Olymp Trade Review |
|
| 📅 Year founded |
2014 |
| 📈 Multiple top-tier regulation |
No |
| 📍 Headquarters |
Kingstown, Saint Vincent and the Grenadines |
| 🌍 Country of regulation |
Vanuatu |
| ✅ Regulators |
VFSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$10 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
Olymp Trade Platform / Quickler |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Cryptocurrencies / Stocks / ETFs |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
None |
| 💰 Account Currencies |
USD / EUR |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
$10 USD monthly after 6 months of inactivity |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
400:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero |
| 💰 Spreads |
From 0.6 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
190 + |
| 🔢 Number of clients |
25 000 + |
| 🥇 Instruments Offered |
290 + |
| 📙 Education |
Trading Strategies |
WHAT IS OLYMP TRADE?
Olymp Trade is a globally recognised online trading platform that was founded in 2014.
It is regulated by the Vanuatu Financial Services Commission (VFSC), which ensures a level of oversight and compliance to financial industry standards.
The platform is primarily aimed at providing an accessible trading environment for both novice and experienced traders across a wide range of assets.
Olymp Trade facilitates trading in various financial instruments, catering to a diverse clientele who seek to capitalise on the volatility of the global markets. The platform is particularly noted for its commitment to education and usability, featuring an intuitive interface that simplifies complex trading activities.
As a broker, Olymp Trade is dedicated to democratising trading by maintaining low entry thresholds. For instance, it offers a minimum deposit requirement of $10 USD which is significantly lower than many of its competitors, which allows more individuals to start trading with a modest investment.
Additionally, the regulatory oversight by the VFSC adds a layer of credibility and security, reassuring traders that their interests are protected under regulatory standards. This oversight includes ensuring that the broker operates with transparency and provides fair trading conditions to all its users.
INTRODUCTION
Olymp Trade, headquartered in Kingstown, Saint Vincent and the Grenadines, has established itself as a significant player in the global online trading landscape since its inception in 2014.
With regulatory oversight from the VFSC, it ensures a compliant and secure trading environment for its users.
Over the years, Olymp Trade has successfully expanded its reach, now boasting over 25 000 active clients worldwide.
This international presence underscores Olymp Trade’s appeal across diverse markets, offering a platform that supports multiple languages and caters to the specific needs of traders from different regions.
The platform’s user-centric approach is evident in its design, features and the breadth of resources it provides to assist traders in making informed decisions.
One of the key strengths of Olymp Trade is its focus on inclusivity and accessibility. By maintaining a low minimum deposit requirement and providing a flexible range of trading instruments, it opens up the financial markets to individuals who might not have substantial capital to begin with.
Additionally, Olymp Trade’s commitment to education and customer support has played a crucial role in its growth. The broker offers extensive educational materials that are designed to help traders at all levels sharpen their trading skills and strategies.
PROS & CONS
PROS
- User-friendly interface suitable for beginners.
- Extensive range of educational and training resources.
- Access to a free demo account.
- Low minimum deposit requirement of only $10 USD.
- No withdrawal or deposit fees charged by the broker.
CONS
- Limited product portfolio compared to some larger brokers.
- Only regulated by one regulatory body.
TRADING INSTRUMENTS
Olymp Trade offers a diverse array of trading instruments, allowing traders to engage with different markets according to their preferences and investment strategies.
Forex
Olymp Trade provides its users with the opportunity to trade a wide range of currency pairs. This includes major pairs such as EUR / USD, USD / JPY and GBP / USD, which are known for their liquidity and tight spreads.
Additionally, minor pairs and some exotic pairs are also available, offering traders the chance to capitalise on fluctuations in less commonly traded currencies. Forex trading is popular on Olymp Trade due to the platform’s supportive features like leverage and real-time data that enhance trading decisions.
Indices
Olymp Trade also offers trading in indices, which are some of the most popular financial instruments among traders. Indices provide a way to trade on the performance of a group of stocks, representing a specific segment of the stock market or an economy.
By trading indices, traders can speculate on the overall movement of stock markets without having to analyse the performance of individual companies.
Commodities
Traders on Olymp Trade can also engage with various commodities markets, which include both energy commodities like oil and natural gas and precious metals such as gold and silver. These commodities are favourites among traders who seek to diversify their portfolios or hedge against inflation and currency risks.
Commodities trading on Olymp Trade is supported by analytical tools that help predict price movements based on market trends and economic indicators.
Cryptocurrencies
With the rise of digital currencies, Olymp Trade has incorporated a range of popular cryptocurrencies into its offerings including Bitcoin, Ethereum, Litecoin and Ripple. These assets are known for their volatility, which can provide substantial trading opportunities.
Olymp Trade offers comprehensive tools and resources to trade cryptocurrencies effectively, including volatility alerts and market updates that help traders stay informed about the latest developments in the crypto world.
