We are writing our third review about Olymp Trade. Why do we do that? Because we at Options Reviews believe it’s important to watch every broker to check out on their services from time to time, to see if they have new products and how do they treat their traders. Sometimes we see changes for the better, sometimes unfortunately for worse, but we need to make sure you know what is going on. We are checking Olymp Trade regularly and we can see progress every time we write about them. According to market data it appears that traders are aware of that. In terms of search volume on google and other search engines, but also in terms of trading volumes achieved in Olymp Trade trading platform it’s obvious that this broker has grown in popularity. All of that happened for a good reason. Let us explain to you why is that so in this Olymp Trade Review 2019. Keep on reading to find out about returns, deposits, pricing and payout, banking options, customer service, bonuses for new traders and much more!
Olymp Trade Review 2019 | Introduction
We are talking about broker that had four candles on their birthday cake this year. Olymp Trade was established in 2014. Broker is owned and managed by Smartex International Limited. Registration No.: 144540. Registration address: 103 Sham Peng Tong Plaza, Victoria, Mahe, Seychelles. However payments, both incoming and outgoing are managed by a different company. That company is Wallfort Limited; registration No. HE364695, registered at: KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. That company is referred to as payment agent. This is not unusual, actually most brokers have their system setup this way. Smartex International is responsible for the actions of payment agent (Wallfort) as though they were its own actions according to their own terms and conditions. There is nothing new in this section compared to previous years. Keep reading our Olymp Trade Review 2019 for more info!
Olymp Trade Review 2019 | Awards
It’s important to note that Olymp Trade has received many international rewards, most notable of these rewards are: “Best Financial Broker” by CPA Life Awards in 2017, “Best Options Trading Platform” by Le Fonti in 2016, “Best Options Broker” by KROUFR Awards in 2016, The “Fastest Growing Broker” by ShowFX World in 2016, “Best Options Broker” by Forex Expo 2017, “Innovative broker” by IAFT Awards in 2017 and last but not least “Best Options Trading Platform” by Le Fonti in 2018. So this broker has been consistently recognized for its excellence in the recent years.
Olymp Trade Review 2019 | Key Information
This is section of broker review our readers usually can’t wait to get to. Here is short list of most important information about Olymp Trade:
Regulated or Non-Regulated Broker: Since February 2016, Olymp Trade joined the international Financial Commission. This means this broker is regulated. If you get into trouble with this broker all you need to do is to contact FinaCom.
Maximum Returns: up to 93%
Minimum Deposit: 10$
Transparency with Pricing and Payout: Withdrawal is done in 24 hours
Banking Options (Cards, eWallets&Wires): QIWI, Yandex, Webmoney, Neteller, Skrill, ePayments, Maestro, Visa, MasterCard, Fasapay, Bitcoin
Range of Assets Available for Trading: 76 assets
Software Platform: Olymp Trade trading platform (proprietary)
Customer Service: 24 hours a day, 7 days a week.
Best Trading Features: The lowest required deposit and minimum trade amount in the market
Excluded Countries: Gibraltar, the Isle of man, Guernsey, Jersey, Australia, Canada, the United States, Japan, Austria, Belgium, Bulgaria, Croatia, Cyprus, Lichtenstein, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Iceland, Italy, Israel, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Switzerland, Sweden and United Kingdom.
Binary Brokers Bonuses: Bonus up to 100% of deposit if trader makes deposit within 1 hour after registration
Supported Currencies: USD, EUR, RUR
Olymp Trade Review 2019 | Key Information Differences From 2018
Maximum payout grew from 90% to 93%. Previously withdrawal could be done in one business day, now it can be done in 24 hours, meaning you can get your money on weekends! Plus there are no fees on withdrawal and no limit on size of withdrawal amount. There is obvious reduction in number of assets available for trade. It use to be up to 110 assets, these days it is possible to trade more than 76 assets.
They have added cryptocurrencies which is great, they are very popular to trade, but they seem to have made cuts in number of traded commodities and some stocks. But all the most popular stocks like Google remain. Usually most of trading is done on currencies and cryptocurrencies and Olymp Trade platform has more than enough options for these assets. If you are USA or EU citizen you still can’t trade with Olymp Trade. There is a lot of banking methods for both deposit and withdrawal, same as last year.
