Olymp Trade Broker Review | Overview
Olymp Trade is binary options broker that is operating since year 2014. It is a brand owned by Smartex International Limited and Frandom Holding Limited. It is important to say that Olymp Trade is rewarded more than once on international level. They received: “Best Binary Options Broker” by KROUFR Awards, “Best Binary Options Broker Platform” by IAIR Awards and “Fastest Growing Broker” by Show FX World. Attracted by these rewards we wanted to try trading with this broker to see if these rewards are really deserved. Read this Olymp Trade broker review to see what have we concluded.
Like in every broker review in Options Reviews we look into key characteristics of every broker’s offer. Check what we found about Olymp Trade:
Regulated or Non-Regulated Broker: Regulated by FMRRS under license number TSRF RU 0395 AA Vv0088. Olymp Trade is also member of international Financial Commission, in short FinaCom.
Maximum Returns: up to 90%
Minimum Deposit: 10$
Transparency with Pricing and Payout: Withdrawal is done in 5 business days
Banking Options (Cards, eWallets&Wires): QIWI, Yandex, Webmoney, Neteller, Skrill, Maestro, Visa, MasterCard and Fasapay
Range of Assets Available for Trading: over 110 assets
Software Platform: Olymp Trade trading platform
Customer Service: 24 hours a day, 7 days a week.
Best Trading Features: The lowest required deposit and minimum trade amount (besides the IQ Option)
Excluded Countries: Australia, Canada, USA, Japan, UK, EU (all countries), Israel.
Binary Brokers Bonuses: No bonuses offered
Supported Currencies: USD, EUR, RUR
Olymp Trade Broker Review | Introduction
Olmyp Trade is licensed by Financial Market Relations Regulation Center or in short FMRRC. Its license number is TSRF RU 0395 AA Vv0088. They are quite popular among traders due to their unique conditions: very small minimum deposit, high profitability up to 90%, full-featured demo account, 24/7 technical support and their own educational center. Olymp Trade is also certified by FinaCom. FinaCom experts took special look at Olymp Trade’s trading platform and concluded that platform is safe, it has capacity and “clearness” of the accounting flow, honesty of trading operations processing, confidentiality of clients’ information and backup data storage.
Olymp Trade offers wide variety of assets for trade. Their services can be used by traders from all countries in the world. They don’t exclude USA citizens like most brokers. Demo account is available. All registered traders can use it to hone their trading skills. There is one set back regarding their platform and that is the fact that they don’t offer many types of trade, but just high/low. Moreover they don’t offer long term expiry periods. Expiry periods offered are from 60 seconds to 3 hours. This makes this platform unattractive to traders that prefer long term trades. But it is great for short term trades that usually are riskier but more profitable.
Olymp Trade Broker Review | Account Types
Olymp Trade doesn’t offer different account types, which is quite unusual on the binary options market. Nevertheless Olymp Trade’s offer for traders is rich indeed. Main features of their offer:
- The minimum deposit is 10$, which is the lowest deposit requirement on the market, matched only by IQ Option.
- Minimum trade is 1$, which is again the lowest on the market (apart from IQ Option)
- Free market analytics for every trader. Very useful information on which traders can base their trading strategies.
- Personal account manager
- Demo account with 10.000$
Olymp Trade Broker Review | Bonus
This is where Olymp Trade is really different from most brokers on the market. They don’t offer bonuses whatsoever. We guess they think having such a low minimum deposit and low minimum trade is enough to spark interest in potential traders. When you are preparing to make a deposit feel free to contact their support and ask for bonus, they might be willing to make an exception if you are ready to make a big deposit.
However there are referral bonuses that you can get if you get your friend to start trading. Olymp Trade also offers promotion from time to time, but there is no standard welcome bonus.
Olymp Trade Broker Review | Assets and Types of Trading
Like we stated above Olymp Trade has developed their own trading platform instead of using trading platform from financial software providers like most other brokers do. This is first time we encountered this kind of trading platform. We have been positively surprised. Olymp Trade trading platform proved to be very user friendly and easy to use.
We had our first “encounter” with it while using demo account. This is one great use of demo account: you can get familiar with the trading platform before you decide to trade for real money. If you don’t like it you can leave without depositing any real money.
There are many trading assets available, but their number is smaller than number of assets offered by other trading platforms (Finnantick or Tradologic). This doesn’t need to be a problem since most popular stocks, indices, currency pairs and commodities are offered. One more downside is lack of different trade types. Olymp Trade offers only one type and that is basic High/Low or Call/Put. Other brokers are offering 6 or 7 different types of trading, so Olymp Trade is on disadvantage here. If you are into basic high/low trading this is not a problem.
Great upside is Olymp Trade’s mobile app. This broker recognized importance of mobile trading. World has gone mobile, binary options trading needs to do the same. Their mobile app provides great user experience. It is available in both Google Play and App Store.
Olymp Trade Broker Review | Deposits and Withdrawals
One can make deposit via these instruments: QIWI, Yandex, Webmoney, Neteller, Skrill, Maestro, Visa and MasterCard. Minimum deposit is 10$. So we have wide range of possible deposit methods and very low minimum required deposit. This is great for traders that are unwilling to risk bigger amounts of money. Also great chance for traders that are still inexperienced in trading binary options.
Olymp Trade insists that traders use the same banking method for depositing to withdraw their funds. This is not unusual, most brokers follow this rule to avoid possible misuse. Upon trader requests withdrawal it is necessary to provide certain documents. These are: a colored copy or scan of trader’s identity card, a colored copy or scan of the trader’s passport and driver’s license and a utility bill. After documents are provided it takes 1 day to process them. After authorization is done trader will receive notification.
Finally broker will process withdrawal request and send money to trader. Money will be back in trader’s bank account or card within 1-5 days.
Olymp Trade Broker Review | Customer Service
Customer service is one of Olymp Trade’s strong suits. Their customer service department is active 24 hours and they work on weekends too. Customer support is available in English, Indonesian, Portuguese, Russian, Thai and Turkish. It is possible to reach them via e-mail, by phone or by live chat. During test period we have contacted support team several times and every time they have proved to be more than helpful. We contacted them via e-mail, live chat and by phone. Every time we got professional help.
Olymp Trade Broker Review | Summary
After test period has passed we have concluded that Olymp Trade is a broker worth giving a shot. They definitively like to keep things simple. They use their own platform that offers less assets for trade than trading platforms offered by Finnantic and Tradologic. On the other hand most popular assets like stock of big companies are offered. Trading platform supports only one type of trading and that is good old call/put or high/low. So definitively this is not a broker for those traders who insist on various trading types and yearn for big number of trading assets. But if you like to keep it simple and trade old school call/put trading type you should take this broker into consideration.
Greatest feature of Olymp Trade offer for traders is definitively required minimum deposit in required minimum trade. Both minimum trade and minimum deposit are the lowest on the market, besides the IQ Option of course. Broker is regulated by FMRRS. Unfortunately they don’t offer bonus for new traders.
All in all if you are a new trader or experienced trader that likes to keep it simple and you are not ready to risk a lot of money at first this is really a great broker for you. If you are from USA this broker is good choice because many brokers simply don’t accept US citizens. If you would like to give them a shot you can visit their site and register by clicking on the button below the text.