Launched in 2017, OlssonCapital is an unlicensed broker for cryptocurrency and CFD trading. The brokerage is owned by Carter Enterprises OU, registered to 85, James Bouchier Blvd, Sofia, Bulgaria and with headquarters in Estonia. We decided to review Olsson Capital, as the company claims to be reliable and supportive, providing its customers with ‘powerful and profitable’ trading. We saw that the company offers many trading opportunities for beginners in online trading with a single trading account and a user-friendly platform. Moreover, Traders in South Africa are welcome to register with OlssonCapital.
To discover more about the trading account features, funding methods, quality of customer support and the trading software offered by OlssonCapital, read our review below.
OlssonCapital Special Features
Whilst writing our review, we had difficulties finding information about trading account features and proceeded to open a trading account ourselves. We saw that setting up an account is very easy and uncomplicated. To begin, clients simply go to the ‘Sign up now’ tab and click on it. This takes them to the registration form where they need to give some personal information. In line with international anti-money laundering regulations and the company’s own KYC policy, clients are obliged to submit copies of an official ID document and proof of residence to verify the trading account (passport and recent utility bill are usual).
At this point customers must choose the base currency of the trading account that can be in EUR, USD, GBP or AUD. We saw that to open a live trading account we had to make a real money deposit of $250 and that the minimum trade size on the trading platform is $50 which is high in our experience. After checking out the funding methods available to clients at OlssonCapital we did not proceed to activating a live account.
Interestingly, we discovered that traders are likely to receive voluntary bonuses from OlssonCapital. It’s important to realise that bonus offers are subject to fulfilling specific trading volumes and can be turned down without affecting the trading status of the clients. Typically, OlssonCapital requires traders to execute a trading volume of 30 times the size of the bonus before withdrawing funds from the trading account.
OlssonCapital Demo Account
We were disappointed to see that OlssonCapital does not provide the opportunity to open a free demo account for risk-free practice trading. Bearing in mind that the minimum trade is high at $50, we would like to see a demo account where customers can become familiar with CFD and cryptocurrency markets and the various tools on the trading platform.
Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!
OlssonCapital Trading Software Features
Traders who open an account with OlssonCapital are immediately given access to the browser-based trading platform and the available features without any software download. Moreover, a native mobile trading app is available for iOS and Android powered phones and tablets for smooth trading on the go.
Whilst we couldn’t view the platform without activating a trading account, we discovered that the broker appears to be using the popular SpotOption 5.0, a recently developed trading platform from SpotOption. The platform may be a familiar sight to customers who have traded in binary options with other online brokers. Importantly, cryptocurrency and CFD traders enjoy a very simple, uncomplicated experience, compared to the relatively sophisticated MT4 Forex platform offered by many online brokers.
The OlssonCapital trading platform offers around 100 tradeable assets, including major and minor currency pairs, commodities, indices, stocks and cryptocurrencies. Impressively, the range of cryptos available for CFD trading is very large and includes Bitcoin, Bitcoin cash, Dash, Ethereum, Ethereum classic, Litecoin, Monero, Ripple and Zcash. Customers can access a trading signals service provider for a fee. However, there are no explanations about using trading signals and we suggest that traders ask for details from the support team before investing in the service. Social trading is an additional feature very popular with traders at OlssonCapital. Customers with little or no experience can choose to follow and copy the trades executed by successful traders around the world, potentially increasing their profits. Even advanced traders prefer social trading, in order to save the time needed to discover the best market opportunities and manage trades made on the platform.
Leverage is offered by OlssonCapital, for margin trading with more money than traders deposit into their trading accounts. However, the leverage level depends on the type of tradeable asset with traditional currency pairs receiving up to 1:200 and cryptocurrencies up to 1:15 because of the higher market volatility. Spreads depend on the asset type, but we did see the EUR/USD spread at 0.2 pips. Spreads are the difference between the buy and sell price of an asset and may vary from the quoted market price. Typically, the broker widens the spreads to earn revenue for the company.
OlssonCapital Customer Support Information
We found the customer support team at OlssonCapital friendly and efficient. The customer service team can be contacted through the live chat on the interface, email and by phone. At the time of writing this review, phone numbers were listed for Bulgaria, the UK, Sweden and the Czech Republic. A contact page can be submitted directly from the contact page and customers in South Africa can request a free call at a convenient time, saving themselves phone fees. OlssonCapital is available in English only, but we assume that the support staff in the various countries, speak the language of the country.
Further support is provided through the comprehensive ‘Education centre’ on the website. We found the ‘Traders TV’ video tutorials clear and informative, preparing traders quickly for their trading careers. Clients who take the time to read the eBooks on CFD and crypto trading can enhance their knowledge of financial trading substantially. A glossary of trading terms and a broad-based FAQs page provides guidance to clients.
OlssonCapital Payment Methods
Customers setting up a trading account with OlssonCapital can fund their accounts with credit/debit cards, a variety of electronic payment methods, Western Union and bank wire transfer. Customers in South Africa can expect to see local payment methods offered by OlssonCapital. We were surprised to see that customers choosing to deposit by bank wire transfer, must make a minimum deposit of $500 to their trading account, even though the initial deposit requirement at OlssonCapital is just $250.
There does not appear to be a minimum amount for withdrawals made from OlssonCapital however, fees apply to most withdrawal methods. Credit card withdrawals are charged 3.5% of the value of the amount, Wire transfers are charged a flat rate of $20 and credit card withdrawals are charged $20 if the amount is less than $100. Furthermore, a $25 monthly fee is charged for ‘dormant’ accounts after 2 months of inactivity.
Unfortunately, withdrawal requests take up to 7 days to be processed by OlssonCapital and at least seven more days for the money to appear in customers’ accounts. Every withdrawal requires customers to submit copies of account verification documents, that not only include an official ID and utility bill, but a copy of the credit card used to fund the account and a signed declaration of deposits made to OlssonCapital. The clearing and billing services are done by Carter Enterprises OU and by GM Management DOO.
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