Stocks
Olymp Trade provides access to stocks of major global companies, enabling traders to participate in the equity markets without needing to purchase the actual shares. This is facilitated through derivatives that track the price of these stocks, offering a simpler and potentially less costly entry point into stock trading.
ETFs
Olymp Trade provides its clients with the opportunity to trade in Exchange-Traded Funds (ETFs), which are marketable securities that track a basket of assets like an index, commodities or bonds, but trade like a single stock on an exchange. ETFs on Olymp Trade cover various sectors and strategies, allowing traders to diversify their portfolios without owning the underlying assets directly.
Together, these trading instruments make Olymp Trade a versatile platform catering to a wide range of trading preferences and strategies. Each category is supported by educational resources, analytical tools and trading aids that are designed to optimise the trading experience, making it easier for traders to navigate and profit from the financial markets.
TRADING PLATFORMS
Olymp Trade offers a robust and intuitive trading platform that caters to traders of all levels. The platform is available in both web and mobile app formats, ensuring that traders can access their accounts and trade from virtually anywhere at any time.
Olymp Trade Platform
The mainstay of Olymp Trade’s offerings is its proprietary trading platform, designed to be user-friendly yet packed with powerful tools to support informed trading decisions. This platform features a clean layout with an easy-to-navigate interface, making it accessible for beginners while still offering the analytical depth required by more experienced traders.
The web version of the platform includes a range of technical analysis tools, charting capabilities and real-time indicators that are essential for effective trading. Traders can customise their trading dashboard to include various graphical tools and overlays that match their trading style and preferences.
Olymp Trade Mobile App
Recognising the need for mobility in today’s trading environment, Olymp Trade also offers a fully functional mobile app. This app brings the comprehensive features of the desktop platform to a mobile interface, which is optimised for both Android and iOS devices.
The app allows users to execute trades, view their trade history, check their account status and analyse markets using a variety of technical tools and charts. The mobile app ensures that traders never miss a market movement, providing notifications and alerts directly to their mobile devices.
Quickler
Quickler is another innovative solution by Olymp Trade designed for traders who prefer extremely rapid trading and immediate results. This platform is particularly suited for high-frequency trading in markets with quick fluctuations, such as certain forex pairs or digital options.
Quickler’s interface is streamlined to prioritise speed, allowing for near-instantaneous execution of trades, which is a critical feature for scalpers and day traders who capitalise on small price movements within short time frames.
All platforms provided by Olymp Trade are integrated with robust security measures, ensuring that all trading activity and personal data are securely encrypted. Additionally, Olymp Trade’s commitment to continuous improvement means that the platforms are regularly updated to enhance performance and introduce new features that meet the evolving needs of the trading community.
Through these trading platforms, Olymp Trade aims to deliver a seamless and productive trading experience that aligns with the goals and strategies of traders globally, ensuring accessibility, speed and efficiency.
ACCOUNT TYPES
Olymp Trade offers a tiered account system tailored to accommodate the varying needs and experiences of its traders. These tiers include Starter, Advanced and Expert accounts, each designed with distinct features to enhance the trading experience at every level of expertise.
The broker does not provide a great deal of information on what distinguishes the various account types, but they do state that spreads start from 0.6 pips and commission free trading.
Additionally, the broker also provides an Islamic account, catered to traders who adhere to Sharia law.
Each account level is designed to seamlessly integrate with Olymp Trade’s educational and trading infrastructure, ensuring that traders at all levels have the tools and support needed to succeed.
Additionally, as traders progress and their needs evolve, they can choose to upgrade their accounts, allowing them to leverage greater benefits and advanced features that align with their growing expertise and investment capabilities.
HOW TO OPEN AN ACCOUNT
Opening an account with Olymp Trade is straightforward and can be done via the broker’s website. Firstly, traders need to provide their personal information and register with the broker, before providing the required documents to the broker for verification.
Once these documents have been verified, traders can select their account type, deposit funds and begin trading.
DEMO ACCOUNT
A demo account is available for users to practice their trading strategies using virtual funds without any risk. This is an excellent tool for beginners to get acquainted with the platform.
Additionally, the demo account allows experienced traders to back test strategies before implementing those on their trading account.
SOCIAL TRADING AND COPY TRADING
Olymp Trade supports social and copy trading, allowing users to mimic the trades of successful traders. This feature is especially useful for new traders or those looking to learn from more experienced traders.
Olymp Trade provides an in-depth Signals feature where traders can select from a variety of signal types to follow, greatly enhancing the social and copy trading offering from the broker, ensuring it is one of the best in the industry.
COMMISSIONS AND FEES
Olymp Trade prides itself on transparency with no hidden fees. The platform does not charge commission on trades as these are included in the spreads which start from 0.6 pips.
The broker does not charge any fees on withdrawals or deposits, however, there is an inactivity fee of $10 USD charged for accounts that have become inactive.
