OLYMP TRADE Review 2019
OlympTrade Video Review
Olymp Trade Overview
“The broker provides an online trading platform that offers trading of 70 financial instruments across currency pairs, commodities, cryptocurrencies, indices and stocks. Payouts average 80%.”
Olymp Trade is quite unusual in that it specifically offers the trading of currencies, cryptos, indices and commodities through an options platform. Historically the company was a binary options broker that was founded in 2014. It is owned and operated by Smartex International Ltd. Since their establishment, Olymp Trade has won numerous awards including La Fonti IAIR award, which is considered to be quite prestigious. The broker has built a customer base comprised of traders and investors from around the world and they also serve those traders with support and education in their own languages. To date, according to the company, over 20,000 users are trading every day and nearly 32 million trades are made a month with an average trade value of $4.70 per trade making for a total monthly trade volume of over $148 million.
The brokerage is based offshore in St. Vincent and the Grenadines with their headquarters located at Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. Despite being located offshore in the Caribbean, Olymp Trade operates on a global scale by providing their services in 12 different languages.
The educational resources that Olymp Trade offer are fairly definitive and they also offer signals and a whole range of indicators on the platform itself.
Olymp Trade Regulations
“Licensed by the IFC (International Financial Commission). Not the most stringent of regulators.”
Olymp Trade is a category A broker of the International Financial Commission. While this regulatory agency is definitively not as reputable and well known as some other regulatory agencies such as the SEC, FCA, CySEC, etc., it is better than no regulation. The International Financial Commission appears to impose fairly strict rules and guidelines for their brokers to follow and the organization themselves holds strong values of transparency, swiftness, and education.
Olymp Trade Customer Protection
“Traders covered up to €20,000 via investor compensation fund.”
As Olymp Trade is regulated by the International Financial Commission, traders are protected for up to €20,000 via the organization’s investor compensation fund. As well, the International Financial Commission provides assistance if any issues or disputes between the trader and the broker arise. The organization also provides information on their website to help protect consumers.
Olymp Trade Trading Platforms
“Olymp Trade has built its own proprietary platform. It’s very user-friendly and quite simplistic.”
Olymp Trade features their very own proprietary web-based trading platform that’s accessible via any web browser on desktop computers. Since their platform is proprietary, Olymp Trade is continuously improving their platform based on the latest industry standards and according to traders’ needs. Also, the platform is intuitively designed to accommodate not only the most experienced traders needs, but beginners as well. Although perhaps it is best suited to beginners because of its simplistic nature. If you have a background in binary options trading it will certainly help your understanding even more. As just like with binary options there is a CALL and PUT button, a strike price and there are trading sentiment indicators which show you how the rest of the market are trading.
Upon signing into the platform, you’ll see that it’s setup in a simple and easy to understand way. The platform comes complete with a sophisticated charting package that supports multiple built-in technical indicators, an array of drawing and analysis tools, and various time frames and chart types. Furthermore, to the right of the charts is the order window where traders can place options order types that will be executed nearly instantly.
Bear in mind expiry times range from 60 seconds and up on the platform and payouts will range accordingly to match the expiry time you choose.
Olymp Trade Mobile Trading
“Mobile trading app available for download through App Store of Google Play. App mimics the web-based version.”
Olymp Trade provides their clients with a free mobile trading application that can be downloaded from the Apple App Store and the Google Play Store. The mobile app is very much the same as the web-based desktop platform, only it has been fully optimized for use on both mobile phone and tablet screens. The app allows traders to fully manage their account from funding to withdrawing, technical analysis, and trading. The app also features real-time price quotes, watch lists, and notifications to keep you updated when the app is closed. On the Google Play Store, the Olymp Trade app has over 179,000 ratings with an average rating of 4 out of 5 stars and on the Apple App Store it has a 4 star rating from nearly 4000 users.
Olymp Trade Trade Types/Instruments
“70 different asset types across 4 major asset class including stocks, indices, commodities and currencies.”
In terms of tradable instruments, Olymp Trade supports trading for more than 70 different assets across 4 major asset classes consisting of stocks, indices, commodities and currencies. Compared with most other trading brokers, this is not a very big selection. However, Olymp Trade is an options broker and these types of brokers generally offer a much smaller number of tradable assets.
