Olymp Trade Review 2021 : Can Olymp Trade Be Trusted ?

Introduction

Olymp Trade is an online broker founded in 2014. Owned by Saledo Global LLC and headquartered in Saint Vincent and the Grenadines, this consulting broker is available to users in over 30 countries around the world. It offers over 80 instruments including stocks, currencies, cryptocurrencies, commodities and indices. Although this broker is not regulated in Europe and North America, it has been a member of the Financial Commission (FinaCom) since 2016. This membership is available to select companies only and provides customer protection by covering each trader up to € 20,000 under the FinaCom Compensation Fund.

The minimum deposit required to trade on the platform is just $ 10, which is one of the lowest rates in the industry. As of 2020, the broker has an average payout of $ 13.7 million per month and has over 25,000 daily active users. The average number of transactions per month is about 35.4 million. Likewise, the average monthly trading volume is $ 179.2 million. This broker ensures that traders are well prepared before investing their funds by offering extensive resources and trading training. In addition to training, the company employs a team of analysts who provide users with original trading ideas and strategies.

Is Olymp Trade Legit?

Before registering with any online broker, you should check the company’s rules. There are many fraudulent websites on the Internet that are unregulated and want to steal customers’ money. They look professional, but there are no rules. Find the regulation of the company on the broker’s website. In most cases, you will find regulation and registration information at the bottom of the site.

Olymp Trade is a fully regulated and legal company. Broker Olymp Trade has been regulated by the International Financial Commission since 2016. Through our experience, we know that many Forex brokers are regulated by this authority. Olymp Trade is regulated by category “A”, which means more benefits and security for clients. In the next section, we will discuss the regulation of facts and details.

Category “A” means that the Financial Commission guarantees monetary compensation of up to 20,000 euros. Traders’ funds are replenished if there are any mistakes or the bankruptcy of a broker or bank. The Financial Commission is the contact person for each trader. If you have any problems with a broker, you can contact him.

Violation of the rules for issuing a certificate leads to the loss of the license. In addition, the regulator reviews the execution of the transaction by the broker. IFC employees have completed more than 5,000 orders. As a trader, you can rest assured that you will receive the best execution with Olymp Trade, as confirmed by IFC.

The Regulatory Authority (IFC) is based in Hong Kong and London. It is an international body for international brokers, which is slightly different from the regulatory bodies of countries. In our experience, it is a reliable regulatory body and fraud on the part of Olymp Trade is out of the question. All in all, Olymp Trade shows that it is a real and legitimate company that is officially regulated. In the following sections, we will take a closer look at the security of the trading platform.

Olymp Trade is a regulated company:

  • Regulated by the International Finance Commission
  • Approved trading technology
  • Proven execution
  • Compensation fund 20,000 €
  • Independent contact person

Top Olymp Trade Features

Olymp Trade offers wide range of features as listed below:

A Wide Range Of Assets: Major currency pairs, indices, commodities, cryptocurrencies and stocks of large companies such as Apple, Microsoft and IBM are available for trading through a convenient and intuitive platform.

Advanced Learning: Another key feature of the platform is that it provides extensive training to its users. Additional educational benefits and support are provided in the form of analyst assistance, webinars, and economic calendars and a host of other tools.

Low minimum deposit: The platform has a very low minimum deposit of just $ 10. This ensures that anyone can start trading on the website instantly, without having to deposit large amounts. Likewise, the minimum withdrawal amount is also $ 10, which ensures that you can access your funds at any time, regardless of the amount.

High Quality Platform: The Olymp Trade platform is extremely user-friendly and has a simple interface. It allows users to trade from anywhere and is compatible with both desktop and mobile devices. In addition, MetaTrader 4 is supported by the Olymp Trade platform.

Olymp Trade Account Types

FeaturesECN AccountStandard Account
Account CurrenciesUSD/EURUSD/EUR
Available Leverage500:1500:1
Minimum Deposit$10$10
Starting Spreads0.61.1
Commission Per Trade$4 Per Lot0
Decimal PricingUp to 5 DecimalsUp to 5 Decimals
Trading Instruments35+ Currency pairs12 Cryptocurrencies10 Indices4 Metals2 Energies12 Stocks35+ Currency pairs12 Cryptocurrencies10 Indices4 Metals2 Energies12 Stocks
Min. Lot Size Per Trade0.010.01
Max Lot Size Per Trade2020
Demo AccountYesYes
Swap/Rollover FreeYesYes
Copy Trading SupportNoNo

Olymp Trade Compliance & Regulation

This broker is not regulated by any authorities in Europe, North America or Asia. However, he is a member of the Financial Commission (FinaCom), an external dispute resolution body for online trading. Olymp Trade is registered as an A-class broker with this commission. If you have any complaints against the broker, you can contact FinaCom and get a dispute resolution. FinaCom provides legal assistance in solving your problem and can help you in obtaining monetary compensation in the amount of up to 20,000 euros. It is a unique and attractive insurance policy for traders that is not a common offering in the industry.

