Olymp Trade Review 2024: Should You Choose the Broker?

Launched in 2014 as a Russian enterprise, Olymp Trade has since expanded to cater to a global clientele, boasting over 89 million users worldwide.

Nevertheless, opinions about this broker are mixed, with some individuals casting doubt on its trustworthiness, while others suggest it might be part of a fraudulent scheme.

To truly grasp Olymp Trade, it’s essential to delve into their trading platform. The primary aim of this review is to guide you in evaluating the broker’s reliability and understanding how it can serve your trading needs. So, let’s embark on our exploration of Olymp Trade and discover what it offers.

Pros and Cons

Knowing where a trading platform excels and where it can have problems will definitely improve your trading performance. With that said, let’s look into the pros and cons of this trading platform, so you can get a clear picture of what it has in store for you.

Pros

• Trusted by 89 million registered users
• Fully licensed and regulated
• User-friendly platform and mobile app
• Wide range of trading assets
• Supports a wide range of payment methods

Cons

• Not regulated by a major financial authority
• Does Not Accept US or EU Clients
• Reported delays with withdrawal

Now that you know the benefits and drawbacks of using Olymp Trade, it’s time to examine the broker and its services in further detail to make an informed decision.

History of Olymp Trade

Andrey Melnichenko and Ivan Ovchinnikov established Olymp Traide in 2014, marking the beginning of the company’s journey. The online trading platform was established to provide a user-friendly and accessible trading platform for individuals like you interested in financial markets.

Olymp Trade quickly became popular in Russia and other countries in the former Soviet Union. In 2016, the company expanded its operations to other parts of the world, including Europe, Asia, and Africa (as of now, the brokerage platform is available in over 130 countries and supports 13 languages).

The company’s focus on simplicity and efficiency has made it popular among novice traders seeking easy entry into online trading.

Here are some of the key milestones in Olymp Trade’s history:

• 2014: Olymp Trade is founded in Saint Petersburg, Russia, by Andrey Melnichenko and Ivan Ovchinnikov. The platform offers only binary options trading.
• 2015: The company releases its mobile app for Android devices
• 2016: The broker launches the iOS version of its mobile app and introduces risk-free traces. Furthermore, it expands its regulatory reach by obtaining a license from the Financial Commission (FinaCom).
• 2017: Olymp Trade expands its offerings to include forex and cryptocurrency trading.

Trading Terms and Conditions

When it comes to brokers, it can be overwhelming to choose one since they all seem to offer the same trading terms. However, even the smallest differences can impact which trading platform you choose.

Here are the key terms to remember when it comes to Olymp Trade;

1. Minimum deposit – $10
2. Minimum withdrawal – $10
3. Base currencies – EUR, GBP, USD, YEN, CHF, and RUB
4. Maximum leverage – 1:500
5. Minimum bid (Spreads) – from 0.01
6. Support languages – English, Russian, Thai, French, Portuguese, Spanish, Indonesian, Turkish, Vietnamese, Hindi, Malay, Arabic, and Korean.
7. Assets – Currencies, Stocks, Metals, Indices, Commodities, Crypto, ETF, OTC, and Composites.

How to Open an Olymp Trade Account

Opening an Olymp Trade account is a straightforward process. Here’s a two-step guide to help you get started:

Step 1: Visit the Olymp Trade Website

Go to the platform’s website to start the account opening process. Make sure you are accessing the official site to ensure security. Look for the “Registration” button on the top right corner of the homepage, and then click on it to initiate the account creation process.

Step 2: Complete the Registration

On the online registration form, you will be asked to provide your email address (this email will be used to recover any forgotten passwords). You can also complete the registration using your Apple, Google, or Facebook account.

Once you complete the registration, you will be automatically placed in the demo trading mode. If you wish to trade with real money, simply click on the “Deposit” button on the navigation tab’s side within your demo account interface.

Account Types

Once you have finished the signing-up process, the next step is to select an account that suits your trading preferences. I have carefully examined all the types of accounts on the platform, and in this section, I will provide you with the results of my examination.

Basically, there is a demo account and two types of real accounts (Standard and VIP).

Demo Account

Olymp Trade’s demo account is designed to be user-friendly and intuitive, offering a risk-free trading experience. Just like a live account, it allows you to explore various financial instruments such as stocks, commodities, and currencies, while providing real-time market information to aid in informed decision-making.

The demo account comes loaded with a generous $10,000 virtual fund for practice purposes. Especially beneficial for novice traders, it allows you to refine your trading skills and build confidence before stepping into the market with real money.

After familiarizing yourself with the demo account, you can opt for either a standard or a VIP account

Standard Account

If you’re keen to delve into the trading industry without making a hefty investment, Olymp Trade’s standard account is an excellent starting point. With a modest deposit of $10, you can unlock a host of opportunities.

