Olymp Trade Overview
Olymp Trade was established in 2014. and since then we have had lots of opportunities to trade on their platform. We bring you sum of our experiences in this Olymp Trade Review article. But first, little bit about the broker. Broker is owned and managed by SMARTEX INTERNATIONAL LTD. registered at Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont, Kingstown, St.
Vincent and the Grenadines, registration number 1631 CTD 2017. 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; 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.
It is important to say that Olymp Trade is rewarded more than once on international level. They received: “Fastest Growing Broker” by Show FX World, „Best Financial Broker“ by CAP Life Awards, „Best Trading Platform 2018“ by The Forex Awards, „Best Traders Community in Thailand“ by Traders Fair 2018. Attracted by these rewards we wanted to try trading with this broker to see if these rewards are really deserved. Read this Olymp Trade review to see what we have concluded.
Like in every broker review on OptionsReviews.com we investigate 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. 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 (currencies, commodities, stocks and cryptocurrencies)
Software Platform: Olymp Trade trading platform (proprietary trading platform)
Customer Service: 24 hours a day, 7 days a week.
Best Trading Features: The lowest required deposit and minimum trade amount
Excluded Countries: Australia, Canada, United States, Japan, United Kingdom, European Union (all countries), Israel and Russia.
Broker Bonuses: No bonuses offered
Supported Currencies: USD, EUR, RUR
Olymp Trade Review – Scam Test
Unfortunately, online trading has been plagued by scammers from the start. We at Options Reviews are doing our best to test brokers one at the time to make sure our reader gets the right information. So, we tested Olymp Trade to check if this broker a scam or not. In our experience scam brokers cheat their traders in two main areas. These are trading platform and money withdrawal. Also scam broker can be easily recognized through their customer service. So, when testing any broker, we pay special attention to these three areas. Read on to find out how Olymp Trade fares when it comes to trading platform, customer service and money withdrawal.
Olymp Trade Scam Test – Trading platform
Olymp Trade uses their own trading platform, rather than using same platforms as other brokers. This in a way rises suspicion. This is because we have tested platforms by different platform providers and when broker just takes already existing platform from platform providers that we tested we can be sure platform is safe. Here with Olymp Trade trading platform we had to test it meticulously by ourselves.
We registered and started trading. What we noticed first is smaller number of available assets to trade on trading platform than usual number offered by other brokers. This is Olymp Trade’s major downside compared to other brokers. But on the other side platform is very user-friendly. Anyway, during the trading process we didn’t have any issues with the platform. It didn’t display any glitches or down times. When trading with scamming trading platform it can happen that certain “glitch” changes trade outcome so that trader loses. Sometimes it can happen that down time occurs exactly when you are about to win trade and after that when trading platform resumes it doesn’t add money you earned with that trade to your trading account due to “technical difficulties”.
Sometimes scam brokers can change assets price movements so that your otherwise winning trade ends up as losing trade. To check that we made the same trade moves with same assets using trading platform of another broker that we checked for scam earlier. Every time we got the same trading result, so it appears Olymp Trade trading platform is in order.
Olymp Trade Scam Test – Customer Service
Scam brokers really don’t care about their traders but only about their trader’s money. This can be well seen at their customer support service. When you contact them, they are usually trying their best to talk you into depositing as much money as possible and then advising you to make as big trades as possible to spend a lot of money as fast as possible. Otherwise they are not of much help… They will do everything in their power to stop you from withdrawing money from your account and again try to talk you into investing more money.
We contacted Olymp Trade customer service and they proved to be very helpful. Not a single time they advised us to invest more money than we are ready to risk. And one time we decided to make a withdrawal, we pretended we don’t know how to do it. That time their customer service proved very ready to help even though we were withdrawing all our funds. So Olymp Trade customer service passes our test with flying colors.
Olymp Trade Scam Test – Money Withdrawal
Most important part of any scam test is test of money withdrawal. All scam brokers will try to make this process as difficult as possible and, in the end, trader won’t get his/her money. As trading platform and customer service proved to be valid, we paid special attention to money withdrawal. After we made deposit, we made trades necessary to test trading platform we decided to withdraw funds. To be sure that we will attract their attention we deiced to withdraw all our funds in order to see if there will be any reaction. But everything went smoothly. We got our money in few days. Exact amount we withdrew appeared in our bank account. Great thing about Olymp Trade is that they are allowing withdrawal once a day free of charge.
