Olymp Trade review – Should you sign up? – Pros and cons of the broker

Rating:Assets:Minimum deposit:Return:
5 out of 5 stars (5 / 5)Fixed time trades, forex$ 10Up to 95%+
Olymp Trade official website

Olymp Trade is a trading broker platform based in St. Vincent and the Grenadines. It was established in 2014 and has expanded to over 30 countries worldwide. However, a few European countries and The USA haven’t regulated Olymp Trade; thus, trading there on this platform is illegal.

The unique selling point of this broker is its compensation fund. The platform ensures traders’ security with a cover of €20,000 in case of any mishap. But, the list of perks doesn’t end here. 

To know more, check out the following section where we have highlighted why you should trade on Olymp Trade.

(Risk warning: your capital can be at risk)

Why should I choose Olymp Trade?

Here’s a quick review of what Olymp Trade has to offer:

  • According to our excellent assessment of Olymp Trade, the platform is high caliber and offers a terrific user-friendly and easy user interface. Users can auto trade anytime, anyplace, thanks to this. The platform is accessible on both desktop and mobile devices, and this broker also supports MetaTrader 4, which is available to expert traders.
  • The trading information encyclopedia “Olymp Plus” offered by this broker is noted for its user-friendly interface and straightforward layout. Users are exposed to tutorials, financial markets analysis in the form of videos, tried-and-true tactics, professional advice, the most recent headlines, and market news and updates. You can also check out our list of forex brokers in India, where we’ve discussed various features for broker platforms that are appropriate for any trader.
  • The fact that the brokerage has a good reputation with its clients and is a Category A member of Finacom, according to our review, is one of the most crucial factors. This demonstrates the broker’s dependability and the favorable feedback from the Olymp Trade team.
  • The user-friendly platform’s interface is offered in 13 languages, and this brokerage serves traders from 194 nations. The platform of this broker recently received 30 new assets. This financial broker has unveiled a brand-new incentive program called “Experience Points XP,” which grants its active traders greater benefits and privileges.
  • Its “Profit Line” functionality has a tool that aids traders in determining the break-even point for each trade. The benefits don’t end here. The platform has a tool called “Adviser,” which can assess a variety of indicators as per the trading plan of the respective community.

(Risk warning: your capital can be at risk)

Is Olymp Trade regulated or unregulated?

The Financial Commission of Hong Kong backs the regulation and authenticity of Olymp Trade.

Olymp Trade regulation

With the help of this commission, any external conflicts that need to be settled can be done. As a category A class broker, it is also registered.

Users may file an appeal with the Finance Commission if there are any complaints against the broker to resolve their differences.

Which assets are tradeable on Olymp Trade?

Olymp Trade trading assets and markets

The sorts of assets available from numerous brokers and exchanges are diverse but constrained. As a result, investors either have fewer trading options or must open multiple brokerage accounts. The latter choice is not reasonable for novice investors.

This issue is resolved by Olymp Trade, which provides a broad selection of assets from numerous markets. There are too many to mention individually, but here are some of the more well-known items on Olymp Trade:

  • Commodities
  • Currency pairs like the U.S. dollar and the euro
  • Digital currency (Bitcoin, Ethereum, and more)
  • Stocks
  • Indices

(Risk warning: your capital can be at risk)

How much is the leverage at Olymp Trade?

Olymp Trade leverage

Olymp Trade allows you to start trading in your area of interest or competence.

The leverage ratio on the Olymp platform is customizable and depends on the trade the trader intends to conduct. It provides up to 400:1 maximum leverage.

Minor currency pairs, including NZD/USD, AUD/CAD, and USD/SGD, are granted leverage of 20:1, while some of the most popular trading pairs, like EUR/USD, are offered leverage of 30:1.

Forex, commodities, and exchange-traded funds (ETF) are no different from other investments because they all carry risk. New traders with little expertise are particularly exposed to fluctuations in market conditions.

This makes it possible to earn more from slight changes in the market. In this scenario, a 5% gain in the price of Bitcoin would result in $50 for the investor after commissions as opposed to the $5 they would have otherwise made.

Depending on the currency pair, these multipliers can be as high as 500 times, enabling tiny investors to benefit significantly from their positions while assuming little risk to their cash. This lower risk leverage is just what small investors need to increase their capital.

