Many friends told me to post an Olymp Trade review because it is really popular. I hadn’t used it till then. So, I tried it and made my conclusions.
I also searched for serious complaints about Olymptrade on the web and popular websites like Quora and many more. But I include some positive reviews,too.
Introduction of the Olymp Trade review
What is Olymp trade about?
OlympTrade is a global binary options broker with an above-average reputation in financial circles. OlympTrade started accepting binary options traders in 2014. They have upped the ante in service delivery. (here you can see what is binary options and how does binary trading work)
From their website, OlympTrade is owned and operated by Smartex International LTD. Smartex is a financial company headquartered in St. Vincent and the Grenadines. They also have a registered agent in Cyprus. But it started as a Russian broker.
Is Olymp Trade regulated?
Olymp Trade is a regulated binary options broker, so they adhere to strict procedures. This is to prevent their license from getting revoked.
However, let’s remain objective here. They are not regulated by any reputable regulatory body such as CySEC.
They are subject to regulatory oversight by a self-proclaimed online broker regulator. It is known as Financial Commission. From their website, the regulatory body main function is that of an arbiter in case of disputes.
When I contacted them on matters of regulation, they told me that they have applied for a license at CySEC.
Well, that’s a line from almost every unregulated broker, isn’t it?
Let’s continue with our Olymp trade review.
Trading Platform review, Minimum Trade, Trading Assets, and Expiry Times
Like most brokers in the industry, OlympTrade offers a good, proprietary trading platform. It comes with a vast selection of features.
The trading platform is fully available online, so you don’t need to do any downloads. Just have a stable Internet connection and a working browser. The trading platform has an enhanced charting ability.
In addition, their one-click trading feature eliminates occurrence of costly delays. You can opt in or out, and it’s coupled with their fast trade execution. The platform is also very easy to use.
Of course you can find better platforms. Click here for the best binary options brokers of 2018.
OlympTrade offers a well-populated assets catalogue. I traded various currencies, global stock exchanges, stock indices, and hard and soft commodities. I was also able to trade a bunch of cryptocurrencies.
To add to that, not only do they offer binary options trading, but they also offer Forex trading services. However, they don’t offer a diverse range of trading options; they only offer a hybrid ladder option.
They make up for their lack of options with customizable expiry times. The expiry time offered include Long-Term, Short-Term, and Medium-Term.
Interestingly, you can start a trade as short as 60 seconds or as long as a couple of months. What sets them apart from other brokers is the fact that you can create your own expiry time.
Yes, you heard me right! You can create an expiry time that suits your trading strategy to the second.
The minimum trade at OlympTrade is as low as $/£/€ 1. The maximum trade amount for a standard account is $/£/€ 2000 and $/£/€ 5000 for VIP accounts.
Payouts can be as high as 90%.
Here is an official video about the Olymp trade platform:
Olymptrade Withdrawal and Deposits review
When I write all the reviews here, the most important aspect is the banking process.
Is it secure enough? Are deposits and withdrawals processed expeditiously? What are the banking limits?
Well, at OlympTrade, banking is easy. They offer dozens of payment methods. Some of them are custom-tailored to traders from certain geographic regions.
Generally, you can make a deposit via eWallets. Some such eWallets include KIWI, WebMoney, Yandex, NETELLER, Skrill, and FasaPay. I was also able to make a deposit using my credit card.
You can also deposit with a bank card. In addition, the deposit process is straightforward, and funds reflect almost instantly. The minimum deposit amount is $10.
Although making a deposit is seamless, successful withdrawals are subject to acceptance of a withdrawal request, which can take up to 5 days (it’s pretty long if you ask me!). Withdrawals can only be processed via the same method used to make a deposit.
I asked for a $350 dollars withdrawal and got them on my credit card within 3 days. Using Skrill or other e-wallets may be faster.
OlympTrade does not levy any hidden fees. They have currency exchange fees and standard withdrawal fees for bank transfers.
Olymptrade Demo Account review
One upside of using OlympTrade is the demo account. Right after registration, even before you deposit, you can use a demo account.
