Olymp Trade is among the most popular online agents in the business, with more than 25,000 clients now trading on its own platform daily. This review was made to detail each of the services Olymp Trade may supply, for example, account forms available, demo account attributes and login, how great the smart device trading program is, and also the way to execute strategy – essentially all of your questions are provided an answer!
In addition, we list the hottest bonuses and promotions together with key comparison statistics (such as minimal deposit amounts, minimal trade amounts and sorts of trade available). Continue reading about Olymp Trade.
Olymp Trade has been established since 2014, and the company has a reputation for continuing to enhance their trading platform with every successive calendar year.
They have picked up many awards, such as:
- Best Financial Broker at the CPA Life Awards 2017,
- Best Options Broker at the Forex Expo 2017,
- Best Options Trading Platform at Le Fonti 2016
- Fastest Growing Broker at ShowFx World 2016.
As one of the most popular brokers available on the current market, Olymp Trade provides a simple user interface, fantastic customer support and a good deal of alternatives to learn the way the markets operate.
It is a platform that’s acceptable for new users and professional traders alike, and its high amount of daily consumers is proof of the type of support given by the brand.
The Olymp Trade system is simple to navigate and there is a true focus on the user experience.
It’s tidy, organized and contains links that make it amazingly easy to find what you’re searching for.
The site is simple and shows users precisely what they desire – not simply to track their transactions, but to trade successfully.
The platform is accessible over web, a desktop app (Windows- and Mac-compatible) and over a smart device app (Adroid/iOS).
There is a clear, precise chart on the homepage that features numbers and timings, which can help make it simple to comprehend the chart.
Charts may also be customised through chart type and color. In the bottom of the webpage users will find info on open/closed transactions alongside a help/chat function.
This layout makes it incredibly simple for users to get what they need in a very user-friendly way.
Olymp Trade provides users the chance to trade at subsequent markets. But it’s worth pointing out this tool availability will vary based on where the trader resides:
Spreads & Commission
While studying standard demo accounts, the grade EURUSD spread levelled at roughly 1.1 pips, making Olymp Trade among the very competitive brokers in the market.
Spreads also vary based on the kind of accounts the user retains, with premium accounts offering reduced spreads.
But even on a typical account, spreads stay competitive. It is worth pointing out that spreads are accountable for increase/decrease based on the present market conditions.
Concerning fees, Olymp Trade charges a fixed rate overnight fee for overnight transactions, which can be limited to 15 percent of their entire investment sum.
The brand doesn’t charge an account maintenance fee or some custodial fees, though it might have a fee for subscriptions (depending on your own account type) or a inactivity fee, when you have not used your account in 180 days.
That is generally $10 a month. The account will be closed if the funds are not sufficient
Olymp Trade also charges a fee per trade in foreign exchange style, dependent on the transaction sum, multiplier, specification requirements and present market situation.
The Olymp Trade site promises attractive leverages around 1:400. For the many popular currency pairs (like the standard EURUSD), leverage is put at 1:30.
This can be an officially sanctioned level that’s much the same over most controlled online brokers. Minor pairs have a 1:20 leverage (for example NZDUSD, USDSGD, AUDCAD, EURNOK and EURPLN).
Olymp Trade presents dedicated smartphone/tablet programs for Android and iOS users equally.
Alternately, Android users may download the official .apk install file right in the Olymp Trade web site.
Both smart device programs are rated highly in the app stores. With a responsive layout containing the same capacities as the internet version, traders that are working out of their smartphones are not missing out.
If anything, mobile traders are provided a competitive advantage with the Olymp Trade application, as it permits them to make fast decisions about the transfer while on the go.
When it might be a tiny bit awkward attempting to take in all of the requisite details on a tiny mobile display, the fantastic thing is that the program will have included all the analysis traders will need to make informed decisions.
It is a wonderful tool to be utilized as a standalone way of trading or along with the internet edition of this Olymp Trade platform.
Olymp Trade users have the option of numerous different deposit and withdrawal procedures. But, withdrawals should be produced by using precisely the same method as the first deposit (up till the matched deposit sum).
This is normal practice in the business to avoid money laundering.
It’s likely to create deposits using these methods:
- Credit/debit card
- Bank transfer
Most payments are processed immediately, although bank transfers may potentially take a few hours.
The minimum deposit is reduced, at just 10 GBP.
Withdrawals are quick and created via precisely the same method used to deposit. Most withdrawals are processed on the same day, even though the operator claims to permit three working days (especially for bank transfers).
In practice however, users are seldom left waiting more than a day to get their funds.
Olymp Trade provides users the opportunity to try its platform out using a free demo account. This permits users to find out whether the platform will get the job done for them until they opt to invest real money.
Each demo account comes bundled with a balance of 10,000 GBP in virtual money.
This demonstration account is helpful since it enables beginners to obtain a better understanding of how trading works, while also allowing seasoned traders to critique Olymp Trade and also get a sense of the way the interface works.
Each of the choices in a paid regular account can be found in trial mode. To trigger a demo account, users should simply register with an email address, and also will not have to offer any evidence of identity till they opt to enroll for a paid account.
