Olymp Trade Review: Trustworthy or Scam?

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Should you open an account at Olymptrade? Is it an expensive scam or a trustworthy trading platform? Find out in our detailed review.

Olymp Trade: Trading Platform Review

Olymp Trade is said to be the leading online trading platform and one of the largest in the world. From its humble beginnings in 2014 the company has managed to create a reputation among millions of traders around the globe, yet the question still stands:

Is it worth using Olymp Trade – and if yes, how can you earn stable returns?

That’s exactly what we are going to find out in this expert review. We will look at the company under a microscope and evaluate all aspects of Olymp, including its trading platform, client support, deposits and withdrawals, as well as trader education and regulation.

At the end of the text you will also find a section with comments and opinions from clients. This is also where you’ll be able to ask your own questions and discuss with fellow traders.

After reading this guide you will be able to answer the following important questions regarding Olymp Trade:

  • How to register at Olymp Trade?
  • How do you deposit at Olymp Trade?
  • How to play at Olymp if you are a beginner?
  • How to use the platform to earn income?
  • How do you withdraw funds from Olymp?

Our financial experts have been evaluating Olymp for more than 3 years in order to create the review you’re reading right now. We’ve tested both demo and live trading accounts, spoke to amateur and professional traders from several countries, deposited and withdrew our own money and tested various trading strategies – all to form a real opinion on Olymp Trade.

Before we discuss the questions above, let’s take a moment to look at the company’s background – after all, it’s makes sense to understand the organization which you consider entrusting with your funds:

What is Olymp Trade?

As mentioned above, the company behind this trading platform is half a decade old. However, its story begins in the early 2010s, when a team of finance and IT professionals came together with the aim of making online investing easy for the masses.

From the very beginning this collective has set its goal to democratize financial trading and make it available to literally anyone, not just to those who had a hefty starting capital or high appetite for risk.

The first version of the Olymp trading platform was an instant hit in its home markets of Eastern Europe and South-East Asia: even those who had zero experience with investing found it simple to use, and free demo accounts allowed for hands-on learning without the need to risk any real money.

From that initial version, a lot has been improved and changed over the years, but the core idea has remained the same:

to provide the easiest way for anyone to invest into popular financial assets such as currencies, stocks, and crypto.

This (rather simple) idea turned out to fit quite well with the needs of millions of active and potential investors around the world: during just several years, Olymp Trade has expanded its offers to more than 12 languages in all regions of the world and executes over 20 trading orders every second. Some more numbers as reported by the company:

  • $170,000,000
  • 25,000+
  • 5,000,000+
  • Monthly trading volume
  • Users trade each day
  • Mobile app downloads

The primary product of Olymp, and the thing that makes all of the above possible, is their online trading platform. Using a balanced combination of powerful features and thoughtful design, it makes trading easy even for the most inexperienced beginners.

In the next section of our review we will look at the Olymp trading platform in more detail, in order to find out what sets it apart from competing systems:

The Trading Platform

There’s no need to download anything to your computer in order to use Olymp Trade’s platform: it is available right in your internet browser or as a mobile app (which we will discuss a bit later).

Once you log in, you will see the main trading screen, which consists of the price chart and the trade interface on the right. Above it you will find tabs linking to all your active charts, and below it – the currently active and recently closed deals.

Notice the simplicity of the deal-opening section on the right: you set the duration and sum of the trade and immediately see the potential income in case your prognosis turns out correct; after that just click on the big “up” or “down” buttons to open the deal.

How does it work?

The outcome of a deal is determined by the change in price of your chosen asset over the time you choose when opening the deal. Let’s look at an example:

You open a one-minute, “up” deal on gold, which currently costs $1300. If the price of gold after one minute is higher than the current price, no matter by how much – you will earn a profit on your deal.

The convenient thing about this is that you know your potential gain and the exact payout of a successful deal before opening the deal. This means you can plan your trades more effectively and avoid depleting your account too much in case of several consecutive unsuccessful predictions. Neat!

You can choose among many possible financial instruments on Olymp Trade platform – but in general they all can be grouped into four major categories:

  • 35 various currency pairs, from the classical EUR/USD or GBP/JPY to more exotic USD/MXN or AUD/CAD. This is like trading forex, but you don’t need to take into account complicated margin requirements and leverage ratios.
  • 10 largest stock indexes from the most active stock exchanges around the world: from New York’s NASDAQ to Tokyo’s Nikkei 225.
  • 13 stocks of big multinational corporations, like Coca Cola, Tesla or Apple: the trading hours for these assets correspond with the opening hours of the respective stock exchanges.
  • 6 commodities, including precious metals like gold and silver, as well as energy-related goods such as oil and natural gas.

