Olymp Trade Review 2020
Olymp Trade platform started its online financial trading service in 2014 and has constantly been improving since then. Catering over 30,000 traders every day, they are now among the industry’s most reliable trading broker. With many scams in the Online trading business, it is important to research well before signing up with any broker. In this review, we will discuss everything you need to learn about Olymp Trade.
The Trading Platform
Olymp Trade’s Fixed Time Trade platform an award winning custom built platform which is very easy to navigate. It is clean and well-organized. There are three ways to access it:
- A desktop application that is available for Windows and Mac.
- The main website
- A phone application that is downloadable on both iOS and Android systems. With it, trading has never been made easier. You can do your trades anytime and anywhere, especially since the site specializes in fast and short-term trades. Olymp Trade’s mobile app is sensitive and works the same with the desktop and web versions.
The broker’s website has several resources that teach you about improving your trading skills and help you to be successful with your trades. The platform’s design is simple and has a clear presentation.
Olymp Trade Forex and CFD Platform
The trading platform for Forex/CFD trading with Olymp Trade is MetaTrader 4. The MT4 platform is one of the world’s favorite Forex trading platforms, it allows for complete charting/analytical functions for traders across all time frames and assets. MT4 platform provides everything you need to get started, irrespective of you’re a newbie or an experienced Forex trader. The platform can be downloaded instantly from OlympTrade.com. MT4 is fully compatible with Windows, iOS, and Android devices. You can try the Free Demo account of Olymp Trade Forex platform before trading with them.
Olymp Trade Awards
Olymp Trade has bagged several awards at various international Expos and trade fairs. Here are a few awards mentioned below:
- Best Options Trading Platform (Le Fonti 2016)
- Best Options Broker (Forex Expo 2017)
- Best Financial Broker (CPA Life Awards 2017)
- The Fastest Growing Broker (ShowFX World 2016)
Is Olymp Trade Beginner Friendly?
Yes, Olymp Trade is beginner’s friendly. To help new traders in their trading ventures, Olymp Trade focuses on providing them the best trading education. They are offering free educational trading that teaches strategies to amateurs and help them get familiar with the finance world. They provide resources through:
- Strategies from professional financial analysts
- Video tutorials and webinars
- Interactive courses
Courses for advanced traders are available as well. Advanced classes that focus on analyst’s webinars, managing capital, and trading tactics for the current market.
Fixed Time Trade – Duration of the trades?
The fixed time trades can last for 15 seconds to 3 hours. You can hold positions as short as 15 seconds to 3 hours. Traders have the option to select whatever they like. This gives the traders full control of their trades. Canceling a Fixed Time Trade is possible at any time at a different payout shown on the platform.
Does Olymp Trade offer Free Demo Account?
Yes, the traders can avail of a risk-free demo account with Olymp Trade without the requirement of a Credit or Debit card. A free demo account is loaded with $10,000 virtual money that you can use to play around with the platform. You will not lose real money while learning how to trade. This account type is not only for beginners, but, professional ones can take advantage of it too. It is where they can test out a newly discovered strategy.
What are the Account Types offered by Olymp Trade?
Olymp Trade offers two account types: the Standard and the VIP account.
This account requires at least a $10 deposit to open. Investors can trade at $1 minimum and $2,000 max. There will be a $10 minimum withdrawal amount and no maximum. You can only withdraw once a day and takes 3 days for processing.
The minimum deposit would be $2,000 for this account type. It provides added benefits than a standard one. The maximum trading amount is about $5,000, and access to a VIP consultant. They are experienced by financial analysts.
Security and Regulation of Olymp Trade
Security should be important in selecting a broker. Never invest in a broker that is not well-regulated. Olymp Trade became a Category “A” member of the International Financial Commission (FinaCom) in February of 2016. If a broker is a member of the said regulator, all investors under are insured by up to $20,000 if the broker found to be fraudulent.
