Olymp Trade is a full-time financial service provider that allows you to trade on fixed time and Forex Instruments.
The company has been around since 2014 it has over 370,000 active daily traders from 9milion registered users and processes up to $350,000 in daily withdrawals.
This broker has received several notable awards making it a top-flight trading platform.
If you want to know if this broker is safe for you or not, then this post is for you. My review of Olymp Trade will answer all your questions.
Also, I have a bonus for you at the end of this post how to trade profitably.
If you are ready, let’s check it out.
I want you to ride along with me very closely as I walk you through the post, so I have made a list of everything I will be discussing here today. Get your pen and paper and jot things down;
- Olymp Trade Overview
- Traded Instruments
- Restricted Countries
- Registration Process
- Trading Accounts
- Deposits And Withdrawal Method
- Bonuses On Olymp Trade
- Customer Support And User Interface
- Pros And Cons
Now, Let’s dive right in.
Olymp Trade Overview
Olymp is owned and managed by Saledo Global LCC. It is located in St Vincent and Grenadines, a Caribbean Island in North America.
The company was established in 2014 and has ever since risen to become one of the fastest-growing trading platforms in the world. Trading here is seamless and lucrative, Olymp Trade does not only offer you a chance to earn but will also teach how to. This is made possible by a team of world-class analysts.
Its users are constantly growing every day with over 240,000 traders and up to 35,000,000 trades closed every month.
I found it very impressive that the broker is registered under the International Financial Commission (FinaCom). FinaCom guarantees monetary compensation of up to 20,000 Euros to any trader who has been unfairly treated by Olymp.
That’s about the company in a nutshell. However, we’re just getting started.
All the instruments traded fall under these two trading Platforms and you can easily switch between them
- Fixed Time Trades: In this platform, you choose the direction which you think the market will go (either up or down), set the time period ranging from 1mins to 24 hours. If the market goes your way, you earn up to 92% in profit, if the market goes the other way, you lose the staked capital.Fixed time trade used to be called Binary options or Options, however, the company wish not to be addressed by that term.
- Forex: In this type, there is no time limit; you choose the direction which you think the market will go. If the market goes in the direction you chose, your profit increases proportionately, if it goes the opposite direction, it decreases proportionately. You can choose to close this trade whenever you want.
79 assets are currently traded on Olymp Trade. These are grouped into 5 instruments as listed below.
- Currencies – 35 Currency pairs
- Crypto Assets – 10 cryptocurrencies including; Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), DASH etc.
- Commodities – 6 commodities including Silver, Gold, BRENT, Platinum, Copper, Natural Gas
- Indices – 16 in number including DAX, Dow Jones, S&P 500, etc.
- Stocks – 12 stocks including BMW, Facebook, and Google etc.
Most countries from every part of the world especially Africa, Latin America and Asia (such as, Nigeria, South Africa, Brazil, India, Vietnam, Pakistan, Ukraine, etc.) are accepted by Olymp Trade.
However, users from the following countries are restricted from trading on this platform;
Most countries from Europe are not allowed.
All that is required to start trading with Olymp Trade is Name, Email address and phone number.
However, once you start making big trades, you will be required to complete the KYC by sending your photo ID and proof of residency by email.
There are three trading account types offered by Olymp Trade.
- Demo account
- Standard account
- VIP account
The demo account is the first account you are given when you sign up. It comes preloaded with $10,000 virtual money for you to practice with. Note that this money cannot be withdrawn. It is for you to test out the platform to know if it suits you. The demo account has all the features of the Standard account.
Once your first deposit is made, your account becomes a standard account (real account). Olymp Trade rewards deposit bonus for a deposit amount of $30 and upwards (see the picture below). You can see that when you deposit $30, you will receive $33 that is a 10% bonus. Users receive as much as 100% on first deposit. I will discuss more on this below.
If you make a deposit of up to $2,000 and above, then you have automatically become a VIP trader. The benefits include:
- Increased earning percentage
- Maximum trade amount
- Personal consultant
- Risk-free trades – this means you can trade a portion of your deposit without the risk of losing it
- Individual training
- Private webinars
- Secret strategies
- Trading signals
- Exclusive event
Deposits And Withdrawal Methods
There are over 10 deposit and withdrawal methods. This includes
- Visa and MasterCard
- AstroPay Card
- Qiwi Wallet etc.
Deposits are instant and at no transaction charge. Withdrawals take 1 to 5 working days.
From my experience living in Nigeria, I prefer to deposit and withdraw using e-payment wallets like Neteller and WebMoney.I have not tried the Card deposit method on Olymp Trade. This is because most brokers pay through the same method your deposit is made.
