Olymp Trade is a retail forex and CFD broker that was founded in 2014 and operates from Saint Vincent and the Grenadines. The broker offers trading services in forex, commodity and indices CFDs, and digital binary options through their in-house, web-based trading platform. But they are not regulated and do not offer their trading on the MetaTrader 4, which is the most widely used platform by forex traders. Olymp Trade claims to have about 25,000 active clients with over $170 million in turnover every month.
Olymp Trade Review Introduction
In this Olymp Trade review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Olymp Trade.
Olymp Trade Platforms & Tools
The broker provides clients with only its proprietary trading platform, which is a web-based platform that is optimized for mobile viewing. Olymp Trade Platform is available in 19 languages and has 4 chart types (candlestick, Heiken Ashi, bar, and area charts), 11 time frames, funds deposit and withdrawal button, and more than 30 technical indicators.
There is also the Olymp Trade Mobile, which is available for iOS and Android devices. It is used for trading binary options. Other trading tools provided by this broker include Trading Signals (on selected instruments), Daily Market Review, and Weekly Market Review.
Olymp Trade Research & Education
Olymp Trade has a lot of educational resources on its website and platform, which includes articles that introduce newbies to forex trading, video tutorials, and the Olymp Trade Blog. The video tutorials cover technical indicators and strategies. Besides, the broker organizes webinars every week and also keeps videos of the old webinars — there are over 250 videos of past webinars on their website.
Olymp Trade Trading Accounts
Olymp Trade offers two types of trading accounts: Regular Account and VIP Account. The regular account is for beginner traders and has a minimum deposit of $10, while the VIP account has a minimum deposit of $2,000. Both accounts are charged a commission on every trade and have a maximum leverage of 1:500. VIP clients get private webinars, analysts’ consultation, and an invitation to exclusive events.
Olymp Trade Account Funding
Olymp Trade accepts payments via credit or debit cards, online payment methods, and bitcoin. The cards accepted by this broker are MasterCard, Visa, and Maestro, while the acceptable online processors are AstroPay, Neteller, Skrill, Fasapay, and WebMoney. Both methods have a minimum deposit of $10. For the bitcoin option, the minimum deposit is $25.
Olymp Trade Customer Service
The Olymp Trade support team is available 24/7, and they can be reached through email, phone, and online chat. There is also a “Contact Us” form on their website through which you can use to send a message to the support team. The Olymp Trade support team speaks multiple languages and can also be reached via Facebook, Twitter, YouTube, and Instagram.
Olymp Trade Regulation
Olymp Trade is not regulated by any known government’s financial authority, but it states that it’s a member of the Financial Commission (Finacom PLC) — an independent conflict resolution commission that settles disputes between member brokers and their clients. However, the Financial Commission cannot be compared to a standard regulatory agency like the FCA, ASIC, or CySEC.
Olymp Trade Review Summary
Olymp Trade is an unregulated offshore broker popularly known for its binary options trading. The broker also offers forex and CFD trading via its web-based trading platform, which has inbuilt charting and analysis tools. With a minimum deposit of $10, it’s easy to start trading with Olymp Trade.
It is worth mentioning that some of the trading products and services in this Olymp Trade review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the Olymp Trade broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.