Olymp Trade Review
up to 100% on first deposit if deposited within 1 hour
|Headquarters||Agias Zonis & Thessalonikis, NICOLAOU PENTADROMOS CENTER, 5th floor, Flat/Office 503B, BLOCK B, 3026 Limassol, Cyprus|
|Support Number||+357 (2) 5030996 - Nicosia, Cyprus +234 (1) 2279021 - Lagos, Nigeria +66 (2) 026-03-56 - Bangkok, Thailand +27 (21) 1003880 - Cape Town, South Africa|
|Support Types||Phone, Live Chat, Skype, Social media Channels, Email: [email protected]|
|Languages||English, Spanish, Portuguese, Brazil, Russian, Malay, Thai, Indonesian, Indian|
|Trading Platform||WebTrader, Desktop Trader, MetaTrader 4, iOS en Android APP|
|Minimum 1st Deposit||$10|
|Minimum Account Size||$1|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||$2000 on standard account, $5000 on VIP account|
|Bonus||up to 100% on first deposit if deposited within 1 hour|
|Payout||82% up to 90%|
|Leverage||1:1 up to 1:200|
|Spread||low, floating spreads|
|Free Demo Account||Open Demo|
|Regulation||Olymp Trade is an online broker that has been offering digital options and forex trading since 2014. This broker is regulated by the IFC and has over 25,000 traders using their platform everyday.|
|Fee Info||No hidden commissions or fees|
|Commission Info||No hidden commissions or fees|
|Account Types||Demo Account, Standard Account, VIP Account|
|Deposit Methods||Credit card / debit card, bank wire transfer, Skrill, Neteller, fasapay, WebMoney|
|Withdrawal Methods||Credit card / debit card, bank wire transfer, Skrill, Neteller, fasapay, WebMoney|
|Trading Methods||Hedging, scalping, social trading|
|Number of Assets||77|
|Expiry Times||In the Olymp Trade trading platform, you can choose an expiration time of between 1 minute and 23 hours. There is also a place when you trade on the platform, that before the expiry of the trading period, you can cancel your trading order.|
|Types of Assets||Digital options, forex, equities, indices, commodities, precious metals and cryptocurrencies|
|Option Types||standard higher / lower options, time-options|
|Trading Currency||Over 36 forex pairs including majors, minors and exotics, including cryptocurrency pairs|
|Account Currency||You can fund your account with EUR, USD and RUB|
|US Traders Allowed|
Olymp Trade – a scam broker or legit digital options broker?
Olymp Trade is the world’s second biggest digital options broker, right after IQ Option. In this Olymp Trade review 2020 we are going to look at all the pros and cons of trading digital options with this online broker.
Their software has increased tremendously the last 2 years and they can be called as good as runner up IQ Option. I personally highly recommend creating an account at Olymp Trade if you’re in to option trading.
To make this Olymp Trade review as complete as possible, I updated all the information about this broker from the last 3 years, so in this extensive Olymp Trade review 2020 you will find all information you need to know about this broker.
Olymp Trade Review 2020 – Olymp Trade company information
Founded in 2014, Olymp Trade is one of the relatively newer digital option brokers based in St. Vincent and the Grenadines.
In February 2016 Olymp Trade became member of the International Financial Commission (FinaCom) and received it’s membership certificate. As third party auditor FinaCom offers traders security and protects them from fraudulent and scam brokers.
In September 2018 Olymp Trade was certified as quality broker by a independent service called Verify My Trade. This independent organisation audited over 5000 trades from Live Olymp Trade accounts and ascertained that the broker’s trade executions passed the standard tests. The audit results can be found here: https://financialcommission.org/ru/2018/09/27/financial-commission-announces-execution-quality-certification-of-additional-broker-members
Olymp Trade mainly focuses it’s business on emerging markets like Asia, Africa, LATAM and the GOS countries. One of the most important reasons why the focus on these geo locations is because om changes in Russian financial laws. For this reason Olymp Trade stopped taking Russian clients from registering on their platform as of 26 December 2018.
Olymp Trade Review 2020 : a scam broker or legitimate digital options broker?
Being fully regulated is one of the most important aspects of any broker, and this is one of the things Choosebroker inspects carefully to make sure no scam brokers are enlisted as recommended brokers on our website. As trader you want to be sure your money is safe and secure and when disputes arise with a broker, that these are fixed as soon as possible.
How safe is Olymp Trade?
The fact that Olymp Trade is regulated by FinaCom shows how far this broker goes to gain confidence from traders and investors.
This doesn’t mean this broker isn’t safe. The rules and policies from FinaCom are just as strict as CySEC and other financial market regulators. This particular regulator offers traders and investors legal assistance in the case of disputes with this broker.
