Olymp Trade is one of the most popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day. This review is designed to detail all the services Olymp Trade can provide, including the account types on offer, demo account features and login, how good the mobile trading app is, and how to implement strategy – basically all your questions answered!
We also list the latest promotions and bonuses along with key comparison data (like minimum deposit amounts, minimum trade amounts and types of trade available. Read on for additional information about Olymp Trade.
Trading Platform
The Olymp Trade platform is easy to navigate and there’s a real focus on the user experience.
It’s clean, organised and features links which make it incredibly easy to find what you’re looking for.
The Olymp Trade platform can be accessed via the web, a dedicated desktop application (available for Windows and Mac) and a smartphone/tablet app (available for Android/iOS).
The website is straightforward and shows users exactly what they need – not just to track their trades, but to trade successfully.
There’s a clear, concise chart on the main page which feature amounts and timings, which helps make it easy to understand.
Charts can also be customised via graph type and colour. At the bottom of the web page users will find information on open/closed trades along with a help/chat function.
This design makes it exceptionally easy for users to find what they need in a simple manner.
Assets/Markets
Olymp Trade offers users the opportunity to trade in the following markets. However, it is worth pointing out that instrument availability will vary depending on where the trader resides:
• Stocks
• Commodities
• ETFs
• Currencies
• Cryptocurrency
Spreads & Commission
While testing a standard demo account, the benchmark EURUSD spread levelled at approximately 1.1 pips, which makes Olymp Trade one of the most competitive brokers in the marketplace.
Spreads also vary dependent on the type of account the user holds, with premium accounts offering lower spreads.
However, even on a standard account, spreads remain competitive. It’s worth pointing out that spreads are liable to increase/decrease depending on the current market conditions.
Fees
In terms of fees, Olymp Trade charges a fixed rate overnight fee on overnight trades, which is limited to 15% of the total investment amount.
The brand does not charge an account maintenance fee or any custodial fees, although it may charge a subscription (based on your account type) or an inactivity fee, if you haven’t used your account within 180 days.
This is typically $10 per month. If there are insufficient funds in the account, the account will be closed.
Olymp Trade also charges a fee per trade in forex mode, based on the trade amount, multiplier, specification conditions and current market situation.
Leverage
Leverages with Olymp Trade are variable and depend on the types of trade the user is considering.
The Olymp Trade website promises attractive leverages up to 1:400. For the most popular forex pairs (such as the benchmark EURUSD), leverage is set at 1:30.
This is an officially sanctioned level which is much the same across most regulated online brokers. Minor pairs such as NZDUSD, USDSGD, AUDCAD, EURNOK and EURPLN have a leverage of 1:20.
Mobile Apps
Olymp Trade offers dedicated smartphone/tablet apps for Android and iOS users alike. These can be easily downloaded by searching for Olymp Trade in the Google Play Store/Apple App Store respectively.
Alternatively, Android users can download the official .apk install file directly from the Olymp Trade site.
Both mobile apps are highly rated with their respective app stores. With a responsive design complete with the same capabilities as the web version, traders who are operating from their smartphones certainly aren’t missing out.
If anything, mobile traders are given a competitive edge with the Olymp Trade app, as it allows them to make quick decisions on the move.
While it may be a little bit cumbersome trying to take in all the requisite information on a small mobile screen, the good news is that the app does come with all the analysis traders need to make informed decisions.
It’s a great tool to be used as a standalone means of trading or in conjunction with the web version of the Olymp Trade platform.
Payment Methods
Olymp Trade users have the choice of several different deposit and withdrawal methods. However, withdrawals must be made by the same method as the initial deposit (up until the matched deposit amount).
This is standard practice in the industry to prevent money laundering.
Deposits
It is possible to make deposits using the following methods:
- Credit/debit card
- Bank transfer
- Cryptocurrency
- Skrill
- Neteller
Most payments are processed instantaneously, although bank transfers could potentially take several hours. Deposits are commission free and won’t cost anything (although your bank may charge you for transferring funds).
The minimum deposit is low, at only £10.
Withdrawals
Withdrawals are fast and made via the same method used to deposit. Most withdrawals are processed on the same day, although the operator says to allow for three working days (particularly for bank transfers).
In practice however, users are rarely left waiting over a day to receive their funds.
Demo Account
Olymp Trade offers users the chance to test out its platform with a free demo account. This allows users to see if the platform will work for them before they decide to invest real money.
Each demo account comes pre-loaded with a balance of £10,000 virtual funds.
This demo account is useful because it allows newcomers to gain an understanding of how trading works, while also allowing experienced traders to review Olymp Trade and get a feel for how the interface functions.
All the options in a paid standard account are available in demo mode. To activate a demo account, users simply need to register with an email address, and won’t need to provide any proof of identity unless they decide to register for a paid account.
Deals & Promotions
As per the Olymp Trade service agreement, the brand says that it offers trading bonuses. However, the broker does not disclose what the withdrawal conditions are within this service agreement.
