Is Olymp Trade a scam or not? – We will answer this question honestly in the following broker review. With more than 6 years of experience in online trading we tested the Olymp Trade trading platform with real money investments and we will give you an exact tutorial how it works. Furthermore, we will show you the conditions, functions, and possibility for new traders who want to open an account with this Forex Broker.
Is Olymp Trade a regulated company?
Before you sign up with any online broker you should check the regulation of the company. On the internet, there are many scam websites that are not regulated and want to steal the customer’s money. They are looking professional but there is no regulation. Search for the regulation of the company on the broker´s website. In most cases, you will find the information about regulation and registration at the bottom of the website.
Olymp Trade is a fully regulated and legal company. The broker “Olymp Trade” is regulated by the International Finance Commission since 2016. Through our experience, we know that a lot of different Forex Brokers are regulated by this authority. Olymp Trade is regulated with the category “A” which implies more advantages and safety for the customers. In the next section, we will discuss the regulation of facts and details.
Category “A” means that the Financial Commission guarantees a monetary compensation up to 20,000€. The funds of traders are backed up if some mistakes happen or the broker or bank goes bankrupt. The Financial Commission is a contact person for every trader. If you got some issues with the broker you can contact them.
The violating of the rules of the certificate result in a loss of the license. Furthermore, the regulator verifies the trade execution of the broker. More than 5,000 orders are executed by the employees of the IFC. As a trader, you can be sure that you will get the best execution with Olymp Trade proofed by the IFC.
The regulator (IFC) is based in Hong Kong and London. It is an international authority for international brokers and a little bit different from the regulatory authorities of countries. From our experience, it is a trusted regulator and a fraud by Olymp Trade can be excluded. All in all, Olymp Trade shows that it is a real and legit company that is official regulated. In the next sections, we will go more into detail about the safety of the trading platform.
Olymp Trade is a regulated company:
- Regulated by the International Finance Commission
- Approved trading technology
- Verified execution
- 20,000€ compensation fund
- Independent contact person
Is Olymp trade safe?
In the section before, we showed you that Olymp Trade is a fully regulated company. That is the first sign of a good and safe online broker. In addition, there are more points for the safety of customers which we will present to you. First of all, you have to confirm your phone number and your profile for the full security of the account.
The money of the clients is managed in European banks which are fully regulated, too. If you do a deposit or a withdrawal, Olymp Trade only uses regulated payment systems like online wallets, credit cards, or bank transactions. In addition, the broker does not use your money for hedging or speculation. The funds are very safe.
In order to get more safety for your account, you can enable the Two-factor authentication. This feature gives you a double login to your account. When you logged into your account you will get an SMS verification code or you can use the google authentification app to get full access to your account. This feature will stop hackers before they get into your account.
Olymp Trade is a very safe broker:
- Funds are managed in European banks
- Regulated payment methods
- The broker does not invest with your money
- Two-factor authentication for more safety (Google, SMS)
What is behind Olymp Trade? – Company facts
Olymp Trade operates since 2014 and accepts international traders. The broker’s website belongs and is managed by Inlustris Ltd. which is based in James Street, Kingstown, First Floor, First St Vincent Bank Ltd Building. The agent is Wallfort Limited which is based in KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. These companies are fully legal and official registered.
The broker offers options trading and forex trading on the multi-functional trading platform. As we can see on their website the broker and platform got many awards from other institutions and websites for being reliable and professional. Also, Olymp Trade is a sponsor of the LCR Honda team at the MotoGP 2019.
The company got a really good track record and more and more traders want to trade on their trading platform. Olymp Trade grows very fast and is at the moment the most growing online broker worldwide. Because of easy access to the financial markets through the platform Olymp Trade is very popular. In addition, it is very comfortable to trade there which we will prove in the next sections.
More than 25,000 users are trading every day on the platform and the number is rising. With more traders, the payouts and the traders per month are rising too. Overall, Olymp Trade pays more than 13 million dollars to its clients each month. As an international broker, traders will get international support in 8 different languages.
In conclusion, Olymp Trade is one of the most popular online platforms because it is very easy and comfortable to invest in the financial markets. The company got a really good track record and is trusted by many institutions.
How to open your account with Olymp Trade
To open an account with Olymp Trade you have to follow the next steps. From our experience, it is very easy to get access to the trading platform and start trading. This section will explain to you exactly how to do it.
First of all, you have to sign up on the broker’s website or use the registration form below. After you insert your personal details you can get access to the trading platform. Olymp Trade allows you to use the platform in the free demo account or starting with a real money deposit of 10$. You can trade with real money without a full verification of your account. We recommend to do it first.
