Olymp Trade Review

Olymp Trade is a reputable online broker with over 60 million customers in 194 countries worldwide. It offers forex trading, CFDs, and Fixed Time Trading (FTT) across various asset classes, including currencies, stocks, metals, indices, commodities, cryptocurrencies, and ETFs.

Olymp Trade offers great trading solutions suited for beginner and professional retail traders. Also, beginners are properly welcomed with great trading education and training materials provided by the company to ensure that traders are well-prepared for their trading journey.

Olymp Trade offers an extensive list of great trading services to accommodate the broad demand of its diverse clients. These include; an advanced trading platform, fast & secure payment methods, a wide range of asset classes to trade, bonuses & promotions, a low minimum deposit of $10, a low minimum trade size of $1, and 24/7 customer support service.

At A Glance

BrokerOlymp Trade
Established2014
Head OfficeFirst Floor, First St. Vincent Bank Ltd Building, P.O. Box 1574, James Street, Kingstown, St. Vincent & the Grenadines
RegulationsIFC (International Financial Commission)
Trading PlatformsProprietary
Mobile AppsiOS, Android
Product OfferingForex, CFDs, Fixed Time Trading (FTT)
Asset ClassesCurrencies, Stocks, Metals, Indices, Commodities, Cryptocurrencies, ETFs
Minimum Deposit$10
$2000+ (To upgrade to VIP)
Bonus TypesDeposit Bonus, Promo Codes
Minimum Trade Size$1
Maximum Payout92%
Account Base CurrenciesUSD, EUR
Payment MethodsBank Wire Transfer, Bank Cards, Skrill, Neteller, Webmoney, Perfect Money, FasaPay, GlobePay, AdvCash, AstroPay, Bitcoin, Tether, Ethereum
Demo AccountYes

Pros

  • Regulated by FinaCom.
  • Beginner-friendly trading platform.
  • Advanced proprietary trading platforms, available in web, desktop, and mobile versions.
  • Wide range of asset classes.
  • Low minimum deposit (from $10).
  • Low minimum trade size (from $1).
  • Low forex fees.
  • Multiple fast and secure payment methods.
  • No deposit or withdrawal fee.
  • Great bonuses and promotions.
  • Great customer support service.

Cons

  • Does not accept EU and U.S clients.
  • No third-party trading platform.
  • High CFD trading fee.

Regulation and Safety

Olymp Trade is supervised by the Financial Commission (FinaCom), which it joined on February 22, 2016. It is also a category A member of FinaCom, which confirms its reliability and high quality of services.

Olymp Trade Certificate Of Membership (FinaCom)
Olymp Trade Certificate Of Membership (FinaCom)

As a member of FinaCom, the Olymp Trade platform’s accuracy and speed have been tested and received the ‘Verify My Trade Certification.’ Also, every trade executed by clients on the platform is insured for up to €20,000.

ProsCons
Regulated by FinaCom.Not regulated by other top-tier regulatory bodies across the world
Great reputation among traders.

Account Registration

Opening a trading account with Olymp Trade is straightforward and can be done in a few easy steps. We managed to open an account with Olymp Trade in less than an hour, which was quite fast compared to many other brokers.

ProsCons
Fully digital
Quick and straightforward account registration process.
Low minimum deposit.
Deposit bonus.

Account Registration: How To Open An Olymp Trade Account.

Account registration on Olymp Trade is a straightforward process, and It takes no time to get your account up and running. Here are the steps to open an account;

  1. Go to the Olymp Trade website here.
  2. Click on “Start Trading.”
  3. Follow the account setup instructions.
  4. Provide your email and phone number. (These details are required for account verification and security reasons)
  5. Specify your account password.
  6. Choose your account base currency.
  7. Deposit into your account using your preferred payment methods.
  8. Select “Live Account” or “Demo Account.”
  9. Start trading.

Demo Trading Account

Olymp Trade offers a free demo trading account, which you can gain access to by simply registering with the broker. The account comes with unlimited access and functions similar to a live trading account but with a few limitations. It also comes with $10,000 demo money which can be replaced anytime.