Being a member of FinaCom is a good indication that Olymp Trade is a legitimate broker offering digital options. Traders are protected up to $20,000 in compensation in the case of a valid complaint. As trader or investor it’s a good think to know that your deposits are insured and can be revoked in the case your broker takes a run or the piss with your money.
Apart from that, Olymp Trade has it’s own in-house compliance department for customer resolutions. The broker answers most emails within 24 hours and gives clear indications on how the dispute will be handled. If you’re not satisfied with their solution within 14 days, you can file a complaint with FinaCom.
We always recommend trading with a fully regulated and licensed broker to reduce your risk of losing money.
Got a broker complaint? File a complain form now and get your money back!
Olymp Trade Prizes and Awards
Although the broker is only 6 years active in the industry, Olymp Trade has gotten attention from famous financial institutions and for good reasons! Because of this the broker has won quite some prizes as you can see from the image above.
With these prizes and awards pocketed, Olymp Trade can call it’s self one of the best brokers world wide being trustworthy and transparent towards it’s traders and investors.
Olymp Trade Review 2020 – What sets Olymp Trade apart from the competition?
One thing that separates Olymp Trade from the pack is it’s FinaCom membership. The main task of FinaCom is to keep an eye on their members and protect the investments of it’s traders.
If you file a complaint with one of the support employees at Olymp Trade and it doesn’t get resolved within 14 days, you have the rights to contact FinaCom directly and let them solve the issue.
This measurement ensures that complaints and disputes are resolved quite quickly and professional.
Olymp Trade also offers a free to use demo account loaded with $10,000 virtual money. This makes it easy to get to know the trading platform and test different trading strategies without risking your own money. The demo account can be topped up indefinitely if the balance becomes less than $5000.
The Olymp Trade platform can be accessed in three different ways. First of all there is a web-based version which you can open via their website. Secondly, there is a desktop-application available for both Windows and macOS PC’s and laptops. This application provides a lot more extra features compared to their web-based trading platform. Last but not least, Olymp Trade is accessible as mobile app for both iOS and Android smartphones and tablets.
If you open a real money live account with Olymp Trade, you can place orders and transactions from just $1. You don’t need to risk big amounts of money for a single transaction. This way you can micro manage your account and the broker becomes kinda low-entry for beginner traders and investors.
What are the cons of trading with Olymp Trade?
One of the things that immediately grabbed my attention, was the limited amount of tradable assets on the platform. There’s only 77 assets in total. 36 Forex pairs, 6 commodities, 10 cryptocurrencies, 2 cryptocurrency pairs, 10 stocks and 10 indices. This might look like quite a bit, but for the experienced trader, this is way to less. If we compare this with let’s say Plus500, offering over 2200 different assets, you might get the point. For beginner and novice traders, however, Olymp Trade offers enough assets to learn how to trade the financial markets.
Are you considering opening a OlympTrade account to trade digital options?
Olymp Trade offers unique features that might lead you to open an account with them. After you have done so, you can practice trading with their demo account that is funded with $10,000 virtual money. This means that you can try out their platform for free, without risking your own hard earned money.
The minimum deposit amount to open a live account is just $10. This is very fair and makes Olymp Trade a low-entry broker. Most other digital option brokers require you to deposit a couple hundred dollars to open a real account. The minimum investment per transaction or option is just like IQ Option, just $1. This is very nice and low-entry. You can maximize your risk management like this and not risk to much money per transaction. The maximum amount of money you can invest in a single transaction is $2000 or $5000, in the case of a VIP account.
Olymp Trade Review 2020 – Loads of tools, charts and indicators available
Offering the right trading tools makes it easier for traders and investors to make successful transactions and trades. Luckily, Olymp Trade has invested in a broad range of tools that contain more than 20 indicators and 4 charting displays that are easy accessible via the user interface. This interface also contains a button ‘technical analysis‘ which gives access to even more tools. A nice feature we discovered, is the assistant button, which follows each indicator. What this does, is that it triggers a pop-up button that leads you to all kinds of educational material and instructions about the indicator used.
Apart from the demo account, Olymp Trade also offers different educational materials. Traders and investors have access to webinars and interactive courses that teach them how certain financial instruments should be traded. The webinars get updated like daily, so there’s something new every day.
You can choose between 2 different account types at Olymp Trade: a regular account and a VIP account. The VIP account gives access to extra perks like a personal account manager and daily market evaluations. VIP account withdrawals are also fast tracked and usually take less than a day to process.
New account holders will receive bonuses from time to time if they don’t reside in the European Union (because brokers cannot offer bonuses there by law). Please note that you always have the right to decline a bonus.
