Video Olymp Trade Review
Olymp Trade is a relatively new binary options broker that was established in 2014 and is based in Russia. Its ownership is traced back to Smartex International Limited which is registered in Seychelles and Frandom Holding Limited in Cyprus where all the financial transactions are operated from. According to their statistics they have a customer base of about 370,000 investors who’s withdrawals average about $2.5 million each month.
Olymp Trade platform
One of the things that stands out about the OlympTrade trading platform is it simplicity. They offer you the flexibility to trade from your PC, using the web platform or download the trading application to your phone and trade on the go! No download is required while trading on PC. The web platform and phone apps are not as ‘busy’ as other those provided by other brokers and this makes it quite intuitive which is an important thing especially for new traders. The platform is available in Russian, English, Portuguese and Thai.
It is available for both android and apple devices. Downloads of their application have recently surpassed the million dollar milestone meaning that it is one of the preferred trading platforms.
The only downside about their platform is that they just offer small timeframes for trades (1 minute to 7 hours) and they have only the high/low option to trade. So if you are a trader who wants to trade over longer periods, this may not be possible using this broker.
Account types and Asset index
OlympTrade allows users to open two main types of accounts: demo accounts or real accounts. Although many dismiss demo accounts as a waste of time, they have been found to make a big difference to investors who have taken the time to test their strategies before going live. They may not provide the full experience (complete with emotions) that a trader gets while trading live but they act as a good training ground.
It is therefore not only recommended to beginners but also to experienced traders. For their real accounts, they categorize them into regular and VIP. Regular customers are those who deposit anything short of $2,000 into their accounts. VIP clients can deposit any amount above this and they enjoy certain benefits such as having a personal manager, getting access to more information through private webinars, increased trade amount ($5000), increased returns and ‘risk-free trades’.
However they are keen to ensure that you don’t just deposit this amount and withdraw it immediately just to attain the VIP status. If you withdraw all or part of these funds within the first 15 days, you forfeit all VIP privileges. The same happens in case any fraud is discovered on the VIP account.
They offer their clients well over 60 asses in currencies, commodities, stocks and indices. OlympTrade have been able to gain an edge over other brokers due to the fact that they have included exotic pairs in their list of assets. These include currency pairs such as USD/NOK and USD/SGD. Their commodities include gold, silver, oil (Brent) and copper. Stock and indices include Google, Tesla, BMW, NASDAQ, Dow Jones and even the CryptoIndex.
Deposits and withdrawals
The minimum deposit of $10 has attracted my beginners to OlympTrade and perhaps this was among the reasons why the company experienced exponential growth in 2016. Another thing that appealed to investors is that there was no upper limit on withdrawals and the minimum investment you could place on a trade is just $1. For sure there is something about liquidity that instils confidence in investors! They allow their customers to deposit via visa, Neteller, Skrill, WebMoney, Qiwi, Yandex, Fasapay and even bitcoin. They also absorb all deposit and withdrawal costs so that the economic burden on the customer is lessened. Withdrawals take up to five business days to be processed after an investor sends a request. It is important to note that as long as you sign up on the website, you are allowed to trade but for a withdrawal request to be approved, the customer needs to have uploaded proof of identification and residence.
Their customer support team available to their customers 24 hours a day, seven days a week. You can reach them through live chat on their website, email and telephone. Of course it is preferred that if you have a pressing matter to raise, you can contact them via live chat or telephone as they have indicated that email queries would be responded to within the period of one business day. In addition to this, they provide a huge knowledge base containing numerous FAQs that the customer can go through in order to better understand the platform and even the basics of trading.
Olymp Trade scam?
Olymp Trade is not a scam. They are regulated by the International Financial Commission (FinaCom) and The Financial Market Relation Regulation Center (FMRCC) which are basically the major regulatory bodies in Russia. FMRCC issue licenses to compliant brokers who then have to abide by the operation guidelines set by the regulator. The main role of the FMRCC is oversight by ensuring that the rights of the traders are not infringed upon and to ensure that risk is mitigated well in advance. One of the benefits to investors who use a FMRCC-licensed broker is that a pool of funds has been set up using collections from licensees to cater for damages in case a suit is filed against the broker and the broker does not pay. Very few if any major complaints have been lodged against them as they have been known to carry out business very professionally.
Pros & Cons Olymp Trade
- A very simple and easy to use trading platform.
- A regulated broker that brings you assurance that your funds are protected.
- 24/7 customer support availability.
- Minimum deposit of just $10 and minimum trade of just $1
- You may not be able to trade over long timeframes as their platform does not support a view of longer timeframes then 7 hours
Conclusion about Olymp Trade
Olymp Trade is one of the smaller brokers in this industry but has gained tremendous popularity especially in 2016. They have embraced a simplistic approach to the business and subsidized costs to the customer thus attracting a large variety of investors. This coupled with attention to details such as customer behaviour and great customer support have contributed greatly to their success. To prove that they have stretched out their arms to invite customers from all around the world, they now offer investor education in a variety of languages. It is for this reason that we expect Olymp Trade to scale to greater heights in years to come.