OlympTrade is an international broker for online trading, with high-tech platform, which has been in operation since 2014, owned and operated by two different companies. The first is Smartex International Ltd. whose headquarters are located at 103 Sham Peng Tong Plaza, Victoria, Mahe, Seychelles, the second is Frandom Holding Ltd. whose headquarters is located at 60 Vasileos Pavlou, Agios Dometios, CY 2360, Nicosia, Cyprus. OlympTrade is one of the most popular brokers in the industry and currently has over 30,000 clients who trade daily on its platform.
The Broker is certified by the Financial Commission International (FinaCom) as a category A member. The Financial Commission grants traders protection for their account up to US $20,000, if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions set by FinaCom).
Olymp Trade is an “A” member of the International Finance Commission, an independent organization that provides and ensures the protection of customer rights. Specifically, if the broker acts illegally, the commission reimburses the operator up to $20,000 from its compensation fund.
- 1 OlympTrade Trading Plataform
- 2 Account Types
- 3 Conclusion
OlympTrade Trading Plataform
Olymp Trade’s platform is easy to navigate and very user-friendly. The platform looks clean and organized, with links that make it easy to find the trader you are looking for. One can access the trading platform in three different ways.
- Main website
- A desktop application (available for Windows and Mac)
- APP for mobile devices (for both Android and iOS)
Clients can access their trades from anywhere via APP which is extremely convenient. This is especially considering that the website specializes in quick, short-term trading. Their mobile app has the same functionality as the ‘desktop’ and ‘web’ version.
The platform is very simple and intuitive, and shows you exactly what you need to track your trades and be successful. They feature a clear and easy to understand trading chart on the home page. You can see the time and quantities next to the chart, making it easy to understand. You can also customize the charts by choosing the chart type and color. At the bottom of the page, there is information about open and closed trades, with a help chat.
Countries and Availability
Olymp Trade accepts clients from regions such as Nigeria, South Africa, Thailand, Singapore, Kenya, Indonesia, Malaysia, Pakistan, Ukraine, Vietnam, Philippines, Brazil, Egypt, India, Thailand and Sri Lanka. Most countries in Asia, Africa and Latin America are accepted by this broker.
Unfortunately, Olymp Trade does not accept customers from Europe, USA, Canada, Japan, UK, Russia, Australia and Israel.
To meet the needs of its large international market, Olymp Trade is available in the following languages: Spanish, Chinese, Thai, Portuguese, Indonesian, Arabic, Malay, Vietnamese, English.
Trade on OlympTrade with the MT4 Graphical Platform
MetaTrader 4 is a platform developed by MetaQuotes. The trading software is licensed to forex brokers. These brokers, as far as you are concerned, provide the platform to their clients. It allows users to view live quotes, prices and make trades. It is usually available for Windows and mobile devices. There are also some customized versions developed by brokers for the Mac OS.
MetaTrader 4 was widely recognized between 2007 and 2010. This time many brokers started using it as an alternative to their proprietary software. It is seen as the preferred choice even when compared to its successor – MetaTrader 5. This software did not get the same response from MetaTrader users.
Free OlympTrade Education
Another important feature is their dedicated section to make people learn about trading by fixed time. Olymp Trade does a fantastic job in providing educational material like lectures and online seminars to clients.
Traders who have registered on the Olymp Trade platform get a more attractive capability: learning forex trading and fixed time trading, absolutely free. The broker offers everything needed for this:
● Video tutorials;
● Interactive courses;
● Strategies developed by leading analysts.
The materials include basic information that will be useful for novices and more detailed information for experienced traders.
Short Term Trading
Olymp Trade focuses on short-term trading. These positions can be opened from 15 seconds to 3 hours. The platform allows traders to choose a specific expiration time frame. This gives clients more control over their trades. They can also cancel a trade that is out of the money. These unique features make it easy for beginner traders to get started.
In addition to educational materials, Olymp Trade offers free demo accounts. Upon signing up, the trader has access to $10,000 in virtual funds for training. This way, you do not risk losing any of your real money while you are learning. The demo account is also a valuable feature for experienced traders to get a clear picture of how the platform works.
After the initial demo account, there are two different account options. You can try them out when you are ready to start investing real money.
To open a standard account, you must deposit at least $10. Yes, this is a very low minimum. Traders can trade with a minimum of $1 and a maximum of $2,000. The minimum withdrawal amount is $10, and there is no maximum. Only one withdrawal can be made per day. Withdrawals take about 3 days to process.
