The reputable broker Olymp Trade was founded in 2014 and is regulated by FinaCom, which contributes to its credibility. This broker is a multinational powerhouse whose platforms serve twelve languages. This broker is one of the most competent brokers, as twenty-five thousand customers trade daily and around $171 million is traded monthly. Now you can understand why this broker won the 2018 Le Fonti award for “Best Trading Platform“
This broker offers more than 70 assets for trading, including currency pairings, commodities, equities, indices, and cryptocurrencies. This broker is also recognized for the ease of admission. You may begin trading with as little as a $1 investment and a $10 minimum commitment. Therefore, if you are a novice trader, you may begin your operations with a little amount of funds.
Is Olymp Trade A Secure Platform?
In the preceding section, we demonstrated that Olymp Trade is a completely regulated organization. This is the first indication of a trustworthy internet broker. In addition, we will offer you with other consumer safety considerations. To ensure the maximum security of your account, you must first verify your phone number and profile.
The client’s funds are managed in European banks that are also properly regulated. Olymp Trade exclusively employs regulated payment channels for deposits and withdrawals, such as online wallets, credit cards, and bank transfers. In addition, the broker does not hedge or speculate with your funds. The monies are highly secure.
To increase the security of your account, you may activate two-factor authentication. This feature allows you to log in to your account twice. When you log in to your account, you will receive an SMS verification code or you may utilize the Google Authentication Olymp Trade app to gain complete account access. This feature will prevent hackers from gaining access to your account.
Pros and Cons
All reputable brokers have advantages and disadvantages, and understanding them enables you to make a more informed and expedient selection. The advantages of this broker outweigh its negatives, but you must be aware of all of them combined. Perhaps one of this broker’s disadvantages is the one that fully destroys your trading aims.
Benefits
As stated previously, this platform provides access to more than seventy assets. In this way, you have a variety of trading options. The following advantage of this broker is its emphasis on “customer experience.” Therefore, they supply the tools and instruments that enable clients to construct their own trading experiences. This broker’s outstanding degree of education is an additional attractive feature in the domain of trading. And the last but not least slide of this broker’s PowerPoint presentation is the minimum deposit of $10 and the minimum trade of $1.
Drawbacks
There are just two disadvantages to utilizing this broker that you must consider before selecting a broker. The first decline of the Olymp Trade is unavailable to U.S. and European Union nationals. Therefore, individuals from these nations are not permitted to utilize this broker. Several allegations of platform “lag” are additional weaknesses of Olymp Trade that you should consider before making a final selection. It is necessary to safeguard your transactions by analyzing the risks. In this way, you may plan with sufficient information and competence.
Types of Accounts Available on Olymp Trade
Demo Account
This account is supplied for free, and 10,000 virtual units will be allocated to each account. On the website, users may easily register for an account.
Standard Account
A minimum deposit of $10 or its equivalent in another currency is required to access this account. This account allows investors to trade with a minimum of $1 and a maximum of $2,000. The greatest attainable profit is eighty percent of the initial investment. When it comes to withdrawals, the least amount that may be withdrawn is $10 and there is no maximum withdrawal amount. Average withdrawal processing time is one day, with a maximum of three days.
VIP Account
To utilize this account, prospective investors must deposit $2,000 or the equivalent in another currency. The minimum deposit required for this account is $2,000, and the minimum and maximum trading amounts are $1 and $5,000, respectively. In addition to speedier withdrawals, VIP members enjoy a variety of other benefits. If you sign up for this account, you have access to prominent financial analysts and other trading tools, as well as the aid of a VIP adviser.
How Olymp Trade Functions?
Olymptrade provides one of the most effective trading strategies that has been demonstrated to function on the majority of trading platforms. This strategy enables the trader to make forecasts regarding the platform’s many marketplaces and assets. If you wish to trade currencies, you only need to click on the up or down arrows to make your predictions. On the left side of your screen, you will see a trading chart along with various other tools, such as technical indicators and analysis.
In addition, at the bottom of the screen, you will see a trade history that will provide you with an immediate snapshot of the market’s status. However, before you can effectively trade, you must first establish an account.
Customer Care Assistance
This is one of Olymp Trade’s most highly rated features. Their customer service is amazing, as they provide help via email, support forums, telephone numbers, and more. They are available by email, phone, and live chat around the clock. With Olymptrade, you can rest assured that they will respond promptly or within a few minutes.