It is worth bearing in mind that trading bonuses are actually banned in the EU and across many other regulated markets, primarily because of the additional withdrawal conditions and clauses attached to the bonus.
This usually takes the form of a minimum trade volume required, which can be too much of a challenge – even for experienced traders.
Olymp Trade regularly offers new users promo codes to avail of bonuses up to 50%. When signing up with these promo codes, new users will receive a 50% bonus on top of their initial deposit.
However, it is worth bearing in mind the terms attached to these bonuses, and whether it is worthwhile to take advantage of in terms of how much you deposit.
Regulation & Licensing
Before choosing a broker, you should be on the lookout for a platform which is well regulated by an official government body of note.
Olymp Trade is regulated by the International Financial Commission (IFC) and headquartered in St. Vincent and the Grenadines.
However, concern has been raised in the past about the legitimacy of the International Financial Commission, and users may want to conduct a little bit of research into this body before deciding whether to consider Olymp Trade as a completely trustworthy broker.
The reason for this is because funds are generally only considered safe when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC) or the Australian Securities & Investments Commission (ASIC).
Additional Features
Olymp Trade offers to help manage and guide new users with recommendations and a pre-made trading plan which promises returns of up to 92%.
However, new users are reminded that CFD and forex trading is incredibly high risk and promises of returns of up to 92% should be considered dubious at best.
It is also strange for an online broker to offer to manage accounts. This is because brokers are market makers which generate wealth whether you win or lose on a trade.
On a more positive note, Olymp Trade is very beginner friendly, and has plenty in the way of educational resources to offer newcomers.
The brand makes a point of stressing that they want to be an accessible broker for people of all experience levels and income levels. The educational resources are informative and focus mainly on strategy-based trading.
This helps new users to familiarise themselves with the financial world, and to think like traders. Members can access interactive courses, video tutorials, webinars and strategies from professional financial analysts.
Some of the more advanced courses are useful even for experienced traders and focus on subjects like capital management and current market trading tips.
Account Types
After trying out the demo account, users can opt for two different types of ‘real’ account. These are as follows:
- Standard Account: To open a standard account, users only need to make a minimum deposit of £10. Investors can trade at a minimum of £1, and up to a maximum of £2,000. The minimum withdrawal amount is just £10, with no maximum withdrawals. The standard account offers spreads in the region of 1.1 pips.
- VIP Account: To qualify for a VIP account, users need to deposit at least £2,000. These account types offer some additional benefits in comparison to the features available from a standard account.
- VIP account holders are permitted to make trades up to a maximum of £5,000, and they also gain access to a VIP consultant. These consultants are experienced financial analysts who can provide advice on which trades to make. VIP account holders can also access additional training tools which are not available to standard account holders.
While it would be beneficial to have more account types on offer, most users should find something to work with by choosing either a standard or VIP account.
Benefits
- Attractive spreads
- Leverages of up to 1:400
- Variety of payment methods available
- MT4 supported
- Beginner-friendly
- Supports multiple languages
- 77 assets to choose from
- Low minimum deposit amount
- Intuitive design
- User friendly mobile app
Drawbacks
- Withdrawal problems for non-verified accounts
- Concerns over dubious regulation
- Bonuses with unclear terms
- Only two account types
Trading Hours
It is possible to access the Olymp Trade website 24 hours a day, seven days a week, 365 days per year. Essentially, investors can trade whenever (and wherever) they see fit via mobile and desktop devices.
It is, however, worth mentioning that the available markets are not open 24/7.
While Olymp Trade can be accessed at any time, trading is limited to the hours that your market of choice is open. For example, the forex market in London opens between 3am-12pm GMT.
In New York, the forex market operates between 5pm-2am GMT. In Tokyo, it opens between 7pm-4am GMT.
There are usually opportunities to trade at any given time, although you may find yourself restricted, particularly if you only choose to trade on certain markets.
Contact Details/Customer Support
Olymp Trade customer support is available 24/7 via the following means:
- Phone: +84 2844 581 413
- Email: [email protected]
- Web: olymptrade.com
Safety & Security
The Olymp Trade website uses the very latest in encryption to ensure your data remains safe. Customers can fund their accounts using eWallets, which means they don’t have to share their personal banking information with the platform.
In terms of regulation, concerns have been raised about the legitimacy of the International Financial Commission, and whether it offers the sort of cover that bodies like the FCA do.
Users who want a guarantee that their funds are protected are advised to choose a broker with more reputable regulators.
Overall Verdict
Olymp Trade is incredibly popular and has a unique and intuitive user interface which makes trading as easy as can be.
With competitive spreads and plenty of educational features, it’s easy to see why thousands of people make use of this platform every day. Regulation issues aside, Olymp Trade certainly comes recommended for new users and experienced traders alike.
Accepted Countries
Olymp Trade accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.
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