What also remains the same as last year is their super low minimum deposit requirement of 10$ and low minimum trade of 1$. These two features really make Olymp Trade right broker for traders with any budget. No wonder their popularity grows in all countries, especially from developing world. Banking methods are pretty much the same as last year. Which is not bad at all, available banking methods are: QIWI, Yandex, Webmoney, Neteller, Skrill, ePayments, Maestro, Visa, MasterCard and Fasapay. These can be used for both depositing and withdrawing your money. Keep in mind that you need to use the same method for depositing and withdrawing your money.
Due to increasingly restrictive laws less and less brokers are offering their services in EU countries. From mid-last year Olymp Trade is one of those brokers. It appears dealing with EU citizens brings more trouble than profit. EU tends to overregulate everything from food production to online options trading. Much to dismay of many EU citizens…
Olymp Trade Review 2019 | Account Types
In this field there is one change. There are three instead of two types of accounts: demo account, regular trading account and VIP account. All three accounts are free to open. Actually when you are opening trading account you get demo account for free. And you should use it to the max. Thing is, you can open both accounts before you deposit any funds. This means that you can practice trading for free on demo account. Demo account is the same as real trading account. Difference is of course that you get virtual money on the demo account. So you don’t lose money, but you can’t profit either. Anyway, once you master trading on demo account you can make a deposit and trade on real trading account. There you can make actual profits.
VIP account is separate story. It provides many benefits to traders: personal analyst, increased profits, unique strategies, higher limit and risk free trades. These are great perks and they can make your trading experience really awesome. That VIP touch is something that’s fresh in Olymp Trade offer and really ramps up their offer, making them one of premium brokers. There is one catch though. Vip account is just for traders that are ready to deposit more than 2.000$. Smaller deposits get regular trading account.
Olymp Trade Review 2019 | Bonus
When opening your free trading account with Olymp Trade you will be offered bonus. It’s up to you to accept it or refuse it. There are good reasons for both options. Reason for accepting bonus is obviously the bonus amount itself. Bonus amount can be up to 100% of your deposit. Which is really high and it can be great boost to your balance. That sounds great, but what is downside? If you read Olymp Trade service agreement carefully, you will find out that when you trade funds you have deposited from your bank/credit card are used first and only after these are exhausted bonus amount gets to be used. Broker won’t let you withdraw bonus amount until you reach certain level of trading volume, which might prove to be too much. In Olymp Trade terms there is no mention of exact trading volume you need to achieve, but it’s usually 40 times the deposit amount. Keep this in mind if you wish to accept bonus amount.
Olymp Trade Review 2019 | Cryptocurrency Trading
For the first time last year Olymp Trade has enabled trading cryptocurrency options on their trading platform. And it was a hit! Although in 2018 we saw decline of cryptocurrency market, since it has become bear market, there is still a good chance to make money trading cryptocurrency options. How? Very simple, by trading options you can win money whether the price goes down or if it goes up. So it doesn’t really matter that it’s bear market out there. Crypto assets available for trade are: Bitcoin, Ethereum, Ethereum/Bitcoin, Litecoin/Bitcoin, Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ripple (XRP), Monero (XMR), Dash (DASH), Zcash (ZEC), Ethereum Classic (ETC), Litecoin (LTC). Ethereum/Bitcoin and Litecoin/Bitcoin pairs are new in Olymp Trade trading platform. So far cryptocurrencies could be traded only in USD, but now you can trade in bitcoin.
Olymp Trade Review 2019 | Mobile Apps
Great thing about Olymp Trade trading platform is that it’s available on any device. You can trade on desktop computer, but you can also do the same on tablet or smartphones. There are iOS and Android apps that you can download and install on your smartphone, but you can also trade on mobile web if you wouldn’t like to install app on your phone. We can witness from the first hand that both apps and web mobile trading platforms are really easy to use and very user friendly. You can easily open charts and browse information.
Apps and mobile web enables you to trade from wherever you might be. You don’t need to sit in front of your computer at home. Trades can be conducted while you are commuting to work or just sitting in the bar waiting for your friends to show up. Apps seem to be quite popular. Android app has been downloaded for more than 10.000.000 times at the time of writing this article. Average rating is 4,1 out of 193.000 ratings people made on the android store. On itunes there is no information about number of downloads, but there is information that 4,3 thousand people rated the app and it has average rating of 3,9.
