Olymp trade Review

• 2014: Company inception and initial trading services introduction.
• 2015: Debut of the Android trading application.
• 2016: Rollout of the iOS app and the risk-free trading feature.
• 2017: Implementation of forex trading mechanics and introduction of crypto assets.
• 2018: Launch of the daily trading tasks feature.
• 2019: Introduction of a revamped online trading platform.
• 2020-2023: Continuous enhancements including trader leveling, tournaments, referral programs, and proprietary analytics tools.
• 2024: Rebranding of the company on its 10th anniversary, accompanied by new updates.

Ownership and Management

• Olymp Trade operates under the ownership of Saledo Global LLC, which is based in St. Vincent & the Grenadines.
• The company also maintains offices in Russia and Cyprus.

Regulatory Status

• Olymp Trade is not regulated within Europe or North America.
• Since 2016, Olymp Trade has been a member of the Financial Commission (FinaCom), an autonomous self-regulatory body.
  • Membership with FinaCom includes a compensation fund that covers each trader up to €20,000 in the event of a dispute resolution favoring the trader.
  • FinaCom is not a governmental regulator, but a private entity that provides dispute resolution and consumer protection.
• No evidence exists regarding government regulatory licenses or published license numbers. The company is registered in St. Vincent & the Grenadines, a commonly used offshore jurisdiction for online brokers.

Account Types

• Demo Account
  

  Olymp Trade offers a complimentary demo account that allows users to practice trading without financial risk. This demo account comes with a refillable balance of 10,000 in demo currency and provides access to live price movements, enabling users to familiarize themselves with the platform and various trading strategies before investing real money.

• Live Account with Status Tiers
  

  Instead of traditional account types, Olymp Trade operates a unique system of "statuses." These statuses determine the features and benefits available to users, with higher statuses unlocking more advanced tools and privileges. The primary account statuses include:

  • Starter Account
    • Minimum deposit: $10 (or its equivalent)
    • Return rate up to 82%
    • Access to 10 indicators and 1 sound package
    • Individual training and trading signals accessibility
    • Withdrawal processing time: up to 2 working days
  • Advanced Account
    • Minimum deposit: $500
    • Return rate up to 85%
    • Access to more indicators and features: up to 11 indicators, 2 sound packages, 6–7 trading strategies
    • Faster withdrawals (within 1 business day)
    • Trailing stop-loss, access to Expert Advisor, and educational content
    • One personal analyst consultation per month and a specialized webinar each week
  • Expert Account
    • The highest tier providing an extensive range of tools and personalized features (specific advantages may include higher profitability rates and enhanced trading resources)

Banking and Trading Options

• Funding and Withdrawals
  • Minimum deposit starting at $10 for Starter accounts
  • Withdrawal times vary, ranging from up to 2 working days (for Starter) to 1 business day (for Advanced and above)
• Trading Markets
  • Olymp Trade enables trading in Fixed Time Trades (FTT) and Forex markets, providing 24/7 online access and various instruments, including indices and currencies.
• Additional Features by Status
  • Elevated account statuses grant access to advanced analytics, personalized support, additional indicators, enhanced educational resources, and exclusive trading strategies.

Leverage

Olymp Trade offers traders the opportunity to utilize leverage, referred to as the "multiplier" within its platform, particularly in the Forex trading mode. Leverage permits traders to manage substantially larger positions than their actual account balance would typically allow, increasing both potential profits and risks.

Types of Leverage Offered

• For popular Forex trading pairs like EUR/USD, the leverage generally provided is up to 30:1, enabling a trader to control a position of up to $30 for every $1 of their investment.
• For minor Forex pairs, such as NZD/USD, AUD/CAD, and USD/SGD, the leverage typically stands at 20:1.
• The maximum leverage available on the platform can reach as high as 1:400 or even 1:500, depending on the asset being traded and prevailing market conditions.
• Leverage for other asset classes, including commodities, indices, stocks, and cryptocurrencies, may differ. Specific ratios are detailed on the live trading platform for each asset.
• Traders can determine their preferred leverage level (multiplier) when initiating a Forex trade by selecting the asset, entering the transaction amount, clicking on the multiplier icon, choosing the desired leverage, and then finalizing the trade.
• Leverage (multiplier) is not available for Fixed Time Trades (FTT mode) or direct stock trading. It is primarily applicable within the Forex trading context.