Sign up for you free account:
After signing up you should fullfill your account details (see the picture below). That means you confirm your email address and phonenumber. It is important to use your real data because the broker can require different documents for further verification. After you set up your account you can start to trade on the platform.
Open your account step by step:
- Sign up with Olymp Trade (use the form above)
- Verify your email address
- Verify your phonenumber
- Complete your account profile
- Start trading
The verification process only lasts a few minutes. It is very easy to complete the account profile. As mentioned before you need to confirm your email address and phone number. In the picture below, you can see the account dashboard. Olymp Trade allows you to trade without verification and full profile but we do not recommend to do that.
If you are trading with high order volume or make big transactions the broker can request further documents from you. That can be a photo of your passport or a utility bill. The broker does that to fight money laundering. This is nothing special and a well known process which is done by 99% of the Forex Brokers.
Free Olymp Trade demo account
As professional broker Olymp Trade offers a free and unlimited demo account for its traders. Everyone can use this account there is no need for a deposit of real money. The demo account is a practice account filled up with virtual money. Traders can use the platform without risk and try new strategies or markets to trade. It is a good way to learn more about the software.
The demo account is filled up with 10,000$ and you can change with one click between the demo account and live account. In the picture above you see how you can do it. In addition, the demo account is unlimited. That means you can deposit virtual money on the account if you make a loss for example.
We recommend that every user try out the demo account first. It is very important to get knowledge about the trading platform and the financial products before you deposit real money. The demo account is the best way to improve your trading skills and a useful tool for online trading.
Advantages of the demo account:
- 10,000$ balance
- Free and unlmited
- Switch between real money and demo account with one click
- Fill up the balance by yourself
Demo account vs. real money trading
Another point to prove is the order execution. The order execution should be the same in the live account and demo account. As professional traders, we can tell you that there is nearly no difference between the order execution in the demo account and in the live account.
Why you should use the demo account:
- Learn about the trading platform
- Learn how to trade the financial products (forex and options)
- Develope new trading strategies
- Try out new markets and assets
Review of the Olymp Trade VIP account
Another account type is the VIP account for traders. You can get an upgrade to your real account if you deposit 2,000$ or more on the platform. The VIP account got a lot of different advantages for traders which we will discuss in this section.
The key features of this account are a higher rate of return, account manager and risk-free webinars. Also, more professional education and service ist available for the traders. Compared to other online brokers the requirements for the VIP account are very low. A 2,000$ deposit is not a huge amount for most traders.
Check out the advantages for traders:
|Rate of return:||Up to 92%+|
|Maximum trade amount:||5,000$|
|Risk-free trades:||✔ depending on the trading turnover|
|Exclusive events:||Free gifts depending on the turnover|
How to deposit on Olymp Trade:
For deposit real money on the platform, you can use different payment methods. It always depends on your country of residence which payment methods are accepted. The minimum deposit is only 10$. You can start trading with 1$ investment amount each trade.
The deposits are made instantly to your account balance by electronic methods. In fact, is it quite easy to deposit money on the platform? Choose the payment method first. After that, you come into the next section (picture below). Traders can choose to take a free deposit bonus or not.
Now you will get the payment notification if the process was sucessfull. Also, you will get a email with the deposit details. You will see the message in the picture below:
Deposit methods for 10$ minimum deposit:
- Credit Cards
- Neteller, Skrill
- And more methods depending on your country of residence
How to do your withdrawal:
For the withdrawal, you can use the same methods as the deposit. It is very easy to make a withdrawal too. Just go into the account dashboard and click on “withdraw”. Most withdrawals are processed within 24 hours. We tested the process and the money was in less than 5 hours into our account. The maximum duration for withdrawal is 3 business days.
Click on “send a request” and Olymp Trade will process the payment. The minimum limit for withdrawal is 10$ and there are no fees too. In addition, there are no maximum limits for your account.
In the picture below you will see our withdrawal request. We made a payment of 90$ with the payment method Neteller. It is a very efficient method to do international transactions.
Advantages of the Olymp Trade withdrawal:
- Very fast (from our experience in less than 24 hours)
- No fees
- 10$ minimum limit and no maximum limits
Free Olymp Trade Bonus is available
Olymp Trade offers bonuses for traders. The bonus can be up to 100% of the deposit. For every new trader, there is a unique offer of a first deposit bonus. Olymp Trade doubles your deposit for free. Furthermore, you can get a high bonus on further deposits (see the picture below).
You can use the bonus to make additional profit. It is not possible to withdraw the bonus amount but you can withdraw your profit which is made by the bonus amount. There are no restrictions for your account and the account balance is not blocked. Compared to other bonus offers from other brokers this is a new type of bonus.
It is possible to activate the bonus or not. After you activated the bonus and made the deposit you will get an additional bonus balance in your account. Remember, you can not withdraw the bonus.
