Objective Olymp Trade Review

Olymp Trade user-ratings: $10
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Digital Options and Forex Broker
  • Regulation: FinCom
  • Minimum deposit: $10
  • Demo account: Free
  • Markets: Digital Options, stocks, stock indices, commodities, and currencies
10/10
Comments Rating 10/10 (1 review)

Pros

  • Digital Options and forex
  • 60 underlying from the areas of stocks, stock indices, commodities, and currencies
  • Yield up to 90%+
  • No fees for deposits and withdrawals
  • Free education
  • Fast support 

Cons

  • Headquarters outside EU

 

About Olymp Trade

But first, we would like to give a first overview of the most important facets of Olymp Trade, which we have made in our test. A first look at the overall very clearly structured and well-designed website makes it clear that Olymp Trade is approaching the project with the claim to be more than just a provider for the handling of binary options trading. As a customer, you have access to extensive educational content. In addition, the broker makes a great effort to always provide the customers with interesting and current information from the world of the stock exchange but also with well-founded analyses. On this basis, the traders here have the best prerequisites to develop step by step into successful traders. For the trading itself, there are around 60 underlying available, divided into the classic categories, i.e. shares, share indices, commodities, and currency pairs.

Screenshot of the Olymp Trade landing page
CompaniesSmartex International Ltd.
addressRegistered Address: 103 Sham Peng Tong Plaza, Victoria, Mahe, Seychelles
Registration number144540
regulationFinaCom PLC
phone357 25030996
E-mailsupport-en@olymptrade.com
Live chatYes

In our test, we would of course also like to focus on a number of other important aspects. These include, first of all, the trading instruments that can be used in addition to the classic trading of binary options. In this context, an important criterion that will interest many traders is the return that can be achieved in trading. We would also like to take a closer look at the possibility of receiving a bonus in our review, as well as the question of how trading capital can be deposited, how quickly it is available for trading, and how well the payout works. Last but not least, we would then like to look at very practical issues, i.e. the ease of use of the website as well as the competence that can be expected from the support department.

Olymp Trade in check: Fraud or serious?

With the online broker for trading binary options, we have tested a provider that not only presents itself as a reputable company but also implements this in a very practical way. In our research, we found no indication that fraud or rip-offs are part of the business model. On the contrary: in recent years, customers have always been able to rely on the reliable processing of transactions, and the conditions have always been implemented fairly. The same applies to the handling of traders’ capital. Even though Olymp Trade is not subject to any classical regulation in Europe, its seriousness is ensured by its membership in FinCom. In short, with Olymp Trade, traders can rely on a fair, reputable, and reliable partner for trading binary options.

Olymp Trade’s serious approach is also indicated by its close integration into the one institutional context. For example, the provider works with the world’s leading payment providers Visa and MasterCard, which are known for their reputation of their cooperation partners. This is intended to ensure that improper practices do not reflect badly on the companies. For customers, this means a solid level of reliability and security.

Security and regulation at an acceptable level

We always pay special attention to the question of safety in our reviews. The diversity that now exists in the field of online brokers means that different standards are also encountered with regard to security and regulation. Olymp Trade is an online broker with its headquarters in Seychelles. Smartex International Ltd, the parent company of Olymp Trade, also has a regular license there.

There is also a licensed location in Cyprus. However, there is no regulation by an EU authority. However, this does not necessarily mean a lower safety standard for traders. The past has shown that the traders of Olymp Trade can rely on a reliable and fair settlement of their transactions. Since 2016, the provider has also been a member of the International Financial Commission (FinCom), an international regulatory authority that ensures compliance with important standards of security and quality. There is also an insurance policy covering up to USD 20,000 in the event of trade irregularities. Against this backdrop, customers can therefore rest assured that they are definitely safe from fraud and rip-offs.