Asset Types

Olymp Trade presents a diverse array of assets and markets for traders, allowing for a broad spectrum of strategies and access to global financial instruments. Below is an outline of the asset types and markets available for trading on the platform:

Types of Assets Available

• Currencies (Forex): Trade in major, minor, and exotic currency pairs.
• Stocks: Access shares of international corporations, including blue-chip companies.
• Commodities: Comprises assets like oil, natural gas, and agricultural goods.
• Metals: Engage in trading of precious metals such as gold and silver.
• Indices: Covers prominent stock indices, such as S&P 500 and Dow Jones.
• Cryptocurrencies: Trade in popular cryptocurrencies and crypto pairs around the clock.
• Exchange-Traded Funds (ETFs): Diversify your portfolio with ETFs tracking diversified groups of assets.
• Composites: These are groups of multiple assets bundled into a single instrument, yielding more stable trends.
• OTC (Over-the-Counter) Assets: Trade assets that are accessible outside standard exchange hours, including unique or local assets.

Markets Covered

• Forex Market
• Stock Market
• Commodities Market
• Cryptocurrency Market
• Indices Market
• ETF Market
• OTC Market

Platform Features Supporting Asset Trading

• Over 250 assets are available for trading, encompassing both local and international markets.
• Access to trading via web, desktop, and mobile applications for flexible trading.
• Diverse trading modes, such as Fixed Time Trades and Forex mode, with each mode offering access to different asset sets.
• Risk-free practice is available with a demo account that is credited with virtual funds for practical learning and strategy development.

Examples of Specific Assets

• Indices: S&P 500, Dow Jones
• Metals: Gold, Silver
• Commodities: Brent Oil, Natural Gas

This breadth enables traders to construct a varied portfolio, leverage different market opportunities, and select instruments that align with their strategies and risk tolerance.

Platforms

Olymp Trade provides a comprehensive array of trading platforms and tools designed to meet the needs of both novice and experienced traders. The following is an overview of the primary features and resources available to users:

Trading Platforms

• Web Platform: Olymp Trade offers an intuitive online trading interface that is accessible directly through web browsers, accommodating Forex, stocks, indices, multipliers, and more.
• Mobile App: A dedicated mobile application allows users to trade, monitor market activity, and learn while on the move. The app supports trading across more than 250 assets, features a user-friendly interface, and is available for Android and iOS devices.
• Desktop App: For those who prefer trading from a computer, Olymp Trade provides a free desktop trading platform that is compatible with Windows and Mac OS, ensuring stability and performance for active traders.

Trading Tools and Features

• Wide Asset Selection: Trade over 250 assets, including Forex pairs, indices (such as S&P 500 and Dow Jones), commodities (including gold, silver, and Brent), ETFs, and more.
• Advanced Charting and Analysis: Access sophisticated charting capabilities with over 30 technical indicators and customizable graphical tools for conducting technical analysis and price trend assessment.
• Trade Analytics: Leverage analytics tools that facilitate the tracking of trading history and performance. The platform also offers tailored tips and insights to help traders refine their strategies.
• Demo Account: Every user receives a free, refillable demo account with 10,000 virtual units to practice trading in real market conditions—risk-free and accessible immediately after registration.
• Education and Support: Olymp Trade offers an array of educational materials, including webinars and training resources, catering to both beginners and advanced traders. Additionally, 24/7 customer support is provided in multiple languages.
• Low Minimums: Begin trading with a minimum deposit of just $10 and execute trades starting from $1 or its equivalent in local currency.

Fees

Users engaging with Olymp Trade should be aware of several fee types and trading costs. These can be classified into trading and non-trading fees:

Trading Fees

• Trade Commissions: When initiating a Forex trade, Olymp Trade applies a commission. The amount varies based on factors such as trade size, multiplier, and asset type. The exact commission is displayed prior to execution and can differ, with typical fees reaching up to 15% on standard trades, and potentially higher (up to 20%) on advanced accounts.
• Spread: The spread on prominent pairs, such as EUR/USD, averages around 1.1 pips, which may not be as competitive as some larger brokers.
• Overnight/SWAP Fees: Olymp Trade does not impose swap or overnight fees on positions held beyond market closure. Their accounts are Sharia-compliant, meaning no overnight interest charges apply.

Non-Trading Fees

• Inactivity Fee: A monthly inactivity charge of $10 (or its equivalent in account currency) applies if trading, deposits, or withdrawals remain dormant for 180 consecutive days. If the balance is under $10, only the available amount is deducted, and accounts with a zero balance incur no charges.
• Deposit and Withdrawal Fees: Olymp Trade does not impose any fees on deposits or withdrawals, irrespective of the payment method utilized.