Of course other brokers, better than Olymptrade, offer one-click demo. You can see here the best binary options brokers with one-click demo accounts.
The most remarkable feature of their demo is that you can toggle between Forex and binary options with ease. Also, the demo account comes preloaded with $10,000, which can be replenished.
Bonuses and Promotions
OlympTrade offers a wide selection of bonuses to new and existing traders. At the moment, new traders are offered a 100% bonus, up to $200. The bonus comes with stringent wagering requirements.
As I have said many times, if you take the bonus you have to meet some specific requirements before you can withdraw your winnings. Be careful.
In addition, they will roll up several trading tournaments in the next few weeks. Traders will be able to win huge cash prizes. Unlike most brokers, a trader can accept or decline a bonus if wagering seems unfavorable.
Olymp Trade Mobile App review
For a holistic trading experience, OlympTrade offers a unique mobile trading platform. Traders can use it to top up their accounts, place trades, and request withdrawals.
The Olymptrade app can be downloaded from the Apple Store or Google Play. Alternatively, you can use the download links on the home page. Here is the Olymptrade apk onGoogle play.
In terms of the usability of their website, they undoubtedly rank among the best in the industry. The website has a responsive layout that accommodates a range of devices. Therefore, every trader is guaranteed a seamless trading experience.
This is irrespective of the device used to access markets offered by the broker. Also, the homepage has a simple but condensed layout with visible buttons and no dead links.
To add to that, traders can toggle between binary options and Forex with ease, by clicking one button.
We are almost done with the Olymp Trade review. 2 more things and then you can read the complaints and the summary.
OlympTrade accepts traders from many countries.
It does not accept countries that belong to NATO and Japan. All the other countries are accepted.
Also, they have an interesting clause in their terms and conditions. It states that the “trading terminal may not be used by clients from the countries whose laws prohibit option trading.”
The performance of customer support reflects on the overall performance of a broker. At OlympTrade, the customer support offered is top-of-the-line. Support is available 24/7.
For speedy support, the live chat option is definitely the best. They respond in a matter of seconds. Alternatively, you can also send them an email or call any one of their regional numbers.
Creating an account at Olymptrade is nothing difficult. You only need to follow a few simple steps, and you will be ready to start using their platform. Unlike many other trading services, Olymptrade requires no documents submission, which enables a faster jump into trading.
As soon as you enter their website, you will be required to log in.
There, you will need to fill out the basic info that they require.
Complaints about Olymp trade
After carefully going through peer-review websites, I managed to put together some complaints.
It is imperative to note that some of the reviews may be from disgruntled traders after losing money to uncertain markets. Because of this, they may not offer a clear picture on the performance of broker in question.
Of course, the same applies for the positive reviews on Quora that I give you later on this post. You don’t know which are genuine and which are not.
Selective Account Blocking
On ForexPeaceArmy, there are complaints about the broker selectively blocking traders’ accounts. One complaint had this to say:
“On 7 May 2018, I clicked on an ad for one of their affiliates. In order to see his strategy, I had to open a new account with OlympTrade and fund it with $40. I did this with another e-mail address, not knowing that I was not allowed to have a second account.
After this date, I decided to try my old strategy again and deposited $2000 in my old account. It went well for a while, but I lost this money. I deposited another $10 000 and for the first time started making money, but then the problems started.
I started seeing weird things on the platform when trades were about to expire. When I queried this, OlympTrade was not happy. I asked for a big withdrawal and because of me making money OlympTrade closed my account, refused to pay out my initial investment + profits.
They used the second account I funded with $40 as a reason for breaking their Terms and Conditions. This is obviously only an excuse to pay me what is rightfully mine.”
Well, here’s another one.
“OlympTrade.com a binary company based in trading Forex currency pairs and commodity froze my trading account, with $1324 in the account…. OLYMPTRADE platform is owned and operated jointly by two separate companies, named as Smartex International Limited and Frandom Holding Ltd.