Here are the numerous methods to contact a customer service representative:
- You may contact Olymp Trade India by dialing the toll-free number 000-8000-402-044. This hotline is open around-the-clock.
- Email – You may anticipate a response to your email sent to support-en@olymptrade.com within 24 hours.
- Live Support – On the Support page, click the Open Chat icon to initiate a live chat session with an online specialist.
- Use the online contact form on the Support page to communicate with a customer service representative. Before clicking the blue Contact Us button, please provide your first and last name, email address, message, and phone number.
Olymp Trade Commission or Agency
Olymp Trade app has a very transparent commission or charge structure. Spreads vary based on the user’s chosen account type. However, you may have encountered the same information on other online trading sites.
For instance, the higher the cost of a premium account, the lesser the spreads. The same holds true inside. It is also essential to note that spreads can increase or decrease in value as market circumstances fluctuate.
On the other side, if we take a look at Olymp Trade’s fee structure. The only certainty is that it is not a completely free platform. If you choose to Olymp Trade app overnight, you will be charged a substantial cost. The site furthermore charges a membership fee and an inactivity fee. However, you are relieved of paying custodial or maintenance expenses, as Olymp-Trade does not charge for such services.
Ensure that the platform can terminate your account if you have not maintained an adequate balance. In addition, market conditions might alter the broker’s charge structure.
Helpful Trading Tools
In addition to the normal tools provided by the website, Olymp Trade app provides the following additional tools to facilitate a pleasant trading experience:
Support For Digital Currencies.
This site is renowned for its Cryptoindex, which is supplemented by Bitcoin, Ethereum, and Litecoin. These assets may be traded at any moment and are known to generate superior investment returns.
Trade Cancellation
This platform allows you the option to cancel a transaction if it is not going in your favor. If this option is utilized, consumers may get up to sixty percent of their initial investment.
Pending Business Tool
This is a result to sell or purchase a certain option within a specified period of time, or when an asset reaches a predetermined price.
Deals & Special Offers
According to the Olymp Trade app service agreement, the company offers trading bonuses. Nevertheless, the broker does not mention the withdrawal terms in this service agreement. It is important to remember that trading bonuses are prohibited in the EU and many other regulated markets, principally due to the extra withdrawal requirements and terms tied to the bonus. This typically takes the shape of a minimum trading volume requirement, which might be insurmountable for even seasoned traders. Olymp Trade often provides new customers with promotional codes for incentives of up to 50 percent. New customers who register with these promotional codes will earn a 50 percent bonus on top of their initial deposit.
However, it is important to consider the limitations associated with these incentives and if they are worth taking advantage of in terms of the amount you deposit.
Regulation & Licensing
Before selecting a broker, you should search for a platform that is well-regulated by a notable government agency. The International Financial Commission (IFC) regulates Olymp Trade, which has its headquarters in St. Vincent and the Grenadines. However, concerns have been made in the past concerning the authenticity of the International Financial Commission, so users may want to do a little of study on this organization before determining whether or not to view Olymp Trade app as a trustworthy broker. This is due to the fact that funds are typically deemed secure only when a broker is regulated by an official authority such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), or the Australian Securities & Investments Commission (ASIC) (ASIC).
Security & Safety
The Olymp Trade website employs the most advanced encryption technology to protect the security of your information. Customers may finance their accounts with eWallets, allowing them to avoid disclosing their financial details to the site. Concerns have been raised regarding the validity of the International Financial Commission and whether it provides the same level of protection as the FCA. If users want an assurance that their cash will be protected, they should select a broker with more recognized regulations.
Conclusion
According to our testing and assessment, Olymp Trade is one of the finest brokers for trading forex and fixed-time contracts. On this page, you were shown all the features and specifications of the Forex Broker. You now have a solid understanding of the platform and why you should sign up.
Olymp Trade provides excellent trading opportunities for options and FX trading on a single platform. The program is properly built and user-friendly for both novice and experienced traders. You can tailor the chart to your preferred strategies. A further benefit of the broker is that you may begin trading with just a $10 investment. Additionally, the minimum trading investment is merely $1.
In conclusion, Olymp Trade’s popularity is not without cause. On the site, you have rapid access to the financial markets and may trade with a very high rate of return. It is a reputable and highly rated broker.