- 1 Olymp Trade overview
- 2 General information
- 3 Is Olymp Trade a secure broker?
- 4 Awards won by Olymp Trade
- 5 What distinguishes Olymp Trade
- 6 Olymp Trade downsides
- 7 The Olymp Trade platform inspection
- 8 Multiple charts, tools and indicators
- 9 The language of the trading platform
- 10 Money operations
- 11 Complaints concerning Olymp Trade
- 12 Where to trade with Olymp Trade
- 13 User-friendly interface
- 14 The practice account
- 15 Financial instruments
- 16 You can trade options or Forex.
- 17 Trades expiration
- 18 Opening a position
- 19 Take profit and Stop loss
- 20 Final comments
Olymp Trade overview
Olymp Trade is well recognised online options broker. It was established in 2014 and from that time developed dramatically. The company invests in its expansion and makes everything possible to stay up-to-date and to meet its customers’ needs.
Today, I want to present this Olymp Trade overview so you have all the information about it in one place. I did my best to make it as comprehensive and accurate as possible.
Olymp Trade was first introduced in 2014. The company is registered in Saint Vincent and the Grenadines and in Cyprus. You will find a detailed address on the Olymp Trade website.
Olymp Trade has obtained a license from the Financial Commission in 2016. The Financial Commission’s main goal is to supervise financial institutions and make sure the deposits of the customers are safe. Olymp Trade can provide the certificate of the Financial Commission membership which means your deposit is safe.
Being a trusted online broker is of the utmost importance. Besides having a certificate from the Financial Commission, the trade executions at Olymp Trade are audited by the independent company VerifyMyTrade. The results of the audit were satisfying, all the order execution met the required standards. If this is something you would like to know more about, check the Financial Commission website.
Is Olymp Trade a secure broker?
Nowadays, there are many options brokers available online. Unfortunately, not all are trustworthy. This is very important you gather some information before you would invest your money. You do not want to lose them, you want to find a broker you can trust. What is more, you need to be sure you will not be left alone when any problems occur. What does make Olymp Trade a legitimate options broker?
I have already mentioned about two external companies that test Olymp Trade’s financial operations. There is another thing you should check. It is important that the broker is a regulated one.
Olymp Trade is fully regulated and you will find all the regulations easily on their website. The Financial Commission policy is strict enough to assure that legal assistance will be offered to any trader who has serious trouble with the broker.
The Financial Commission ensures that the customers’ deposits are kept separate from the company operating funds. It also provides a compensation fund in a very unlike scenario of the Olymp Trade bankruptcy. The refund can reach up to $20,000.
Anyhow, it is always best to try to solve the problem directly with a broker first. And if this way fails, then you can take the complaint further.
The Olymp Trade support system works perfectly. You can reach the Olymp Trade team via telephone (available 24/7), e-mail (the answer will come within 1 working day), contact form on the site or live chat. So if you have any doubts about the Olymp Trade platform, do not hesitate and contact the support team. I can tell you from my experience that the response you get will not only be fast but adequate as well.
Awards won by Olymp Trade
It can be under discussion whether 5 years in the business are a long or a short time. But the awards won by Olymp Trade speak for themselves. The broker was noticed by major financial companies and keeps being awarded.
In 2016 Olymp Trade gained the title of:
The best options trading platform by Le Fonti,
The best options broker by KROUFR Awards,
The fastest-growing broker by ShowFx World.
In 2017 it was called:
The best financial broker by CPA Life Awards,
The best options broker at Forex Expo,
The innovative broker by IAFT Awards.
In 2018 it collected the following rewards:
The best options trading platform from Le Fonti,
The best trading platform 2018 by the Forex Awards,
The best traders FB community in Thailand by Traders Fair.
With such awards, Olymp Trade can claim itself to be among the leading brokers in the world who is not only legit but also transparent and trustworthy. Customer satisfaction is the best indicator of success.
What distinguishes Olymp Trade
We established that Olymp Trade is among top online brokers in the world. Now, what makes it unique? The first thing I can name is the Financial Commission membership. This is an insurance for the traders that they are not left alone in case of any dispute. The Financial Commission’s task is to supervise and monitor its members’ actions and to protect the clients’ money.