The demo account allows you to analyze the market, test trading strategies, and practice trading without risking actual money. It is also a great way to test the broker’s trading platform and offering before trading with real capital.

Account Types

With Olymp Trade, clients have the option to choose from two account types, which are the;

  1. Standard account and
  2. VIP account.

Standard Account

A minimum deposit of $10 (or currency equivalent) is required to open an Olymp Trade Standard account. With this account type, you can enjoy several great trading solutions offered by the broker, including;

  • Competitive forex spreads,
  • Leverage of up to 1:500,
  • Fast deposit and withdrawals,
  • Multiple asset classes,
  • Minimum trade size from $1,
  • Maximum trade size of $2000
  • Payout of up to 80% (for FixedTimeTrades),
  • Great customer support and much more.

VIP Account

A minimum deposit of $2000 (or equivalent) is required to qualify for the VIP account. This account type is simply an upgrade from the Standard account. In other words, it comes with all the packages the standard account offers and some added benefits.

Some of the key benefits of the VIP account include;

  • Maximum trade size of $5000,
  • Access to expert financial analysts,
  • Additional training tools and support.
  • Higher payout (For FTT)

Trading Platforms

Although no third-party trading platforms are offered, Olymp Trade provides its clients with a unique proprietary trading platform available in web, desktop, and mobile versions. The trading platform comes fully packed with an extensive list of great trading features.

Some of the key features of the Olymp Trade platform include;

  • Neat and organized interface.
  • Advanced technical analysis tools.
  • Custom drawing tools for technical chart analysis.
  • Indicators and Oscillators.
  • Customizable chart layout.
  • Comprehensive FAQ section for retail traders.
  • Compatible with PCs, tablets, and mobile devices.
  • Custom strategies to figure out the trend and find entry points.
  • Advisors that give you trading signals.

The trading platform is suitable for beginner and professional traders due to its easy-to-use interface and advanced functionalities. Additionally, Olymp Trade provides traders with a library of comprehensive user guides, which can help traders understand and navigate the trading platform more effectively.

ProsCons
Beginner-friendly proprietary trading platformNo third-party trading platform
Advanced proprietary trading platform available in web, mobile, and desktop versions.

As mentioned earlier, the Olymp Trade trading platform can be accessed in three different ways, including;

  • Web
  • Desktop App (available for Windows and Mac), and
  • Mobile App (for both Android and iOS)
Olymp Trade Trading Platforms
Olymp Trade Trading Platforms

Web Platform

The Olymp Trade web trading platform works the same as other platforms (mobile & desktop) and was designed to work effectively through any web browser connected to the internet without downloading a software application on your device.

This platform type requires a fast internet connection and a recent computer model to function effectively. We recommend using the desktop app if you use an older computer model or one with limited memory. By doing this, you can avoid a slow or freezing web trading platform.

Desktop Application

The Olymp Trade desktop application is a downloadable desktop application with several features that would benefit traders depending on their situation.

The desktop application was designed as an alternative for traders who may encounter difficulties with using the web trading platform and for traders who do not want to trade using the web trading platform. At the same time, the platform’s interface, indicators, and analytic tools remain the same as the other versions (web and mobile).

One of the main reasons to use the desktop app instead of the web platform is its higher level of security and speed. Using the desktop app is more secure than the web platform, and if security is an issue for you, then this might be a more suitable choice.

Also, If you’re using an older computer model or one with limited memory, the desktop app will usually perform much faster than the web platform.

Below are the operating systems that are compatible with the Olymp Trade desktop application

  • Windows x32
  • Windows x64
  • macOS

To download the Olymp Trade desktop application, you can follow this link from your PC to get the application directly.

Mobile App

The Olymp Trade mobile app is a great app for traders who want to manage their trading accounts on the go from the comfort of their mobile phones. It has almost all the same functionalities as the desktop and web trading platforms, although the screen size might be the most significant limitation for users.

The mobile trading platform is available for iOS and Android devices and can be downloaded from their respective app stores. Read the guide below for more info on downloading the Olymp Trade mobile app.

