Description
OlympTrade Overview
Olymp Trade is a binary options broker based in St. Vincent and the Grenadines, established in 2014, in Russia, is owned by two companies Smartex International Limited and Wallfort Limited.
After many years of establishment, so far, Olymp Trade has achieved impressive numbers, more than 60 million user accounts, an estimated 30 million transactions are made monthly on the platform with a turnover of up to 211 million dollars.
Since 2018, Olymp Trade has expanded its operations to a number of emerging markets such as Asia, Africa, and Latin America, partly due to a change in Russia’s regulatory policy, as well as the desire to become an international market leader. The best binary options broker in the world.
Regulation & Reputation
Regulation
Currently, the form of binary options trading has not yet received strong protection from financial authorities. Therefore, when participating in transactions with this form, if there is a dispute with the trading floor, the trader will be the one who takes full responsibility, without a third party to intervene to resolve.
However, with Olymp Trade, the exchange made efforts after only 2 years of establishment to become a Class A member of the Financial Commission (FinaCom) on February 22, 2016, confirming the company’s reliability and high quality service. The platform’s trade execution quality is certified by the independent test Verify My Trade.
Reputation
Accordingly, Olymp Trade clients get free legal assistance regarding any dispute they may raise with the broker. If any wrongdoing is proven on the part of the broker, a trader is eligible to receive compensation up to €20,000.
If compared and evaluated with binary options brokers, Olymp Trade is the most prestigious, but when compared with other forex brokers in the financial market, the license plate of Olymp Trade seems to be void. Therefore, before deciding to participate in a BO floor (binary options) in general and Olymp Trade in particular, traders should consider carefully!
Account types
Instead of offering conventional account types, Olymp Trade offers a new approach that is dynamic and caters to a variety of traders. There are three accounts, or account statuses, offered. Each with its own specifications and benefits.
The higher the account, or status, the more advantages traders will have.
Here is some features we found in this table below:
Account Type |
Features |
Starter Account |
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Advanced Account |
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Expert Account |
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Transaction Fee
The fee of Olymp Trade is quite low
Trade at Olymp Trade standard account
Lowest fees compared to other exchanges
One of the most attractive things about binary options trading at Olymp Trade is that they have some of the lowest fees compared to brokers operating in the same industry. When operating a standard account at Olymp Trade, you will only be charged based on the spread.
EUR/USD spread is around 1.1 pips
During our testing, the EUR/USD spread was around 1.1 pips. This is a pretty good fee, although not the lowest in the industry. However, it is still very competitive and affordable, even if you are just a day trader.
Trade at Olymp Trade ECN account
There is no spread, but there is a fixed commission
Operating costs on Olymp Trade
The conversion fee will depend on the account currency you are using
Remember that Olymp Trade only accepts US dollars and euros for account base currencies.
There are overnight fees and account maintenance fees
In addition to the above fees, Olymp Trade has an overnight fee and an account maintenance fee. Swaps can be overnight or weekend and are charged when you hold a position overnight or over the weekend.
Account maintenance is only charged when you have a live account but haven’t made any transactions or transfers for 180 days. After 180 days, you will be charged an account maintenance fee of $10 for each subsequent month.
Products on OlympTrade
Olymp Trade offers users the opportunity to trade in the following markets. However, it is worth pointing out that instrument availability will vary depending on where the trader resides:
- Stocks
- Commodities
- ETFs
- Currencies
- Cryptocurrency
Trading Platform
One of the most accessible platforms
It is one of the most accessible of all the trading platforms that Olymp Trade offers and is the first one you come across when you sign up for an account. The web trading platform can be run using a web browser, so you won’t have to download any software to your computer. Its advantage is that you can trade on any computer as long as it has a successful internet connection.
We tried the demo account on the web trading platform and did not face any problems. The interface itself is very ‘clean’ and easy to use, which is important when you spend several hours a day looking at the screen.
Simple and easy to use platform
This has to be the best trading platform for new investors interested in long term investment and casual trading. The platform is simple and has a clean interface, so it will work for you to place a few orders and keep track of trades from time to time.
Deposits and Withdrawals
OlympTrade users will need a starting fund in order to make their investments in the stock market. Once they generate the desired profits from these funds, they can proceed to withdraw their due at any time. These different transactions are very often carried out through the main means of payment accepted on Olymp Trade, namely:
- Credit cards, but also debit : as VISA or MasterCard are accepted for making payments (deposits and withdrawals) on OlympTrade;
- Bank transfers : also make options that will allow you to complete all your financial transactions on Olymp Trade;
- Electronic Walletss: Paypal, Skrill, Neteller, Webmoney and others are also payment methods accepted by the Olymp Trade broker.
Customer Support
This company offers customer service that operates 24×7; quality service is offered in 8 languages. The Olymp trade team can be reached through email, phone, and live chat. It also provides a FAQ section that can be seen on the website which is very helpful for users to expect the right answers to the queries. If they couldn’t find an answer to any of the queries, they can kindly contact the Olymp Trade customer support number anytime, which provides immediate guidance to their customers.
Conclusion
Olymp Trade has become a trusted retail platform in just over 5 years. It’s easy to explain this as traders’ reviews of the broker show it’s reliability and excellent services. Overall, Olymp Trade is a broker with a good variety of assets, reasonable fees, enough security and a user-friendly platform.
FAQ’s
- How to Deposit Money to Your Accounts
To deposit funds, you need to click on the live account that you want to top up (in the “Accounts” menu), pick the “Deposit” option, and then choose the amount and the method of payment.
- How to Transfer Money between Accounts
As multi-accounts are interconnected, it is possible to transfer funds between them as you please.
To do that, you need to go to the “Transfer” tab in the “Accounts” menu, then choose the sender and the recipient, and fill in the desired amount. All that is left is to click a “Transfer” button.
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What Is a Segregated Account?
When you deposit funds onto the platform, they are transferred directly to a segregated account. A segregated account is essentially an account that belongs to our company but is separate from the account that stores its operational funds.
We use only our own working capital to support our activities such as product development and maintenance, hedging, as well as business and innovative activities.
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How Can I Change My Phone Number
If you haven’t confirmed your phone number, you can edit it in your user account.
If you have confirmed your phone number, please contact the support team.