It is always advisable to contact the Olymp Trade support team first. However, if the problem continues to be unsolved during the longer time you are entitled to consult the Financial Commission and ask to intervene.
The next thing that makes Olymp Trade stand out is its demo account. It is a great feature to practice your skills, to try different indicators and various strategies. The Olymp Trade demo account comes with no fees at all, so all you need to do is to register online. You get 10,000 virtual units to trade with and there is always a possibility to recharge the balance.
The Olymp Trade practice account is a great opportunity to get familiar with the platform and train trading skills. Using it does not cost you real money so there is no risk involved. Only benefits.
When you decide to trade on the real account, still, you do not have to risk a lot. The minimum deposit amount is $10 or €10, depending on your currency and the minimum investment amount per trade is $1. Thanks to such rules you can start small without unnecessary risk to lose all the money from the account.
The last thing I would like to mention in this section is the Olymp Trade availability. It is naturally accessible from your computer via their own website. But there is also the Olymp Trade application for desktop for Windows and macOS. Moreover, you can also download the mobile version for both Android and iOS, and have the trading platform always on hand.
Olymp Trade downsides
What has attracted my interest is the number of assets available on the Olymp Trade platform. It may be considered not a big amount. To be specific, there are 80 for trading options and 56 for forex, including, among others, currency pairs, commodities, ETFs, Indexes and cryptocurrencies.
Maybe it is not a lot, but it gives some variety. Especially at the beginning of the trading journey, it gives a chance to try multiple financial instruments.
The Olymp Trade platform inspection
Multiple charts, tools and indicators
The variety of options on offer makes the platform attractive. Each trader has its own unique style, prefers different trading methods and has other skills. To meet everybody needs, Olymp Trade proposes you adjust the platform to your wishes. It makes trading easier and more enjoyable.
You get 4 different chart types: Area chart, Japanese candlesticks, Heiken Ashi and Bars. I usually use the Japanese candlesticks chart as it is the most transparent for me. But it really depends on your preferences and the trading strategy you decide to use.
The candles interval is adjustable. Simply use plus and minus buttons to change the timeframe.
Then, there are over thirty different indicators which suppose to help you in good entry points’ identification. Moreover, most of the indicators come with an assistant. By clicking the small arrow you will get a short explanation of the indicator and further instruction recommendations.
All the above are easily accessible from the user interface.
Once you register on the website and open your free demo account, you are rewarded with access to numerous educational resources. There, you will find short instructional videos and webinars that will help you understand trading art better.
Bonuses are waiting for new members. Naturally, they are not obligatory so it is your decision to use it or not.
Your choice does not end up between demo and real accounts. When you are ready to invest real money you still have some options. You can choose a regular account or the VIP account.
The VIP account has numerous benefits. You get a personal manager, everyday market reviews and fast withdrawals, just to name a few.
The payouts at Olymp Trade may be considered as quite high in comparison to other brokers. They can reach 82% for a regular account and 92% for the VIP account.
The traders who choose the VIP account receive personal consultant and access to recommendations and trading signals.
Olymp Trade periodically organises contests and provides special offers what creates additional opportunities for its customers.
All the financial instruments are easily accessible from the platform interface. The amount of assets is well-balanced. You will not be overwhelmed by a great volume of instruments and it will be easier to choose the ones you would like to trade. Of course, it may be not enough for those with bigger experience in trading. Still, a choice involves assets like currency pairs, ETFs, Indexes, commodities and cryptocurrencies.
Furthermore, you can select a group of assets like for instance you want only commodities to be displayed. You will then see small pictures of how the price is developing and after analysis, you will make a decision which particular asset you would like to trade.
Once you enter the position you have two options. One is to wait until it expires. The other is to follow the price movements and sell the trade if you expect it will not end according to your previous assumptions.
Generally, the Olymp Trade platform interface is transparent and user-friendly. You will find all the necessary buttons like chart types, indicators and so on without any problem. The chart is easy to navigate both on the website and through the apps.
The language of the trading platform
You will be stunned with a number of languages that are offered on the platform. You can change from English into Russian, Spanish, Turkish, Japanese, Filipino and many others.