Promotions & deals
In accordance with the Olymp Trade support arrangement, the brand states it provides bonuses. On the other hand, the agent doesn’t disclose exactly what the withdrawal requirements are inside this service arrangement.
It’s worth bearing in mind that trading bonuses are in fact prohibited in the EU and over a number of other regulated markets, mainly due to the extra withdrawal conditions and exemptions connected to the bonus.
This typically takes the shape of a minimal trade volume demanded, which is too much of a struggle – even for seasoned traders.
Olymp Trade often offers new users voucher codes to avail of bonuses up tp 50%. When registering with all these promo codes, new users will get a 50% bonus in addition to their first deposit.
But it’s worth bearing in mind the terms and conditions attached to such bonuses, and whether it’s worthwhile to make the most of with regard to just how much you deposit.
Licensing & Regulation
Prior to picking a broker, you ought to be on the watch for a platform that’s well-controlled through an official government body of notice.
The IFC (International Financial Commission) regulates Olymp Trade, while the HQ are in St. Vincent and the Grenadines.
However, concern was raised previously about the validity of this International Financial Commission, and consumers might want to run a tiny bit of research before deciding whether to consider Olymp Trade as a fully trusted agent.
This is due to the fact that mainly UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC) and the Australian Securities & Investments Commission (ASIC) are seen as surefire regulators.
Olymp Trade provides to help manage and direct new customers with recommendations along with a pre-made trading program which guarantees returns of around 92%.
Nevertheless, new users are reminded that CFD and forex trading is remarkably large risk and guarantees of returns of around 92 percent ought to be considered suspicious at best.
It’s also odd for an internet broker to offer clients to handle accounts. This is because brokers are market manufacturers that make wealth if you win or lose on a transaction.
On a more optimistic note, Olymp Trade is quite beginner-friendly, and contains lots of instructional tools to provide beginners.
The brand creates a point of stressing that they wish to be an available broker for individuals of all experience levels and earnings amounts. The instructional tools are informative and concentrate largely on strategy-based trading.
This assists new users to familiarize themselves with the financial world, and also to think like traders. There are video tutorials, webinars, interactive strategies and plans courtesy of professional financial analysts at the user’s’ disposal.
Some of the advanced classes are helpful even for seasoned traders and concentrate on topics like funding management and present market trading hints.
- Standard Account: To start this account, users just have to produce a minimum deposit of £10. Investors can trade at a minimum of £1, as well as a max of £2,000. The minimum withdrawal amount is only £10, without maximum withdrawals. This account provides spreads in the area of 1.1 pips.
- VIP Account: To be eligible for a VIP account, users will need to deposit £2,000. These account types offer you some extra benefits compared to the features available in the typical account. VIP account holders are allowed to create trades up to a max of £5,000, and in addition, they obtain access to a VIP consultant. These consultants are seasoned financial analysts who will offer guidance on which transactions to create. VIP account holders may also get additional training programs that aren’t readily available to account holders that are standard.
It could be beneficial to get more kinds of accounts on offer, most users can find something to utilize by picking either a standard or VIP account.
- Attractive spreads
- Leverages up to 1:400
- Range of payment methods available
- MT4 supported
- Supports multiple languages
- 77 resources to select from
- Low minimum deposit sum
- Intuitive design
- User-friendly smart device program
- Withdrawal issues for non-verified accounts
- Concerns over suspicious regulation
- Bonuses with confusing terms
- Just two kinds of accounts
It’s possible to get a hold of the Olymp Trade site 24 hours a day, seven days per week, 365 days each year. Basically, investors can trade whenever (and wherever) they see fit, using desktop and mobile devices.
Even though Olymp Trade could be accessed at any time, trading is restricted to the hours your marketplace of choice is available. For example, the London forex market is available between 3am-12pm GMT.
In New York, the foreign exchange market works between 5pm-2am GMT. In Tokyo, it opens between 7pm-4am GMT.
There are usually opportunities to exchange at any particular time, though you might end up limited, especially if you decide to exchange on particular markets.
Contact Details/Customer Service
Olymp Trade customer service is available 24/7 through the following ways:
- Telephone: +84 2844 581 413
- Mail: [email protected]
- Internet: olymptrade.com
Safety & Security
The Olymp Trade site utilizes the latest in encryption to safeguard your data. Clients can finance their account with eWallets, so that they do not need to share their private banking information with this platform.
Concerning regulation, concerns are raised about the validity of the International Financial Commission, and if it gives the type of cover that regulatory bodies such as the FCA do.
Users who need a promise that their funds are shielded are advised to pick a broker with much more reputable regulators.
Olymp Trade is extremely popular and has a unique and intuitive user interface that makes trading as simple as could be.
With competitive spreads and a good deal of instructional attributes, it’s easy to see why thousands of individuals use this platform daily. Legislation issues apart, Olymp Trade surely comes recommended for users, be it new or seasoned traders.
Olymp Trade accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders cannot utilize Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.