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Olymp Trade Review 2023

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Our Rating

1.5 / 5

Olymp Trade is #19 in our binary options broker rankings.

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Olymp Trade is a good option for beginners looking for access to popular financial markets, 24/7 support, and a user-friendly trading platform.

- Daytrading Review Team

Olymp Trade was established in 2014 and now boasts over 25k active traders each day. With a presence in over 130 countries and support in 13 languages, the brand offers a stable platform, competitive spreads and attractive rewards for new traders. Olymp Trade also offers fixed time trades over a huge range of markets.

✓
Trusted

✓
Demo Account

✓
Islamic Account

Minimum Deposit $10

Trading Platforms Own

Instruments Fixed Time Trades

Bonus Offer -

Account Currencies USD

Payment Options Wire Transfer, Bitcoin Payments, Neteller, Skrill, Yandex Money
and 7 more

All Olymp Trade Details

Compare Olymp Trade

Binary Options Trading

Olymp Trade offers fixed time trades on a huge range of markets. Established in 2014, the firm now sees more than 30 million monthly transactions with an average monthly payout of over $16 million.

Stock Trading

Olymp Trade offers exposure to a modest selection of stocks, including big tech firms like Apple and Amazon. We also rate the suggested price forecasts which can inform trading decisions.

Crypto Trading

Olymp Trade offers a handful of leading cryptos like Bitcoin and Ethereum. The Basic Altcoin Index is also a great addition, offering broader exposure to the currency market for those that don't want to put all their money in one crypto.

✓ Pros

• Over 10 flexible payment methods including bank cards and Bitcoin deposits
• Diverse asset classes including commodities, cryptos and composite indices
• Comprehensive blog section with analytics, trading education and market news
• Minimum deposit and withdrawals of only $10, ideal for newer traders
• 24/7 customer support via the broker's hotline, email or live chat
• Fixed time trades on popular markets

✗ Cons

• Offshore broker with weak regulatory oversight
• Only one proprietary platform available
• Limited transparency

Olymp Trade is one of the most popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day. This review is designed to detail all the services Olymp Trade can provide, including the account types on offer, demo account features and login, how good the mobile trading app is, and how to implement strategy – basically all your questions answered!

We also list the latest promotions and bonuses along with key comparison data (like minimum deposit amounts, minimum trade amounts and types of trade available. Read on for additional information about Olymp Trade.

Company Details

Olymp Trade has been operational since 2014, and the firm has a reputation for continuing to improve their trading platform with each successive year.

The brand has picked up several awards, including:

• Best Financial Broker at the CPA Life Awards 2017,
• Best Options Broker at the Forex Expo 2017,
• Best Options Trading Platform at Le Fonti 2016
• Fastest Growing Broker at ShowFx World 2016.

As one of the more popular brokers on the market, Olymp Trade offers an easy user interface, great customer service and plenty of options to learn how the markets work.

It’s a platform which is suitable for new users and experienced traders alike, and its high level of daily users is testament to the sort of service provided by the brand.

Trading Platform

The Olymp Trade platform is easy to navigate and there’s a real focus on the user experience.

It’s clean, organised and features links which make it incredibly easy to find what you’re looking for.

The Olymp Trade platform can be accessed via the web, a dedicated desktop application (available for Windows and Mac) and a smartphone/tablet app (available for Android/iOS).

The website is straightforward and shows users exactly what they need – not just to track their trades, but to trade successfully.

There’s a clear, concise chart on the main page which feature amounts and timings, which helps make it easy to understand.

Charts can also be customised via graph type and colour. At the bottom of the web page users will find information on open/closed trades along with a help/chat function.

This design makes it exceptionally easy for users to find what they need in a simple manner.

Assets/Markets

Olymp Trade offers users the opportunity to trade in the following markets. However, it is worth pointing out that instrument availability will vary depending on where the trader resides:

• Stocks
• Commodities
• ETFs
• Currencies
• Cryptocurrency

Spreads & Commission

While testing a standard demo account, the benchmark EURUSD spread levelled at approximately 1.1 pips, which makes Olymp Trade one of the most competitive brokers in the marketplace.

Spreads also vary dependent on the type of account the user holds, with premium accounts offering lower spreads.

However, even on a standard account, spreads remain competitive. It’s worth pointing out that spreads are liable to increase/decrease depending on the current market conditions.

Fees

In terms of fees, Olymp Trade charges a fixed rate overnight fee on overnight trades, which is limited to 15% of the total investment amount.

