Olymp Trade Review
Olymp trade is the second biggest ”fixed time trades” provider on the planet.
I have made this Olymp Trade review as complete as possible and have kept updating it for the past 3 years, So keep reading and you will find everything you ever need to know about the Broker.
What is Olymp trade?
Olymp Trade is an online fixed time trades broker based in St. Vincent and the Grenadines. The registration address can be found in the User Agreement.
Launched in 2014, it’s one of the fairly new fixed-time trades brokers from St. Vincent and the Grenadines.
In February 2016, Olymp Trade became a member of the International Financial Commission (FinaCom) and was awarded a membership certificate. As a third party regulator, FinaCom’s role is to offer traders security against fraudulent brokers.
Gaining traders trust has been top of the agenda for the Olymp Trade team. In September 2018, the broker was certified as a quality broker by Verify My Trade. This independent body audited 5000 order executions from live Olymp Trade accounts and ascertained that the broker’s trade executions pass the standards set. The audit results can be found here: https://financialcommission.org/ru/2018/09/27/financial-commission-announces-execution-quality-certification-of-additional-broker-members
Olymp Trade is currently refocusing its business on the emerging markets of Asia, Africa, Latin America and the CIS countries. One of the main reasons for such a shift in priorities is the forthcoming changes in Russian legislation. In that connection, Olymp Trade decided to stop new clients from Russia from registering on the platform, starting on December 26, 2018.
Olymp Trade: a scam or legit online fixed time trades broker?
Being fully regulated is one of the main factors to look at when trying to determine whether a fixed time trade is legit or a scam. As a trader, you want to know that your funds are insured and, any problems you encounter while trading on a particular platform will be resolved.
How safe is Olymp Trade?
The fact that Olymp Trade is regulated by FinaCom shows the lengths the broker has gone to in order to earn traders trust.
During our investigation into the broker, we came across a claim by one of their support staff saying they’ve already applied for CySEC certification. But to date, there’s no mention about being regulated by one of the better known authorities.
This however doesn’t mean that the broker isn’t safe. FinaCom regulations and policies are as strict as you’d find
with the well known regulators. This regulator offers traders legal assistance in case traders launch a dispute against any broker registered with them.
Being a member of FinaCom is a good indicator that Olymp Trade is a legit fixed time trades broker. FinaCom offers traders legal assistance in case traders launch a dispute against any broker registered with them.
Traders are offered up to $20,000 from the Compensation Fund in case their complaint is found to be valid. As a trader, you’ll want to know that your deposit is insured and can be recovered in case your broker goes rogue.
In addition, Olymp Trade offers to settle disputes through their Client Resolutions Department. The broker will
typically answer emails within 24 hours and provide directions on how your dispute will be settled. If you’re not satisfied with their solution within 14 days, the broker allows you to file your complaint with FinaCom.
We always recommend that you start trading with a fully regulated broker since risk of losing your money is minimal.
Olymp Trade awards
Despite being in the industry for less than 5 years, Olymp Trade has attracted the attention of leading financial institutions – for good reasons. This has seen the broker win several awards.
These awards put Olymp Trade among the top brokers in the world in terms of trust, transparency and overall client
What makes Olymp Trade stand out?
One thing that makes Olymp Trade stand out is their membership with FinaCom. FinaCom’s main role is to keep its members in check and protecting trader’s investments.
If you place a complaint with Olymp Trade’s support staff and it’s not resolved within 14 days, you have the right to contact FinaCom and have your dispute resolved.
This check ensures that trader complaints are handled fast and professionally.
Olymp Trade also offers an easy to use demo account credited with 10,000 virtual cash. This makes it easy to learn how to trade on the platform without risking your own money. The demo account can be replenished in case the balance drops below $5000.
The Olymp Trade platform is accessible in three ways. First, there’s the web version which you can access through their main website. Second, there’s the desktop application for both Windows and macOS. This app has additional features to those you’ll find on the web version. Finally, Olymp Trade can also be accessed through mobile apps for both iOS and Android Smartphones.
If you open a real cash account, you can place trades worth as little as $1. You don’t have to risk huge amounts on a single trade enabling you to better manage your account.
What are Olymp Trade’s drawbacks?
One thing that caught our attention is the limited number of tradable assets on the platform. There are 77 financial instruments on offer. These include 36 currency pairs, 6 commodities, 10 cryptocurrencies, 2 cryptocurrency pairs, 10 shares and 10 stock indices. These might seem a few. But for the beginner trader, investing with a few instruments usually offers the chance to learn how to trade before they can comfortably trade many assets at once.
Should you consider opening a fixed time trades trading account with OlympTrade?
Olymp Trade offers unique features which make it worth considering. Upon opening an account, you can start practising using the demo account that’s credited with RUB 10,000 virtual cash. This means that there’s no obligation to start using your own cash to trade.