It is worth noting that the platform does not accept users from North America or Europe. The key region this broker is targeting is Asia. This is because the broker does not have the necessary permissions required to accept users from Europe or North America. However, Olymp Trade is one of the best known brands in the business and its online presence shows it.

Fees And Commissions

Roll Over Fee No

Olymp Trade Pricing

The spreads offered by this broker are among the most attractive in the industry. Spreads start at 1.1 pips for a standard account, which is lower than many other brokers on the market for a similar account type. Stock and cryptocurrency prices vary by asset and can be seen live when placing a trade on the platform.

It is also worth noting that the broker does not charge a commission on trades that are executed through his platform on a standard account. However, it charges a monthly fee of $ 10 if the user does not make any transactions for 180 days.

Olymp Trade Reliability & Security

The Olymp Trade platform is considered one of the most user-friendly platforms on the market. With a fully customizable desktop version as well as mobile app access (Android and iOS), accessibility is by far the leading feature for this broker. Olymp Trade also offers its services through the MetaTrader 4 platform. Transactions made through the platform are completed quickly and without delays. The platform’s connectivity is also up to standard.

Although Olymp Trade is not regulated and client funds are not held in segregated accounts, it has built a solid brand reputation in the market. The broker has received numerous awards for its performance and high ratings related to customer satisfaction. The main awards won by the broker are listed below:

  • Best Financial Broker at CPA Life Awards 2017
  • Best Trading Platform at Le Fonti 2016
  • Best Broker at KROUFR Awards 2016
  • The Fastest Growing Broker at ShowFx World 2016
  • Best Broker at Forex Expo 2017
  • Innovative Broker Award at IAFT Awards 2017
  • Best Trading Platform at Le Fonti 2018
  • Best Trading Platform at The Forex Awards 2018
  • Best Traders FB Community in Thailand at Traders Fair 2018

Olymp Trade User Experience

Overall, the user experience at Olymp Trade is pretty smooth. You need to provide certain basic data in order to register a demo account. Demo accounts are approved instantly and you can start trading immediately. This account offers users 10,000 virtual currency units. These units can be traded to assess how the platform is performing and take advantage of its key benefits. However, the process of registering a full account can be a little tricky. To verify your full account, the broker may need to provide a copy of your passport, photo ID, proof of residency, and proof of means of payment. In this case, the verification process usually takes up to five business days.

The user interface is also user-friendly in terms of the deposit and withdrawal process. Deposits and withdrawals can be made using a number of options including wire transfers, credit cards, debit cards, UnionPay, Skrill, Neteller, and PayPal. The broker promptly processes requests for withdrawal of funds, and more than 90% of such requests are processed within 24 hours. The minimum withdrawal amount for traders is $ 10.

The company also has a 24/7 support team that provides support to its customers in 8 languages. Customer support can be contacted by phone, email and live chat. The FAQ section on the website is very helpful and ensures that customers can get all their questions answered. The company’s customer service standards are in line with industry standards. To summarize, it can be said that overall, the customer experience at Olymp Trade is indeed satisfying and effective.

Final Verdict On Olymp Trade

Overall, Olymp Trade is a good option for beginner traders who want to learn the basics. The educational and training materials provided by the company are very helpful and provide preparation for traders for their trading careers. In addition to this, the platform also allows traders to invest in a range of assets, including currencies, cryptocurrencies, stocks and commodities. There are over 80 different options to choose from.

At the same time, it should be noted that the broker does not have any regulatory oversight globally, and client accounts are not segregated, so investors need to exercise caution before depositing funds. However, it seems that Olymp Trade maintains a solid community of satisfied traders and loyal customers by providing comprehensively attractive high value-added trading offers.

Some General Olymp Trade FAQs

Q: Do I need to fund my account and send compliance documentation to open a demo account?

A: No, there are no documentation requirements for the demo account. You simply need to enter your basic details in order to proceed. The compliance documentation and verification processes are only applicable for live accounts and only for some new accounts.

Q: Are US and EU citizens allowed to register for Olymp Trade?

A: At this point, US and EU citizens are not allowed to trade on the platform. This restriction applies because of the lack of regulatory approvals. Nevertheless, the platform can be used by traders from over 30 countries.

Q: What are the different account types offered by Olymp Trade?

A: There are two major account types offered; an ECN account and a standard account. Both these account types can be tried out using the demo account feature offered by the company.

Q: Does Olymp Trade offer mobile trading?

A: Yes, the broker does offer mobile trading. They have a mobile trading platform that is available on both Android as well as iOS devices. Also, the MetaTrader 4 platform can be used on mobile devices.  Additionally, there is a desktop version of the platform for users that prefer it.

Q: Will my funds be secure with Olymp Trade?

A: The platform offered by the broker is secure. However, it is worth noting that customer accounts are not segregated, and there is no regulatory oversight. However, traders are covered for an amount of up to €20,000 in case of a dispute by the external dispute resolution body FinaCom.

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