Olymp Trade Scam Test – User Reviews
Scam test wouldn’t be complete if we haven’t take a look into what users say online about Olymp Trade. This broker is quite famous, so they have a lot of reviews on many different forums. It’s really hard to sum everything up, but most reviews are positive. When we take closer inspection of negative reviews we see that most people protest over losing money, but not through fraudulent broker activity. Like one user on forum responded: “if you lose money that’s not brokers fault, it is your poor trading skill!” We take this view also. You must understand risks of online trading, not everybody makes money.
But there is one negative comment online that you should really take into consideration. That is regulation. Olymp Trade is regulated by FinaCom, but many users call this regulation under question. FinaCom is not official authority like CySEC for example, so by these claims it seems that this regulation is not that certain. But on the other hand, we didn’t find any serious complains about broker cheating its traders. From our experience, trading and withdrawing profits went smoothly.
Olymp Trade Scam Test – Conclusion
As you could read above, we tested trading platform, customer service and money withdrawal to see if Olymp Trade is a scam. Olymp Trade passed this test with flying colors. It appears we are dealing with an honest broker. Trading platform performed perfectly, customer service was very helpful and money withdrawal was very easy. Our final verdict is: Olymp Trade is NOT a scam broker!
Olymp Trade Review – Account Types
In this field there are some changes. There are now 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. Read in more detail about VIP account and demo account in continuation of this Olymp Trade review article.
Perks of VIP Account
Having a VIP account brings a lot of advantages to traders. In every way Olymp Trade will treat you like a king! Success in online trading depends largely on which resources trader can use for work in financial markets. On the Olymp Trade platform VIP users will get more favorable conditions for trading, meaning you will get higher payouts if you trade successfully. Return on single trade can be up to 92% in case of correct prediction. VIP traders are entitled to free training and many other useful features. Those features include: personal analyst that can help you prepare better for your trading sessions, secret trading strategies that can give you an edge on the market, higher limits and risk-free trades. We will dive into more detail about these perks in continuation.
Each VIP trader get a personal financial analyst. There are professional traders that help traders solve their problems individually and they can tell you various tips and tricks of trading. They can make sure traders understand trading platform really well and make the most of it. With Olymp Trade analysts you will never miss an interesting situation in the market! And, if you are interested you can use their knowledge to your advantage by learning from their trading experience. Yes, individual training is a part of the list of VIP privileges.
Increased Profits Per Trade
Brokers usually offer profits on trade between 60% and 80%, but Olymp Trade VIP traders will get profits of up to 92%. This means VIP traders get higher returns on their trades than regular traders on regular accounts. This allows trader to better manage their investments and significantly reduce the risks when trading with a VIP status.
Unique Trading Strategies
Whenever you trade you need to have a trading strategy in place. If you don’t use trading strategy you will make random choices which will inevitably lead to financial loss. From their first day of trading, VIP traders receive unique stratagems well known for their quality and efficiency. The instructions are given in the form of a clear step-by-step guide, with a clear description of the moment when a position should be opened. Professional strategies can save you a lot of time. Even if you are an experienced trader these strategies can improve your results.
Higher Trade Limit
Traders that are trading on regular account can’t execute trade above limit of 2.000$. On the other hand, VIP traders can execute trades with limits up to 5.000$. So, when you see a good opportunity on the market you can seize it with max amount possible to make profit as big as possible.
Some brokers, including Olymp Trade offer bonus to their traders, but VIP traders get something even better – risk-free trades! Every VIP trader gets several risk-free trades as a welcome bonus. What does risk-free trade mean? Risk-free means that if trade doesn’t go well traders doesn’t lose money, but if it goes well you get your profit. Sounds great? Well, it is. There is no catch. VIP users get risk-free trades every first day of each new month. Their number depends on the trader’s turnover. The more trades you make, more risk-free trades you get to use. The turnover scale is visible to all VIP traders.