Overview of the offer

Providers of binary options trading are known for always offering only one clear range of underlying for selection. This is also the case with Olymp Trade. A total of slightly more than 60 underlying from the categories equities, equity indices, currencies, and commodities are available for trading. Olymp Trade also concentrates on the essentials in trading itself, offering only the instrument high/low. However, some special features can be used in trading.

Up to 90 percent return

The trading of binary options follows an extremely simple principle. In relation to a certain underlying asset, the trader only has to correctly predict the direction in which this asset will develop within a certain time. For such a transaction a certain return is determined. As a maximum return, traders can achieve 90 percent per transaction with Olymp Trade. This means that if the prediction is correct, the stake can be almost doubled. If the prediction does not come true, only the stake is lost. The customers of Olymp Trade do not need to fear an obligation to make additional contributions, as is the case with various other highly speculative variants. However, the yield of 90 percent is only the peak value, which is by no means offered for all transactions. In fact, the returns in average trading are at a level of around 70 percent.

Screenshot of the Olymp Trade landing page

Regardless of the possible yield in each case, different maturities can be selected in trading. Initially, short-term bets on the performance of individual underlying are possible, i.e. with a term of only one minute. In addition, in terms of five minutes, 15 minutes, 30 minutes, and one hour are available. For traders with a somewhat longer-term horizon, there are also maturities of five hours and until the end of the trading day. In addition, a one-week perspective can also be used to bet on the performance of the respective underlying instrument.

60 Underlyings for trading

As already mentioned, the approximately 60 available underlying are spread across the four classic categories. The traders make a fairly well-structured selection in each case. In the equities section, for example, a number of German stocks can be accessed, such as Siemens, Adidas, or Lufthansa. Other European and international stocks are also available as underlying. Indices are also an important category for many traders of binary options. This allows a much broader market to be covered than is the case with individual shares. Here Olymp Trade offers a selection of the world’s most important stocks, starting with S&P500 and Dow Jones from the USA, EuroStoxs, and DAX from Europe or Hang Seng and Nikkei from Asia.

There is also a decent selection of commodities for binary trading. In addition to the precious metals gold and silver, you can also bet on the performance of copper. In addition, oil, gas, and coffee are also part of the program. The offer is rounded off by underlying from the field of Forex trading. Here the so-called majors are available, i.e. Euro, US Dollar, British Pound, and Japanese Yen. There are also combinations of other dollar currencies and the Swiss franc. All in all, Olymp Trade offers its customers a compact but always well-structured trading offer. As an additional trading function, the option to close a position before the actually agreed term can be used. This allows the trading risk to be effectively limited.

Olymp Trade waives deposit bonus

The market for online brokers is highly competitive and providers are therefore constantly coming up with new ideas to attract new customers. The deposit bonus plays an important role here. With this, the providers not only want to make customers aware of their offer but also motivate them to deposit as much money as possible into their trading account. Many bonus offers are designed in such a way that traders can actually only benefit from them once they have participated in trading as intensively as possible. Since the conditions are not always obvious at first glance, our experience has shown that it is highly recommended to deal with them as thoroughly as possible.

In the case of Olymp Trade, however, customers do not need to worry about such arrangements anyway, as there is currently no special deposit bonus. According to our experience with Olymp Trade, this should not be seen in a negative light. Because for a long-term successful performance as a trader, a deposit bonus is not crucial anyway. It is much more important for the highest possible return on experience, market knowledge, and technical assets. At Olymp Trade, traders have the opportunity to develop these skills and abilities step by step. Courses are offered, trading signals are given and traders are also provided with important news about the traded underlying instruments. Such an offer can also be considered a bonus, even if it is not designated as such.

Olymp Trade customers can take advantage of another benefit in the form of a free demo account. This is an account which in principle has all functions, but which is only traded with a virtual stake. In this way, it is possible to approach the trading of binary options carefully at first. Traders can first learn the trading technique and gain experience in how prices react to certain news. In the long run, these features are worth much more than a short-term bonus.