The brand does not charge an account maintenance fee or any custodial fees, although it may charge a subscription (based on your account type) or an inactivity fee, if you haven’t used your account within 180 days.

This is typically $10 per month. If there are insufficient funds in the account, the account will be closed.

Olymp Trade also charges a fee per trade in forex mode, based on the trade amount, multiplier, specification conditions and current market situation.

Leverage

Leverages with Olymp Trade are variable and depend on the types of trade the user is considering.

The Olymp Trade website promises attractive leverages up to 1:400. For the most popular forex pairs (such as the benchmark EURUSD), leverage is set at 1:30.

This is an officially sanctioned level which is much the same across most regulated online brokers. Minor pairs such as NZDUSD, USDSGD, AUDCAD, EURNOK and EURPLN have a leverage of 1:20.

Mobile Apps

Olymp Trade offers dedicated smartphone/tablet apps for Android and iOS users alike. These can be easily downloaded by searching for Olymp Trade in the Google Play Store/Apple App Store respectively.

Alternatively, Android users can download the official .apk install file directly from the Olymp Trade site.

Both mobile apps are highly rated with their respective app stores. With a responsive design complete with the same capabilities as the web version, traders who are operating from their smartphones certainly aren’t missing out.

If anything, mobile traders are given a competitive edge with the Olymp Trade app, as it allows them to make quick decisions on the move.

While it may be a little bit cumbersome trying to take in all the requisite information on a small mobile screen, the good news is that the app does come with all the analysis traders need to make informed decisions.

It’s a great tool to be used as a standalone means of trading or in conjunction with the web version of the Olymp Trade platform.

Payment Methods

Olymp Trade users have the choice of several different deposit and withdrawal methods. However, withdrawals must be made by the same method as the initial deposit (up until the matched deposit amount).

This is standard practice in the industry to prevent money laundering.

Deposits

It is possible to make deposits using the following methods:

• Credit/debit card
• Bank transfer
• Cryptocurrency
• Skrill
• Neteller

Most payments are processed instantaneously, although bank transfers could potentially take several hours. Deposits are commission free and won’t cost anything (although your bank may charge you for transferring funds).

The minimum deposit is low, at only £10.

Withdrawals

Withdrawals are fast and made via the same method used to deposit. Most withdrawals are processed on the same day, although the operator says to allow for three working days (particularly for bank transfers).

In practice however, users are rarely left waiting over a day to receive their funds.

Demo Account

Olymp Trade offers users the chance to test out its platform with a free demo account. This allows users to see if the platform will work for them before they decide to invest real money.

Each demo account comes pre-loaded with a balance of $10,000 in virtual funds.

This demo account is useful because it allows newcomers to gain an understanding of how trading works, while also allowing experienced traders to review Olymp Trade and get a feel for how the interface functions.

All the options in a paid standard account are available in demo mode. To activate a demo account, users simply need to register with an email address, and won’t need to provide any proof of identity unless they decide to register for a paid account.

Deals & Promotions

As per the Olymp Trade service agreement, the brand says that it offers trading bonuses. However, the broker does not disclose what the withdrawal conditions are within the service agreement.^[1]

It is worth bearing in mind that trading bonuses are banned in the EU^[2] and across many other regulated markets, primarily because of the additional withdrawal conditions and clauses attached to the bonus.

This usually takes the form of a minimum trade volume required, which can be too much of a challenge – even for experienced traders.

Olymp Trade regularly offers new users promo codes to avail of bonuses up to 50%. When signing up with these promo codes, new users will receive a 50% bonus on top of their initial deposit.

However, it is worth bearing in mind the terms attached to these bonuses, and whether it is worthwhile to take advantage of in terms of how much you deposit.

Regulation & Licensing

Before choosing a broker, you should be on the lookout for a platform which is well-regulated by an official government body of note.

Olymp Trade is regulated by the International Financial Commission (IFC)^[3] and headquartered in St. Vincent and the Grenadines.

However, concern has been raised in the past about the legitimacy of the International Financial Commission, and users may want to conduct a little bit of research into this body before deciding whether to consider Olymp Trade as a completely trustworthy broker.

The reason for this is that funds are generally only considered safe when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC) or the Australian Securities & Investments Commission (ASIC).

Additional Features

Olymp Trade offers to help manage and guide new users with recommendations and a pre-made trading plan which promises returns of up to 92%.

However, new users are reminded that CFD and forex trading is incredibly high risk, and promises of returns of up to 92% should be considered dubious at best.

It is also strange for an online broker to offer to manage accounts. This is because brokers are market makers which generate wealth whether you win or lose on a trade.