The first one is based in Mahe, Seychelles while the other one’s headquarters is situated in Agios Dometios, Nicosia, Cyprus. I cannot login or access my funds.”
I couldn’t find more genuine complaints on the web.
Summary of the Olymp Trade review and Your reviews
Is OlympTrade safe or a scam?
OlympTrade has been in existence since 2014. The Olymptrade Android app is a positive sign.
Although my withdrawal took a few days, the most important thing is that I successfully made it.
But I had no winnings. I just tested the platform by depositing and withdrawing. There are complaints by some traders that Olymptrade blocked their accounts because they were winning.
Also, I do not like their regulatory body.
In my opinion, it is probably not a scam. But I would not trade with them. Click here for the best regulated binary options brokers.
- Good trading platform
- A wide range of trading assets
- They offer demo trading
- A versatile mobile app Website is available in multiple languages
- Not trustworthy regulator
- Complaints about selective blocking of winning accounts
Be the first to leave a review.
Interesting questions and Olymp Trade reviews on Quora
A question that you can find many times : Is Olymp Trade safe, is it legit, is it real or fake?
Here are the most interesting replies found on the most replied question on Quora about it.
Here is a good positive one: What makes me trust this broker? It’s an open broker, we can see their communities around social media; large Facebook groups, forums and blogs, etc.
One that I liked:First for you who don’t know if you can trust this broker, I suggest you to register to get the trading account, then try it with demo account. Try to see its communities, what people who trade with olymp trade talk about, and try to do a small transaction to see if it works.
a negative one:
Avoid it! !!!!!!
Olymp Trade is registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines does not regulate forex trading. Therefore, it is running a brokerage without license.
and one that I agree with:
This broker might suck because I am skeptical about their regulation. The FinaCOM seems to have been around for a couple of years but I am not sure whether they are as effective as CySEC or not, or if they aren’t a scam too. Another reason for concern is the FMRCC regulation, a non-official source of oversight based in Russia. Time will tell.
FAQ and Olymp Trade in several Countries
Is Olymp Trade legal in India?
Here is the best reply I found on the web.
Technically, it is legal as there is no legal framework to govern this trading type inIndia. No. They are not regulated by any regulatory body in India. To trade in India,Indian traders have to sign up with an offshore binary options broker.
While hotly debated among the Indian online trading community as to whether it is illegal to trade binary options in India, technically speaking the answer is a simple “No”. Unlike forex trading in India which is tightly regulated by the Securities and Exchange Board of India, there are no equivalent legal restrictions imposed on Indians trading binaries. Due to the lack of locally regulated brokerage firms, many traders in India have resorted to dealing with offshore brokers, some of which are regulated and others unregulated.
More here: https://www.quora.com/Is-Olymp-Trade-legal-in-India
here is a video with an Olymp trade review in Hindi
What is the best binary options trading platform?
Click here to see the list of the best binary options trading platforms.
How to deposit from India?
You can use e-wallets like Skrill.
At the moment Skrill offers its services in 201 countries.
Yes in India Skrill is allowed to deposit and withdrawal but only for non gambling purposes.
Here is a post on Quora about how to deposit to Skrill in India.
Can traders from Kenya and other African countries trade on Olymptrade?
Of course. Every country that is not on NATO and Japan can trade on Olymptrade.
What about Latin America?
Yes they can trade. Olymptrade has a special channel on youtube for Latin america.
How can traders from Indonesia deposit?
Fasapay is accepted. And all other options discussed above.
Here is a playlist of videos about Olymp trade indonesia
Are traders from Philippines and Malaysia accepted by Olymptrade?
Yes they are.
Olymptrade Registration and login
It is really easy to register with Olymp Trade. Just visit the homepage and there you will find the registration form. More above, in the review.
To login just click the top left Log in.
Can you really make money with binary options trading?
Here is my post with the 7 most popular binary options questions & answers.
This is the end of my review of the Olymp Trade trading platform. You can leave your reviews above or your comments/questions about Olymptrade below. Leave your complaints,as well.