In conclusion, the Olymp Trade bonus is a very good program for any trader who wants to trade with more volume on the markets. It is completely free and there are no restrictions for your account. There are only advantages to it and we recommend to take the free bonus.
The advantages of the bonus:
- Up to 100%
- Free deposit bonus
- No restrictions or account balance blocking
- You can not withdraw the bonus but the profit
- Fair conditions
Are there Olymp Trade fees?
Surprisingly there are no fees for the deposit and withdrawals. This is a huge advantage compared to other Forex Brokers. You can do unlimited money transactions for free. In addition, for options trading, there are no fees to. Only when you trade forex there is a trading commission for open an order.
For an inactive account, there can be an inactivity fee. When you did not trade for 180 days there is a service fee of 10$. This fee only occurs if you got money in your account balance. To avoid the service fee you have to do at least 1 trade in 180 days.
Fees for traders:
- No deposit fee
- No withdrawal fee
- No option trading fee
- Forex trading commission
- Inactivity fee after 180 days (10$)
Olymp Trade Trading Platform Review
In the next section we will show you the Olymp Trade trading platform with all details and functions. The platform is multifunctional and offers a huge range of different markets and assets. The software is available for any device. That means you can trade with your computer, smartphone, or tablet.
From our experience, the platform is easy to use and understand. Within a few minutes, you will know how to trade because all functions are clearly shown in the software. For further information, Olymp Trade offers an education center with webinars, strategies, tutorials, and videos. All in all, it is one of the most user-friendly platforms for a trader. Continue reading to get an exact overview of how it works.
As you see in the picture above multi-charting is available. You use different indicators and chart types to analyze the market. We will go in more detail later. On the platform, you can find any function with less than 3 clicks. It is a very clear platform and all the functions are available for mobile (App) and desktop.
Advantages of the Olymp Trade software:
- User-friendly and multifunctional
- Easy to understand
- Clear platform
- Available for any device
- A lot of indicators and analysis tools
What can you trade on the platform? – Offers for traders
Traders can trade options or forex on the platform. These are 2 different financial products which we will discuss in the next section in detail. You can invest in these financial products in more than 200 different markets. Currencies, cryptocurrencies, stocks, ETFs, indices are available.
On the menu, you can pick the market you want. You will see the changes within 24 hours and the rate of return. It is also possible to save favorites. The rate of return (yield) for options can be up to 92%+. It is important to know the regular trading time of your asset because the yield will be higher.
The platform works 24/7 and it is possible to trade on the weekend OTC assets or cryptocurrencies. Surprisingly on the platform, you will find a lot of different cryptocurrency assets. Traders can make a huge profit because the volatility is very high in these assets.
In conclusion, if you are searching for short-term or long-term investments then you are completely right on this platform. Olymp Trade offers the trader any market and financial product which he needs to make a profit.
Offers for traders:
- More than 200 different markets
- Trade forex and options on one platform
- Yield up to 92%+
- Long-term and short-term trades
- Currencies, cryptocurrencies, indices, commodities, stocks, ETFs
- Trading 24/7
Mobile Trading (Olymp Trade App)
Another important point to check for a reliable online broker is the mobile app. For successful trading is necessary to use the mobile phone sometimes. On the other side, a lot of traders prefer to trade with the smartphone or tablet instead of the computer. We tested the app completely and we will show you our review in this section.
The mobile app of Olymp Trade is available for Android an Apple (iOS) devices. Also, you can use a tablet for trading. You can install the app within 1 minute by downloading it from the app store. In the picture below you will see a direct screenshot of the app.
Similar to the web version the Olymp Trade app has the same functions and offers for trading. There are not so many differences between the desktop and the app. You can use the analytic tools, indicators, and chart types for trading.
The advantage of the mobile app is that you get a connection to your portfolio any time you want. You just need your smartphone to get access to over 200 different markets. In addition, the order execution is fast like in the desktop version. All in all, the mobile app is another point why Olymp Trade is so popular.
Mobile trading is possible:
- The app is available for any device (Android, Apple)
- Fast execution like desktop trading
- Same function like desktop verion
- Trade 24/7
Chart types and indicators for analysis
For trading options and forex a technical analysis should be used. On the platform, you can use different chart types and indicators. Olymp Trade offers a huge range of tools for the analysis. If this is not enough for you you can use fundamental news and analysis which is also provided by Olymp Trade.
If you click on the chart next to the symbol the menu for chart types and indicators will open. You can use more than 4 different chart types for trading. The most popular chart type is the Japanese candlesticks. It allows you to get more information from the chart than by using the line chart.