However, in Nigeria, brokers tend to have issues paying with cards. To be on the safe side, I use WebMoney or Neteller. If you are in Nigeria, you can exchange WebMoney for Naira on Instantgoldng. You can also exchange Neteller for bitcoin on Paybis from anywhere in the world.
The minimum deposit amount is $10 while the maximum is $5,000. You will need to contact the customer support to deposit above that. The minimum trade amount is $1.
Bonuses On Olymp Trade
Olymp Trade offers a lot of bonuses to its users. The bonuses start from 10% to 100%. The 100% bonus is only awarded if you make a deposit within the first hour of registration. The deposit bonus for subsequent deposits is as in the image below.
The bonuses sound great right? Yeah! but hold on. Some condition apply to these bonuses
There are some conditions for the bonus to stand ;
- Bonuses can be used only if your main deposit falls to 0.
- If you order a withdrawal of any amount, all bonuses will be deducted from your account.
- You cannot withdraw bonuses, but you can withdraw the profit gained from bonuses.
- Bonuses are not a loan, you do not have to pay back.
Customer Support And User Interface
There are four major ways to contact Olymp customer support
- Online chat: this is the fastest medium. Although 15sec waiting time is stated on the website, I was answered almost immediately when I contacted the customer support.
- Hotlines: There are two hotlines, one in Argentina and the other in South Africa. These are available 24/7
- Email support
All these can be found at the Olymp Trade Support page.
The user interface is set up in a simple and easy to understand layout. An average person can get familiar with it in a few minutes. The navigation and trading assets are to the left, the trading buttons to the right and the chart at the center.
There are also 86 educational materials and videos to teach you how to trade. If you are seriously considering fixed time trading, please go through these tutorials.
Here is a one minute video on how to trade on Olymp Trade
Responsiveness- Olymp Trade Apps
Besides the web platforms, this broker has apps across the major devices including iOS, Android, macOS, and Windows. Apps respond much quicker during trades and thus are most preferable.
Note that mobile apps are not as sophisticated as the desktop apps and Web platform
Pros And Cons
Just like every other trading platform, this broker has its ups and downs;
- It has a Demo Account.
- Deposit Bonuses are available
- Ease to Use interface
- Active Customer Support
- Not Available in EU, US, and Canada
- Withdrawal may take up to 5 days
Frequently Asked Questions
I have been trading on Olymp Trade for some years now, based on my experience, I will tell you that Olymp Trade is not a scam broker because of the following reasons;
It’s registered under the International Financial Commission (FinaCom). FinaCom Prides itself to certify only honest, transparent and reputable companies with a high quality of service. If Olymp Trade is found guilty of any unfair treatment to you, you will be rewarded 20,000 euros while Olymp Trade risks losing its certification.
I have gone through various Trading fora discussing Olymp Trade, there are positive reviews and negative ones as well. One of the negative comments is losing money, trading is risky, it requires skills, you should test out the system using the demo account and go through the tutorials before putting in your money.
Since being certified by FinaCom, Olymp Trade has won 6 awards between 2016 and 2018. Here are are some;
Best Fixed Time Trade Broker ( Forex Expo 2017)
Fastest Growing Broker ( ShowFx World 2016)
Best Financial Broker (CPA Life Awards 2017)
Best Options Trading Platform (Le Fonti 2018)
One of the world’s top Rugby players in South Africa (Eben Etzbeth) is in partnership with Olymp Trade
The company supports the LCR Honda Team at MotoGP 2020.
Your profit directly depends on ;
The standard return percentage on the invested amount which is 100%.
The return rate determines the extent of profit. The higher the return rate, the higher your profit.
If the number of sellers is over-weighted than the number of buyers, the company cuts the profitability for the out of balance asset. But in anyways, your 100% profit from successful trades will be paid in full.
From my Olymp Trade Review above, you can see that this broker takes its business seriously. Since its certification in 2016, It has won 6 notable awards.
The speed at which its customer support responds is exceptional, there is practically no waiting time. The deposit bonus is another feature that makes it stand out because no other top brokers do this.
Another outstanding feature is the number of analytical and tutorial tools Available. You cannot find this number in any other broker.
If you are considering fixed time trades or Forex, this platform is one of the best.
Do you have any experience in Forex trading?
What are your best winning strategies?
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Trading Options carries a high-risk level. You cannot really predict the direction of the market this can work both to your advantage and disadvantage. As a result, Options may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading, please ensure you understand the risks involved.
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