(Risk warning: your capital can be at risk)

How does it work to trade forex?

Olymp Trade forex trading

Suppose you place a position on the EUR/USD currency pair with $100 without a multiplier, while your friend places the same position with $100 and the x500 multiplier.

It’s not a bad return on a short-term investment for you to make $5 if the position improves by 5%. However, using the same funds, your friend will make $2500 on the same trade.

Over this, the Olymp Trade platform tracks the trade so you can see precisely how much money you stand to make at any given moment. Investors will find this option quite helpful as it eliminates the need to manually calculate commissions as you get it done by Olymp Trade.

Utilizing the ‘Take Profit’ option, you may even program your transaction to automatically sell your asset when you reach a specific profit threshold.

(Risk warning: your capital can be at risk)

Fees for Olymp Trade platform:

Whenever a trade is successful, the platform deducts a cut from it as a fee. Some trading platform charges several fees at various levels, which can hinder the in-hand profit. Even Olymp Trade charges a cut from your profit at various levels in exchange for a premium and secure trading experience. Let’s check out where-

Fees:
Spreads 1.1 pips
Daily/Monthly FeeNone
Inactivity Fee$10 (for 180 days of inactivity)
Deposit FeeNone
Withdrawal FeeNone
Overnight FeeVariable (can go up to 15% of the invested amount)
Sale Success FeeVariable  (depends on the amount invested)

Spreads

For a regular account, spreads begin at 1.1 pips, which is reasonable.

Stocks and cryptocurrencies have prices based on assets. When users do fixed-time trading on the platform, it can be seen on the live trading platform.

Daily/Monthly fee

This broker doesn’t charge commissions for trades executed on the standard account from the start. If the trader does not execute trades for more than 180 days, this platform imposes a $10 monthly fee.

(Risk warning: your capital can be at risk)

Inactivity fee

This broker levies a subscription-based fee, often known as an activity fee, but neither an account maintenance cost nor custom fees are charged. If 180 days pass with no trading, a $10 monthly fee is assessed.

A closed account will result from a lack of funds. This broker charges a minimal commission for forex trading, determined by the fixed quantities, specification requirements, necessary multiplier, and the current market conditions.

Transaction fees for money payments

In contrast to other trading platforms that charge a minimum deposit or withdrawal cost, the Olymp Trade platform does not impose any kind of fee on traders for deposits and withdrawals. Investors should be aware of their bank’s fees and minimum withdrawal amount before becoming familiar with the site in order to maximize every opportunity.

Overnight fees

A set rate overnight fee is levied by the Olymp Trade team when trades are conducted over the course of the night; this price can be as high as 15% of the total investment amount. In F.X. mode, it also levies a fee.

Sale success fees

If you are trading in SPT mode and wondering why the platform deducts the unnecessary fee, here is your answer. Olymp Trade charges a share over a successful trade as a ‘sale success fee’ in SPT mode.

The amount is fixed in how successful the trade was and is automated by their calculator. The cut can fluctuate according to market conditions, how much you traded, and other conditions.

You need to click on help> Assets>Trading Conditions if you want to check the sale success fee.

Olymp Trade payment methods for deposit & withdrawal

Olymp Trade payment methods

It provides a variety of choices for deposits and withdrawals, but investors can withdraw money using the same procedure as for deposits. The payment method is always depending on the country of residence of the trader. There are more than 100 available.

(Risk warning: your capital can be at risk)

Methods of deposits:

There are various ways to deposit money with this broker. A few of them are:

  • Cryptocurrency
  • Credit or debit cards
  • Skrill
  • Neteller
  • Bank transfers

The payments are immediately processed. However, the bank transfers from their bank account take several hours. There are no deposit commission fees, and the minimum is $10.

Methods of withdrawal:

When an investor uses the same Way to withdraw money from Olymp Trade that they used to deposit it, the procedure is completed more quickly. The processing of withdrawals on the same day, except when using the bank transfer method, in which case it may take up to 3 working days.

Olymp Trade promotions & bonuses

Olymp Trade promotion and bonuses

Although there is no additional information on the requirements to qualify for promotions or incentives offered by this brokerage, it does offer trading bonuses.