Olymp Trade offers an effective return on investment (ROI) of 82% for standard account holders and up to 92% for VIP account holders. This is in line with industry standards and about the same IQ Option, Expert Option and Binomo offer.
VIP account holders also get access to trade signals and trade tips from their personal adviser. Trader’s also get the chance to increase their profits by participating in trading competitions from time to time.
Like we stated before, Olymp Trade offers 77 different assets to trade on. It’s a great platform if you don’t want to be overwhelmed by countless assets. For more experienced traders that want to invest in a broad range of assets, this can be rather limiting. The trading interface contains special buttons in the upper right, so that you can easily find specific assets.
You can not only select a single asset but also entire asset groups. If you, for instance, would like to just trade Bitcoin or want to use the sector search bar to search all cryptocurrencies, this can be quite handy. This feature is mainly meant to track general price movements in certain sectors.
Olymp Trade offers a single type of transaction: digital call / put options. This can be rather limiting for experienced traders. However, the simplistic call / put digital options make it easy to predict where a trade is going and to get out of a losing trade quickly.
There is the possibility to cancel a transaction before the expiry time. The time frames of the charts can be set manually and can range from 15 seconds to one month. This is quite handy in the case you want to monitor a certain asset price over a longer period.
The Olymp Trade website is designed in a sleek way that makes you navigate trough it quite easily. The lay-out feels intuitive and isn’t packed with to much charts and tools. If you need technical tools, you can just click the ‘technical analysis‘ button from within your trader’s interface. Apart from your computer or laptop, you can easily trade on-the-go using the Olymp Trade mobile app.
Olymp Trade Review 2020 – Available Languages
Both the website and trading platform are available in English, Russian, Indonesian and Thai as well as several different other languages.
Real or VIP account holders can deposit money into their Olymp Trade account by wire transfer, credit card or e-wallet. Payouts are being conducted in the same way as how you deposited. The platform has no withdrawal limits and withdrawing money, even to your bank account, is free like it should be.
Each withdrawal request is processed within 24 hours at Olymp Trade and depending on the chosen withdrawal method, it could take up to 5 working days before it shows up.
The Olymp Trade customer service is available by email, live chat and by phone. You can also contact Olymp Trade via their social media accounts.
Olymp Trade Customer Complaints
Whilst sifting trough countless forums and websites, we discovered that traders and investors a like are quite positive about olymp Trade. Our research was rather limited though, as most comments about this broker were written in Russian. We managed to translate a few and two complaints really grabbed our attention.
One person complained that he executed two identical transactions from two different computers and that the results of these transactions were different during the expiry time. We cannot verify this claim.
Another complaint that grabbed our attention was that a trader explained that the prizes shown on the demo account were different than on the real accounts. This is quite common with brokerage firms and most of the times demo accounts come with some sort of delay in price movements.
From what countries can you trade at Olymp Trade?
In the beginning Olymp Trade only offered it’s services to traders from Russia and several Asian countries. Nowadays they expanded their product offerings to India, Pakistan, the Middle-East, Nortern Africa, LATAM and SEA. The broker doesn’t offer it’s services to the United States and most European countries. Apart from this, Olymp Trade is a global digital options broker.
Olymp Trade Review 2020 – User Friendliness
The Olymp Trade website is designed in an easy way that make you navigate fairly easy. The platform interface isn’t messy with useless information but rather contains intuitive buttons and tabs to make trading as easy as possible. The platform is easily accessible using their mobile app and makes trading-on-the-go possible.
Olymp Trade Demo Account
New traders get a demo account loaded with $10,000. They will also receive free educational videos, access to webinars and a downloadable eBook.
Information on how to use their platform is available on several pages, including their FAQ and terms and conditions. These sources are available for everyone, regardless of chosen account type or deposited amount of money.
Amount and types of tradable assets on Olymp Trade
Olymp Trade has increased it’s amount of tradable assets from 13 to 77 last year. This makes Olymp Trade comparable with it’s competitors like IQ Option and binomo and an interesting broker to trade with. They don’t offer just digital options, but also forex, cryptocurrencies, commodities, stocks and indices nowadays.
Their forex offering contains 36 of the most popular forex pairs. Forex traders are treated leverage up to 1:200 which increases chances on nice gains (and losses), respectively.
They offer 10 leading cryptocurrencies and 2 crypto pairs to trade on as well. Just like forex, cryptocurrency can also be traded with leverage, but just up to 1:10.
No clue how leverage works? Read our interesting article:
Olymp Trade Review 2020 – Expiry Times
Olymp Trade focuses mainly on short term trading. Traders can keep their positions open for as short as 15 seconds up to 1 hour. Rather interesting on this trading platform is that instead of choosing from preset expiry rates, one can set one’s own expiry time. This gives traders more control in a sense that they can decide how long a transaction should take. Another good feature is that traders can cancel transaction before the actual expiry time and thus minimize losses.
