Olymp Trade Review

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OlympTrade Overview

Olymp Trade is a trading platform based in St. Vincent and the Grenadines, established in 2014. Owned by Smartex International Limited and Wallfort Limited, the platform has grown to over 60 million user accounts with approximately 30 million transactions monthly, achieving a turnover of up to $211 million.

Since 2018, Olymp Trade has expanded to emerging markets in Asia, Africa, and Latin America. This expansion was driven by changes in Russia's regulatory policy and the company's ambition to become a leading global binary options broker.

Regulation & Reputation

Regulation

Binary options trading is not strongly protected by financial authorities, meaning traders assume full responsibility in case of disputes. However, Olymp Trade became a Class A member of the Financial Commission (FinaCom) on February 22, 2016, demonstrating the platform's reliability and high-quality service. The trade execution quality is certified by Verify My Trade, an independent test.

Reputation

Olymp Trade clients receive free legal assistance for disputes with the broker. If wrongdoing is proven, traders can receive compensation up to €20,000. While Olymp Trade is a prestigious binary options broker, its regulatory license is limited compared to other forex brokers. Traders should carefully consider this before participating in binary options trading.

Account Types

Olymp Trade offers three dynamic account types with various benefits:

  • Starter Account:
    • Minimum deposit: $10 – $2,000
    • Return rate: Up to 82%
    • Maximum trade: $2,000
    • Features: 10 indicators, sound package, individual training, trading signals, standard withdrawals (2 working days).
  • Advanced Account:
    • Minimum deposit: $500
    • Return rate: Up to 85%
    • Maximum trade: $3,000
    • Features: 20 indicators, expert advisor, accelerated withdrawals (1 day), personal analyst consultation, unique strategies, specialized webinars.
  • Expert Account:
    • Minimum deposit: $2,000
    • Return rate: Up to 92%
    • Maximum trade: $5,000
    • Features: 30 indicators, 3 expert advisors, rapid withdrawals (1 hour), risk-free trades, comprehensive education, exclusive trading ideas.

Transaction Fees

Olymp Trade offers competitive fees:

  • Standard Account: Lowest fees, spread-based
  • ECN Account: No spread, fixed commission
  • Other Fees: Overnight fees, account maintenance fees ($10/month after 180 days of inactivity).

Products on OlympTrade

Olymp Trade offers trading in various markets, with instrument availability depending on the trader's location:

  • Stocks
  • Commodities
  • ETFs
  • Currencies
  • Cryptocurrency

Trading Platform

Olymp Trade's web trading platform is highly accessible, requiring no software downloads. The platform is user-friendly with a clean interface, suitable for new investors and casual traders.

Deposits and Withdrawals

Olymp Trade supports various payment methods:

  • Credit/Debit Cards: VISA, MasterCard
  • Bank Transfers
  • Electronic Wallets: PayPal, Skrill, Neteller, Webmoney

Customer Support

Olymp Trade provides 24/7 customer support in 8 languages via email, phone, and live chat. The platform also offers a comprehensive FAQ section.

Conclusion

Olymp Trade has established itself as a reliable trading platform with a diverse range of assets, reasonable fees, robust security, and an easy-to-use platform.

FAQs

  • How to Deposit Money to Your Accounts: Go to “Accounts” menu, select “Deposit”, choose amount and payment method.
  • How to Transfer Money between Accounts: Use the “Transfer” tab in the “Accounts” menu, select sender and recipient, enter amount, and click “Transfer”.
  • What Is a Segregated Account?: Funds are transferred to a segregated account separate from operational funds, ensuring security.
  • How Can I Change My Phone Number?: Edit in your user account if not confirmed, or contact support if confirmed.

 

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