For a further analysis more than the technical analysis you can click on the menu to get fundamental data. Olymp Trade provides you the economic calendar, trading signals (VIP), and information about volatility. We recommend checking the news before trading because the volatility can be very strong on certain events like economic news.
Make professional analysis with Olymp Trade:
- More than 20 indicators
- Technical analysis tools
- Economic calendar
- Fundamental analysis
- Different chart types
Options Trading Tutorial:
When it comes to trading many traders are asking how to make money on the Olymp Trade platform. As mentioned before you can choose between options and forex trading on the menu. It is possible to switch with one click between these two financial products. In the next sections, we will discuss how to trade on the platform and how does it work to invest money.
Options trading (Wikipedia) is very popular because it is easy to understand how it works and you get a 50/50 chance to make a very high profit of up to 92%+. Just choose a market or asset for your analysis and investing. Make a forecast of the price direction in the future. You can choose an expiry time when the option will end. At the end of the option the price has to be below or above the strike price (entry point). You can trade in both directions (up or down).
There are only two options. You can lose the investment amount or win the high yield. Before you start the trade you know all conditions. Overall it means your hit rate has to be over 50% or you double your investment amount when you lose a trade. By using an asset with a high return of investment you can make a lot more money.
The minimum investment is 1$ per trade. You can choose any expiry time of the trade. It is possible to trade short-term and long-term options. The minimum expiry time for the option 60 seconds. That is why options are so popular. You can make a lot of money on a small-time horizon and the market has to move only 1 point in your predicted direction.
Summary of option trading:
- Choose the asset you want
- Make an analysis and a forecast of the price movement
- Choose the expiry time of the option
- Trade up or down
- Make profit or lose
Forex Trading Tutorial:
There are some differences between these two financial products. The main difference between forex trading and options trading is that with forex trading you will make more profit if the price moves more in your direction. With options trading the profit is limited. Forex trading means that you can make an unlimited profit or loss.
For all scary trader, you can not make a debt on the platform. The broker will close your trade automatically. With forex trading, it is possible to set limits for the profit and loss by the take-profit and stop-loss. For example, you invest in a currency and sell the other currency. If the price is rising you can make a profit. Also, short trades are possible because you always trade 2 different currencies in one currency pair.
Forex trading is leveraged trading. That means you trade with more money than you own. The maximum leverage is 1:500 and you see that clearly on the trading platform. Leverage is necessary for forex trading because there is very low volatility.
Summary of forex trading:
- Choose the market you want to trade
- Make a forecast and analysis of the chart
- Choose your investment amount
- Set the stop-loss and take-profit
- Start trading
- Close the trade whenever you want with profit or loss
Review of the support for traders
Olymp Trade offers a chat, email, and phone support. The employees are working 24 hours per week each day. In addition, as an international broker, the support is available in more than 8 languages.
From our experience, the support works very quick and professional. If you got any questions you can write a specialist directly through the chat option. Furthermore, there are huge FAQ articles to answer the most asked questions. VIP traders get a personal account manager which will help you personally. It is nothing special but Olymp Trade tries to make good contact with its customers.
|Support available:||Languages:||Options:||Phone number:|
|24/7||More than 8||Phone, email, chat||+27 (21) 1003880 Cape Town, South Africa|
+54 (11) 59175747Buenos Aires, Argentina
Olymp Trade education center and free webinars
Olymp Trade offers a very good service for its traders. There is a huge education center with learning material. You can learn about each indicator, about the news, and about strategies and analysis. There are more than 318 different videos for traders. Beginners should be very comfortable with the mass of education.
To get further information you can join the webinars. They are free to join and live made by a professional trader. The webinars are about different topics like strategies or beginner tutorials. In addition, you can ask questions and chat with other traders.
- How to trade
- Trend indicators
All in all, Olymp Trade tries to educate its traders. You can use this offer or not. It is completely for for everyone. From our experience, there is information for beginners and advanced traders.
Conclusion of the Olymp Trade review: Recommended broker
Our test result and review says that Olymp Trade is one of the best brokers for trading options and forex. On this page we showed you all details and functions of the Forex Broker. Now you got a good overview of the platform and know why you should sign up.
Olymp Trade offers very good trading conditions for trading options and forex on one platform. The software is professionally designed and easy to use by beginners and advanced traders. You can customize the chart for different strategies like you want. Another advantage of the broker is that you can start trading with a small deposit of 10$. Also, the minimum investment per trade is only 1$.
In conclusion, Olymp Trade is not so popular without reason. You get very fast access to the financial markets and you can trade with a very high return of investment on the platform. It is a trusted and recommended broker.
Why you should open an account with Olymp Trade:
- Regulated and safe company
- Free demo account
- Minimum deposit 10$
- More than 200 markets
- Option and forex trading on one platform