As for trade types available for trading these assets, they are quite limited as well. In comparison with binary options brokers, Olymp Trade lacks the ability to execute a variety of trade types, although they now no longer compete in the binary options market place. For instance, traders can only place the standard high/low trade types as well as 60 second trades. Traders at Olymp Trade will not be able to place one touch, no touch, double one touch, double no touch, paired, range, and ladder trades. Regarding the extent of tradable instruments and order types, Olymp Trade may be better suited for beginner binary options traders.
Olymp Trade Account Types
“Demo account with $10,000 virtual money, as well as Standard and VIP account. Minimum deposit of $10 for Standard and $2000 for VIP.”
Olymp Trade offers a standard trading account to the majority of their traders. However, for more experienced traders, Olymp Trade offers a VIP trading account with higher payouts, larger trade sizes and many more additional features. See the different types of trading accounts overviewed below. * The details below are all according to the broker website at the time of writing.
- Absolutely free
- Great for practicing
- Designed for new traders
- $10,000 in virtual money
- $10 minimum deposit
- Includes all trading materials
- Access to all trading and analysis tools
- 80% maximum payouts
- $2000 maximum trade amounts
- $2000 minimum deposit
- Includes all trading materials
- Access to all trading and analysis tools
- Personal VIP consultant
- Risk-free trades
- Private VIP webinars
- Exclusive Strategies
- 92% maximum payouts
- $5000 maximum trade amounts
Olymp Trade Commissions & Fees
“Commission free trading available, rather the company offers and all or nothing business model, e.g if you win you get a payout of up to 92%. If you lose you lose the lot.”
Perhaps to entice you, the Olymp Trade broker offers commission free trading. Olymp Trade does not charge their traders any commissions or fees for trading on their platform. While this is unheard of with traditional online trading brokers, it is actually quite common among binary options brokers. The way Olymp Trade makes money is by betting against the trader. Meaning when a trader loses a trade, Olymp Trade collects all of the money the trader placed in that trade. For instance, if a trader with a standard account places $2000 on a trade and ends up winning, they could receive $1600 for a max payout of 80%. For VIP account traders, if they place $2000 on a trade and the trade is successful, they would receive $1840 for a payout of 92%. However, if any of these trades prove unsuccessful, the trader would lose their entire $2000. *All commission figures are according to the broker website at time of writing.
Olymp Trade Deposits & Withdrawals Options
“Deposit and withdraw in bank wire, credit and debit cards and e-wallets. Deposit are free and processed almost instantly.”
Olymp Trade supports the same standard deposit and withdrawal methods as most other online trading brokers. For instance, the methods they support include; Debit and Credit Cards, Bank Wire Transfer and other E-Payment solutions such as Yandex Money, Fasapay, WebMoney, ePayments, Qiwi, and Neteller.
All deposits are free of charge and are processed nearly instantly, with the exception of Bank Wire Transfers that take 1 – 5 business days to complete. As for withdrawals, they are also free of charge and take between 1 – 5 business days to be completed. Withdrawals are usually done via the same method as deposits, unless the brokerage is contacted for an alternative method.
Olymp Trade Bonus & Promotions
“Welcome bonuses and other types of bonuses on offer to traders.”
To more easily attract new customers to the Olymp Trade platform, the brokerage has introduced a series of promotional offers and bonuses to new traders that sign up. Before we get into them, it’s worth mentioning that any of the bonuses and promotions offered may change from time to time. However, at the time of writing Olymp Trade is offering the following promotions.
Each new client that signs up for an account and deposits either $30 or $100 within the first hour after registration, will receive a welcome bonus of 100%.
With this promotion, if a traders account reaches the minimum threshold, Olymp Trade is ready to support them by offering a 100% bonus if they replenish their account with a minimum of $30 within the first hour after zeroing.
For every deposit above $30, Olymp Trade awards a bonus of 10% – 50% of the amount deposited with a maximum deposit bonus of up to $2500.
