OlympTrade is a well known online broker that offers trading on currency pairs, cryptocurrency, stocks, indices and commodities. The company can be reached at email [email protected], live chat, and several phone numbers. The registration address is available in the User Agreement.
The OlympTrade platform is certified by the international Financial Commission (FinaCom) as a category A member. The Financial Commission provides for the traders’ protection by its fund for up to $ 20,000 per case if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions established by FinaCom).
Is OlympTrade a Scam?
On 2016, Olymp Trade became a member of the FinaCom, which has the role of providing “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 third-party regulators can really provide OlympTrade’s clients with a safety similar to what CySEC can? I really doubt it, but that doesn’t mean that OlympTrade is a scam. However, caution is recommended as always in the trading business.
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. Not the best regulation, but still better than nothing.
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$. Yes, that means you can do 10,000 trades for practicing purposes before you run out of virtual cash. The best part is all the tools, indicators and the advanced charts the platform offers. If it’s not enough, you can select the technical tab and it will open yet another chart with even more tools. Execution is fast and to make it even faster you can switch to One Click trading at any time so you don’t have to confirm trades before execution.
Anyone can trade with Olymp Trade OPTION and Olymp Trade FOREX accounts on the platform. These accounts are separated and have different interfaces.
An Olymp Trade OPTION account is used to make two types of option deals: based on the trade duration (from 1 minute to several hours) and on the expiration time (from 1 minute).
An Olymp Trade FOREX account is used to open long (hoping the price will go up) or short (hoping the price will go down) positions at the current price with an unlimited duration of the trade. There is no spread (the difference between the buy and sell prices), but there is a brokerage fee that one has to pay when executing trades or holding them until the next day.
Olymp Trade uses the quotes of the major investment banks and proposes a weighted average price on the platform.
In conclusion, their efforts are good. The platform is well-designed, the education center comes in many languages, with webinars, trading strategies and a well built economic calendar and the 10$ minimum deposit together with a free no-deposit demo is a very welcoming package. There are bonuses for first-time depositors but the bonus policy is a bit weird (more on that below). You can choose not to accept a bonus at signup. My only concern is whether the Financial Commission can really do a job equal 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 offers CFDs and a type of options on more than 12 of the leading digital tokens. However, the trading conditions are not thoroughly explained.
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 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
There are no commissions to open an account and advertised returns are very high, going up to 92%. 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$ but a higher deposit will bring you a higher bonus as follows: between 30-99 (EUR/USD), you will get 10% bonus, between 100-299 (EUR/USD), you will get 20% bonus, between 300-4999 (EUR/USD), you will get 30% bonus and more than 5000 (EUR/USD), you will get 50% bonus. The bonus will only be credited once your account balance reaches zero, which is pretty weird if you ask me. Any withdrawal request will cancel the bonus and turnover requirements are not specified.
Deposits can be made via QIWI, Webmoney, Yandex.Money, Neteller, Skrill, Fasapay and credit cards. Withdrawal methods are the same as deposits and wire transfers are only available in some regions.
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