Olymp Trade Review
Olymp Trade Review
Olymp Trade provides a trading platform where clients can trade in diverse options trades. The company is legally registered in St. Vincent and the Grenadines, and has grown rapidly over the last few years with an average of 32M monthly transactions from 134 countries globally. Olymp Trade Online offers its services to traders at any level; they deliver access to trade for all levels, increasing volumes daily.
The Olymp Trade Online platform has won numerous awards, including the 2015 European B2B award for its services. It offers a trading platform that caters well to traders’ needs across 19 languages; this innovative broker also offers fast growth.
Offering a variety of trading products, Olymp Trade is registered in St. Vincent and the Grenadines (an offshore zone). However, this does not mean that St. Vincent and the Grenadines provides any regulation to company operations- it’s just no wonder shady forex brokers like CVC Markets have set up shop there too! To find out whether or not your broker complies with strict international rules for traders’ protection, contact their customer service representatives.
Pros & Cons of Olymp Trade
Pros
- Fast Return on Investment: The reason why Olymp Trade Forex has become so popular only a few years after they were created is because of this.
- Simple UP or DOWN system
As a beginner venture, Olymp Trade Forex is suitable because you only have to think about whether the price will go up or down.
Cons
- Regulation:
The biggest factor that has tarnished the reputation of Olymp Trade as an FTT broker is its act of operating without a license. - Limited Trading Size.
Most FTT traders can’t trade with large investments like on Forex, due to the trade size being usually limited.
Is Olymp Trade a scam?
Unfortunately, Olymp Trade Forex doesn’t have a license from industry authorities like FCA in the UK or ASIC in Australia. It does only have membership with Financial Commission (FinaCom). Nevertheless, it operates without such licenses that protect clients and deliver necessary regulation to service providers.
Even though FinaCom is an esteemed regulatory organization, it’s not a government agency and cannot enforce the rules. It doesn’t regulate day-to-day operations, so it can’t offer protections to traders.
Olymp Trade in India
Olymp Trade is not illegal in India, but it still isn’t regulated by SEBI or RBI. That means if any trader has problems with the transactions on the app or collections then Indian authorities can’t help them.
Currently, Olymp Trade isn’t regulated by Indian officials and many banks are refusing to work with the platform directly. The only means of payment that seems to be accepted is through a local banking card which can use international debit or credit cards on this trading platform.
Olymp Trade in the USA
Olymp Trade does not accept clients from the United States, Europe, Canada, Japan or Australia. This is because they are regulated and governed by different agencies than we are in other countries. However there is a range of forex brokers that you can trade with as detailed on our website if you live in these countries (including one based out of Melbourne).
Olymp Trade Account Types
| Features | ECN Account | Standard Account |
| Account Currencies | USD/EUR | USD/EUR |
| Available Leverage | 500:1 | 500:1 |
| Olymp Trade Minimum Deposit | $10 | $10 |
| Starting Spreads | 0.6 | 1.1 |
| Commission Per Trade | $4 Per Lot | 0 |
| Decimal Pricing | Up to 5 Decimals | Up to 5 Decimals |
| Trading Instruments | 35+ Currency pairs 12 Cryptocurrencies 10 Indices 4 Metals 2 Energies 12 Stocks | 35+ Currency pairs 12 Cryptocurrencies 10 Indices 4 Metals 2 Energies 12 Stocks |
| Min. Lot Size Per Trade | 0.01 | 0.01 |
| Max Lot Size Per Trade | 20 | 20 |
| Olymp Trade Demo Account | Yes | Yes |
| Swap/Rollover Free | Yes | Yes |
| Copy Trading Support | No | No |
Deposit & Withdrawal
Olymp Trade Online has a variety of deposit methods, including credit and debit cards, bank wire transfers, e-payments such as Skrill and Neteller or cryptocurrency like Bitcoin.
You are free to deposit funds into your account with no extra charges on the minimum amount of $10. Funds will be deposited relatively quickly but withdrawals may take longer depending on whether you have a VIP account or not- both types enjoy fast processing times for withdrawals, though; 24 hours to 3 days is average time taken by standard investors while only few hours will suffice for VIP investor needs (Best Forex Platform).
The maximum withdrawal amount can vary according to your trading level money from whatever payment method was used at the time of depositing it into Olymp Trade’s platform. Both “standard” and “VIP” accounts enjoy fast processing times when withdrawing funds (Find the best forex broker for beginners here).
Apps
Olymp Trade’s mobile app provides the same functionality as its desktop or Olymp Trade web counterparts! It is extremely convenient to be able to trade on-the-go with your phone.
Demo Account
It provides free demo account. A demo account on the platform is a perfectly functioning version of the live trading account, except that the account is using virtual funds to trade. The company is mostly a well-respected one, with clients who are satisfied. There also isn’t much regulation in the world of Olymp Trade betting, which makes it high-risk for anyone to participate.
Conclusion
Overall, this company is competitive with its reputation. But betting on the Olymp Trade site can be high-risk because of its trading nature and lack of regulation.
Despite the Company not being regulated by any government body, it is best you choose among well-regulated companies with licenses that uphold legitimate operations and offer customer service at an appropriate level (though there are few).