Apart from that, there’s a fifth class of tradable instruments on Olymptrade that has been introduced just several years ago, but quickly gained in popularity: crypto. This one deserves its own chapter –

Cryptocurrencies at Olymp Trade

Keeping up with the modern trends, Olymp have introduced cryptocurrency trading on its platform to allow its clients easy and hassle-free access to this rapidly evolving source of wealth.

You can choose between 12 different options when it comes to crypto, ranging from the popular Bitcoin and Ethereum, to less mainstream assets like Monero and Dash, to relative pairs such as LTC/BTC – i.e. the price of Litecoin relative to Bitcoin, not to the U.S. dollar.

There are several important advantages of using Olymp’s platform for crypto trading, compared with the standard methods like wallets and exchanges:

  • Depositing funds and withdrawing from a crypto wallet can be a headache. Even worse, it will take you weeks to get authorized to trade on specialized crypto exchanges like Bitfinex. With Olymp Trade, you can open deals with cryptocurrencies from the same account that you use for trading other assets.
  • You can profit on both growth and decline in crypto prices, as opposed to traditional wallets, where you can only buy and hold, hoping for the price to go higher.
  • Transaction fees in wallets and exchanges can get really large, and you end up paying 10% or even more of your actual sum as commission. On Olymp Trade, you are free to open as many deals as you like without worrying about high fees.
  • With Olymp you can avoid the risks associated with specialized crypto exchanges, which tend to get hacked or break quite often.

Mobile Trading

Olymp Trade wouldn’t be a modern trading platform if it didn’t have highly convenient mobile interfaces. Why are we using plural here?

Because Olymp clients have two alternatives for trading on a mobile device: either through a native application or via the mobile browser, by simply opening the company’s website.

The two options look almost identical, as you can see from the screenshots above, so it’s down to your personal preferences whether you’ll use one or another.

Olymp Trade’s designers have managed to retain the simplicity and power of their full-size trading platform, while allowing users to open deals from any place with a mobile network connection.

The native app is of course available for Android and iOS devices, and can be downloaded using direct links.

Account Types and Demo Trading

Olymp offers three kinds of accounts to help its users get the most out of the platform: the free demo account with virtual money to help you practice and learn new strategies; the standard account where you can trade and earn real money – and the VIP account with extended features and privileges.

Some of the advantages of the latter are higher profit rates on deals (up to 90% instead of the standard account’s 80% limit), higher limits on deal amounts as well as a limited amount of so-called risk-free deals, when the client is compensated in case of a wrong forecast.

Moreover, every VIP status holder receives access to invite-only webinars and VIP analytics, as well as gets assigned a personal assistant who consults them on any aspect of the trading platform.

In order to get a VIP status, you need to make deposits for at least $2000; it is worth noting that you can lose the VIP privileges if you withdraw the funds within the following 15 days without making any trades.

Are VIP accounts worth it?

If you can afford it – definitely; at no additional cost you get enhanced features and more information, which can help maximize your returns from trading. However, it doesn’t mean that making a stable profit on a standard account is less possible.

Clients opening a standard or VIP are eligible for a welcome bonus of up to 50% of the initial deposit. Note that you cannot withdraw the bonus amount – but any profits you earn using that money will stay yours and can be withdrawn.

How hard is it to open an account at Olymp Trade?

Opening an Account

..not hard at all! In fact, we suspect that the simplicity of all account-related procedures (including deposits and withdrawals, which we’ll talk about in a second) has been a major factor in making Olymp so popular.

It literally just takes 4 clicks to start using the online platform:

  • Input your email, which will be used as your login. Make sure it’s an address you are actually using, because you will receive important information from Olymp Trade to that email, including password recovery in case you forget it later on.
  • Enter a password for your account. This can be any combination of letters, numbers and symbols, but we highly recommend avoiding standard phrases like “123456”.
  • Tick the checkbox to agree to the platform’s terms and conditions.
  • And finally click on the big “register” button below the form to submit your request. Immediately you will be forwarded to demo trading platform. You will also receive a welcome email to the address you indicated in step 1, containing the activation link for your new trading account.

It wasn’t hard, was it? What’s even better, after completing the above procedure you will be able to use the full functionality of the platform right away, in demo mode.

In order to start practicing will small amounts of real money, you will need to make a deposit. And yes, it’s also a refreshingly easy process –

Depositing and Withdrawing

In order to deposit funds into your trading account, click on the “Deposit” button in the top right corner of the platform’s screen – or click the “+” button if you’re on a mobile device.

A new screen will appear, displaying the available payment options. You can choose between internet banks, Visa/Mastercard cards, as well as a wide range of local electronic payment systems and cryptocurrencies.

Once you click on the payment method of your choice, you will see the final depositing screen which allows you to choose the deposit amount – your bonus will be automatically generated depending on that.

If you choose to save your payment method on this step, you will later be able to make additional deposits in one click.

