Olymp Trade, since its establishment in 2014, has grown into a multi-award winning, popular fixed time trades broker. It won Le Fonti’s 2016 Best Fixed Time Trades Platform. Forex Expo gave the broker its 2017 Best Fixed Time Trades Broker award and in 2019, it was crowned ShowFX Word’s Fastest Growing Broker of the year.
Olymp Trade is operated by Inlustris Ltd, Saint Vincent and the Grenadines, whereas its agency company is the Wallfort Limited, Cyprus.
In 2016, the broker was registered as an A-recognised member of the International Financial Commission (FinaCom), an organisation that secures investors’ funds up to $20,000.
Olymp Trade currently has over 20,000 clients using its platform. Read our full review to find out what makes this broker this appealing to traders worldwide.
Olymp Trade Accounts Features
Olymp Trade’s trading conditions are very reasonable. Owing to its compatibility with the world-famous, industry-standard trading platform, the MetaTrader 4, the broker has gained popularity with many traders from diverse backgrounds. The suite of financial services it offers is of a wide range, too.
Starting to trade with this broker is so easy. You need to put up just $10 in the minimum amount to open an account.
And with just $1, you can initiate a position right away.
On the MT4 platform, when creating an account, you will be given the freedom to choose any currency of your choice as your default account currency.
Moreover, there is a recently-introduced system by the broker through which it provides flexible trading conditions for its clients. That is, each client is given the chance to choose the conditions, from leverage to account type, under which they trade.
There is a connection between that system and the broker’s bonus culture.
For example, when you fund your account, you become eligible for the Basic Status which enables you to access a free training program and earn up to 82% in pay-out on your investment.
The next status is Advanced Status. To be able to get in, you have to deposit a minimum of $500. Additionally, you must have gained at least 1500 Experience Points (XP). This status confers the privilege to freely access analysts’ advice and multiple pre-formulated strategies, and also earn up to 84% in investment profit pay-out.
If you want to become elevated to the Expert Status, the status on which you will be able to enjoy personalised training, exclusive signals, risk-free trades, and at least 92% pay-out, you must deposit a minimum of $2000 an earn 5000 Experience Points (XP).
Olymp Trade Trading Platform
Olymp Trade’s trading platform can be accessed in three ways:
- The broker’s website itself
- Desktop application (available for both Windows and Mac)
- Mobile application (available for both Android and iOs)
Olymp Trade’s desktop application can be used on both Windows and Mac.
In addition to the desktop application, the broker also allows its clients to use MetaTrader 4 which is available as mobile apps for both Android and iOS. As a result, the market is rendered more accessible to traders irrespective of device. Still, on both its desktop and mobile platforms, Olymp Trade supports over 80 asset classes which include:
- Forex pairs
- Commodities, and
Overall, the trading software is user-friendly, with a clean and organised layout. There are a folding panel and a Help menu to the right and the left of the charts respectively. With the former, you can monitor your trades in real-time. With the latter, you can get in touch with the customer support service and take the courses the broker provides.
The charts, equipped with multiple time frames and indicators, are customisable. As a result, you can select the graph and colour of your choice. Those graphics make the platform intuitive for traders to use in such a way that they can easily understand how it works.
Olymp Trade Educational Resources
One more benefit of being an Olymp Trade’s client is the huge library of educational resources which can be easily accessed via its trading platform.
Once you become a registered user, you can learn a wide variety of fixed time trade topics with the broker’s webinar, courses, explainer articles, and videos which teach both the basic and advanced trading topics — from strategies to risk management.
Additionally, educational resources are also provided via the weekly reviews and daily analytics. There is also a demo account for learning practice. The multifarious formats in which those resources are delivered ensure that no matter your preferred method of learning, you can always get a fit.
Olymp Trade’s Customer Support
If a broker has a poor or non-existent customer support service, you should not use it. Doing so will lead to a lot of heartaches for you along the line. In this regard, Olymp Trade is there to make sure you are adequately catered for. In fact, you can always get in touch with the broker to file any complaint — anytime, anywhere, in almost any language.
The broker interacts with its clients in about 20 languages. Plus, its customer support service is provided via multiple channels which are,
- Online Chat
The FAQ section especially is comprehensive enough to handle all your immediate concerns. With it, you do not have to communicate with the support team. It might help to know, though, that the online chat is the quickest to use.
Deposits and Withdrawals with Olymp Trade
As an Olymp Trade user, you can fund your account using any of the five ways:
- E-wallets (e.g. Neteller and Skrill)
- Bank Cards (e.g. Visa/MasterCard)
- Payment Invoice Generation
- Local Bank Transfers
- Cryptocurrency (e.g. Bitcoin)
What is actually interesting is the fact those payment methods are not generally offered to customers, without considering what is available in their countries. Instead, the broker has unique payment and withdrawal solutions based on the preferences of users from different countries.
For example, since South African online traders seem to have a strong preference for bank cards and virtual cards and electronic wallets, Olymp Trade has since made the use of Visa/Mastercard, AstroPay Virtual Card, Neteller and Skrill available for them. Additionally, still, they can use other options such as WebMoney, FasaPay, GlobePay, and Bitcoin.
However, before you go for any option, make sure you first understand how it works. To prevent unnecessary worries, for example, you should know how long transactions take with each of them. E-wallets are the fastest, but generally, all payment requests are processed by the broker within 24 hours and effected in at most 5 days.
Also, the broker can request that you authenticate your account ownership before it affects any withdrawal.
As a result, you might be asked to supply personal documents to protect your account against cyber-hacking attempts. If you are having any issue at this stage, check the FAQ. But know in advance that you will have to present a scan of your passport, a utility bill, or your user profile.
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