 New traders on this platform are frequently given an Olymp Trade promo code, allowing them to take advantage of special offers and bonuses worth up to 50%.

It will give a 50% bonus to new traders using these promotional codes.

 However, before investing, the investors should read the service agreement that is included with the incentive and double-check the pertinent details.

Although this platform doesn’t have a set incentive, it has excellent flexibility for trading little sums. A modest initial investment, a terrific trading platform, free educational resources, and competitive returns are just a few of the advantages.

When they do, a new sign-up offer is also made available; by increasing their deposits, they can double their profit. Both significant gains and losses may result from this. An explanation for this would be a promotion.

(Risk warning: your capital can be at risk)

Which trading tools are available on Olymp Trade?

Olymp Trade trading tools and indicators

Olymp Trade is dedicated to giving its users access to high-quality trading tools, arguably its strongest feature. Expert traders have easy access and no cost to use all the top tracking and analytical tools.

In addition, Olymp Trade offers several online Master Classes, how-to videos, and informative blog pieces that demonstrate how to use these tools. Investors can receive in-depth instruction from trading professionals on creating trading strategies and one-on-one feedback from seasoned traders.

The Simple Moving Indicator (SMA) is an immensely helpful tool that helps choose excellent entry points for trades when used in conjunction with other indicators or breaking news that influences a particular market. The SMA tool is quickly presented in Olymp Trade’s video, which is perfect for folks who are short on time.

(Risk warning: your capital can be at risk)

Review of the Olymp Trade app

Olymp Trade app

Olymp Trade has a mobile app that anyone can download and use on Android and IOS tablets and smartphones with a reliable internet connection. 

The Apple App Store and Google Play Store offer direct download options for this app. The responsive design of the Olymp Trade mobile application offers the same features as the web version and has received good marks from customers. 

This suggests that traders utilizing their mobile devices to place bets are not skipping out on any features. When trading real financial products on this platform, traders with successful mobile trading strategies are given a competitive edge. So, it’s essential to have the Olymp Trade app.

Olymp Trade app downloads

How many account types are available on Olymp Trade?

There are three accounts available on Olymp Trade. You can check out the following table to check their minimum deposit fee:

Types of account:Minimum deposit fee:
Demo None
Standard$10
VIP$2000
Olymp Trade account types

Demo account:

Customers can use a free demo account from Olymp Trade to test out their platform. This enables consumers to experiment with various indicators and other platform features before spending their hard-earned money.

Also included in this demo account is a $100,000 virtual fund. The user can benefit greatly from the demo account because it replicates ordinary account holders.

Olymp Trade demo account

(Risk warning: your capital can be at risk)

Standard account:

A $10 minimum deposit is required from users who want to open a basic account. They can start trading with a predetermined sum, ranging from $1 to $2,000 if they choose to do so.  

The ordinary trading account offers 1:1 pip spreads, and the minimum withdrawal amount is $10, with no maximum withdrawal amount restrictions. ECN accounts are also available.

VIP account:

The user must deposit a minimum of $2000 to get a VIP account. Comparing this account to a conventional account, additional perks are offered. VIP account users can access VIP consultants and execute deals for up to $5000.

VIP consultants are financial experts with extensive work backgrounds who may offer insightful guidance on precisely which transactions to carry out while utilizing the Olymp Trade approach.

Additionally, an account holder is provided with trading tips, features, and tools from Olymp Trade that are not accessible to users of normal accounts.

What are the various programs available at Olymp Trade? 

There are two programs available on Olymp Trade: An Affiliate Program to refer and earn a passive income and a loyalty program to help traders trade smoothly by earning XPs.

Loyalty program

Trader’s Way, aka the customer loyalty program, one can earn the perks of smooth trading as they earn XP (experience points) with successful trades.

This business offers different tiers of the customer loyalty program, including Starter, Advanced, and Expert status. Each level offers a specific number of advantages. 

The more advanced the level, the more trading privileges are available to those who are active traders.

A beginning level, for instance, starts with a basic status. In contrast, an advanced or expert level includes advantages like a personal account manager that are not available at the starter level.

