Pros and cons of the Olymp Trade online trading platform

10 min read
30 June 2021
Zaine Allen
Content on this page is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.
A REVIEW OF OLYMP TRADE

Pros and cons of the Olymp Trade online trading platform

10 min read
A REVIEW OF OLYMP TRADE
30 June 2021
Zaine Allen
Content on this page is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

About Broker

This international online trading resource has been running since 2014. Despite being young, Olymp Trade gained a very positive reputation in its segment by combining progressive marketing strategies on social media and video channels with a convenient in-house developed trading platform. Every year the company is gaining momentum, increasing its presence in the over-the-counter foreign exchange market. According to an Olymp Trade survey the average monthly turnover reaches $150 million. In just a few years, 25 million user accounts were created on the site with the average monthly payouts of $8 million. Traders make over 30 million trades a month on the terminal. These figures speak for themselves, and they keep growing. The company is spreading its services all over the world. The broker is represented in 134 countries, including India, African countries and European regions. We have prepared this Olymptrade review to make it easier to navigate among numerous brokerage companies available on the market today.
Olymp Trade on different devices

Regulation

The Olymp Trade trading platform is certified by the International Financial Commission (FinaCom) and is a category A member. The Financial Commission guarantees insurance coverage of up to $20,000 for each transaction in case a dispute between a trader and a broker is resolved in favor of the former (on the terms established by FinaCom).
FinaCom Olymp Trade license
Olymp Trade is legal
Olymp Trade has been certified for the quality of trade execution in accordance with the procedure approved by the independent service Verify My Trade (VMT). Certified brokers will now provide order execution data to VMT on an ongoing basis to ensure that they meet the high standards set for all members of the Financial Commission.
Olymp Trade has been certified for the quality of trade execution in accordance with the procedure approved by the independent service Verify My Trade (VMT). Certified brokers will now provide order execution data to VMT on an ongoing basis to ensure that they meet the high standards set for all members of the Financial Commission.
Olymp Trade is safely

How to join Olymp Trade platform?

The broker accepts traders from many locations - the CIS countries, Africa, and many Asian countries, for example India. Registration on the site is possible via your smartphone or computer and will take you several minutes. There are two steps to register an account with OlympTrade. First of all, the client fills in the standard data in his personal account on the official website - login and password. The second step is to verify your identity. To do this, you should send scans of documents confirming the information specified during registration. This process is called verification and is required for smooth withdrawal operations. As a rule, all online brokers use it.

Olympic Trade Demo

Once you are registered, you get free access to a demo account and training materials on the site. With their help you can easily understand the full functionality of the platform and quickly learn how to trade. A demo account is provided absolutely free of charge - you only need to be a verified member of the official resource. It is highly advisable for beginners to start trading with a demo account, because it is no different from a real one and you will not risk your money. Everyone is provided with 10,000 virtual units. Using these funds, you can easily test a variety of strategies and be able to successfully practice trading with real money. It is a perfect opportunity to explore the trading terminal without risk.

Account types

Once you are trained enough to test your skills in real trading, you will be offered three trading accounts to choose from.
Start account
Advanced account
It has the lowest deposit requirement – you can activate it with only $10. And if you make positive forecasts, the return rate can reach 82%.
This status will need you to deposit a minimum $500. Now, profit level possibility increases to 84% as you will be able to open 20 trades at a time.
Expert account
Here minimum deposit starts from $2,000, but at the same time, the payout rate can reach 92%. Besides, you can have 30 open trades at one time. Moreover, you will have access to individual training and analytics.
Also take into account the following restrictions:
You cannot have several active accounts at once. If you still do, you risk to be locked on the platform.
Think well when you choose the currency of your account as you will not be able to change the setting at a later stage.
Risky trades such as scalping are not greeted by this broker and your account can be deactivated for applying them.

Olymp Trade Platform

The trading platform combines functionality, rationalism and a user-friendly interface. According to Olymp Trade reviews, the platform can be mastered in 4-6 hours, including its technical capabilities. The terminal offers trading options and Forex:

The broker allows traders to enter into two types of deals:
by the duration of the transaction (from 1 minute to several hours);
by expiration time (from 1 minute).
Olymp Trade platform
Olymp Trade mobile
You can trade only one type of binary options - CALL/ PUT options, which bring profit based on an increase or decrease of an asset. The broker does not have such types of options as one touch, no touch, range, ladder, but this is not a downside. The main thing is to concentrate on the instrument and make money. As for the expiration period of options, it varies from 1 minute to 1 day, you can also use unlimited options, depending on your strategy.

A special service provided by the broker is Fixed Time Trades (FTT). It is one of the trading modes that allows you to make transactions for a limited period of time and get a fixed profit for the correct forecast of changes in the exchange rate of currencies, company stocks and other valuable assets.

Trading in Fixed Time mode is the simplest way to make a profit when the value of financial instruments changes. However, you need to train a lot to make successful trades.
CALL/ PUT options
You can trade only one type of binary options - CALL/ PUT options, which bring profit based on an increase or decrease of an asset. The broker does not have such types of options as one touch, no touch, range, ladder, but this is not a downside. The main thing is to concentrate on the instrument and make money. As for the expiration period of options, it varies from 1 minute to 1 day, you can also use unlimited options, depending on your strategy.
Fixed Time Trades (FTT)
A special service provided by the broker is Fixed Time Trades (FTT). It is one of the trading modes that allows you to make transactions for a limited period of time and get a fixed profit for the correct forecast of changes in the exchange rate of currencies, company stocks and other valuable assets.

