Olymp Trade, a platform that has been operating since 2014, has achieved high popularity with more than 88 million Trader accounts.
The processing of 1 million daily transactions on this platform is a testament to its capacity and power.
One of its standout features is a minimum order of $1, coupled with a user-friendly interface that makes trading a breeze, but is it practically reliable?
In this article, we explore whether Olymp Trade binary is the right platform for you, examining its features and pros and cons.
Olymp Trade Company Information
Olymp Trade is a trading platform with its main office in Port Vila, Republic of Vanuatu.
This broker is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), which is a low-tier regulator. The mentioned platform is owned by Saledo Global LLC, headquartered in St. Vincent & the Grenadines.
Specifications Summary
When it comes to binary options trading, Olymp Trade offers a robust and diverse platform. Here's a quick overview of what you can expect:
Broker | Olymp Trade |
Account Types | Starter, Advanced, Expert, Demo |
Establishment Year | 2014 |
Trading Platforms | Proprietary, Mt4 |
Maximum Return | Up To 93% |
Minimum Deposit | $10 |
Base Currencies | USD, EUR |
Deposit Methods | Credit/Debit Cards, E-Payments, Bank Transfers |
Withdrawal Methods | Credit/Debit Cards, E-Payments, Bank Transfers |
Minimum Trade Amount | $1 |
Maximum Trade Amount | Up To $5,000 |
Tradable Assets | Forex, Stocks, Crypto |
Investment Options | None |
Bonus | Deposit Bonus |
Spreads | Depending On The Order Amount And Leverage |
Commission & Fees | Subject To Various Criteria |
Maximum Leverage | 1:500 |
Affiliate Program | Yes |
Trading Features | None |
Inactivity Fee | Yes |
Customer Support Ways | Email, Phone Call, Live Chat |
Customer Support Hours | 24/7 |
Account Types
This section of the Olymp Trade review is about account types and levels. This platform offers live and demo accounts. In a live account, you can go through 3 statuses and levels:
- Starter: basic accessible features
- Advanced: exclusive platform features
- Expert: all features and tools available
On a demo account, you can practice trading without any risk of losing funds. In the table below, we will discuss every live account status in detail:
Starter | Advanced | Expert | |
Max. Return | 85% | 89% | 93% |
Commission Discount | None | 10% | 20% |
Withdrawal Priority | Normal | High | Top |
Max. Order Size | Up to $3,000 | Up to $4,000 | Up to $5,000 |
Available Indicators | 10 | 11 | 14 |
Olymp Trade: How to Register & Verify Account
Getting started with Olymp Trade is a simple process. Here's a step-by-step guide to registering and verifying your account:
- Visit the Olymp Trade website;
- Click on the "Registration" button;
- Provide an email address and create a suitable password that is complex enough. Alternatively, use your Apple, Facebook, or Google account to sign up;
- Now, your account is opened!
To enter and verify your phone number, first, you need to make your first deposit.
Account verification is not necessary at first, but when it's needed, you must submit photos of required identity or residence documents.
Bonuses
Many trading platforms and brokers offer bonuses to attract users. Olymp Trade offers a deposit bonus that gives a portion of the deposited amount as a bonus to new users.
The amount is paid within one hour from the moment of opening an account.
Commission and Fees
Understanding the fee structure is crucial when choosing a trading platform. At Olymp Trade, a commission is charged when opening a Forex trade.
According to the official website's help center, the amount depends on various criteria including order size, asset specifics, etc. Also, there are other kinds of fees charged in this platform:
- Inactivity Fee: $10 every month after 180 days of inactivity
- Overnight Fee: Depends on trade amount, multiplier, overnight fee rate of the pair, etc.
Personal Cabinet Specifications
Olymp Trade's personal cabinet is designed to provide traders with a comprehensive and user-friendly trading experience. The cabinet's important sections:
- Market Chart: access to indicators, different chart types, and trading signals
- Multiple Trading Modes: Stocks, forex, fixed-time trades
- Platform Accessibility: Mobile apps for on-the-go trading, Desktop applications for a distraction-free experience, Web-based platform for convenience
- Customization Options: Unique tools to enhance trading skills, ability to personalize the trading interface
- Payment Section: for deposit, withdrawal, and transaction management
Available Indicators and Oscillators on the Olymp Trade Platform
This broker offers a good set of technical analysis tools, including various indicators and oscillators. Here's an overview of some key indicators available on the platform:
- Moving Average Convergence Divergence (MACD);
- Relative Strength Index (RSI);
- Stochastic Oscillator;
- Parabolic SAR;
- Bollinger Bands.
Note that some of the indicators and oscillators available on the platform such as "Stochastic RSI" and "Pivot Points" are not free to use, and users must pay for them.
What Payment Methods Can I Use on Olymp Trade?
The broker offers a variety of payment methods to cater to traders from different regions. Here's a breakdown of the available options:
- Credit/Debit Cards: Visa, Mastercard
- E-Wallets: Skrill, Neteller, WebMoney
- Bank Transfers
Advanced and Expert status clients enjoy priority service with faster withdrawal times, adding an extra incentive for active traders.
Copy Trade and Social Trading Options
Unfortunately, Olymp Trade does not offer any facilities for copy trading or earning passive income alongside manual trade. You can use other brokers and platforms for this option.
Trust Scores on Reputable Websites
When evaluating Olymp Trade's trustworthiness, it's important to consider reviews from multiple sources. Here's a summary of the platform's trust scores and reviews on 2 websites [Trustpilot & ForexPeaceArmy]:
- Trustpilot Users Score: 4 out of 5, based on more than 1,300 reviews
- ForexPeaceArmy Average Users Rating: 2.7/5 with +120 sores
Overall, this platform has received mixed scores and reviews from users and experts on different websites.
Customer Services and Support
Olymp Trade claims to have a comprehensive customer support team ready to help traders with their obstacles. Here's an overview of their customer service specifications:
- 24/7 Support: Assistance available every hour of every day
- Multiple Contact Channels: Live Chat, email, & Phone Hotline
- Multilingual Support: Specialists available in multiple languages to cater to a global user base
- Help Center: Comprehensive answers to common questions, covering essential topics
Support team contact information:
- Support-en@olymptrade.com
- + (356) 2034 16 34
Writer's Opinion and Conclusion
Olymp Trade, a binary option broker with an impressive $211,000,000 monthly trade turnover and over $16M average monthly payouts, seems to be reliable at first glance.
Yet, it's important to consider that there are some dissatisfactions with users of this platform. If you are looking for a platform with a high trade turnover and a low minimum deposit, Olymp Trade could be a good fit for you.
However, if you prioritize safety and hassle-free trading, you may want to explore other options.
