘Registration’ from the menu in order to register. If your country is not eligible then you will not be able to proceed.
Fill the form and click on ‘Register’. Alternatively, you can also sign in with Google or Facebook if you already have accounts with any of the websites. The new Olymp Trade account will receive information from the Google or Facebook account. Once you complete the registration, you are automatically logged into the trading platform’s demo account. A live account is also created. You can make a deposit and commence trading.
Olymp Trade Conclusion
Olymp Trade is an unregulated offshore broker that offers options, forex and CFD trading on its platform. The web based platform is intuitive and has inbuilt tools for charting and analysis. Live trading can commence with only $10. The quantity of training resources provided and the frequency of webinars is commendable.
Despite being a member of the reputable Finacom, Olymp Trade remains an unregulated broker. Finacom membership cannot equate the stringent regulatory stipulations as being enforced by standard regulatory bodies like the NFA, CySEC, FCA or ASIC.
The asset listing is small when compared to other brokers that offer thousands of trading instruments. Also, traders cannot automate their strategies using the provided platform and they do not offer the popular MT4 trading platform.
Transactions with financial instruments offered on the Website involve substantial risk; trading may be very risky. If you make transactions with the financial instruments offered on this website, you might incur substantial losses or even lose everything in your account. Before you decide to start transactions with the financial instruments offered on the website, you must review the service agreement and risk disclosure information.