To be eligible for a VIP account, a deposit of at least $2,000 must be made. This account offers additional benefits that the standard account does not offer. The VIP account increases the maximum trading amount to $5,000. Another big advantage is the access to a VIP consultant. VIP consultants are experienced financial analysts. This also opens the door to additional tools to help your education and understanding of trading.
In addition to the standard tools, OlympTrade clients have access to several tools:
1. Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). These assets are traded 24/7 and produce a high rate of return even on weekends.
2. Trade cancellation tool: if a prediction turns out to be wrong and the asset price goes in the opposite direction to the prediction, the trader can cancel an open contract and an amount of up to 60% of the investment is returned to the Trader.
Cancellation is available for the first 5/6th of the option expiration period. For example, if you open a trade for 60 minutes, you can cancel it in the first 50 minutes and get a part of the funds back in your account.
3. Pending Trade Tool: A pending trade is a request to buy or sell an option within a specified time frame, or when selected.
Example: You know that important news will increase the cost of Brent oil, and you want to open a proper trade, but you can’t because you don’t have access to the ‘internet’. A pending trade will help you solve this problem: you create the appropriate order and when the indicated time comes, the contract is opened automatically.
Olymp Trade Security and Regulation
Before you choose a broker, one of your main concerns should be its security. You should never invest your money with a site where you do not feel safe. In February 2016, Olymp Trade became a recognized member of the International Finance Commission (FinaCom). FinaCom is an organization that insures investors. When using a platform insured by FinaCom, any irregularity is covered for up to $20,000.
It is also important to look for well-established platforms in the market. OlympTrade has about 30,000 people trading daily and a monthly turnover of $172 million. They have also won numerous awards, including:
- Fastest Growing Broker – ShowFx World 2016.
- Best Options Broker – Forex Expo 2017
- Best Financial Broker – CPA Life Awards 2017.
- Best Options Trading Platform – Le Fonti 2018
Olymp Trade accepts deposits via the following methods:
- Cryptocurrencies such as Bitcoin
- Wire transfer
- Credit and debit cards
- Electronic payments, such as Neteller and Skrill
Depositing is free, with no additional fees, and the minimum deposit is $10. This makes the site easily accessible to everyone and a good starting point for beginners. Funds are deposited relatively quickly, but bank transfers take longer than other methods. Cryptocurrencies tend to register a deposit faster.
The maximum withdrawal amount depends on whether you have a VIP or standard account, with the minimum always being $10. Your funds will be sent to the payment method you used to deposit the money. VIP members enjoy fast withdrawal processing times. Withdrawals take between 24 hours and 3 days for standard investors. For VIP investor, it only takes a few hours for the money to drop into the account.
Some negative OlympTrade reviews claim to have had problems withdrawing their funds. Most of these problems can be resolved by making sure your account is fully verified. This simply involves having all of your required personal information on file.
The following steps are required to verify your account and begin receiving payments:
- Upload a photo identification from an ID card or passport. The photo must be from the shoulders up and fully visible.
- If you are using a credit or debit card, you must scan the card you will be using. The name, first 6 and last 4 digits must be visible. Just press the front of the card, not the back. If you are using an e-wallet (e.g. Skrill), an image of your digital e-wallet is required.
Types of OlympTrade Deals and Payments
Most companies offer 6 or 7 trade options, such as one touch, long, ladder, and buy/sell options. OlympTrade offers only the buy/sell trade. The expiration times of the buy/sell trades are limited to a maximum of 24 hours and are ideal for those just starting out in this type of trading. Normal traders have a return rate on successful trades of 82% on their transactions, while VIP traders have a 92% return rate.
- Live Chat
Customer service is available 24 hours, 7 days a week via email, live chat, or phone. With a VIP account, your customer service experience is better. In part, this is due to the fact that Olymp Trade is registered with FinaCom. If they do not resolve a problem after 14 days, you can enter into a dispute with FinaCom. Customer service is usually quick to resolve any issues before it gets to this point.
Olymp Trade is therefore a reliable broker that guarantees the safety of all financial transactions, a stable broker that offers a wide range of tools and free education, which makes short-term trading hassle-free and efficient. This is why more and more traders are choosing OlympTrade all over the world.
The platform now has over 6.5 million registered users, at least 30,000 traders are actively trading each day, and that number is growing. The interface is designed to cater for new traders, with a free demo account that is very useful for beginners.
Pros / Cons
- Low minimum deposit requirement
- $10.000 Free demo
- Easy to use yet powerful
- Third-party regulation
- Intuitive design
- APP Mobile User friendly
- Supports Multiple Languages
- No U.S Traders
- No U.E Trades