Olymp Trade Review – Everything You Should Know
Over the last few years, the popularity of online trading has grown in double digits, and the trajectory isn’t slowing. This rising interest has seen hundreds if not thousands of brokers getting into the market. While the mass entry of brokers has made trading easier, identifying the best broker has become harder.
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In this post, we shall be reviewing Olymp Trade, one of the leading and most popular platforms.
Founded in 2014, Olymp Trade has grown to have a monthly trading volume of $150 million from traders across 134 countries. Its data shows the platform has over 25,000 clients trading on it every day.
Olymp Trade lets you buy and sell a wide range of assets, including stocks, commodities, currencies, and cryptocurrencies, with availability depending on where the trader is based. Olymp Trade is a registered broker in St. Vincent and the Grenadines.
Start Trading with Olymp Trade
Quick Summary of Olymp Trade
|Brokers Name||Olymp Trade|
|Offices||St. Vincent & the Grenadines|
|User Accounts (2021)||25 million|
|Usage (2021)||134 countries|
|Minimum 1st Deposit||$10|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||$5000|
|Demo Account||Yes (Click here to Sign Up)|
|Account Currency||USD, EUR, INR, IDR, THB, BRL, CNY|
|Depositing and Withdrawals options||Credit/debit cards Visa, Mastercard, Skrill, FasaPay, ePayments, Neteller, WebMoney, UnionPay|
|Payout||80% (Standard Acs) 92% (Expert status)|
|Markets||Forex, Cryptocurrencies, Stocks, Commodities|
|Features||Trade Fixed Term|
Trading on Olymp Trade
To start trading on Olymp Trade, the first step is to register for a free account, the only legal way to access the platform. The process for signing up is easy, with a direct registration portal from which you proceed. You can sign up for their demo account by using the form below:
After signing up, Olymp Trade gives new users a brief training about trading and what it pertains. The training covers how it works, the classification of assets, and the technicalities of the platform. This is to make sure that beginners don’t get lost trying to figure out how to use the platform and make mistakes.
After this training, Olymp Trade then provides ways to start trading, where you either use a demo account for trials or deposit real money to buy real assets.
If you are a beginner who isn’t familiar with the tenets of online trading, we recommend starting with a demo account to run trials and get acquainted before switching to real trades where the stakes are higher.
Create a Demo Account on Olymp Trade
If you pick a demo account, you’ll be taken straight to a platform where you can begin simulating trades on various types of assets. But if you’re confident in your trading skills and willing to put your money where your mouth is, you could easily switch and go live with a real account that you’ll have to fund using the different deporting options.
How to Access Olymp Trade
Olymp Trade is accessible in three different ways.
- Through the main website (www.olymptrade.com)
- A dedicated desktop application for both Mac and Windows
- Mobile application (iOS or Android)
Via these three ways, Olymp Trade makes the process of trading simple and easy to use, especially with its mobile app. Trading from a smartphone is very convenient for users, especially for the fast, short-term trades that Olymp specializes.
Open a Free Account With Olymp Trade
Olymp Trade Features
Olymp focuses on short-term trades, that is, trading strategies where the time duration between entry and exit ranges from a few hours or days to a few weeks. Short-term trading is ideal for day traders who typically want to take advantage of short-term spikes in asset prices.
The assets that you can buy or sell on OlympTrade include;
- Stocks – Buying stock units of specific companies.
- Commodities – Raw materials or agricultural products such as gold, copper, silver, etc.
- Exchange-Traded Funds (ETFs ) – securities that track an index, sector, commodity, or any other asset.
- Currencies – Legal tenders around the globe
- Cryptocurrencies – digital tokens registered on a blockchain that can be exchanged online for goods and services, e.g. Bitcoin, Ether, Bitcoin Cash, etc.
Note – All types of assets aren’t available to trade on Olymp in certain regions, so where you are physically located could affect what you can trade on the platform.
Olymp Trade is available in 134 countries and localized in 19 languages, making it a global platform that can be used by many. The languages it’s localized in include;
Now that you’re familiar with the trading process on Olymp Trade, let us have a look at some important terms and technicalities about trading on the platform.
Leverage involves using debt to finance the purchase of assets, expecting that profits from the trade could cover both the debt and bring net profits to the trader. It’s a risky endeavor where a trader takes on borrowed capital to pair with their own money and make trades.
Olymp Trade offers leverage to its traders with a ratio of up to 1:400 depending on the asset being traded. This kind of leverage can be good to professional traders who know their stuff and are confident in their risk-taking capabilities, but we don’t recommend newbie traders to use it given its risks.
Spread – This is the price difference between two related markets or commodities.
Pair – A trading pair is a case whereby you have two different assets that can be traded between one another.
Bear – One who expects prices to decline
Bull – One who expects prices to rise
Reasons Olymp Trade is a Good Broker
We’ll be doing you a disservice if we recommend Olymp Trade as a platform without giving concise reasons for you to assess. Here is why we believe Olymp Trade is one of the best brokers.