Trading in Fixed Time mode is the simplest way to make a profit when the value of financial instruments changes. However, you need to train a lot to make successful trades.
The Olymp Trade platform includes 4 sections:
1
Price Chart, where users can use technical analysis and work with indicators;
2
Trading instrument section, where you can select instruments and open deals;
3
In the third section, you can select the direction of price movement - up or down;
4
And the fourth section is devoted to the history of transactions and balance.
This platform has many advantages that are highly appreciated by experienced traders. Here they are:
clear design and arrangement of functions
you will not be confused by overloaded interface;
novice users can use online step by step instructions
to conclude successful deals;
round-the-clock technical support
the software is constantly updated, eliminating shortcomings and possible errors;
the ability to use all modern payment systems
the replenishment and withdrawal of funds does not cause difficulties;
the application is available in general use and is absolutely free
you do not need additional utilities and programs for installation;
mobility and speed of use
the terminal has minimum installation requirements and works wherever you can use the Internet, including mobile.

Olymp Trade App

The broker has created a specialized program for mobile devices that allows trading without being linked to your computer. The application is installed on a smartphone or tablet allowing your easy access to online trading. The mobile platform practically does not consume phone resources, but you will need a constant Internet connection to work. At the same time, you get convenient access to all functions of the trading terminal straight from your pocket.
Olymp Trade mobile

Deposits and withdrawals

Olymp Trade took into account that its audience is very diverse and provided several ways to make transactions available to everyone.

You can make a deposit or withdraw money in one of the following ways:
    Plastic cards Visa / MasterCard
    Electronic systems
    Cryptocurrency payments
    Withdrawals are allowed for the amounts from $10. All financial operations are free of charge. But there is an additional fee for an account that is not active for more than 180 days – you will need to pay $10 per month for keeping it idle.
    Olymp Trade payment methods
    Olymp Trade payment methods

    Educational resources

    Trading training is a multifaceted process that must include both theoretical knowledge and practical skills. The Olymp Trade company offers a special education portal absolutely free of charge. You will find hundreds of various videos devoted to trading:
    Basic description of the trading platform
    From these tutorials you will learn everything about platform setup.
    Training courses from the company
    It is the most popular type of video. They usually show work with various indicators, variants for entry points, new strategies and so on. New content is constantly added and both newcomers and mature traders will find useful information.
    Academy for traders also offers strategies and weekly webinars, practical advice and interactive training tips
    Thus, beginners make the right choice when they start their career with Olymp Trade.

    Analytics

    The Olimp Trade platform offers a special section devoted to marker analysis - Insights. You must systematically check it to see what is happening in the economic world. Some events have a significant influence on the markets. Knowing ahead of time what might happen will help you to shape your forecast correctly. You will have access to the following services:
    Economic calendar
    Trade signals
    Technical analysis
    Smart Trade service
    You may use this information for your everyday analysis of the market. Do not underestimate the importance of analytical resources, as they can help you to improve your trading results considerably.

    Olymp Trade bonuses

    Bonuses are very popular in online trading and they provide you with extra money to trade with. Olymp Trade offers such bonuses to its clients too. As a customer, you can activate the bonus or not - there are no restrictions on this. There are several types of bonuses you can get on the platform:
      Bonuses are very popular in online trading and they provide you with extra money to trade with. Olymp Trade offers such bonuses to its clients too. As a customer, you can activate the bonus or not - there are no restrictions on this. There are several types of bonuses you can get on the platform:
      pocket option bonus
      Welcome bonus
      It is valid only for 1 hour after registration, and after this time, it is deleted.
      Deposit bonus
      During your activity on the platform, you receive a bonus whenever you make new deposits to your account. The percentage of the bonus that you receive depends on the amount of the deposit. Usually bonuses range from 20% to 50%.
      Contests and promo codes. Olymp Trade often hosts contests on its social media platforms. You can test your knowledge in trading and win attractive bonuses for it. So follow the broker's social media accounts. Besides, you can always look for promo codes on the official site and activate them to increase your chances for success.

      Customer Support

      Traders who already have some Forex experience know how important it is to interact with technical teams. And the broker works hard to provide comprehensive feedback to all queries and help sort out issues the platform users may have. Everyone will find a suitable option to get in touch with technical specialist:
      Online chat
      Works in a non-stop regime
      Contact form on the site
      You may outline the issue, leave your contact details and receive a solution to specified channel
      Email
      Send a mail t- support-en@olymptrade.com – usually response is available within a day
      Hotline
      +35725030996
      Social networks
      The broker has active accounts Facebook, Twitter, and Instagram
      In every Olymp Trade review you will see that this service works flawlessly. And you can use it from any location in the world – be it India or South Africa.

      Wrapping Up

      Pros
      • Big selection of trading instruments including cryptocurrencies
      • Round-the-clock technical support and several communication channels
      • Adapted mobile application that allows you to trade from any portable device
      • Enough training and analytical materials on the site
      • Absence of transaction commissions
      Cons
      • No licenses from leading regulators
      • Fee is taken for inactive accounts
      Pros
      • Big selection of trading instruments including cryptocurrencies
      • Round-the-clock technical support and several communication channels
      • Adapted mobile application that allows you to trade from any portable device
      • Enough training and analytical materials on the site
      • Absence of transaction commissions
      Cons
      • No licenses from leading regulators
      • Fee is taken for inactive accounts
      We did our best to compare Olymp Trade platform with other similar companies. And we can firmly recommend this platform for cooperation. The broker has created a really exclusive trading environment for all users, regardless of their technical level. You can train on a demo account, activate a trading account with $10 only, brush up your knowledge in the Academy of trading and much more. Olymp Option platform has everything you need to get a reliable source of income.

      GENERAL RISK WARNING:

      CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
      87% of retail investor accounts lose money when trading CFDs with this provider.
      You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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