LEVERAGE
The platform offers leverage of up to 400:1, allowing traders to increase their trading position size. Leverage levels may vary depending on the instrument and account type and can easily be adjusted on account settings once an account has been opened.
WITHDRAWALS AND DEPOSITS
Deposits and withdrawals can be made via several methods, including bank transfers, credit and debit cards and various eWallets. Olymp Trade aims to process withdrawals within 24 hours, but it might take longer depending on the payment method.
Fortunately, for Olymp Trade clients, the broker does not charge any fees on withdrawals or deposits, although third-party service providers may charge fees depending on the transactions method used.
CUSTOMER SERVICE
Customer service is available 24/7 via live chat, email and phone. The service team is known for being responsive and helpful in addressing client queries.
SAFETY AND SECURITY
Safety and security are paramount concerns for any trader engaging with an online trading platform. Olymp Trade places a high priority on ensuring the security of its clients’ funds and personal information through rigorous protocols and adherence to regulatory standards set by the Vanuatu Financial Services Commission (VFSC).
The VFSC is the regulatory authority that oversees Olymp Trade’s operations. Being regulated by the VFSC means that Olymp Trade is required to adhere to certain financial standards and operational ethics that protect the interests of its clients.
This includes maintaining transparency in financial reporting, ensuring adequate capital reserves and providing a fair trading environment. The VFSC also mandates compliance with anti-money laundering (AML) and know your customer (KYC) protocols.
These regulations require Olymp Trade to verify the identity of its clients and monitor transactions for any suspicious activities. This not only helps in preventing financial fraud but also enhances the overall security of the trading platform.
Olymp Trade employs state-of-the-art security measures to protect the data integrity and privacy of its users. This includes using SSL (Secure Socket Layer) encryption to safeguard all data transactions between clients’ devices and Olymp Trade’s servers.
In addition to regulatory compliance and data protection, Olymp Trade has implemented several operational security practices designed to further secure the trading environment including conducting regular audits, securing banking partnerships and providing advanced risk management tools.
By maintaining strict adherence to regulatory guidelines set forth by the VFSC and implementing robust security measures, Olymp Trade ensures a secure and reliable trading environment for its global clientele. This commitment to safety helps build trust and confidence among its users, making it a preferred choice for traders looking for a secure online trading platform.
PROMOTIONS
The broker does not currently offer any promotions or bonuses, however, traders are encouraged to regularly visit the broker’s website in the event that this changes.
RESEARCH
Olymp Trade provides a range of research tools, available on the broker’s trading platform. However, other than those research tools, the broker does not provide any news and analysis as many other brokers do.
EDUCATION
The platform boasts extensive educational resources which include video and in-depth explanations on multiple trading strategies such as the Triple Rebound, Kind Martin and One Minute amongst others. These educational resources are superb and are helpful for both new and experienced traders.
GLOBAL AWARDS
Olymp Trade has received several awards acknowledging its customer service and innovative platform, emphasising its reputation within the trading community.
Some of their most recent awards include the following:
- Most Transparent Broker (2023) – World Finance Magazine.
- Best Trading Experience (2023) – FxDailyInfo.
- Most Trusted Financial Broker (2023) – World Business Outlook.
- Best Mobile Trading Platform (2021) – World Finance Awards.
- Best Investment Broker (2021) – Forex Brokers Awards.
- Best Trading Platform (2020) – Dubai Forex Expo.
SAFE OR SCAM?
Determining the legitimacy of a trading platform like Olymp Trade is crucial for traders. Olymp Trade is regulated by the VFSC, which is a recognised legal authority that provides oversight for financial services operations.
This regulatory framework subjects Olymp Trade to specific standards and practices aimed at protecting investors and ensuring the broker’s operational transparency. This includes compliance with international financial laws and practices, such as anti-money laundering (AML) procedures and other security protocols, which lend credibility to Olymp Trade’s operations.
Additionally, the platform’s commitment to security, as evidenced by their use of SSL encryption and adherence to KYC policies, further supports Olymp Trade’s focus on creating a safe trading environment. The broker also maintains transparency in its trading operations, providing clear information about trading conditions, fees and the risks associated with trading activities.
Traders should consider Olymp Trade’s regulatory status, the extent of their customer support, user reviews and any history of security issues or disputes. While Olymp Trade shows many characteristics of a legitimate and secure broker, traders should always approach online trading with caution and be aware of the risks involved.
CONCLUSION
Olymp Trade is a robust trading platform that caters to a wide range of traders. Its strengths lie in its user-friendly design, comprehensive educational resources and innovative trading tools.
Although it could benefit from more diverse regulatory oversight, the platform’s commitment to transparency and customer support is clear to see.
After conducting the above review, the team at Brokersuggest.com recommends Olymp Trade as a good broker. As always, traders should always do their own research before depositing funds with any broker.
