Founded in : 2014
Headquarters : St. Vincent and the Grenadines
Regulation : IFC
Platforms : Olymp Trade WebTrader
Leverage : 1:500 on FX Trading
Minimum Deposit : USD$10
Risk Warning: Olymp Trade and its 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 with this provider, 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.
Who is Olymp Trade?
Olymp Trade is a well-known online trading platform, which was established in 2014. There are many different assets that have helped keep Olymp Trade afloat and surrounded by loyal clientele. The first asset would be the safety measures and precautions of the platform towards other clients; it is considered a financial organization that keeps the interests of their clients in mind.
Olymp Trade is part of an international organization, the Financial Commission, which regulates that any illegal acts are reimbursed up to $20,000 that is sourced from the Compensation Fund. The second asset is the minimum amount that is required to start investments and open a live account. In order to start trading with Olymp Trade, the minimum amount is ten dollars, so anyone can join the financial technology company and start trading. Technical support is available 24/7 with a multi-lingual team of specialists, available by email, phone and chat, who are always ready to respond quickly and efficiently.
The third asset is that clients have an ease of access to educational resources and training materials. Any members of Olymp Trade have the option to utilize any of those materials and resources. Olymp Trade is available for traders from all countries except: Australia, Canada, USA, Japan, UK, EU (all countries), Israel.
Is Olymp Trade Safe or a Scam?
It is not safe to trade with Olymp Trade, since this brokerage firm is owned by a corporation of SmartEx International Ltd. SmartEx International is an offshore company that is registered in St. Vincent and the Grenadines.
St. Vincent and the Grenadines is infamous for its lack of safety regulations and procedures; this is because the cost of setting up is too low and it does not adjust to Forex trading. An offshore zone makes it accessible for brokerage companies to set up without the safety licenses and registrations.
Olymp Trade is considered to be one of the fastest growing firms that allow any client of any level to trade, with increased daily trading volumes, and they claim to close around thirty-two million trading transactions per month.
Despite the brokerage firm’s numerous awards and its global recognition for their services, Olymp Trade does not operate without an actual license from any authorities in the brokerage industry. The absent licenses do not protect clients and does not operate with the obligatory regulations that helps clients and their trading accounts
According to the Olymp Trade website, the firm is a member of the International Financial Commission. However, it cannot guarantee to protect the interests of the clients or the ability of a safe trading environment. It also does not adjust to the daily operations of the company, which cannot provide necessary protection to the client.
However, the brokerage firm is registered with the Financial Commission, a financial agency that ensures the return of client funds, in the occurrence of any mishap. The compensation fund goes up to 20,000EUR per complaint, in case a client loses money with the broker to blame.
We strongly recommend that you think hard before trading with Olymp Trade, or any brokerage firm that is registered with offshore zones.
The current trading platform for Olymp Trade is an in-house trading -platform that is established and developed by Olymp Trade’s software developers. The trading platform operates on both Android and iOS software, as a mobile application. This means that all clients of Olymp Trade can trade anytime, anywhere. According to client reviews and feedback, the trading platform is user-friendly and it has a sense of direction when it comes to the client’s trading strategies. Olymp Trade and its mobile application is considered to be one of the best binary applications that are available in the financial market.
The trading platform for Olymp Trade is self-sufficient and very easy to comprehend; it contains technical indicators and analysis instruments that facilitate traders find the best trading strategy. The in-house Olymp Trade trading platform also provides a history section at the bottom of the page, allowing traders to stay updated on a specific asset and track its progress. On the left side of the page, there is a trading chart and on the right side of the page is an icon where the trader is allowed to define the duration of the trade, the amount for trading, and to place a Put or Call option.
With Olymp Trade, there are three trading accounts that are offered to clients. The first account is the Standard Account, which is available for any prospective client that wants to open a live account. The account has a minimum amount to trade with, which is one dollar, and a maximum amount to trade with, which is two thousand dollars. There is a minimum of ten dollars, or its currency equivalent, that is required to open an account. The Standard Account allows the maximum possible profit of eighty percent when there is a successful trade. With the Standard Account, there is a minimum withdrawal fund of ten dollars, with no limit for any withdrawal. Withdrawals can take up to 24 hours, with a maximum waiting time of three days.
The second account that is available for clients is the VIP Account, which is targeted by elite and expert traders. In order for an account to be live and utilized, traders must deposit two thousand dollars, or its currency equivalent. The minimum deposit for trading of the VIP Account that is required is two thousand dollars. The minimum amount is set to one dollar and the maximum is set to five thousand dollars. The clients who acquired the VIP Accounts benefit from faster withdrawals, and they get the assistance of a VIP consultant, financial analysts, and various trading instruments.
The final account that is provided by Olymp Trade is the Demo Account, which is considered a trial-run for prospective clients. The Demo Account is a free account, which permits the prospective trader ten thousand virtual funds.
What are the Trading Conditions of Olymp Trade?
In order to open an account in Olymp Trade, there are elements that are required to be known. The minimum deposit amount for the Standard Account is ten dollars, and the minimum deposit amount for the VIP Account is more than two thousand dollars. The minimum amount that is required for clients to trade is one dollar, which makes it super easy for anyone to trade with Olymp Trade.
The maximum amount that is required for clients to trade is two thousand dollars for clients with the Standard Account, while the maximum account to trade is five thousand dollars for clients with the VIP Account. The successful trade payout for clients with the Standard Account is 82 percent, while the successful trade payout for clients with the VIP Account is 90 percent.
With Olymp Trade, traders and clients are able to rely on friendly terms, while making trades. This brokerage company allows clients to count on minimum investments and faster withdrawals.
The maximum leverage level for Forex trading with Olymp Trade could reach the ratio of 1:500, while other leverage levels could vary according to each subsidiary provided.
Deposits and Withdrawals
Olymp Trade offers their traders with various options on deposits and withdrawals. With deposits, traders can fund their accounts through the use of Visa and MasterCard, electronic payments, and Boleto. Boleto is an option available for all clients based in Brazil. Clients who prefer using e-wallets can apply through Web Money, Neteller, Skrill, Bitcoin, Qiwi, and Yandex Money. Withdrawals have the exact same options for payment, as well.
With Olymp Trade, there is an option that traders can make a withdrawal, after completing the deposit. The maximum waiting time for a withdrawal request can take up to three days, but Olymp Trade attempts to finish the transaction as fast as possible. Any trader with the Standard Account, the average waiting time is twenty four hours. However, as a VIP Account holder, the average waiting time is only a few hours. There are no withdrawal fees and the minimum withdrawal amount is ten dollars. Along with that, all transaction fees are on Olymp Trade and they do not charge commissions to traders.
What are Olymp Trade’s Educational Resources?
Olymp Trade has an expanding range of educational materials and resources, allowing to educate traders on everything they need to make good trading decisions and find the best trading strategies. These educational resources are: webinars, video tutorials, trend indicators, blog posts, and a social media platform presence.
Olymp Trade is considered one of the trendiest and most popular trading providers that utilizes social media to their benefit. Social media platforms like Facebook and YouTube are used to disseminate educational resources to their traders. Any client who is interested in being educated in the trading industry has access to do so through a live stream via Facebook, or join the webinars available on YouTube.
The video tutorials available for traders consist of guidelines and how-to videos that articulate over any confusion traders might have over the website. Olymp Trade also provides potential traders access to the trading experience without facing any financial loss, through a Demo Account. The Demo Account offers virtual funds of ten thousand of the currency of trader’s choice, to give them the option to evaluate the benefits of their in-house trading platform.