Support available:24/7
Telephone:+27 (21) 1003880 Cape Town, South Africa
+54 (11) 59175747 Buenos Aires, Argentina
+357 25030996 Nicosia, Cyprus
Adress:support-en@olymptrade.com
Languages:English

Olymp Trade customers can take advantage of another benefit in the form of a free demo account. This is an account which in principle has all functions, but which is only traded with a virtual stake. In this way, it is possible to approach the trading of binary options carefully at first. Traders can first learn the trading technique and gain experience in how prices react to certain news. In the long run, these features are worth much more than a short-term bonus.

Easy deposits and withdrawals possible

Before starting trading, Olymp Trade also requires that you first deposit sufficient capital into your trading account. In our test of Olymp Trade, we paid special attention to two criteria. On the one hand, we looked into the question of the minimum amount that can be deposited and what methods are available. We found it very positive that a deposit is possible from as little as 10 Euros.

So you don’t have to take the full risk right away, but you can start trading with very moderate amounts at first, as stakes are possible from a minimum of just one euro. A number of methods are available for deposits. First of all, it is very easy to transfer money to the trading account with a credit card. Visa and MasterCard are accepted. Olymp Trade also works with a number of online payment providers, including QIWI, Webmoney, Yandex. Money, NETELLER, Skrill, and Fasapay. And last but not least, the necessary capital can be easily deposited by bank transfer. Fees are not charged by Olymp Trade with any of these methods. However, there are differences with regard to the duration until the money is available for trading. With bank transfers, traders have to wait several days. After less than an hour the money is available for credit card deposits and most e-wallets.

The same methods that can be used for deposits are also available for withdrawals. A special area of the online account allows the respective payout to be triggered from a minimum amount of $10 Dollar. Olymp Trade does not charge any fees for this either.

Support can convince

A convincing provider also includes competent support. This is also given in the case of Olymp Trade. In our experience, customers have a number of options to have their questions answered. The FAQ area should be used as a starting point. But of course, direct contact is also possible. First of all, inquiries can be sent by email. Olymp Trade assures to take care of the problem and provide an answer within 24 hours. Alternatively, the online chat can be used to solve the problem or to answer questions. All possibilities are available in English as well as in other languages. However, German is not yet included.

Awarded company

The homepage has a clear structure

All in all, the provider’s website scores points for its very good user-friendliness but is not available in German. Traders who are less proficient in the English language will find this a disadvantage. In addition, however, control through the offer on the homepage and trading via the web-based software is very easy and possible without major start-up problems. To familiarize yourself with the trading functions, you can also use the demo account.

mobile app

In parallel to trading via the web-based software on the desktop, mobile trading is also possible at any time. The corresponding app is available via a download link on the Olymp Trade website. All functions, which the traders know from the actual trading platform, can of course also be used for trading via smartphone.

Conclusion

With Olymp Trade we have tested an online broker for trading binary options, which should meet the taste of many traders. The prerequisite is, however, that the appropriate English language skills are available. It is possible to trade with slightly more than 60 underlying from the areas of stocks, stock indices, commodities, and currencies. A comprehensive range of trading support is available, including current market information, trading signals, and competent support. The Seychelles-based company is monitored by an international regulatory authority and can be considered absolutely trustworthy. We did not find any signs of fraud or rip-offs during our tests.


Most asked questions:

Is there a fee for withdrawing or depositing money?

Funds are generally free of charge when trading with OlympTrade. However, there can appear charges when trading with specific payment options.

How long does it take to process a withdrawal request?

The maximum processing time is 5 days. However, normally the processing time only takes up to 24 hours.

What is the minimum deposit?

OlympTrade is a great platform for beginners as well as professional traders due to the low set minimum deposit of only $10.

How is OlympTrade regulated?

OlympTrade is licensed in Cyprus. Moreover, the broker is regulated by Fincom. Both regulations are very serious and can be trusted. This makes OlympTrade a reliable broker for assets.

One Response

  1. Andre Witzel September 19, 2020

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