Account and Trading Requirements

• Minimum Deposit: $10 to commence trading.
• Minimum Trade Size: $1 per trade.

Olymp Trade presents low entry thresholds, yet users should anticipate commissions on trades (up to 15% or higher), moderately competitive spreads, and a notable inactivity charge after six months without activity. No deposit or withdrawal fees exist, and overnight charges are absent, making the platform's fee structure straightforward.

Pros

• User-Friendly Platform: Olymp Trade features a highly intuitive and easy-to-navigate trading platform suitable for both beginners and seasoned traders, with clear charting and technical analysis utilities as well as compatibility with desktop and mobile devices.
• Low Minimum Deposit and Withdrawal: The platform allows for an initial deposit of only $10, making it accessible for individuals wishing to start trading with limited capital. Withdrawals can be initiated from a minimum of $10 as well.
• Wide Range of Tradable Assets: Olymp Trade grants access to various markets, including major currency pairs, indices, commodities, cryptocurrencies, and shares from leading companies.
• Extensive Educational Resources: Users can utilize a wealth of educational content, including video guides, webinars, trading strategies, and master classes that facilitate quick acquisition of trading knowledge and skills for beginners.
• Analyst Support and Tools: The platform includes additional support through analyst assistance, economic calendars, and various trading tools to enhance decision-making.
• Flexible Trading Options: Olymp Trade accommodates a variety of trading approaches, inclusive of short-term strategies like scalping, with trade execution times as brief as 15 seconds.
• Risk Management Features (For Expert Status): Traders with Expert status benefit from features such as up to 92% profitability on trades, risk-free trades to mitigate potential losses, and expedited withdrawal processing.
• Responsive Customer Support: User reviews frequently highlight the helpfulness and responsiveness of customer service, particularly in addressing platform or indicator-related inquiries.
• MetaTrader 4 Compatibility: For those seeking advanced features, Olymp Trade can be linked to MetaTrader 4, enhancing its technical analysis capabilities.

Cons

Olymp Trade, as a forex and CFD broker, presents several potential drawbacks and limitations that traders should consider prior to engaging with the platform:

• Regulated offshore by the Vanuatu Financial Services Commission (VFSC) and registered in St. Vincent and the Grenadines, Olymp Trade operates in jurisdictions with lenient regulatory frameworks compared to major financial centers, which leads to limited trader protection and transparency issues.
• The platform offers Fixed Time Trades (similar to binary options), which embody a high risk of capital loss and are deemed inappropriate for beginners due to their "all-or-nothing" structure.
• User reports have indicated concerns regarding software interventions, price slippage, and trade executions that do not align with traders' expectations, potentially resulting in significant losses. Some users have expressed dissatisfaction with customer service and unresolved issues.
• Olymp Trade imposes commissions on all assets, with fees as high as 15% on standard trades and up to 10% on Fixed Time Trades, which may be comparatively high relative to other brokers.
• The platform is limited to a single proprietary trading environment and does not support well-known third-party platforms, such as MetaTrader 4 (MT4) or cTrader, constraining options for advanced traders.
• The low minimum deposit requirement might prompt beginners to start trading with small amounts, which can lead to emotional decision-making and potential overtrading. Additionally, trading with a restricted budget may hinder the application of more complex strategies, potentially restricting long-term progression.

Customer Support

Olymp Trade provides customer support services around the clock, ensuring users have access to assistance at any time, regardless of their geographical location or time zone.

Communication Channels:

• Live Chat: Available on the Olymp Trade website for instant help. Users are encouraged to ask inquiries, and the support team generally responds swiftly, usually within one business day.
• Email: Users may reach support via email, with a response time of within one business day.
• Phone: Although the official Olymp Trade site indicates a phone hotline, some external sources suggest that phone support may not always be operative or available per region. It's recommended to primarily utilize live chat and email for support inquiries.

Languages Supported:

Olymp Trade offers support in several languages to accommodate its international clientele. Supported languages include:

• English
• Bahasa Indonesia
• Hindi
• Tiếng Việt (Vietnamese)
• Русский (Russian)
• ไทย (Thai)
• Português (Portuguese)
• Bahasa Melayu (Malay)
• Türkçe (Turkish)
• العربية (Arabic)
• Español (Spanish)
• Français (French)
• 한국어 (Korean)