Placing an order at Olymp Trade
You can place an order in two ways on Olymp Trade. First of all, you can place an order before an asset reaches a certain execution price. So, if for instance, you expect an asset to rise to a certain price, you can set your Olymp Trade in a way that it will place a buy order the moment it reaches that price. Secondly, you can place a time limit order. If you expect an asset to rise in price the next 5 minutes, you can set it up that you automatically buy in the next 5 minutes.
Take profit and stop loss at Olymp Trade
Markets, especially cryptocurrencies, move at an incredible fast pace. Trends can reverse in an instant. In these kind of situations you want to be able to take your profits, before a winning transaction becomes a losing one. On the other hand you want to minimize your losses in the case your prediction was wrong. Olymp Trade offers special features for this. These features can be set from within ‘settings’ in your personal Olymp Trade account.
Olymp Trade Review 2020 – Commissions and Effective Profit
Olymp Trade doesn’t charge any commissions or fees on transactions or withdrawals. This means traders get to keep most of their earned money. Their offered effective profit is also very high. Standard account holders can profit up to 80% on successful predictions, whilst VIP account holders can profit up to 90%. We do have to say that the VIP account holders at binomo receive a little bit more; a whopping 97%!
Olymp Trade Customer Service
Traders can contact the Olymp Trade support team by live chat, phone, email and their social media channels. Olymp Trade usually responds within 24 hours on emails. Their phone contact details are as following:
+357 (2) 5030996 – Nicosia, Cyprus
+234 (1) 2279021 – Lagos, Nigeria
+66 (2) 026-03-56 – Bangkok, Thailand
+27 (21) 1003880 – Cape Town, South Africa
Olymp Trade deposits, withdrawals and bonuses
As we stated before, Olymp Trade offers two real money account types. The minimum deposit required to open a standard live account is just $10. To open a VIP account, one has to deposit at least $2000 or more. This is pretty low compared to other digital option brokers. The minimum investment per option transaction or contract is just $1.
Traders can withdraw money from their Olymp Trade account by bank wire transfer, credit card, Bitcoin or E-wallet. Withdrawals are being processed almost immediately but might take up to 5 working days to show up in your account, depending on chosen withdrawal method. One thing we traders like is that all withdrawal fees are being paid for by our broker and that’s the case at Olymp Trade. Also, there is no maximum withdrawal amount at Olymp Trade either.
This digital options broker offers new and existing traders bonuses. The height of these bonuses depends on how much money is deposited on your account. Traders can reject bonuses. If you receive a bonus, you have to reach a trading volume of 25 times the bonus before you can cash it out.
I personally recommend using Neteller to deposit money to Olymp Trade. This digital wallet is the cheapest to maintain and also has almost zero transaction fees. Click here to find our more about Neteller.
Olymp Trade Unique Features
Although Olymp Trade mainly focuses on Russian speaking traders and Asian countries, the website and trading platform are available in over 7 languages which make it a global broker.
The website contains a range of useful trading tools like charts, indicators and educational material. Of course both the web version and mobile apps are available in multiple languages as well and contain the same features.
Easy to use and aimed at new traders and investors, is what describes Olymp Trade best in one sentence. The limited amount of assets, the broad range of educational materials and useful tools make Olymp Trade the best place for traders looking for a career in digital options trading.
Opening a Olymp Trade account
As stated before, this broker focuses mainly on Asia, Latin America, Russian speaking countries, the Middle-East and Africa. Some countries are excluded from their services. Their effective bonuses are really high compared to competitors and not charging any commissions or fees result in more profits for it’s traders.
Olymp Trade is also FinaCom member. As trader you can rest assure that your money is safe with this broker. Your money will be compensated up to $20,000 in the rare case of Olymp Trade going bankrupt.
How reliable is Olymp Trade? Final thoughts
Finding the right, reliable online digital options broker can be quite difficult. So, what are my final thoughts about Olymp Trade? I’d say it’s a reliable broker.
Still trouble to find the right options broker?
Not only because it’s FinaCom status but also because of it’s Verify My Trade status. The broker also has loads of positive comments online across forums and websites like this, from other traders. Their product offering is decent and there aren’t any hidden commissions or fees. Overall it’s just a great broker for beginner traders and investors.
- Low minimum deposit required of just $10
- Low minimum investment per option of just $1
- Fre unlimited Demo account
- Available in many languages
- Bonuses from time to time
- Trading competitions
- Fast withdrawals
- Regulated Digital Options Broker
- No USA Customers allowed
There is no review.