This gives you access to a range of instruments and assets, along with educational materials and analytical tools, significantly enriching your trading journey.

The standard account lets you commence trading with just $1, providing a safe platform to gain valuable experience without incurring substantial risk. At the same time, this account is tailored to satisfy trader needs by permitting transactions up to $2,000 per trade – a pathway to potentially maximize profits

VIP Account
Olymp Trade offers a VIP account with perks and premium features if you want to elevate your trading game. You must deposit at least $2000 to become eligible for this account. Once you gain access, a whole new world of advantages awaits you surpassing what the standard account provides.

For example, being a VIP account holder grants you the ability to execute trades up to $5000 opening up opportunities to maximize your profits.

One of the benefits of having a VIP account is the privilege of having dedicated VIP consultants at your disposal. These financial analysts possess knowledge and experience, recommending which strategies to apply to achieve the best outcomes.

Their guidance empowers you to navigate the markets with enhanced assurance and make choices confidently.

Olymp Trade Basic Assets

The variety of trading assets a broker provides plays a role in determining its worth. Exploring the types of assets available can help you better comprehend the possibilities and potential offered by the platform. In this section, I will provide information about these assets, helping you understand the platform.

Currencies (FX)

When it comes to trading currency pairs, Olymp Trade offers the opportunity to trade both minor and major pairs. With a range of over 30 currency pairs, you have access to a diverse selection that can cater to your personal preferences and unique trading strategies.

Stocks

Olymp Trade offers a fascinating array of shares to trade, providing you with exciting opportunities in the financial markets. With the shares option, you can dive into the stock market, invest in renowned companies (such as Amazon, Nike, Netflix, and Tesla), and potentially reap substantial rewards.

Metals

Olymp Trade allows you to trade in four metal commodities: gold, silver, platinum, and copper. These valuable metals are well known for their worth and are asset classes that can be traded through contracts, providing you with exciting opportunities to speculate on their price movements.

Indices

Through trading indices, Olymp Trade enables you to leverage the performance of entire finance markets. The brokerage provides several international indexes, including well-known choices like the S&P 500, NASDAQ, Dow Jones, and FTSE 100.

Commodities

At this online trading platform, you have two exciting commodities: Brent crude oil and natural gas. These commodities are traded through CFDs, meaning you are not buying the underlying asset (like a barrel of oil) but rather a contract representing the asset’s price.

Crypto

With Olymp Trade, explore the world of cryptocurrencies and profit from the growth of significant digital assets like Bitcoin, Ethereum, and Litecoin. The brokerage has operations in various nations, and due to its regulation in these areas, active traders have safe and dependable access to the cryptocurrency markets.

Others – ETFs, OTC, and Composites

In addition to the assets mentioned above, Olymp Trade opens up a world of trading possibilities with other exciting options like ETFs, OTC (Over-the-Counter), and Composites.

These diverse assets allow you to explore markets, from exchange-traded funds to unique financial instruments. Discover the full spectrum of trading opportunities on Olymp Trade!

Trading Platforms

Trading platforms have an impact on your trading experience, as it is the software that allows you to carry out trades. As a reliable broker, Olymp Trade provides various high-quality, easy-to-use options to meet your needs.

• Web platform: This is the most popular platform and can be accessed from any web browser. It is a fully-featured platform with all the tools you need to trade.

• Desktop platform: Designed specifically for Windows and macOS users, this platform provides an advanced trading experience. It includes features like analysis tools and a trading journal.

• Mobile app: Olymp Trade offers mobile apps for iOS and Android devices. These apps allow you to trade on the go.

While the web platform remains the choice, you can select the one that best meets your needs.

Let’s explore some of the features offered by Olymp Trades trading platforms;

• Easy to use – The platforms are easy to use, even for beginners.
• Advanced trading tools – The platforms offer a variety of advanced trading tools, such as technical analysis indicators and a trading journal.
• Competitive spreads – The trading platforms provide spreads allowing you to trade with reduced fees.

Olymp Trade Tools

Using the Olymp Trade trading platform, you will have access to various tools that can help you analyze the market, calculate statistics, track price patterns, and remain current on market news.

Here are a few tools available when you sign up on the brokerage platform;

• Technical analysis indicators
• Charting tools
• Newsfeed
• Copy trading
• Economic Calendar
• Trader’s Profit Calculator
• Trade Log for Binary Options

Olymp Trade Safety and Regulation

Internet-based trading necessitates paramount security measures. Before beginning your trading journey, it’s essential to verify the safety and security provided by a brokerage firm like Olymp Trade.