Olymp Trade presently offers 36 currency pairs, 11 indices, 6 commodities, 37 stocks, 9 cryptocurrencies, and 5 ETFs on its platform for trading. It keeps adding more instruments for trading from time to time. The traders can also trade 14 assets on the weekends in OTC Market.
Fund Deposit and Withdrawal
You can fund your account by using any of the funding methods available. All the deposits are credited to your account within a few minutes except the Bank Wire Transfer, which takes a few days. The available funding methods are:
- E-Wallets (Skrill, Neteller, Perfect Money, WebMoney, and AstroPay)
- Bank Wire Transfer
- Credit or Debit Cards(Visa and Master Card)
- Cryptocurrencies (Bitcoin, Ethereum)
The minimum deposit amount starts at $10 with no extra fees. With a low starting amount, Olymp Trade makes Fixed Time trading available to everyone, especially those with small capital. Depositing of funds is done almost instantly, especially the card payments, eWallets, and cryptocurrency. However, bank wire transfers take a longer time compared to other options.
Olymp Trade processes the fund withdrawal swiftly as soon as your place the withdrawal request. The account must be verified before you can request a fund withdrawal. Account verification is a regulatory requirement that all online trading platforms must adhere to. The traders can verify their account by providing a copy of their Identity and Address proof document.
The maximum fund withdrawal amount depends on the account type you have; the VIP accounts have a higher daily withdrawal limit. The minimum withdrawal amount is $10. Your initial withdrawn funds will go back to the payment method you used to deposit the money. Any amount higher than your deposit amount can be withdrawn using eWallets, Cryptocurrencies, or Wire-transfer. The withdrawal processing takes up to 24 hours for standard investors, whereas the VIP traders enjoy a quicker withdrawal processing.
Account Verification of Olymp Trade
There are a few negative Olymp Trade reviews which claimes issues with withdrawing the funds. Most of these issues relate to unverified accounts. The Online trading platforms cannot process fund withdrawal request to an unverified account due to regulatory issues. Hence, to avoid any issues while withdrawing funds, you must verify your account by providing a copy of your ID and Address proof. Olymp Trade may ask to verify a few financial data of the traders too. For a smooth and easy account verification, fill in your required personal data correctly on your profile page. Make sure it matches correctly with your ID and Address document. Account verification takes up to 24 hours. Follow the below-mentioned steps to verify your account and start receiving payouts.
- Upload a copy of your photo ID, which can be your Driver’s License, Passport, or any other government-issued photo ID.
- If you have used a credit or debit card for deposit, you have to upload a scanned picture of the card showing the cardholder’s full name and the first six and the last four digits of its number.
- If you are using an eWallet (ex. Skrill, WebMoney), a screenshot of your electronic digital wallet is required, which should show your Name and the transaction with Olymp Trade.
The account verification process usually takes 24 hours. Sometimes it may take more time.
Trade Types and Payout Percent
Most of the online trading platforms offer 6 or 7 trading options such as one-touch, long-term, ladders, and call/put options. But Olymp Trade keeps it simple by offering only Fixed Time Trading on several assets. The Fixed Time trades expire starting from 15 seconds to up to a maximum of 24 hours and are easy to understand for beginner traders. Standard account holders have 82% payout for successful trade while VIP investors have up to 92%.
Olymp Trade Customer Support is available 24/7 via email, phone, or live chat. The VIP account holders get priority customer support and have a dedicated account manager. The traders are also protected by the international Financial Commission (Finacom). In case the traders have any serious issues with Olymp Trade, they can contact Finacom for a resolution.
Olymp Trade Review 2020 – Conclusion
The experienced traders may find it disappointing because of a lack of assets and trading options. Besides this, Olymp Trade is still a convenient option for many traders looking for online trading with a mobile trading platform. The trading interface is designed with new traders in mind. The payouts are higher compared to other online platforms. Our team strongly recommends the Olymp Trade platform if you are looking for an opportunity to trade online. You can avail of the Free Demo Account offered by Olymp Trade, which has a demo balance of $10,000 and practice trading without any risk.