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Olymp Trade Review 2024

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Olymp Trade Review 2024
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Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:Olymp Trade
Founded:2014
Regulation:
OTC:
Forex Trading:
Assets:130
About
Olymp Trade, a trading platform active since 2014, handles over 1 million daily transactions and offers binary options with low entry costs and multiple account types. Although popular with users, reviews are mixed, and some users report issues. It lacks copy trading features.
Contact
1276, Govant Building, Kumul Highway, Port Vila, Republic of Vanuatu
Rank and Score
Account Types
Markets
Account NameMin DepositMax Return
Account NameStandardMin Deposit$10Max Return93%
Account NameDemoMin Deposit$0Max Return0%
Olymp Trade review
Olymp Trade features, specifications, and pros and cons overview

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;
Olymp Trade registration form
Fill in your email address and password according to the screenshot.
  • 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 personal cabinet
Olymp Trade personal cabinet features and specifics

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

Olymp Trade indicators
Indicators and oscillators on the Olymp Trade dashboard

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 on olymp trade
Olymp Trade users have given it a 4/5 score on Trustpilot.
  • 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.

FAQs
Does Olymp Trade offer copy trading services?

No, this platform does not offer any tools and services for copy trading.

Is Olymp Trade a reliable platform?

It seems reliable, but some users have complained about the performance.

What are the account types and levels on Olymp Trade?

There are 3 different account types: Starter, Advanced, Expert.

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