The minimum deposit allowed is $10. This is quite fair given that many brokers require deposits of hundreds of dollars. The minimum amount you can place on a single trade is $1. This again is a good thing if you don’t want to risk a huge amount on a single trade. The maximum amount you can place on a trade is $2000.
Watch us Deposit, Win a Real Trade and Withdrawal from Olymp Trade – Platform check
Lot of tools, charts and indicators available
Having the right trading tools at your disposal makes it easier to make successful trades. Olymp Trade has
invested in a range of tools which include over 20 indicators and 4 charts which are easily accessible within the user interface. The interface also includes a “technical analysis” button which will give you access to even more
tools. One exciting feature we found is the assistant button that accompanies every indicator. What this does is trigger a
pop up button that directs you to all training materials and instructions regarding the specific indicator.
Besides the demo account, Olymp Trade also includes a number of learning resources. Traders have access to webinars and interactive courses which teach them how to trade financial instruments. The webinars are created and updated in an almost daily basis.
You can also choose between 2 account types; a regular account and VIP account. The VIP account gives you access to extra perks like a personal trading consultant and daily market reviews. Your withdrawals are also processed faster usually taking less than a day.
New account holders are offered bonuses. However, you still reserve the right to reject a bonus.
Olymp Trade offers an effective return of up to 82% for standard account holders and up to 92% for VIP account
holders. This is quite high compared to competing brokers. VIP account holders also gain access to trading signals and recommendations as well as a personal consultant.
Traders also get the opportunity to increase profits through the contests and special offers that are regularly provided.
Currently, there are 77 different assets on offer. It’s a good trading platform if you don’t want to be overwhelmed by a huge collection of tradable assets. However, for more experienced traders looking to invest in a huge portfolio of assets, this can be limiting. The trading interface comes with special buttons at the top which make it easy to find a specific asset.
In addition, you can choose a single asset or, select an entire group of assets. For example, you can choose to trade Bitcoin only, or use the selector functionality to select all cryptocurrencies on offer. This functionality comes in handy when you want to analyze the price movements of all assets in a group before deciding which one to trade with.
Olymp Trade also offers only one trade type (call/put fixed time trades). This can be quite limiting for experienced traders also. However, the call/put fixed time trade type makes it easy to predict how a trade might go as well as get out of a losing trade fast.
You can also cancel a trade before the expiry period limiting losses. The chart timeframes can be set manually. The timeframes range between 15 seconds to 1 month. This comes in handy when you’re tracking an assets price movements over a given period.
The website is well designed and easy to navigate through. The layout is intuitive and isn’t cluttered with many different charts and tools. If you need to access technical tools, you can do this via a “technical analysis” button available on the trading interface. Besides a computer or laptop, you can easily access your Olymp Trade account via mobile app.
The Olymp Trade website is available in English, Russian, Indonesia, and Thai among other languages.
Real or VIP account holders can deposit funds via wire transfer, credit card or e-wallet. Withdrawals can be made through the same channels. The platform doesn’t place a cap on the total amount you can withdraw. All withdrawals are free enabling you to keep most of your earnings.
Each withdrawal request is processed within 24 hours and depending on payment method, it might take up to 5 business days to receive your money.
OlympTrade customer support team can be contacted via email, online chat or phone. You can also contact them via their social media accounts.
Trader complaints against Olymp Trade
Combing through different forums and websites, we found that many traders rated Olymp Trade positively. However, our research was limited by the fact that many comments regarding the broker were in Russian. We did manage to translate a few and one complaint caught our attention.
The complainant claimed that he’d placed two exact trades on different computers at the same time. The results of the trades upon expiry were different. We cannot verify the validity of this claim.
Another notable complaint we found explained that prices displayed on the demo account and real account were different. This is quite common among brokers and slight delays in price changes are usually expected.
Olymp Trade which country
Initially, Olymp Trade offered their services to traders from Russia and some Asian countries. However, over recent
years, they have increased their assets offering and attracted traders from countries primarily in India, Pakistan, the Middle East, North Africa, Latin America and Southeast Asia. The broker cannot offer its services to citizens from many countries including the US and many European nations. Other than that, we found that it is a good place to trade.
Olymp Trade’s website is well designed and quite easy to navigate through. The platform interface isn’t cluttered with many useless features and has intuitive buttons and tabs that make using the platform easy. The platform is also available via mobile app allowing traders to access their accounts from almost anywhere.
Olymp Trade Demo account
New traders are provided with a demo account that’s loaded with RUB 10,000. They’re also provided with several learning resources that include video, webinars and a downloadable eBook.
Information regarding how to use the platform is provided in a variety of pages such as the FAQ and terms. These resources are available to everyone regardless of the account type they hold.
