Olymp Trade is a popular broker that offers online trading services in multiple financial instruments. The broker provides a hassle-free sign-up process and speedy processing of deposits and withdrawals with various account types and numerous deposit options. However, besides missing regulation from top regulatory authorities, the company seems to lag behind the industry standards in offering research and educational resources. In this piece, I review the broker in detail.
Olymp Trade is a brand name of Saledo Global LLC. The company started its operations in 2016 and is based in St. Vincent and the Grenadines. With more than 25 million registered accounts, the broker serves its clients worldwide. As far as regulation of the broker is concerned, It holds registration with the International Financial Commission (FinaCom). The brokers accept clients from all over the world except Australia, Canada, Japan, Israel, Europe, UK, and the USA.
Offers proprietary trading platform
Multilingual customer support
Wide range of payment methods
|Limited product portfolio|
Does not accept US clients
Limited research section
Charges in-activity fee
Who Is Olymp Trade For?
Due to the user-friendly trading interface and easy trading options, the platform is well suited for both novice and experienced traders. While multiple account types cater to individual clientele needs, Olymp Trade demo accounts are equally beneficial for all classes of traders.
Clients can use virtually funded demo accounts to practice unlimited trading strategies without risking their real funds. In addition, traders can make easy money with fixed-time trade options. Of course, traders need to predict the price direction of the underlying security to start filling up their pockets. However, unlike binary options, FTT trading is a bit of a complex subject to explore. Therefore, clients might need to develop a sound understanding before trying their luck with fixed time trading. On the other hand, the brokers’ product portfolio enables trades to explore countless trading opportunities in the forex market.
Sign-up allows bonus: The broker offers a 30% welcome bonus on a minimum deposit of $500.
Is Olymp Trade Safe?
While the broker does not hold regulations from a well-known regulatory authority, traders might refrain from signing up with it. However, the broker is registered with the Financial Services Commission (FinaCom). On the other hand, the company employs advanced security layers to protect clients’ financial information.
For example, Olymp Trade’s two-step authentication factor accompanying SSL web-encryption protocol serves to be an effective safety measure against unauthorized intrusions. In addition, it offers indemnity insurance enabling clients to claim their losses up to a specific limit if the company goes into liquidation.
Offering of Investments
The broker offers a wide range of tradable instruments across various asset classes, including forex, stocks, commodities, and cryptocurrencies. However, the availability of tradable assets is subject to the clients’ country of residence. Therefore, it would help if clients make sure that the broker offers their favourite tradable asset before signing up.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||70+|
|Social Trading / Copy-Trading||No|
|CFDs instruments||Forex, Shares, Stocks, Indices, Commodities, Cryptocurrencies|
Commissions & Fees
Olymp Trade has a competitive fee structure. While the spread cost is relatively low, the company does not charge a fee on deposits and withdrawals. However, clients need to pay a $10 inactivity fee on dormant accounts. Not to mention, the average spread on major currency pairs stays between 1.0 pips to 1.2 pips at the Olymp trade.
Given below is a quick review of each type of account offered at Olymp Trade.
Starter: The starter account comes with a nominal deposit of $10. Clients can access different analytical tools and educational resources for a maximized trading exposure. It is worth mentioning that the starter account carries relatively high-risk exposure with no trailing stops being offered.
Advanced: Traders who wish to unlock additional trading features need to deposit $500 to upgrade their account to the advanced level. Besides using a range of trading indicators, advanced level traders can also benefit from the expert forecast. In addition, while clients are allowed to employ trailing stops, the risk exposure in an advanced account is relatively low.
Expert: High volume traders can sign up for the expert account. The minimum amount needed to open an expert account is $2000. The expert offers all basic and advanced level features required for an enhanced trading experience. Besides a reduced commission of up to 20%, expert account holders can avail risk-free trades for 5% of their investment.
|Minimum Initial Deposit||$50|
|Average Spread EUR/USD – Standard||1.2 Pips|
|All-in Cost EUR/USD – Active||1.5 pips|
|Minimum withdrawal||Not Specified|
Platforms & Tools
Olymp Trade offers access to both web-based and desktop trading platforms. Besides accessing the trading platform online, traders can also use it on their desktop and mobile phones.
While the broker focuses on enhanced user experience, it keeps the online trading interface as simple as possible. Well-arranged trading tools and features make it convenient for traders to navigate around. The dashboard features different options, including time and amount taps. In addition, traders can customize their charts using graph types and colour schemes. Other features on the main window include language preferences and the selection of order types.
The web-based version of the platform features 20 indicators enabling clients to perform technical analysis on the underlying assets. Charting option in 4-time frames is also available at Olymp Trade. Searching for your favourite assets is relatively easy since you have a dedicated button available to filter your choice.
Besides the broker’s proprietary trading platform, clients can use the MT4 trading platform. MT4 offers a wide range of trading tools and indicators needed for purposeful trading. However, since the broker focuses more on fixed time trades, clients might prefer sticking to the web version of the trading platform.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting – Indicators / Studies (Total)||20+|
|Charting – Drawing Tools (Total)||20+|
|Charting – Trade From Chart||Yes|
|Order Type – Trailing Stop||Yes|
Olymp Trade research centre lags way behind the industry standards. Except for market insights and news feed, there is nothing to explore. The broker could have considered adding research tools such as trade ideas, pivot points, market analysis, etc. While trade ideas help clients to focus on their weak areas, pivot points enable traders to determine potential turning points of the market sentiment. Market analysis helps traders know the prevailing industry norms and limitations.
Unlike the research section, Olymp Trade’s educational library seems well maintained. Traders can access the learning material under the help tab available on the homepage. The broker has divided the learning resources into two sections, including user guides and trading tutorials. There are eight user guides and eighteen trading tutorials covering almost everything that could be essential to know. The user guides specifically answer your how-to queries.
On the other hand, trading tutorials help clients learn the basic and advanced level trading tips and techniques. However, the broker could have added some additional features in the educational section, such as the economic calendar and glossary section. While the economic calendar helps traders track the upcoming major releases, the glossary tool enables clients to learn different trading terminologies. The broker also has a news feed section to keep clients updated concerning recent industry developments.
To facilitate on-the-go users, Olymp Trade offers a user-friendly mobile trading app. Although it does not provide as many features as available on the web-based platform, clients can still access different charts and indicators on the mobile trading app. Not to mention, traders can also access the free learning material using their mobile phone. However, the small screen might remain the limitation. The mobile trading app supports both Android and iOS-based mobile phones and tablets. Traders can download it from the respective App Store.
|Mobile devices||Mac and Android|
|Features||One click trading, watchlist, charting tools, price alert, etc.|
After a detailed review, we found Olymp Trade to be an average broker. Unfortunately, the company doesn’t hold regulation from any reputable regulatory institution, such as CySEC, ASIC, or FCA. Therefore, the safety of funds remains a prime concern for traders. However, the company offers funds protection under the indemnity insurance program in registration with IFC. Not to mention, the broker seems to be endeavouring hard to become one of the topline brokers.