Olymp Trade is a prominent online trading platform offering access to various financial instruments, including forex, commodities, indices, and cryptocurrencies. This review delves deep into Olymp Trade’s offerings, exploring its features, trading platforms, asset coverage, regulatory compliance, fees, and customer support.
Summary Table
Feature | Description |
| Account Types | Standard, Advanced, Expert |
| Minimum Deposit | $10 |
| Leverage | Up to 1:500 |
| Platforms | Web and Mobile |
| Assets | Forex, Commodities, Indices, Cryptocurrencies |
| Regulatory Status | FinCEN, CySEC |
| Fees | Spreads, commissions |
| Educational Resources | Webinars, Tutorials, FAQs |
| Customer Support | 24/7 Live Chat, Email, Phone |
Company Overview
Olymp Trade was founded in 2014 and has since grown to become a popular trading platform, particularly among beginners. The company boasts a user-friendly interface, extensive educational resources, and a low minimum deposit requirement.
Account Types and Features
Olymp Trade offers three main account types: Starter, Advanced, and Expert. The Starter account is suitable for beginners and access to basic trading features. The Advanced account caters to experienced traders with lower spreads, personalized support, and access to exclusive educational materials.
If a trader deposits more than $2,000 or its equivalent in another currency into their account once, the account is granted expert status. If an account receives a one-time deposit of $500 or more in another currency, it is granted advanced status. For non-dollar accounts, the quantities that correspond vary based on the kind of account and the currency.
Minimum Deposit Requirements
The minimum deposit requirement is only $10, making Olymp Trade an attractive option for individuals with limited capital. This low threshold allows traders to test the platform and hone their skills before committing larger sums.
Leverage Options and Margin Requirements
Olymp Trade provides leverage of up to 1:500, allowing traders to amplify their potential returns. However, it’s crucial to remember that higher leverage increases the risk of significant losses.
Special Features and Benefits
Each account type comes with unique features and benefits. Standard account holders enjoy access to demo accounts, educational materials, and basic market analysis tools. VIP account holders receive priority support, personalized training sessions, and exclusive trading signals.
How to Open an Account with Olymp Trade?
Opening an account with Olymp Trade is a straightforward process. You can sign up through the website or mobile app by providing basic information and verifying your identity.
How to Deposit Money in Olymp Trade?
Olymp Trade offers various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Deposits are generally processed quickly and reflected in your account within minutes.
How to Withdraw from Olymp Trade?
Withdrawing funds from Olymp Trade is as easy as depositing. The company processes withdrawal requests promptly, and funds typically arrive within a few business days.
Trading Platforms
With user-friendly features, OLYMP TRADE provides its own Olymp Trade platform.
The web, a specialized desktop application (available for Windows and Mac), and an iOS and Android smartphone or tablet app are the three ways to access the Olymp Trade platform. Features include a clear chart with timings and numbers, as well as the option to alter the graph’s type and color.
With a responsive design and the same features as the web version, the mobile apps are well-reviewed. The MetaTrader 4 platform is also offered by OLYMP TRADE as of late.
Asset Coverage
Olymp Trade offers a diverse range of financial instruments, including forex pairs, commodities, indices, and cryptocurrencies. The platform provides good liquidity and competitive spreads for major assets.
Regulatory Compliance and Security
Olymp Trade operates under the regulatory oversight of the VFSA and FinaCom. This ensures adherence to strict financial regulations and client protection measures. The company also implements robust security measures to safeguard client funds and personal information.
Fees and Commissions
Olymp Trade charges spread and commissions on trades. The spreads are generally competitive, but commissions can vary depending on the asset and account type.
Customer Support
Olymp Trade offers responsive customer support through 24/7 live chat, email, and phone. The support team is knowledgeable and efficient in resolving customer inquiries and issues.
Educational Resources
Olymp Trade is committed to client education and offers various resources to help traders improve their skills. These include webinars, tutorials, articles, FAQs, and a comprehensive glossary of financial terms.
Pros and Cons
Pros:
- Low minimum deposit
- User-friendly trading platform
- Wide range of educational resources
- Responsive customer support
- Competitive spreads
- Regulated by FinCEN and CySEC
Cons:
- Limited asset coverage compared to some competitors
- High commissions on certain assets
- Leverage can be risky for inexperienced traders
OlympTrade Reviews and Client Feedback
Overall, client feedback for Olymp Trade is generally positive. Clients appreciate the user-friendly platform, low minimum deposit, and extensive educational resources. However, some reviews mention concerns about high commissions and limited asset coverage.
Comparison between Olymp Trade and Other Brokers
Olymp Trade is a good option for beginner traders thanks to its user-friendly interface, low minimum deposit, and educational resources. However, other brokers may offer better asset coverage and lower fees.
Compare | IFC Markets | OlympTrade | OctaFX |
| Regulations | CySEC, BVI FSC | VFSA, FinaCom | CySEC, FCA, ASIC |
| Trading Desk Types | ECN, No dealing desk, STP | Market Maker | Market Maker, No dealing desk, STP |
| Demo account | Yes | Yes | Yes |
| Number of Currency Pairs | 49 | 50 | 32 |
If Anything Unwanted Happens, Contact Us
While Olymp Trade strives to provide a secure and reliable trading environment, unexpected situations can arise. If you encounter any issues, such as withdrawal delays, platform glitches, or suspected fraudulent activity, the company encourages you to reach out to their customer support team immediately.
Alongside, if you think you have been scammed by any other broker or you have some problem with OlympTrade that has not been solved from their side, you can reach out to us. We will provide you with a free consultation service and recovery service recommendations if needed.
If you have lost money to companies like IronFX, Bitfininx, or RoboForex, please report it today by the below form.
Final Thought
Olymp Trade is a popular online trading platform catering to both beginners and experienced traders. While it boasts a user-friendly interface, low minimum deposit, and extensive educational resources, it’s crucial to carefully evaluate your needs and risk tolerance before diving in.
Consider factors like your trading experience, preferred assets, and risk appetite when deciding whether Olymp Trade aligns with your goals. Reading reviews, exploring the platform through the demo account, and understanding the fee structure are essential steps before committing to real capital.