Oylmp Trade VIP Account Summary
It could be said that Olymp Trade created special VIP offer for their traders finally! Many other brokers did this so far and it was obvious this is the way Olymp Trade should follow. It took them more time than expected (they exist for more than four years), but Olymp Trade VIP account is here. VIP status brings a lot of perks to new traders. You can read in detail about them in this article, but we bring you a table of perks, so you have it all in one place:
|ACCOUNT BENEFITS||VIP ACCOUNT||REGULAR ACCOUNT|
|Education||YES + VIP education||YES|
|Risk-free trades bonus||YES||NO|
|Technical analysis||YES + VIP pack||YES|
|Trading signals||YES + VIP signals||YES|
|Profits up to (%)||92%||82%|
If you like what you see in the table, you should go over to Olymp Trade and open your free trading account. You can do so by clicking on the button below this paragraph. Once you open your account you can use demo account to practice trading and then, when you feel ready make a deposit. Remember for VIP account you need to deposit at least 2.000$.
Olymp Trade Demo Account
Demo account enables traders to trade for free. You don’t need to deposit any real money; all you need to do is to register at Olymp Trade site and choose demo account. There you can practice trading. It is very important to get as much experience as possible before you start trading for real money. Demo account won’t earn you any money, but it will earn you valuable experience.
Olymp Trade Demo Account – What Is the Difference from Regular Account?
Actually, there is no difference whatsoever. Olymp Trade demo account will provide you the same trading experience as real account. Well, it is not 100% the same because you will not be trading for real money which makes quite the emotional difference. Trading in demo account is simpler because you are not risking your money. But still it is the best way to learn how to trade.
Demo account is great not only for newbies, but also for experienced traders. It is not only used to learn trading, but it also helps you to get accustomed to Olymp Trade trading platform. The platform itself is great and very user-friendly but it is different than another platform you might have used in past. So, it doesn’t hurt to use demo account for a while, just to become familiar with it.
Olymp Trade Demo Account – Perks
Mail perk is that Olymp Trade demo account comes with 10.000$ virtual money. Since Olymp Trade minimum trade is just one dollar, this means you can make even 10.000 trades. This is really a lot of trades and great boost to your experience. Trading platform is identical as trading platform from regular account.
Olymp Trade Review – 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 – 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 enable 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. Trading on app does however provide better experience than trading on mobile web page. In that sense, if you are more active type and don’t spend a lot of time by the computer, we advise you to use mobile apps for trading.
Olymp Trade Review – Trading Strategy
Olymp Trade takes really good care of its clients. They have education section on their web site where they provide many important information about trading. Among these there are educations about trading strategies. There is number of trading strategies that are widely utilized by traders around the world. Besides trading strategies new trader needs to learn basics about trading charts and most important terms that are used by traders. We ourselves have learned couple of things from education section of Olymp Trade web site. We have written many articles about this and if you are interested feel free to read them all: Ladder Trend Strategy, Trading by The Hour, Trading With Moving Averages, Japanese Candlestick Strategy, Parabolic SAR Strategy, RSI Strategy For Trend Reversal, Accurate Entry With Minimal Risk and Trading On News.
Olymp Trade Review – Money Deposit
As we mentioned above, available banking methods are: QIWI, Yandex, Webmoney, Neteller, Skrill, ePayments, Maestro, Visa, MasterCard, Fasapay and Bitcoin. 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 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’s minimum deposit amount is one of lowest minimum deposits on the market. It is only 10$. This is part of Olymp Trade’s business philosophy. They are trying to be open to all traders even those that maybe aren’t ready to invest a lot of money. This is really nice, Olymp Trade is ready to accommodate every trader, no matter the size of their budget. This makes them a perfect broker for newcomers to the world of online trading.
Olymp Trade Review – 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 working 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 noon the same day.
There is a range of available withdrawal methods at Olymp Trade: QIWI, Yandex, Webmoney, Neteller, Skrill, ePayments, Maestro, Visa, MasterCard, Fasapay and Bitcoin. Funds withdrawal by bank transfer is available in some regions. Unfortunately, we don’t have information which regions. Keep in mind that withdrawal of your funds can only be completed to the wallet or bank card or bank account that was used to make the deposit.
There is also one more thing you need to know: minimum withdrawal amount is 10 USD or 10 EUR, depending on currency you made deposit in. Great news about Olymp Trade withdrawal is that Olymp Trade charges no fees whatsoever on the money withdrawal. This makes them one of financially least demanding brokers.
Olymp Trade Review – 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 – Conclusion
To wrap up this review we must first tell you that Olymp Trade has kept the same level of service quality over the years. But recently 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$
- Withdrawal can be done in 24 hours
Besides all those new features good old features that make them one of best brokers out there remain: 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!