Olymp Trade Review & Guide
Olymp Trade is a leading Fixed Time Trades and Forex trading broker regulated by the International Financial Commission. They accept investors from most countries, excluding Australia, Canada, the United States, Japan, the United Kingdom, the European Union (all countries), and Israel. It has a custom-built modern, advanced, and user-friendly trading platform. The trading platform is equally suitable for professional traders and beginners. Olymp trade allows you to trade Fixed Time Trades starting from 60 seconds to 5 minutes with a payout of up to 90%. You can also execute Fixed Time Trades ranging from 1 minute up to 3 hours. Olymp Trade offers its clients the best possible educational materials on trading and strategies. Its trading Strategies and Indicators training material can give you a jump start in fixed-time trades. Free Demo Accounts and Free Webinars of Olymp Trade help traders acquire knowledge and skills. Learn and practice without risking your money by signing up for a Demo Account. Know more about Olymp Trade and Fixed Time Trading in this Olymp Trade Review 2023.
Olymp trade is one of the most famous online brokers in the industry. It has more than 25,000 clients on its platform daily. In this Olymp Trade review, we will cover all the services that Olymp trade offers.
Olymp Trade began in 2014. It has been known for its status and for improving its trading platform every year.
The following are the awards gained by the brand, such as:
- Best Financial Broker at the CPA Life Awards 2017
- The Best Options Broker at the Forex Expo 2017
- Best Options Trading Platform at Le Fonti 2016
- Fastest Growing Broker at ShowFx World 2016.
Olymp Trade offers a simple user interface and excellent customer service. It provides learning for clients to understand how the market works. Their trading platform fits for beginners and experienced traders.
Olymp Trade platform is beginner-friendly and easy to use. Its focus is to provide clients with excellent user experience. It is clean and well organized. Users can access it via the web. It is a desktop application that is available for Windows and Mac. The app is also available on the smartphone/tablet. The website shows users to track their trades and to trade successfully.
On its home page, there is a chart that has many features. You can customize it via color and graph type. Users will see the open/closed trades at the bottom of the web page. It is designed for users to find what they need.
Olymp Trade provides many users with the chance to trade Stocks, Commodities, ETFs, Currencies, and Cryptocurrency. However, the availability of the instruments depends on where the trader resides.
Spreads & Commission
Olymp trade is one of the most competitive brokers in the industry. In a demo account, the EURUSD spread leveled at around 1.1 pips. Spreads also depend on the type of account of the user. And Premium accounts offer lower spreads.
However, spreads remain competitive even on a standard account. It is responsible for the increase/decrease of the current market conditions.
The Olymp Trade platform requires an overnight fee. With a total investment of 15%. Olymp Trade doesn’t charge any fees like maintenance fees or custodial fees. However, there might be a subscription fee that depends on the user’s account. An inactivity fee is a charge if the account remains idle within 180 days. The user’s account will automatically close if there is an insufficient amount.
Olymp Trade leverages depend on the types of trade of the user. The leverages of the Olymp Trade website is up to 1:400. For the benchmark EURUSD, the leverage is at 1:30.
Olymp Trade offers access to smartphone/tablet apps for Android and iOS users. You can download it by searching for Olymp Trade in the Google Play Store/Apple App Store. For android users, you can also install the official .apk from the Olymp Trade site. For mobile traders, the Olymp Trade app enables them to make smart decisions.
Olymp Trade provides options for different deposit and withdrawal methods. For withdrawals, it has to be the same method as the initial deposit.
Here are the following methods to make deposits:
- Credit/debit card
- Bank transfer
- Perfect Money
- AstroPay Card
Bank transfers could take several hours, but most payments are processed immediately. However, the bank may charge you for the fund transfer. The minimum deposit is low as £10 only.
Withdrawals are the same method as the deposit. Most withdrawals are fast and processed on the same day. Although for bank transfer, the operator says to allow for three working days.
Olymp Trade offers its users with a free demo account. It helps users to know if the platform will work for them before investing real money.