Depositing and withdrawing money can be done by using your bank card, but you can also make the payments via e-wallet. The minimum amount you can deposit or withdraw is $10 or €10. There are no additional costs to these operations. Usually, the transactions are processed very fast, for 24 hours. However, it can take up to 5 business days, so no need to worry until then.
Complaints concerning Olymp Trade
During my investigation, I went through various websites and forums to find out what traders think about Olymp Trade. I was happy to discover most comments were positive. Of course, I could not get past all of the opinions, and it was especially difficult in foreign languages, mainly Russian. I did translate some of the comments and yes, I found also negative statements.
One complaint was from a trader who entered the very same transactions at one time on two separate devices. The interesting thing was that the outcome upon expiry was different for both operations. Nevertheless, the validity of that claim cannot be verified.
There is one more complaint that caught my attention. It was about a difference between the prices shown on the real and demo account. I am writing about this because you should know this can happen. The brokers are controlling the prices so there can be a small delay in the prices displayed on the charts.
Where to trade with Olymp Trade
Olymp Trade had started with Russia and a few other countries in Asia. With years they expanded and began to offer services in many more regions including India, Ukraine, the Middle East, Latin America and others.
The governments of the countries had introduced new regulations and that is the reason why in some countries it is not possible to use Olymp Trade. The company systematically makes changes in own regulations so can widen its range, however, it is still not available in many countries in Europe or the USA.
The website is designed to serve people and even a beginning trader should find it easy to use the platform. It is very intuitive and clear. There are not too many pointless features. All the buttons are visible and well distributed. Moreover, you can use the desktop or mobile app what gives you the opportunity to follow your operations everywhere you go.
The practice account
Olymp Trade offers a practice account which is free of charge. It comes with 10,000 demo currency and can be replenished any time up to this amount.
When you are registered on the Olymp Trade website you get access to numerous educational resources, video tutorials, webinars and eBooks. In addition, you can search the answers in the sections “Terms” and “FAQ”.
Let’s take a closer look at the assets available at Olymp Trade. They have significantly increased their number over the years and they are now quite competitive.
You can trade options or Forex.
If you wish to trade options you have 6 commodities, 35 currency pairs, 16 indices, 13 stocks and 10 cryptocurrencies.
For Forex it is as follows: 12 indices, 28 currencies, 2 metals, 5 stocks and 9 cryptos.
Besides, while trading forex you may choose a multiplier to increase your gains (and losses). Olymp Trade allows leverage up to x500.
The duration of your position can be as short as 1 minute or as long as 23 hours 59 minutes. But what is more, you can set your own unique time, and thus gain better control over your trades duration.
Furthermore, you can also close the position manually. If you notice the price does not go in the desired direction, sell your trade before scheduled expiry and limit your loss.
Opening a position
You can certainly open a position manually simply by clicking buy or sell button at the specific time. But then, you can also place a pending order which means you can automate the operation.
It can be done according to the price which means your position will be automatically opened when the price reaches a predetermined level. Or you can set the time when you would like your position to be opened.
Take profit and Stop loss
If you are trading Forex, you can use the option to set take profit and stop loss. These are the features that secure your account against losing, as the markets can change fast. When you set take profit, the position will be automatically closed when the desired profit is reached. Stop loss, on the other hand, will automatically close the position when the predetermined loss is incurred.
Finding a legit broker may not be as easy as one could think. And this is an extremely important task because nobody wants to lose money on a scam. I wanted to describe Olymp Trade as meticulously as I could to make the decision of choosing your broker easier for you.
In conclusion, I can say that Olymp Trade is a legitimate broker. The most important thing is its membership of the Financial Commission. And successful VerifyMyTrade audit.
The other very meaningful fact is that Olymp Trade has the majority of good online reviews.
Then there is a transparency of their platform which makes trading easier, even for beginning traders.
To summarise the investigation, Olymp Trade is a broker you can trust your money with. If you are interested, you can register for a trading account. You can always open a free demo account at the beginning and check how it works for you.
Wish you an enjoyable trading experience!Leave a comment