On a more positive note, Olymp Trade is very beginner friendly and has plenty in the way of educational resources to offer newcomers.

The brand makes a point of stressing that they want to be an accessible broker for people of all experience levels and income levels. The educational resources are informative and focus mainly on strategy-based trading.

This helps new users to familiarise themselves with the financial world, and to think like traders. Members can access interactive courses, video tutorials, webinars and strategies from professional financial analysts.

Some of the more advanced courses are useful even for experienced traders and focus on subjects like capital management and current market trading tips.

Account Types

After trying out the demo account, users can opt for two different types of ‘real’ accounts. These are as follows:

• Standard Account: To open a standard account, users only need to make a minimum deposit of $10. Investors can trade at a minimum of $1, and up to a maximum of $2,000. The minimum withdrawal amount is just $10, with no maximum withdrawals. The standard account offers spreads in the region of 1.1 pips.
• VIP Account: To qualify for a VIP account, users need to deposit at least $2,000. These account types offer some additional benefits in comparison to the features available from a standard account. VIP account holders are permitted to make trades up to a maximum of $5,000, and they also gain access to a VIP consultant. These consultants are experienced financial analysts who can provide advice on which trades to make. VIP account holders can also access additional training tools which are not available to standard account holders.

While it would be beneficial to have more account types on offer, most users should find something to work with by choosing either a standard or VIP account.

Benefits

• Attractive spreads
• Leverages of up to 1:400
• Variety of payment methods available
• MT4 supported
• Beginner-friendly
• Supports multiple languages
• 77 assets to choose from
• Low minimum deposit amount
• Intuitive design
• User friendly mobile app

Drawbacks

• Withdrawal problems for non-verified accounts
• Concerns over dubious regulation
• Bonuses with unclear terms
• Only two account types

Trading Hours

It is possible to access the Olymp Trade website 24 hours a day, seven days a week, 365 days per year. Essentially, investors can trade whenever (and wherever) they see fit via mobile and desktop devices.

It is, however, worth mentioning that the available markets are not open 24/7.

While Olymp Trade can be accessed at any time, trading is limited to the hours that your market of choice is open. For example, the forex market in London opens between 3am-12pm GMT.

In New York, the forex market operates between 5pm-2am GMT. In Tokyo, it opens between 7pm-4am GMT.

There are usually opportunities to trade at any given time, although you may find yourself restricted, particularly if you only choose to trade on certain markets.

Contact Details/Customer Support

Olymp Trade customer support is available 24/7 via the following means:

• Phone: +84 2844 581 413
• Email: news@olymptrade.com
• Web: olymptrade.com

Safety & Security

The Olymp Trade website uses the very latest in encryption to ensure your data remains safe. Customers can fund their accounts using eWallets, which means they don’t have to share their personal banking information with the platform.

In terms of regulation, concerns have been raised about the legitimacy of the International Financial Commission, and whether it offers the sort of cover that bodies like the FCA do.

Users who want a guarantee that their funds are protected are advised to choose a broker with more reputable regulators.

Overall Verdict

Olymp Trade is incredibly popular and has a unique and intuitive user interface which makes trading as easy as can be.

With competitive spreads and plenty of educational features, it’s easy to see why thousands of people make use of this platform every day. Regulation issues aside, Olymp Trade certainly comes recommended for new users and experienced traders alike.

Resources

Accepted Countries

Olymp Trade accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.

Payment Methods

• Skrill
• Yandex Money
• Doku Wallet
• Perfect Money
• FasaPay
• WebMoney
• Wire Transfer
• Bitcoin Payments
• AstroPay
• Neteller
• M-Pesa
• Flutterwave

Top 3 Alternatives to Olymp Trade

Compare Olymp Trade with the top 3 similar brokers that accept traders from your location.

1. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
2. Pocket Option – Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
   Go to Pocket Option
3. Videforex – Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
   Go to Videforex

Olymp Trade Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Olymp Trade and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Olymp Trade vs Other Brokers

Compare Olymp Trade with any other broker by selecting the other broker below.

	Visit	Olymp Trade was established in 2014 and now boasts over 25k active traders each day. With a presence in over 130 countries and support in 13 languages, the brand offers a stable platform, competitive spreads and attractive rewards for new traders. Olymp Trade also offers fixed time trades over a huge range of markets.
Olymp Trade was established in 2014 and now boasts over 25k active traders each day. With a presence in over 130 countries and support in 13 languages, the brand offers a stable platform, competitive spreads and attractive rewards for new traders. Olymp Trade also offers fixed time trades over a huge range of markets.