Olymp Trade Broker Review 2024: Unbiased Analysis and Insights

Key Points About Olymp Trade

Olymp Trade is a top-rated online trading broker that enables traders to engage in options and CFD trading across a wide range of financial instruments, including forex, stocks, commodities, and cryptocurrencies. Olymp Trade is a favored choice for beginner traders, thanks to its user-friendly interface and an array of educational resources.
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Olymp Trade's History and Reputation

What's Olymp Trade's History?

Olymp Trade, established in 2014, is the brainchild of Saledo Global LLC, a company headquartered in St. Vincent and the Grenadines. The company's current CEO is Andrey Maslov.

While the identities of the precise individuals involved in the company's founding remain undisclosed to the public, Saledo Global LLC takes credit for launching and managing the Olymp Trade platform. The company boasts a dedicated team of seasoned professionals well-versed in the domains of finance, technology, and customer service.

What's Olymp Trade's Reputation?

Olymp Trade is widely recognized as a dependable and trustworthy broker, known for having the best mobile options trading platform in comparison to other binary and digital option brokers. Moreover, it offers its clients a wealth of educational resources. It stands out as the best, easy-to-use, straightforward options trading platform, making it exceptionally beginner-friendly and ideal for anyone new to trading.

What Type of Account Can I Open with Olymp Trade?

Olymp Trade offers a variety of account types to choose from, depending on your trading capital and activities on their platform. Here is a brief overview of each account type:

• Starter account: Your account falls into the "Starter Account" category if your trading capital is less than $500.
• Advanced account: Your account falls into the "Advanced Account" category if your trading capital ranges between $500 and $2,000.
• Expert account: Your account falls into the "Expert Account" category if your trading capital is more than $2,000.

In addition to these three types of accounts, Olymp Trade also offers a demo account. A demo account is a virtual trading account that allows you to practice trading with virtual money. This is a great way to learn how to trade without risking any real money.

To open an account with Olymp Trade, you need to provide the following information:

• Your name
• Your email address
• Your phone number
• Your country of residence

You will also need to choose a password for your account.

Once you have provided the required information, you will be able to deposit funds into your account and start trading.

What Types of Trades Does Olymp Trade Offer?

Olymp Trade offers two main types of trades:

1. Fixed Time Trades (FTT): Fixed Time Trades, also known as FTTs, are a type of binary or digital option where traders predict whether the price of an asset will be higher or lower than a certain level at a specified time in the future. The duration of FTTs can range from 1 minute to 24 hours, offering flexibility for different trading strategies.
2. Forex and CFD Trades: Olymp Trade offers trading instruments such as stocks, commodities, and cryptocurrencies. These instruments can be traded through FTTs or as CFDs (contracts for difference), depending on the asset and market conditions.

Traders can choose the type of trade that aligns with their risk tolerance, trading style, and market analysis. FTTs or digital options, offer a fixed payout with limited risk, while forex trades and CFDs offer more flexibility but also carry higher potential risks and rewards.

What Payout Rates Does Olymp Trade Offer For Options?

Olymp Trade's payout rates for options, specifically Fixed Time Trades (FTTs), vary depending on the asset, expiry time, and market conditions. The payout rates are typically displayed on the trading platform for each asset and expiry time.

Generally, payout rates for FTTs range from 80% to 90% for standard accounts and can reach up to 93% for VIP accounts. This means that if a trader invests $100 and correctly predicts the price movement, they can earn a payout of $80 to $90 for a standard account and up to $92 for a VIP account.

The payout rates are influenced by various factors, including the volatility of the underlying asset, the expiry time of the option, and the overall market sentiment. Higher volatility and shorter expiry times typically lead to higher payout rates, as they represent a higher risk for the trader.

Note: Keep in mind that payout rates for Olymp Trade options can change at any time. Therefore, it's crucial to verify the current payout rates before making a trade. Click here to visit Olymp Trade's website for up-to-date payout rates.

What Trade Durations Does Olymp Trade Offer For Options?

Olymp Trade offers a variety of trade durations for options, ranging from 5 seconds to 24 hours. This allows traders to choose the trade duration that best suits their trading style and investment goals.

What Trading Platforms Does Olymp Trade Provide?

Olymp Trade provides three primary trading platforms, each tailored to accommodate different trader preferences and needs:

1. Olymp Trade Web Platform: This platform is accessible via any web browser on both desktop and mobile devices.

   

2. Olymp Trade Desktop Platform: This platform is accessible via any Windows or macOS computer.

   

3. Olymp Trade Mobile Platform: Mobile apps designed for iOS and Android devices offer a convenient way to trade on the go. These mobile apps offer similar features to the desktop and web platform, enabling traders to manage their accounts, monitor markets, and execute trades directly from their smartphones or tablets.

   

All Olymp Trade platforms are designed with simplicity in mind, featuring intuitive navigation, clear market data displays, and easy-to-use order placement tools. Additionally, they provide access to educational resources and risk management features.

You can also switch between the desktop, web and mobile platforms at any time. Simply log in to your Olymp Trade account on the platform of your choice.

What Trading Fees and Commissions Does Olymp Trade Charge?

Olymp Trade offers options trading without any fees or commissions. However, when it comes to trading on leverage, there are some fees and commissions to be aware of. Here are the main ones:

• Options (FTT): No fees or commissions for options trading or Fixed Time Trades are charged. Zero fees and commissions.
• CFD Commissions: Olymp Trade charges a small commission on all CFD trades.
• Inactivity fee: If a trader's account remains inactive for 180 days or more, Olymp Trade charges an inactivity fee of $10 per month. This fee is deducted from the trader's account balance until the account is reactivated or the balance reaches zero.

