OlympTrade is owned by Smartex International Ltd. Smartex is registered at the FinancialCommission, a dubious website that claims to function as a complaint resolution authority for unregulated forex and binary options brokers. The Financial Commission has been around for a while but we still don’t think they offer much safety for traders (only one binary options broker is listed with them and this is it).
Smartex has recently changed domicile, moving from 103 Sham Peng Tong Plaza, Victoria, Mahe, Seychelles to its new headquarters in Suite 305 Griffith Corporate Center, POB 1510, Beachmont, Kingston, St. Vincent and the Grenadines. They operate with a registration number, # 1631 CTD 2017, but all that means is they’re incorporated in St. Vincent and the Grenadines, a haven for offshore banking.
The company also lists a registered agent headquartered in Cyprus. This company is Wallfort LTD, registration #HE364695, and located at Irodi Attikou 8A, Lakatamia 2332, Nicosia, Cyprus. This company is not a registered Cyprus Investment Firm and not regulated as such.
The company is also registered at FMRRC which stands for ‘Financial Market Relation Regulation Center’. It is a non-commercial organization headquartered in Russia and created for the purpose of regulating brokers. Basically, a broker pays to become a member and to receive a certificate. According to FMRRC’s own website, the role is to provide traders with maximum security of their transactions in financial markets. Again, only one binary options broker is regulated by them and this is it.
Is OlympTrade a Scam?
In 2016, Olymp Trade became accepted as a new member of the FinaCom (Financial Commission). Just like FMRRC, the FinaCom’s role is: the services of the Financial Commission is to provide its customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come to an agreement with their broker.
The question is whether these largely third party regulators can really provide OlympTrade’s clients with a safety similar to what CySEC can provide? According to an Olymp Trade representative in our forums, they have also applied for a CySEC regulation regulation but we’ve seen that ploy before. It’s been over two years since that comment and no CySEC regulation.
So, is Olymptrade a scam? Maybe not but we don’t like the way they look. Besides, they don’t accept traders from most countries in Europe and North America so it doesn’t really matter.
Editor’s Note – Why Doesn’t Olymp Trade Suck in 50 Words
Olymp Trade doesn’t suck because after registration, you will immediately gain access to a free 10,000$ demo account. Furthermore, the company is a member of the Financial Commission (FinaCOM PLC). This is a third party and a neutral authority which is there to resolve complaints made by traders.
Why Does Olymp Trade Suck in 50 Words
This broker might suck because I am skeptical about their regulation. The FinaCOM seems to have been around for a couple of years but I am not sure whether they are as effective as CySEC or not, or if they aren’t a scam too. Another reason for concern is the FMRCC regulation, a non-official source of oversight based in Russia. Time will tell.
Should I Open an Account with Olymp Trade?
Moving on to the unique and proprietary Olymp Trade platform. Once inside, you may switch between demo and the real account. The demo account is set to 10,000$ and the minimum trade size is only 1$. Yes, that means you can do 10,000 trades for practicing purposes before you run out of virtual cash. The best part is all the tools, indicators and the advanced charts the platform offers. If it’s not enough, you can select the technical tab and it will open yet another chart with even more tools. Basically, it’s just like a light and mini version of MetaTrader 4.
Execution is fast and to make it even faster you can switch to One Click trading at any time so you don’t have to confirm trades before execution. Furthermore, VIP members will benefit from a 90% payout which in relation to many other brokers is well above average. To become VIP, you “only” need to deposit $2000.
In conclusion, the efforts are good. The platform is well-designed, the education center comes in many languages and the 10$ minimum deposit together with a free no-deposit demo is a very welcoming gesture. There are bonuses for first-time depositors and the bonus policy is not aggressive. You can choose not to accept a bonus at signup. Read more about Olymp Trade bonuses further below. My only concern is whether the Financial Commission and the FMRRC can really do a job that equals them to a regulator and that remains to be seen, I am skeptical. If you have any experience trading with Olymp Trade, join our forum discussion and share your information.
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Olymp Trade Complaints
It’s been a few years since the broker first popped up and there have been some complaints in that time. The tricky part is that there are lot of good reviews out there too so you need to be thorough as we were when digging into them. The complaints center around pushy sales tactics, deposit bonuses that tie up account balances and other tricks we associate with the scam broker. Other comments seem to support the idea the broker will pay withdrawals but there are so many of them, and they all belong to single-post forum trolls, so we don’t put a lot of faith in them.
Trading Bitcoin With Olymp Trade
They have been upping the ante in terms of cryptocurrency and Bitcoin trading. The broker now has CFD’s and binary options on more than 60 of the leading digital tokens.
Olymp Trade Ratings
User Friendliness 17/20
The website is user-friendly thanks to the inside platform interface guide that explains each section of the platform. The FAQ section includes answers to many questions that a client may have and the “about company” page explains Olymp Trade’s goals and everything you need to know about them. Thanks to the instant access to the free demo account after registration, practicing is not a problem for the beginner. Finally, the education section is not restricted and comes in 10 different languages.
No. of Assets and Expiry time 18/20
The number of assets has grown substantially over the past few years. Interestingly, you can type your own expiry times in the Olymp Trade platform. However, you may not enter a value below 1 minute and not above 180 minutes. You cannot enter half minutes either. There are no other types of options other than the high and low but OTC trading is available, even during holidays.
Commissions, Support and Effective Return 17/20
The returns are at 80% during market hours and with a deposit of 2000$, you can increase the payouts to 90% which is very high in relation to many other brokers. There are no commissions at Olymp Trade. A live chat is available and the email support promises a response within one business day.
Deposit, Payment and Bonus 17/20
The minimum deposit is only 10$ and the VIP account only requires 2000$ and is considered to be fairly small in relation to other broker’s VIP accounts. Bonuses depend on how much you deposit but a 100$ depositor gains 100 in bonus. You are required to turnover 25 times the bonus volume before you can withdraw the bonus, your own funds can be withdrawn prior to reaching the turnover but it will also cancel the bonus.
Website Extra’s 15/20
The unique Olymp Trade platform offers many tools. There are candlestick charts offering several time frames and indicators to choose from. To name a few, there is RSI, MACD, SMA and Stochastic Oscillator. Clicking “technical analysis” will give you access to a fully functional candlestick chart where you can draw lines, change time frames and use a larger variety of tools and indicators! One click trading is also available and the platform can be switched from Live to Demo with a couple of clicks.
Olymp Trade Overall Ratings: 84/100