Olymp Trade Customer Support
“Live Chat, email and telephone channels available 24 hours a day, 7 days a week.”
Customers can reach support representatives via email, live chat, and telephone 24 hours a day, 7 days a week. Upon testing out the live chat contact method, we found the support to be frustrating. We asked a question about the leverage and rather than responding the agent kept sending us links to pages in the website.
“No real research available, however the website features widgets such as an economic calendar and signals provided by a third-party provider.”
Olymp Trade has an analytics section of the website which contains an economic calendar featuring key events and the impact they are likely to have on various currencies, a trading signals widget from a third party website but no market reviews or updating news.
“Well populated education centre which is an asset for beginner traders that want to learn how to trade or implement trading strategies.”
Olymp Trade offers in-depth educational material for beginner traders. The educational centre is rich with resources. This includes webinars, 53 videos to view, 10 trading strategy lessons and the centre is linked with a virtual assistant who guides you through your lesson plans.
“The experience seems to be more geared towards beginning traders as discerned from the simplicity of the platform and limited number of assets available to trade.”
Overall, Olymp Trade appears to be more geared towards beginner traders rather than seasoned traders. This can be deduced by the limited number of tradable assets. Also the proprietary platform may be a bit basic for experienced traders. It is somewhat lacking in trading tools.
On the plus side the low minimum deposit is attractive at just $10 and the site claims to offer high returns.
- Easy to use trading platform
- No commissions or fees
- Potentially very lucrative with payouts of up to 92%
- Great, in-depth educational resources
- Limited array of tradable assets
- Website lacking key information and support resources
- Not one of the stricter regulation authority’s
- Couldn’t get a decent response from Live Chat
Olymp Trade Q&A
Is Olymp Trade regulated?
Yes, Olymp Trade is regulated by the International Financial Commission.
Where is Olymp Trade based?
Olymp Trade is based at Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
How does Olymp Trade make money?
Olymp Trade makes its money by collecting the traders allocated funds on losing trades.
How do I deposit in Olymp Trade account?
You can deposit funds to your Olymp Trade account via bank wire transfers, debit/credit cards, and various e-wallets including Yandex Money, Fasapay, WebMoney, ePayments, Qiwi, and Neteller.
How do I withdraw money from Olymp Trade?
Withdrawals of funds must be made through the same channel used for making the initial deposit.
How do I open an account with Olymp Trade?
To open an account with Olymp Trade, simply complete the registration form and submit it with all the relevant documentations for KYC and AML purposes.
Does Olymp Trade use MetaTrader?
No, Olymp Trade uses their very own proprietary web-based trading platform.
What is Olymp Trade’s leverage?
The maximum leverage offered by Olymp Trade is 1:200.
While the platform appears to be primarily geared towards beginner traders, it does a good job at providing a sophisticated trading environment that even experienced traders will appreciate. The extent of tradable assets is limited, but more than enough for any beginner. Olymp Trade provides their customers with a sufficient number of deposit and withdrawal options as well as enticing bonuses and promotions. Traders at Olymp Trade will appreciate the zero-fee trading as well as the potential for high payouts.
Trading Account Options
OLYMP TRADE Trading Features
|24 Hours Support||Yes|
|Support During Weekends||Yes|
Customer Support Languages
|Commission On Trades||Yes|
|Promotion info||Official Site|
Each new client can get a welcome bonus of extra 100% to the amount of replenishment. To get it, you need to deposit or €30/$30, either €100/$100 during the first hour after the registration.
|60 Minutes |
In case, when the amount on the trader’s account has reached the minimum treshold, Olymp Trade is ready to support him by a cash bonus! If the client makes a replenishment above €30/$30 during first hour after zeroing, the company will accrue on his account the 100%-bonus.
For every deposit above €30/$30, Olymp Trade accrues the bonus from 10% to 50% of the deposit amount. Thus, you can get additionally up to 2500 dollars/euro!
OLYMP TRADEUser Reviews
- 5.0Olymp TradeOmar
- 5.0Suitable for first timerNuh
- 5.0bitcoin on Olymp tradeAnju
- 5.0Don't mix passion and workAlexandr