To earn XPs, you need to trade using a live account. Hence this program doesn’t work for the demo accounts. If you want to boost the count, you can earn them by completing the daily tasks. 

However, to have the maximum lucrative, you need to have 19,800 XPs for advanced status or 99,000 XPs for expert status.

(Risk warning: your capital can be at risk)

Referral program

With this broker’s time trading services, Olymp Trade Team’s referral program enables users to generate passive online revenue. 

The Olymp Trade affiliate program can partner with this online broker to receive this as a source of money. The investor should visit the website’s homepage and click the link to create an account. 

The broker will send a link to the trader, who may share it with friends and relatives. When they sign up through the link, they make between 50 and 60 percent of the sale.

How is the customer security service at Olymp Trade?

The website offers the most current encryption standards and guarantees the security of user data. Customers who use wallets can add money to their accounts without divulging the personal banking information that the site stores about them. 

The deposit and withdrawal procedures on this platform have been controlled by The Financial Commission to improve user experience. If you want to select a brokerage, you need to figure out which platform is the best and is governed by a regulatory organization. 

This business was accredited and subject to IFSC (International Financial Commission) regulation.

Available customer support

Olymp Trade customer support

This organization offers high-quality service in 8 languages and a customer service department that is open around the clock. You can get in touch with the Olymp trading team by phone, live chat, or email. 

The website also has a FAQ area, which is quite useful for customers to anticipate getting the proper answers to their questions. If they were unable to discover a solution to any of their questions, they are asked to please call the Olymp Trade customer service number, which offers rapid assistance to its clients.

(Risk warning: your capital can be at risk)

Does Olymp Trade block user accounts?

As we said earlier, Olymp Trade strictly adheres to rules and regulations and takes No-nonsense from traders who want to assess the platform illegally. If your account has been blocked, then it could be because of the following reasons:

#1 Minors are not allowed

This organization offers high-quality service in 8 languages and a customer service department that is open around the clock. You can get in touch with the Olymp trading team by phone, live chat, or email. 

The website also has a FAQ area, which is quite useful for customers to anticipate getting the proper answers to their questions.

 If they were unable to discover a solution to any of their questions, they are asked to please call the Olymp Trade customer service number, which offers rapid assistance to its clients.

#2 Trading illegally from countries that have banned Olymp Trade

Regrettably, due to legal restrictions, Olymp Trade cannot conduct business in several nations. Even if you registered in a nation where O.T.’s services are permitted and if you are visiting a nation that forbids trading through O.T., accessing your account could result in its blocking.

#3 Your account is hacked

Your account may be blocked if there is unusual behavior in your account by Olymp Trade’s security department. 

Despite the fact that there are many different hacking methods, brute force is still the most popular one. Your account will be blocked if there is an attack so that your valuables are safeguarded.

In our experience, after the KYC department confirms that you are the account’s owner, frozen accounts that have been the victim of attacks can be unfrozen. You need to contact their help desk as soon as possible if you notice unusual behavior on your account.

#4 Taking advantage of technical flaws

Your account might be blocked if you take advantage of technological flaws or use unapproved plugins, extensions, or automated trading programs (trading bots).

Trader funds were frequently lost due to such actions; hence Olymp Trade established this restriction as a precaution. Do not try to utilize multiple schemes and tactics in an effort to increase your success; rather, stick to the analysis tools offered by the platform.

#5 Trading using other’s e-wallet or cards

Investors are limited to using their payment methods to withdraw money from the site and top up their trading accounts. You are not permitted to use your spouse’s, family, or friends’ bank cards or electronic wallets.

You must show proof that you are the owner of the payment instrument if Olymp Trade requests that you identify the cardholder or owner of an electronic wallet. A trader’s account will be suspended if they don’t comply with this.

Conclusion: Olymp Trade is a legit broker!

Anyone searching for a reliable platform doesn’t need to look any further than Olymp Trade because it offers so much potential reward and has decreased market risk. 

Currently, 60 million users are making 30 million monthly transactions on the platform. This statistic is enough to show how effective trading is with Olymp trade.

The platform has You may open an account quickly, make deposits and withdrawals quickly, and have access to all the resources you need to trade successfully.

(Risk warning: your capital can be at risk)

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