Why Olymp Trade Doesn’t Suck in 50 Words
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 that is there to resolve complaints made by traders. Not the best regulation, but still better than nothing. Olymp Trade was certified as a broker with high-quality trade execution by the independent service Verify My Trade.
Why Does Olymp Trade Suck in 50 Words
I’m a bit skeptical about their regulation. 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. However, I would rather trade with a broker that has some form of regulation than one that lacks supervision completely. On top of this, Olymp Trade registrations are closed for the citizens of a lot of countries. Close to 100 countries are restricted, thus you may face problems opening an account with this broker.
Is Olymp Trade a Scam?
In 2016, Olymp Trade became a member of the FinaCom, which has the role of ensuring “that traders and brokers are getting their disputes resolved in a quick, efficient, unbiased and authentic manner”. The question is whether these third-party regulators can really provide Olymp Trade’s clients with a safety similar to what CySEC can? I really doubt it, but that doesn’t mean that Olymp Trade is a scam. Caution is recommended as always in the trading business.
Should I Open an Account with Olymp Trade?
Olymp Trade is an international online trading platform that offers trading on currency pairs, cryptocurrency, stocks, indices, and commodities. The website is owned and operated by Saledo Global LLC, a company registered in St. Vincent & the Grenadines. Saledo Global LLC is certified by the International Financial Commission (FinaCom) as a category A member. The agents are VISEPOINT LIMITED, based in Malta, and WALLFORT LIMITED, based in Cyprus.
The Financial Commission provides trader protection for up to $ 20,000 per client if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions established by FinaCom).
Moving on to the unique and proprietary Olymp Trade platform. Once inside, you may switch between the demo and the real account. The demo account is set to 10,000$ and the minimum trade size is only 1$. Yes, that means you can do 10,000 trades for practicing purposes before you run out of virtual cash. The best part is all the tools, indicators, and advanced charts the platform offers. If it’s not enough, you can select the technical tab and it will open yet another chart with even more tools. Execution is fast and to make it even faster you can switch to One-Click trading at any time so you don’t have to confirm trades before execution. And if that’s not enough for you, Olymp Trade also offers the possibility to trade on Meta Trader 4.
Clients can use Fixed Time Trades (FTT) and Forex modes on the platform. In Fixed Time Trades mode the client makes trades for a limited period of time and receives a fixed rate of return for a correct forecast about the movements of the underlying asset (i.e. stock, currency, index, etc.).
The Forex mode is used to open long (hoping the price will go up) or short (hoping the price will go down) positions at the current price with an unlimited duration of the trade. There is no spread (the difference between the buy and sell prices), but there is a brokerage fee that one has to pay when executing trades or holding them until the next day.
Olymp Trade uses the quotes of the major investment banks and proposes a weighted average price on the platform.
In conclusion, their efforts are good. The platform is well-designed, the education center comes in many languages, with webinars, trading strategies, and a well-built economic calendar, and the 10$ 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 but so far we haven’t noticed any major incidents. If you have any experience trading with Olymp Trade, shout out in the comments and share your information.
Saledo Global LLC is registered at First Floor, First St. Vincent Bank Ltd Building, P.O. Box 1574, James Street, Kingstown, St. Vincent & the Grenadines.
Visepoint Limited is registered at Act – Baron Court, Karlu Galea Street, City/Locality Victoria (Gozo) Vct 2604, Malta.
Wallfort Limited is registered at Agias Zonis & Thessalonikis, Nicolaou Pentadromos Center, 5th Floor, Flat/Office 503b, Block B, 3026 Limassol, Cyprus. The company can be reached at email [email protected], live chat, and several phone numbers.
Olymp Trade Complaints
It’s been a few years since this trading platform first popped up and there have been some complaints in that time. The tricky part is that there are a lot of good reviews out there too so you need to be thorough as we were when digging into them. Most of the complaints are about pushy sales tactics, deposit bonuses that tie up account balances, and other tricks we associate with a scam broker. Other comments seem to support the idea the broker is an honest one so it’s fair to say the picture is kind of mixed, but it’s normal for most brokers to have both negative and positive comments.
Trading Bitcoin With Olymp Trade
They have been upping the ante in terms of cryptocurrency and Bitcoin trading. Olymp Trade now offers Fixed Time Trades 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 relatively easy to navigate but some information is hard to find. The FAQ section includes answers to many questions that a client may have; the education section is not restricted and the website is available in 19 different languages. Mobile trading platforms are also available, as well as Demo accounts but unfortunately, the list of countries in which the country does not operate is very long so you will have difficulties using a Demo or a Live account.
No. of Assets and Expiry time 17/20
The number of assets has grown substantially over the past few years, now amounting to more than 81 assets, ranging from currency pairs to stocks, indices, commodities, and more recently, cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ripple, Monero and more). The expiry times are versatile enough to satisfy the needs of most traders.
Commissions, Support, and Effective Return 16/20
There are no commissions to open an account and more importantly, Olymp Trade doesn’t charge a fee for deposits and withdrawals. However, after 180 days of inactivity, your account will be charged $10 monthly. The advertised returns are very high, going up to 92%. Support representatives did a good job answering my questions and the email support promises a response within one business day.
Deposit, Payment, and Bonus 17/20
Deposits can be made via Neteller, Skrill, Webmoney, and credit cards. The minimum withdrawal is $10 and the methods are the same as deposits; wire transfers are only available in some regions. Bitcoin deposits are also available.
Olymp Trade’s Terms and Conditions document mentions a bonus but the conditions and percentages are not clearly explained anywhere on their website. In the past, Olymp Trade bonus structure was as follows: between 30-99 (EUR/USD), you would get a 10% bonus, between 100-299 (EUR/USD), you would get a 20% bonus, between 300-4999 (EUR/USD), you would get a 30% bonus and more than 5000 (EUR/USD), you would get a 50% bonus. We cannot guarantee if these conditions still apply; turnover requirements are not specified.
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 (82) + Regulated (+2) = 84/100