- Beginner Friendly Broker
Olymp Trade stands out in comparison to many other online brokers with the way that its platform is friendly towards beginner traders. The platform strives to provide adequate education to its beginner users who want to trade. They have a wide range of content such as interactive online courses, video tutorials, and access to strategies from more reputed and professional traders.
With the necessary education, Olymp Trade helps familiarize its new users with the world of online trading and the technicalities of the industry, most of it for free. This education helps guide users towards making trades that are profitable.
Another way Olymp Trade proves to be beginner-friendly is with its minimum deposit which is set at $10 and the minimum trade amount at $1. It’s usual that beginners want to first trade with small amounts that they won’t lose sleep for if they lose, and the $1 starting point on Olymp Trade helps very much in this case.
Also, Olymp Trade has demo accounts where users can simulate trading activity with virtual money, making them get familiar with their trading strategies without risking real losses as a result.
- Round-The-Clock Support
Olymp Trade offers 24hr support and helps to all its registered customers. More so, it has customer support specialists that speak 15 languages and help to resolve issues wherever a problem arises. This 24hr customer support is a golden standard for businesses and thus a reason we recommend Olymp Trade.
- Fast Funds Deposit and Withdrawal
The process of depositing funds to trade is easy and quick on Olymp Trade and as well the process of withdrawing funds from the platform. The deposit methods accepted by Olymp Trade include;
- Credit and debit cards
- E-payments services such as WebMoney, Neteller, and Skrill
- Bank wire transfer
Depositing on Olymp carries no fees and is direct, with the minimum deposit being $10. For the deposit methods, cryptocurrencies and debit/credit cards tend to be the fastest methods and bank transfers the slowest.
Likewise, the process of withdrawing funds from Olymp is straightforward just like the process of depositing funds is. Here, there’s a maximum withdrawal limit per time that depends on the tier of account you have, but it’s nevertheless easy and not complicated.
The two tier of accounts on Olymp Trade are Standard and VIP. For standard accounts, the withdrawal process takes 24 hours to 3 days while for VIP accounts, it takes just a few hours.
The tiers of Standard and VIP accounts are determined by the amount of money a user has deposited to trade on Olymp.
- Standard – When a user has deposited between $10 to $1,999. Comes with the standard trading features such a $1 minimum and $2,000 max trading limit.
- VIP – When the user has deposited at least $2,000 and upwards to trade. It comes with enhanced features and privileges including a $5,000 max trading limit and access to VIP consultants that’ll provide strategic analysis to guide your investing decisions.
Olymp Trade is a registered broker in St. Vincent and the Grenadines, so any money deposited on its platform is insured by a bank. This is important as you’ll know that your money on the platform is insured from malicious activities such as hacking and theft.
Olymp Trade is regulated by the International Financial Commission (IFC), an independent self-regulatory organization and external dispute resolution agency whose rulings Olymp is subject to.
- Analysis and Indicators
Olymp Trade offers lots of helpful analytical tools on its platform to help users make decisions. These types of tools include trading volume charts, price history and comparison data, market data and the likes.
Downsides but not dealbreakers
Of course, no broker is perfect and we’ll be doing a disservice if we imply Olymp Trade has no drawbacks. At that, we’re listing out what could be termed as drawbacks and disadvantages of using the platform, mostly depending on the user’s needs.
- Verification Process
This isn’t an absolute drawback per se, but it poses restrictions on certain types of users. The verification process that Olymp Trade requires for its users is quite strict and requires you to provide documents such as a Passport ID or bank details to ensure that what will be used to sign up on the platform is authentic.
You have to be verified by Olymp Trade before you’re able to withdraw funds from the platform, so it’s important to know what you’ll face. The platform’s verification process requests that you send in certain documents including:
Passport or a government issued ID – A valid identity card or passport issued by a governmental agency in the country where you reside. You’ll have to take a photo that is bright and clear and uncut (all corners are visible) to ensure authenticity.
3D Selfie – Olymp Trade requires you to snap a 3D Selfie, which is a scale replica of your face. Such a selfie is achieved by placing your head in a camera frame and turning around in a circle to bring about a full-scale model. A module to do this using the camera on your device will be provided.
Proof of address – Evidence that you have an actual physical address that matches your stated address on the platform. Many documents can serve as proof of address, such as
- Utility Bill
- Driver’s License
- Insurance Card
- Voter ID
- Property Tax Receipt etc.
Proof of payment – This is required after you’ve deposited money into your account. It’s evidence of the payment you made to deposit your cash.
Understandably, this verification process could be challenging for some users who may not have all the required documents. We advise that you verify you have the necessary documents before signing up on Olymp Trade because you’ll run into issues if you can’t verify your account.
Due to regulation issues, Olymp Trade is not available in some key countries such as the US, Canada, Australia, and many countries in Europe. This makes its reach limited, and people from those countries are unable to sign up on the platform.
In conclusion, we’ve provided a detailed review of Olymp Trader as a trading platform and its pros and cons to users. After weighing the pros and the cons, we are satisfied that it’s a suitable platform for people to trade on if it’s available in their countries and if they meet the required criteria.
Olymp Trade is a very convenient option for people looking to trade online. For its feature of delivering online trading in a quick, easy way, we rate it a 4.8 out of 5 stars.