A demo account allows new traders to understand how trading works. And also, let expert traders review the platform.
To sign up for a demo account, you need to register with an email address. No need for proof of identity unless you decide to register for a paid account. Each demo account comes with a balance of £10,000.
Deals & Promotions
Olymp Trade offers trading bonuses, as per the Olymp Trade service agreement. However, the broker does not reveal what withdrawal conditions are. In the EU and many other markets, they ban the bonuses. It is because of the clauses connected to it and some withdrawal conditions. It usually depends on the minimum trade volume required. Which can be too much, even for seasoned traders.
Olymp Trade offers new users promo codes for up to 50%. For newbies, they will receive a 50% bonus.
Regulation & Licensing
In choosing a broker, you should look for a reliable platform. Olymp Trade is safe and regulated by the International Financial Commission (IFC). It has offices at St. Vincent and the Grenadines. There was an issue about the safety of the International Financial Commission in the past. Users may want to research before choosing Olymp Trade as their broker.
The funds are safe when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), and the Australian Securities & Investments Commission (ASIC).
Olymp Trade offers promises returns of up to 92%. However, new users should keep in mind that CFD and forex trading is incredibly risky. It is also odd for a broker to offer to manage accounts. It is because whether you win or lose, brokers are market makers who make profits.
On a positive view, Olymp Trade provides educational resources to new traders. The educational resources are informative, and its purpose is on strategy-based trading. Users can access video tutorials, webinars, interactive courses, and strategies. Some of the courses are also helpful for both beginners and experienced traders. They teach current market trading tips and capital management.
The following are the two different types of real accounts, such as:
Standard Account: Users need to make a minimum deposit of £10 to start a Standard account. Investors can trade at £1 up to £2,000. The minimum withdrawal amount is £10, with no maximum withdrawals. The spreads it offers is 1.1 pips.
VIP Account: For the VIP account, users need to prepare at least £2,000. It offers additional benefits to the features available from a standard account. VIP account holders can trade up to a maximum of £5,000 and have access to a VIP consultant. VIP account holders can avail of additional training tools.
Olymp Trade website is available 24/7. Investors can trade whenever and wherever they are, using mobile and desktop devices. However, be mindful that markets are not open 24/7. Trading depends on the availability of your market choice.
For example, in London, the forex market opens between 3 am-12 pm GMT.
Contact Details/Customer Support
Customer support is available 24/7 via the following means:
Phone: +84 2844 581 413
24 Hour Hot Line
Safety & Security – Is Olymp Trade safe?
The Olymp Trade website ensures your identity is protected. Users can use eWallets to fund their accounts. It means no need for them to provide their banking information.
The deposits with VISA and MASTER CARD go through highly secured processing methods. The clients funds are kept segregated in European Banks. For regulation, the legitimacy of the International Financial Commission is some times questioned. However, International Financial Commission identifies Olymp Trade as a Category A broker. It assures monetary compensation up to €20,000 if the decision of the authority on the dispute is not voluntarily executed by a member of the organization. Users who want to make sure that their funds are safe, make sure to choose a broker with more honest regulators. It is safe to trade Olymp Trade as per the analysis of our team members.
PROs and CONs
- With up to 1:400 Leverages
- Lots of payment options
- Supported by MT4
- Supports various languages
- Users can choose from 77 assets
- The low minimum deposit amount
- User-friendly mobile app
- Attractive spreads
- Issues from Withdrawals for the non-verified accounts
- Concerns over regulation from reputed regulators
- Have only two types of accounts to offer
- Unclear bonuses
Conclusion – The Overall Verdict
OlympTrade has a unique user interface that makes trading very easy. More traders make use of this platform every day, with lots of informative features. Therefore, Olymp Trade is an excellent choice for both beginners and experienced traders. Try them out today risk-free in a Free Demo Account. Olymp Trade supersedes our expectations on trustworthiness, transparency, safety and security of funds, and customer service. Hence we recommend Olymp Trade for seamless online trading experience.