An effective gauge of a brokerage’s safety is identifying the regulatory bodies that supervise the company’s operations and enforce regulatory compliance. Equally important is the security of clients’ funds. Having a safety net is vital in instances of company default or bankruptcy to shield customers from additional losses.

So is Olymp Trade safe?

Olymp Trade has taken steps to ensure that your funds are safe. Firstly, the International Financial Commission (IFC) regulates the online trading platform. Membership in the IFC guarantees monetary compensation of up to €20,000 if a member does not voluntarily adhere to the authority’s decision on a dispute.

Secondly, the website uses the most recent encryption standards to safeguard the security of users’ data. With this in place, you can use a wallet to add money to your account without sharing your personal banking information.

Awards

Olymp Trade has built a solid brand name despite not being overseen by a prestigious regulatory body like the FCA in the United Kingdom. The broker has won multiple awards for its effectiveness and strong customer satisfaction rates.

The following list includes the broker’s major honors won in the last three years;

1. BEST TRADING EXPERIENCE BROKER – Forex Brokers Award, 2023
2. BEST ONLINE TRADING AND INVESTMENT PLATFORM MENA – World Business Outlook, 2023
3. MOST TRUSTED FINANCIAL BROKER LATAM – World Business Outlook, 2023
4. BEST MOBILE TRADING PLATFORM – World Finance Award, 2021
5. BEST INVESTMENT BROKER – Forex Brokers Award, 2021
6. BEST TRADING PLATFORM – Dubal Forex Expo 2020
7. BEST CUSTOMER SUPPORT BROKER – Forex Brokers Award, 2020

Olymp Trade Education and Training

“The great aim of education is not knowledge but action.”— Herbert Spencer

Another notable aspect of the platform is its comprehensive training provision for users. Before engaging in trading activities on Olymp Trade, you must equip yourself with abundant information and essential trading skills to thrive in the dynamic world of forex trading.

The Official Olymp Trade Blog section is your personal, free, and virtually boundless trading mentor. It offers a wealth of knowledge, catering to all your trading needs.

You’ll find video courses and interactive articles covering diverse topics like financial markets, trading signals, cryptocurrencies, stocks, technical and fundamental analysis, forex, and more here.

Affiliate Program

The Olymp Trade team has a referral scheme that enables you to use time trading with this broker to generate passive online revenue. To join the affiliate program, visit the website’s main page and click the link to register.

After registration, you will receive your unique referral link. By sharing this link, your friends and relatives can easily sign up and begin their trading adventure. The best part is that when they sign up using your link, you’ll receive a generous commission ranging from 50% to 60% of their trading profits.

Deposit and Withdrawal Options

On any exchange or platform, funding and withdrawal processes should be seamless and as easy as feasible. Olymp Trade recognizes this and, to meet your preferences and needs provides a great selection of practical and secure funding options.

Deposit Options

This broker provides several deposit choices. Bank transfers, credit or debit cards, Skrill, Neteller, and cryptocurrency are a few of them. While bank transfers from your bank account take many hours, payments are completed instantaneously.

Withdrawal Options

The process of withdrawing funds from Olymp Trade is sped up when you utilize the same method used to deposit funds. Withdrawals are completed on the same day; bank transfers take roughly three working days in exceptional situations.

Customer Support at Olymp Trade

It’s crucial for potential traders to feel confident that their chosen broker will provide essential support and assistance whenever needed. The ease of reaching out to these support teams can often influence the selection of a broker.

Wondering how to connect with Olymp Trade for problem-solving or inquiries?

Olymp Trade features a Live Chat for instant communication with their representatives. This feature is accessible via the question mark symbol enclosed in a circle, located in the top right corner of the platform interface or website.

Besides, Olymp Trade also offers a 24/7 phone support line and an online contact form. Their customer service standard is commendable, characterized by swift response times and a friendly, helpful demeanor.

Moreover, Olymp Trade maintains a presence in trading-related online forums, with support staff answering queries about the company’s trading product, thus enhancing their customer support reach.

Conclusion

Olymp Trade sets itself apart as a reliable broker, appealing to both novice and experienced traders seeking a robust understanding of trading essentials. The firm presents an abundance of learning resources, encompassing in-depth articles and tutorials, equipping traders for a successful journey in the trading industry.

These resources ensure beginners can skillfully traverse the intricate and ever-evolving world of trading.

The appeal of Olymp Trade is elevated by its adaptability, providing active traders with a broad range of investment opportunities. Whether your interest is in currencies, cryptocurrencies, stocks, or commodities, Olymp Trade offers over 80 options tailored to suit individual inclinations and trading strategies.

This broad assortment enables newcomers to experience various markets, thus fine-tuning their trading skills and promoting their advancement in the trading industry.

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