How to Find and Install the Olymp Trade Mobile App

As mentioned earlier, Olymp Trade offers mobile apps for Android and iOS devices that can be downloaded from the Google Play app store and the Apple App Store, respectively.

Downloading the mobile app is quite easy and can be done in a few easy steps. For more info, read the instructions below.

  • For Android Users – Go to the Google Play app store, type in the term “Olymp Trade” in the search bar, and then choose “Olymp Trade – Online Trading App” among the results. Alternatively, you can follow this link from your mobile device to get the app directly.
  • For iOS Users – Go to the Apple App Store. Similarly, type “Olymp Trade” in the search bar and choose “Olymp Trade – Online Trading” among the results. Alternatively, you can follow this link from your mobile device to get the app directly.

Leverage

On the Olymp Trade trading platform, the term ‘leverage’ is identified as ‘multiplier,’ although they both mean the same thing.

Going further, a multiplier (or leverage) is a tool that allows you to make larger investments by using borrowed funds from the broker.

Olymp Trade offers leverage from 1:1 (x1) up to 1:500 (x500), which is great for high-risk traders, as it provides the flexibility and exposure needed to open larger positions with less capital.

On the other hand, low-risk traders can also take advantage of the low-leverage options offered by the broker.

With Olymp Trade, different assets have different multipliers (leverages), and the multiplier’s size depends on the asset’s characteristics, such as volatility and trading mode.

Olymp Trade Multiplier (Leverage) Details

AssetsMinimum MultiplierMaximum Multiplier
Currency Pairsx50x500
Cryptocurrenciesx5x10
Metals & Commoditiesx10x50
Indicesx30x100
Stocksx1x20
ETFx1x5

How to Trade With Leverage (Multiplier) on Olymp Trade

To trade with leverage on Olymp Trade, here are a few simple steps you need to follow;

  1. Enter the Forex trade modes (leverages are unavailable for the Fixed time trading (FTT) mode.
  2. Choose the asset that you want to trade.
  3. Fill in the desired trade amount you want to trade with.
  4. Click on the multiplier icon in the trade amount field.
  5. Choose the multiplication rate
  6. Fill in your trade positions
  7. Open a trade position.

Deposit and Withdrawal Methods

Olymp Trade offers a wide variety of fast and secure payment methods (deposit & withdrawal), which makes it easy for clients to find a convenient payment method to use. Even better, It offers an impressive list of payment methods for every country where it is available.

The deposit and withdrawal methods available on Olymp Trade can be grouped into;

  • Bank Payments – Local Banks
  • Card Payments – Bank Cards, VISA, MasterCard, JCB, China UnionPay
  • Digital Wallets (e-wallets) – Skrill, Neteller, Webmoney, Perfect Money, FasaPay, GlobePay, AdvCash, AstroPay
  • Cryptocurrencies – Bitcoin, Tether, Ethereum
  • Payment invoices (generated in banks or special kiosks.)
Olymp Trade Trading Platforms
Olymp Trade Trading Platforms
ProsCons
Multiple fast and secure deposit and withdrawal methods.
Supports payments through bank payments, credit and debit cards, e-wallets, and cryptocurrencies.
Unique payment methods for each country where it operates.
No deposit or withdrawal fee.

Customer Support

Olymp Trade provides clients with a very convenient customer support service, available through multiple mediums, including; telephone, email, contact form, online chat, help center, and FAQs (Frequently asked questions).

Due to its large and diverse client base, Olymp Trade offers multi-lingual customer support, with support available in 14 languages, including English, Spanish, Arabic, Chinese, Thai, Vietnamese, Portuguese, Malay, Korean, Indonesian, Turkish, Russian, and Hindi. This makes it possible for clients to conveniently resolve issues in their native language.

Also, while reaching out to the customer support team, we recorded an impressively fast response time each time we reached out. Coupled with the fast response gotten from the support team, we also noticed how professional and helpful they were whenever we had a question or an issue to be resolved. This is great for customers as they can resolve their issues fast and get answers from professionals who are ready to help.