In addition to these fees, Olymp Trade may also charge other fees, such as fees for withdrawals and deposits.

Note: To access a full list and more detailed information about fees and commissions, click on the following link to visit Olymp Trade's website.

Which Deposit and Withdrawal Methods Does Olymp Trade Accept?

Olymp Trade accepts a wide range of deposit and withdrawal methods, including:

• Credit and debit cards: Visa, MasterCard, Maestro
• E-Wallets: Skrill, Neteller, WebMoney, FasaPay, GlobePay
• Cryptocurrencies: Bitcoin, Ethereum, Tether
• Bank transfers: Local bank transfers, international bank transfers
• Mobile payments: M-Pesa, Airtel Money, MTN Mobile Money, Vodafone Cash, Etisalat, Orange Money, Fawry

The specific deposit and withdrawal methods that are available to you will depend on your country of residence.

Olymp Trade processes withdrawals quickly, and you should receive your funds within a few hours or days, depending on the withdrawal method you choose.

Here are some tips for choosing a deposit and withdrawal method:

• Choose a deposit and withdrawal method that is convenient for you.
• Consider the fees associated with each deposit and withdrawal method.
• Choose a deposit and withdrawal method that is supported by your country of residence.

Below is a table of some of the deposit and withdrawal methods Olymp Trade supports:

Note: Please be aware that Olymp Trade continuously introduces new deposit and withdrawal options. For more comprehensive and up-to-date information, kindly refer to their website at the following link.

Who Regulates Olymp Trade?

Olymp Trade is regulated by the International Financial Commission (FinaCom), an independent dispute resolution organization that protects the interests of traders. FinaCom membership provides traders with an additional layer of protection and ensures that Olymp Trade adheres to fair trading practices and financial standards.

FinaCom offers a compensation fund of up to €20,000 per trader in case of broker insolvency or if a trader's complaint is not satisfactorily resolved. The organization also provides mediation services to resolve disputes between traders and brokers.

While FinaCom is not a government regulatory body, it is a recognized and respected organization in the financial industry. Olymp Trade's membership in FinaCom demonstrates its commitment to fair and transparent trading practices.

In addition to FinaCom regulation, Olymp Trade is also a member of the Verify My Trade (VMT) program, which independently audits trading results to ensure accuracy and transparency. This further reinforces Olymp Trade's commitment to fair trading practices and client protection.

FinaCom requires its members to comply with a number of regulations, including:

• Maintaining adequate financial reserves
• Providing fair and transparent trading conditions
• Protecting client funds
• Resolving customer complaints in a timely and fair manner

What Are Some Alternative Brokers To Olymp Trade?

If Olymp Trade is not available in your country, or if you prefer an alternative, here are some other brokers that provide similar services to Olymp Trade:

• Deriv
• Pocket Option
• IQ Option
• Expert Option
• Binomo
• Quotex
• Nadex

Verdict and Key Takeaways on Olymp Trade Broker

Why Should I Trade With Olymp Trade?

Olymp Trade offers several benefits that make it an attractive platform for traders of all experience levels. Here are some of the key advantages:

1. User-friendly platform: Olymp Trade's web platform and mobile apps are designed for ease of use, with intuitive navigation, clear market data displays, and straightforward order placement tools. This makes it an ideal platform for beginners and those who prefer a simplified trading experience.
2. Low minimum deposit: You can start trading with as little as $10.
3. Wide range of assets: Olymp Trade offers a wide range of assets to trade, including forex, stocks, commodities, and cryptocurrencies. This provides traders with diverse opportunities to diversify their portfolios and explore different markets.
4. Flexible trading trading types: Olymp Trade offers various trading options, including Fixed Time Trades (FTTs) and CFDs for forex trading on leverage or margin.
5. Educational resources: Olymp Trade provides a comprehensive range of educational resources, including tutorials, webinars, and market analysis articles. These resources help traders of all levels improve their trading knowledge and skills.
6. Risk-Free Demo Account: Olymp Trade's free demo account allows traders to practice trading strategies and familiarize themselves with the platform without risking real money. This risk-free environment is invaluable for beginners and experienced traders alike to test their strategies and gain confidence.
7. Responsive customer support: Olymp Trade's customer support is available 24/7 to answer your questions and help you with any problems you may have.
8. Fast withdrawals: Olymp Trade processes withdrawals quickly, and you should receive your funds within a few hours or days, depending on the withdrawal method you are using.

Why Should I Not Trade With Olymp Trade?

The only disadvantage of trading with Olymp Trade revolves around its account categorization system, which gives rise to concerns regarding equality as it appears to favor traders with larger capital deposits. If your trading capital deposit is $500 or less, you are placed in the starter account category, which comes with some limitations on max trade sizes and available features and resources. In my opinion, this classification or ranking system is clearly a disadvantage if you are a trader with little startup capital.

If you want a broker that will treat you equally and offer the same payouts and services regardless of your deposit, then consider Deriv. Unlike other brokers, Deriv doesn't categorize accounts or provide special treatment based on the capital amount you've deposited. Whether you start trading with $50 or $50,000, you'll receive the same payout rates and service as any other trader, regardless of your deposit size.

Final Verdict About Olymp Trade

I believe Olymp Trade is an excellent options broker with much to offer, including a compelling array of features and advantages that render it a valuable platform for traders of varying experience levels. I find their trading app particularly appealing. In my personal opinion, it stands out as the best options trading platform among its peers, primarily due to its beginner-friendly design, making it the easiest platform for beginners to learn and start trading.

These features make Olymp Trade a broker worth considering. I recommend starting with a free Olymp Trade demo account to explore their trading platform, allowing you to determine if it aligns with your needs. Click here to open a free Olymp Trade demo account and experience what they have to offer firsthand.