Number of tradable assets
Important update: Olymp trade has increased the number of tradable assets from only 13 to 77. This makes Olymp Trade comparable with their competition and makes it a very interesting broker to start trading. They do not only offer fixed time trades but also Forex, cryptocurrencies, commodities, shares and stock indices nowadays.
Their forex offering includes 36 of the major currency pairs. Forex traders are treated to leverage of up to X200 which makes it easy to significantly increase your profits (or losses).
Their crypto offering includes 10 of the leading coins and 2 coin pairs. Like forex, cryptocurrency traders are also
offered leverage of up to X10.
Many modern fixed time trades brokers will offer well over 50 different tradable assets. Offering just 13 assets, Olymp Trade doesn’t rank well against their competition. In addition to this, they only offer one trade type (high/low fixed time trades trading). *
Olymp Trade is focused on offering short term trades. Traders can hold positions for as short as 15 seconds of as long as 1 hour. The interesting thing we found with this platform is that rather than have specific trade expiry times provided, you can actually type in your unique expiry period. This gives you more control over how long a trade should last. Another good feature is that you can cancel losing trades to minimize losses.
You can place a trade by placing a trade order in two ways.
First, you can place an order when the asset reaches a pre-specified strike price. For example, if you anticipate an assets price to rise, you can set the platform to automatically place a buy order when the price hits a certain point.
Second, you can place a time limit order. For example, if you anticipate the assets price to start rising in the next 5 minutes, you can set the platform to automatically place a buy order in the next 5 minutes.
Take profits and limit losses
Volatile markets such as cryptocurrencies are quite unpredictable. Trends can reverse suddenly. In such scenarios, you’ll want to take your profits before a winning trade turns to a losing one. On the other hand, you’ll want to limit your losses in case your speculation wasn’t correct. Olymp Trade provides features for this. These features can be manually set using the settings section in your personal account.
Commissions and effective returns
Olymp Trade does not charge commissions or fees on trades placed or withdrawals. This way, you get to keep most of what you’ve earned. Their effective returns are also quite good. Standard account holders can up to 80% on successful trades while this goes up to 90% for VIP account holders.
Contact and Support
Traders can contact Olymp Trade’s support team through live chat, phone, email and, through social media channels. Emails are usually responded to within 24 hours. Their contact numbers include:
+357 (2) 5030996 – Nicosia, Cyprus
+234 (1) 2279021 – Lagos, Nigeria
+66 (2) 026-03-56 – Bangkok, Thailand
+27 (21) 1003880 – Cape Town, South Africa
Deposits, withdrawals and bonuses
Olymp Trade offers two account types. The minimum deposit amount for standard accounts is $10 while that for the VIP account is $2000. This is quite low compared to what’s required by many competing brokers. The minimum amount invested per trade is $1.
Traders can withdraw their earnings via wire transfer, credit card, Bitcoin or e-wallet. Withdrawals are processed almost immediately but it will take up to 5 business days to receive your money. One thing we like is that all payment processor fees are handled by the company. In addition, there’s no set maximum withdrawal amount.
This fixed time trades trader offers traders bonuses upon sign up. The bonus amount you’ll receive depends on the amount you deposit into your account. Traders can cancel bonuses. If awarded a bonus, you’re required to achieve a turnover of X25 before you can actually withdraw it.
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Olymp Trade Additional platform specific extras
Although primarily targeting traders from Russia, Olymp Trade is available in more than 7 different languages making it more accessible.
The website also offers an assortment of useful trading tools and resources such as charts, indicators and many more. Being available via mobile app is also one platform specific feature we particularly liked.
Simple to use and focused on beginner traders are words that can best describe Olymp Trade. The platforms limited number of tradable assets, rich learning resource and numerous useful tools make it an ideal place for beginner traders to start their fixed-time trade career.
Opening a Olymp Trade Account
The broker primarily targets traders from Asia, Latin America, the Middle East and North Africa. Some countries are excluded from their service. However, not everything is bad about this broker. Their effective bonuses are quite high compared to competitors and the absence of any commissions or fees allows you to keep most of your profits.
Olymp Trade is also a member of FinaCom. As a trader investing your money with this broker, you can rest assured that your money can be recovered in case the broker goes down.
How trustworthy is Olymp Trade? Final Thoughts
Finding a trustworthy online broker can be difficult today. So how does Olymp Trade rate? We’d say that they’re a trustworthy broker.
Not only because of their FinaCom status but also from the findings of the Verify My Trade audit. The broker has also received positive reviews from traders. Their offering is quite decent and there are no hidden commissions or charges traders incur on the platform. Overall, it’s a good broker for beginner traders.
If you are more interested, click the link down below to sign up and check them out yourself.
Thank you for visiting and good luck trading.