Olymp Trade Review 2019 | Money Deposit
As we mentioned above, available banking methods are: QIWI, Yandex, Webmoney, Neteller, Skrill, ePayments, Maestro, Visa, MasterCard and Fasapay. Minimum deposit is 10$ which is among the lowest on the market. Big number of banking methods and such a low minimum deposit makes Olymp Trade really good deal for most traders. It’s doesn’t take a lot of money to start trading and it’s really easy to make a deposit and you are ready to go! There are some rules that you need to be aware of. Make sure you deposit money from the same source (e.g. credit card) to which you will be withdrawing later. You are not allowed to make deposit from one source and then withdraw to the other. Deposited amount is visible in your trading balance immediately after depositing process is completed.
Olymp Trade Review 2019 | Money Withdrawal
Once you request your first withdrawal Olymp Trade will ask you to provide your personal information and it will be necessary to provide documents that prove your identity. This is due to Olymp Trade KYC policy. This way they make sure their services are not misused for money laundering. This is legal obligation so you need to be patient. They solve these KYC things very fast (usually in 1 day) so you won’t wait for you withdrawal for long. Besides you need to do this just once. For consecutive withdrawals you won’t be going through this process, you need to prove who you are just once.
Documents you are required to provide are: a colored copy or scan of your identity card, a colored copy or scan of your passport and driver’s license and a utility bill with your address on it. It may be enough to provide just color scan of your ID and utility bill. They need to have the same address on them. If you don’t have utility bill with your address you can use any document issued by government or your municipality office that is not older than six months.
Withdrawal is done in just 1 working day, that is if you don’t count 1 day for KYC. So generally once you have done KYC process you can count on this broker to pay out your profits within one business day, which is really fast. Sometimes, if you request withdrawal in the morning you will have your money by evening the same day.
Olymp Trade Review 2019 | Customer Service
Customer service, also referred to as customer support is one of most important features of any broker. Here you can see if broker is real deal or scam. In terms of customer support Olymp Trade really excels. In our testing session their customer service team did their best to assists us, whether we asked help during trading or with money withdrawal. User reviews we have found online have generally positive tone about Olymp Trade customer support.
How to reach them? You can open live chat on their website at any time. Secondly, if you like you can contact them by phone, there are two phone numbers available, one in Cape Town, South Africa and the other one in Buenos Aires, Argentina. So you can get support you need in different time zones and on different languages. We contacted them in English, but they claim to offer support in different languages: Russian, Indonesian, Portuguese, Thai and Turkish. Besides phone, you can contact them by email, but in that case you don’t get immediate response. They do however guarantee to get back to you within 1 business day.
Olymp Trade Review 2019 | Conclusion
To wrap up this years review we must first tell you that Olymp Trade has kept the same level of service quality as the last year. But this year they have added new additional services and products to their portfolio, also there were some changes for worse. Here are the novelties:
- Maximum payout grew from 90% to 93%
- Reduction in number of assets available for trade from 110 assets to 76 assets
- Increased number of countries where they aren’t offering their services. This list includes EU countries due to EU regulation. To be fair this is the same with all regulated brokers
- VIP account available with a lot of perks for traders that deposit more than 2.000$
- Ethereum/Bitcoin and Litecoin/Bitcoin pairs available for trading. This means you don’t need to trade in fiat currency, you can use bitcoin
- Withdrawal can be done in 24 hours
Besides all those new features they still remain good old features that make them one of best brokers out there: minimum deposit of 10$, minimum trade of 1$, customer service that works 24/7 offering support in several different languages. Other than that, it’s important to mention that Olymp Trade is regulated broker which is very important if you run into trouble when dealing with this broker. There is financial authority you can complain to – International Financial Commission. What does that mean?
- Indemnification – Up to €20,000 from the Compensation Fund if you are a victim of broker fraud
- Legal assistance – Assistance in resolving your issue
- Full access – Free trading tutorials and information for every Financial Commission participant
If you are considering trading with this broker you can open free trading account with Olymp Trade simply by clicking on the button below this text. Create your account and enjoy trading!