Olymp Trade Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
Considering trying out Olymp Trade as your forex and options broker? Olymp Trade is owned by Saledo Global LLC. It is registered in St. Vincent and the Grenadines, making it technically classified as an offshore broker. Olymp Trader offers its users the ability to trade options on a large variety of markets. These markets include ETFs, Forex currency pairs, and more. Is this broker the right choice for you? Read our review of Olymp Trade and find out the answer to that question and more.
About Olymp Trade
An online forex and options broker, Olymp Trade is owned by Saledo Global LLC and is registered as a company in St. Vincent and the Grenadines. This means they are technically classified as an offshore broker, and they have been in operation since 2014. They also have a number of locations around the world and claim to have almost 25,000 daily users and more than 1 million followers on social media, which would put them in a strong position competing with many of the top forex brokers we have reviewed.
So the only question is, with so many forex broker options out there, such as VantageFX and FXPIG, is Olymp Trade truly the right choice for your needs? Let’s find out more in this review of Olymp Trade.
Olymp Trade Account Opening
Getting your Olymp Trade account up and running is much the same process as with other brokers we have looked at. They do have a demo account available, which you can access with the most basic personal registration information, but if you want to get involved in real live trading, then you will need to verify your account with proof of identity and proof of residence.
For this purpose, a copy of your passport and a recent utility bill or bank statement within the previous three months should usually be enough. Once you have passed the Olymp Trade online verification process, then you will be ready to start trading.
The minimum deposit you must make in order to open and operate your Olymp Trade account is $10, though the minimum trade size you can open starts from only $1.
Account Availability And Account Types
Since Olymp Trade focuses primarily on options trading, the scope of where they offer trading services is quite limited. The major places where trading is not available include within the United States, Europe, Canada, Japan, Australia, UK, Russia, or Israel. This is mainly due to regulatory factors that prohibit binary options trading in some of these locations.
Focusing on the available account types at the broker, you will find that only one standard account type is available across the board. This standard account type simplifies the offering and is used by all traders at the broker, with the exception of VIP traders. You can qualify for a VIP account if your deposit is at least $2,000.
Olymp Trade Product Offerings
At Olymp Trade, you can choose to trade options on a wide variety of markets, including forex currency pairs, commodities, ETFs, Crypto, stock, and indices markets from around the world. In total, the broker manages to offer around 79 markets for trading, more than 30 of which are currency pairs, though this number is increasing all the time.
Commissions And Fees
Olymp Trade is a binary options trading broker. In that respect, they will always be a counterpart to your trade and will benefit completely from any of your losing trades. Due to this, they are able to minimize any additional fees that they apply in markets, which may be an important source of revenue for other types of brokers.
Olymp Trade, while competitive on many fees, does still charge a small commission on trades. This commission, according to the website, starts from a minimum amount of 0.0040%. The broker also charges an inactivity fee of $10 per 180 days of inactivity.
Olymp Trade Platforms And Tools
Olymp Trade offers a couple of choices when it comes to your choice of trading platform. Their proprietary trading platform is available to use, while also available is MT4, one of the best forex trading platforms around, though it would appear that all trading at the broker is actually directed through their own trading platform.
The Olymp Trade trading platform is available as a desktop application as well as directly through your browser as a webtrader. Both of these platforms have the same range of capabilities and manage to showcase a trading platform that is visually appealing from the outset.
This visual appeal is matched by a high level of intuitiveness on platforms that are very easy to navigate and can be run easily on many devices. As a trader, you will be able to pick up the free-flowing style of this trading platform in no time, and execute your chosen trades quickly and efficiently through the broker systems. There is also a solid range of charting tools and indicators at your disposal to provide a good degree of market insight while making your trades.
Mobile Trading Platform
Available on both iOS and Android mobile and smart devices, the Olymp Trade mobile trading platform allows for much the same degree of flexibility and usability that you find in both the desktop and webtrader counterparts. This trading platform is fast to download and still provides good access to many of the same functions as the other trading platforms, both from this broker and when compared with the mobile trading platforms of others in the industry.
Olymp Trade Education And Research
Olymp Trade performs very well in both of these areas. In terms of research, a good degree of choice and technical insight are provided. This section includes a detailed economic calendar and range of analytical tools that include access to trading signals, and an analysis of each asset that is offered by the broker, which is regularly updated. Also included is a live news feed that works to aggregate important news coming in from the industry in a bid to give you further, up to date insight.
The education section of the broker is also one of its most detailed. This hosts a range of articles on all aspects of trading from beginner levels right through to more experienced traders. Both articles and video tutorials are included, as well as more detailed information on potential strategies and helpful indicators. Regular webinars are also hosted in an effort to give you access to the best quality information possible. This level of content ranks well, even among some of the best educational platforms we have reviewed.
Olymp Trade Differentiators
The main differentiating factor when it comes to Olymp Trade is undoubtedly the range of both research and education tools they provide. While in other areas, the broker somewhat struggles to impress, they redeem themselves admirably in these areas.
The broker clearly recognizes the importance of continued learning and development for traders, alongside the need for insightful and up to date information to be provided at all times. These are two needs that they do manage to meet under the currency structure.
Olymp Trade customer service support is available around the clock with a number of forms of contact which you can avail of. These include two dedicated telephone numbers, an email service, and a web-based live chat, all of which work hard to provide the very best in knowledgeable customer support to any questions that you may have.
Olymp Trade Trustworthiness
For all of the positives just highlighted about the broker, this is a key area where they do indeed struggle. From the outset, as a binary options broker, they are involved in a riskier aspect of the trading industry. With that, being based offshore in Saint Vincent and the Grenadines is not helpful to their reputation for trust. The broker is making an effort on this point, though, and they are a member of an organization known as Finacom based in Hong Kong, which is an independent regulatory organization, and dispute resolution body. Given the nature of binary options trading, though, this still pales in comparison to some of the major forex regulatory organizations around the world.
Conclusions For Olymp Trade
Overall, having completed a full Olymp Trade review, it is fair to say that they appear to be an experienced broker having been around in the sector for several years, and they are making an effort to be well regulated. Still though, their offering in terms of a website and content does not seem to fill traders with confidence, and the sector of binary options trading is inherently fraught with risk.
Where the broker does shine is its provision of a decent proprietary trading platform which is easy to use, and a very strong educational infrastructure. If you are willing to take the risk on binary options trading, then, this broker may be on the more positive side of the industry.
- The broker at least has some degree of history and experience in the industry, having been around for several years.
- The proprietary trading platform they offer appears to be quite user-friendly and provides a good trading experience.
- Their offering in both education and research areas is excellent.
- Binary options trading is a very risky type of trading to be engaged in.
- Although they quote big numbers in terms of traders, their offering in terms of a website and professional details does not appear to reflect this.
- Although they are trying, the broker is not very well regulated by a recognized body.
- Much of the content and background about the broker seems to be vague at best, with little to confirm their safety of trading.