Withdrawals at Olymp Trade take approximately 1-4 working days to process, depending on your chosen payment method. The amount you can withdraw is only limited by your total account balance minus any bonuses you received while making deposits.

In case you withdraw larger sums, the broker might need to ask you for additional documents confirming your identity, as required by its regulators. This will only happen once, and there will be no need to submit any additional documents once you get verified.

After trading on Olymp for more than 24 months our experts have encountered minimal delays and zero unsuccessful transactions. The company pays out millions of dollars to its clients every month, so practically the only reason your withdrawal might not come through right away is because of your bank or e-wallet’s delays.

Learning How to Trade

Looking around their website, you can clearly see that Olymp Trade takes trader education seriously: there are free interactive lessons for beginners, a database explaining important trading terms, video tutorials on working with the online platform, as well as periodic online seminars.

Most of this can be found in the “Education” zone which can be accessed from the main menu.

Each lesson is constructed as a chat window, where you will receive the knowledge in small bits, just like you would get an advice from a friend via Whatsapp or other messenger. This helps digest the information easier and speeds up your education.

There are over 100 lessons, covering the basics of financial trading, as well as advanced topics such as technical indicators and specific trading strategies.

We find the latter especially useful, as they contain specific sequences of steps to earn profits for various levels of experience: from beginner traders (try e.g. MACD or Bollinger Bands) to advanced traders (indicators like Ichimoku might be especially interesting).

The Analytics section of your account contains free instruments to help boost your trading quality: a calendar of important upcoming events that can influence the prices of currencies and stocks, trading signals based on current market sentiment, as well as volatility metrics for experienced traders.

You can also subscribe to live webinars which regularly take place on specific dates. Participating in such events will allow you to learn from the experts and ask any questions you might have in real-time mode.

Client Support

Speaking about real-time communication: in case you experience difficulties with the trading platform, the deposit-withdrawal process, or anything else related to your interaction with Olymp Trade – there are several ways you can contact them.

By far the most convenient way is the live chat, which lets you discuss your matters with the company representative right away. You can access the chat by clicking on the question mark icon in the top right corner of the online platform’s screen.

Other means of contacting Olymptrade include a direct phone call (their hotlines are available 24/7) and email, in case your question is not urgent and you’d like to preserve your conversation with the company in a written form for future reference.

We have only positive words to say about the quality of Olymp’s support: it’s fast, it’s friendly, and, most importantly, the team is focused on really solving your issues, not closing one more support ticket.

Pros and Cons of Olymp Trade

Alright, now that we’ve looked at each aspect of Olymp’s offer in more detail, let’s summarize our observations and thoughts into a list of advantages and disadvantages. This will help us arrive at our final conclusion in the next section.

+ Low minimum deposit requirement: you can start trading with real money starting from as low as $10, which is one of the lowest minimum deposit in the industry.

+ Free demo account: no need to risk real money right away, you can start with a free demo of the trading platform which contains all functionality of the real version.

+ Easy to use yet powerful: Olymp Trade’s online platform is the embodiment of its overarching goal – making it as simple as possible for anyone to start investing.

+ Low minimum deal requirement: apart from the demo account mentioned above, it is also possible to start learning with small deals on your real account, as the company allows placing orders starting from $1.

+ Third-party regulation: Olymp Trade is regulated by the International Financial Commission, which acts as a neutral intermediary in case any disputes arise between the company and its clients. The Commission guarantees a $20000 compensation fund for any case when the dispute is resolved in the client’s favour.

+ Interactive educational materials: there are more than 100 free online lessons in Olymp Trade’s growing library, where you can learn both the basics and the more advanced topics by following chat-like conversations.

+ Fast and free withdrawals: earnings withdrawals are typically processed within 1-4 working days. The company does not add any fees, so the only cost you incur is the fee of your payment provider.

+ Easy mobile trading: there is both a browser version of the trading platform which you can use on mobile devices, as well as dedicated mobile apps downloadable in the Play Market or the App Store.

– No deal intervals below 1 minute: the shortest time interval you can trade on is 60 seconds, which is not enough to execute certain advanced strategies like scalping.

– Does not accept EU residents: if you live in the European Union or just travelling there, the company will not allow you to register on the trading platform.

Our Verdict

So, what can we conclude from our research? Should you choose Olymptrade as your investment partner?

Every interaction with the Olymp’s systems feels like a well-oiled clockwork, be it opening deals, learning how to trade, depositing/withdrawing funds, or receiving support. Even complete beginners can feel themselves relaxed and cared for, while experienced traders can find many additional benefits that make their trading even more effective.

After using its platform for years, we easily understand how Olymptrade has managed to grow into an international trading house so quickly: they are serious about customer experience and uncompromising when it comes to quality of service.

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