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The Internet is awash with numerous online trading platforms, making it challenging to pick and choose a reliable, affordable, and trusted broker. This Olymp Trade Review dissects and reveals the qualities of this popular FX trading platform that boasts of impressive stats; over 25 million user accounts, a monthly trade turnover of $150 million, and an average monthly payout of $8 million. Each year, the platform brings home several awards. In 2020, they won the Best FX trading platform in the Forex Expo Awards.
Learning more about the platform can reveal if it’s the right place to trade. So, let’s get started.
|Assets||Currency Pairs, Major Company Stocks, Metals, Oil, Cryptocurrencies, & ETFs|
|Countries not covered||USA, Canada, Israel, Australia, Russia, Europe|
|Deposit methods||Bank Cards, JCB, China UnionPay, Neteller, Skrill, Perfect Money, WebMoney, Bitcoin, Tether, Ethereum|
|Minimum Deposit||$10 or €10|
|Trading platform||Proprietary & MetaTrader 4|
|Leverage||Up to X500 on major currency pairs|
|Regulation and licenses||FinaCom|
|Notable awards||Best Trading Platform (Forex) in Asia, IAIR/Le Fonti Awards, 2018
Best Mobile Trading Experience, Forex Brokers Award, 2019
Olymp Trade Origins
Olymp Trade entered the market in 2014 with little fanfare, but in its six years of service, it has captured the minds of millions around the globe. Trading on the platform involves speculating on the price movements of assets as CFDs. There is no real ownership, reducing the entry barriers involved with investing in company stocks or trading physical commodities like metals.
Who Can Use Olymp Trade?
Olymp Trader serves global traders who want to trade CFDs. It has traders from 134 countries around the globe, and in January 2021, they announced that they were expanding their operations in Africa by introducing services in Morocco, Tunisia, and Algeria.
The key advantage of the platform is its friendliness to beginner traders. For instance, the proprietary web trading platform is much simpler to grasp than the industry standard MetaTrader 4 (MT4). Olymp Trade has still made sure that more experienced traders can graduate to MT4.
Beginner traders should not rush into trading with real money. The platform provides a demo trading account that newbies can use to practice with risk-free virtual money.
- Good range of asset markets from stocks to FX pairs
- Consistent user experience on mobile and web trading environments
- Low minimum deposit and trade sizes
- No deposit or withdrawal fees
- Halal accounts that don’t charge overnight fees
With a low deposit amount of $10 and minimum trades of $1, you don’t need a high starting capital to engage in online trading. Many competitors ask for higher minimum deposits. On major currency pairs such as EUR/USD, traders can multiply their trade size by up to x500. For instance, with $1, it’s possible to open a $500 position and make higher profits.
- It doesn’t support copy trading on its web platform or apps.
- Not officially available in key markets including the US, Canada, Europe, UK, and Russia.
- Commissions on trades depend on several factors, including the multiplier used.
Getting Started and Deposit Bonus
How is the process of getting started? Traders need to visit the login page and provide the necessary details. Olymp Trade may request further verification to make their service more secure and trusted. Verification may take anywhere from a few minutes to 24 hours.
How is Trading on Olymp Trade Like?
Opening a position is quite simple — select an asset and go long or short. Besides executing a trade on the spot, trade orders are also available. They allow traders to specify conditions for the automatic execution of trade positions.
- Price orders — This order opens a new position at a specified price and benefits traders looking for reversal or breakouts.
- Time orders — This order launches a new position at a specified time, and it’s particularly useful when trading economic news releases.
Mobile Trading Experience Olymp Trade
Don’t have hours to spend monitoring markets on your computer? Olymp Trade has fully-functional Android and iOS apps.
Based on our testing, the mobile experience is on par with the web interface. All the technical indicators and charting tools worked on the Android app with millions of downloads and over half a million reviews.
The app has a small download size, so it’s not taking up too much space on your smartphone. It supports signups through Facebook or Google accounts, which provides a seamless registration experience.
Unique Markets & Leverage
What sets Olymp Trade apart from other trading platforms? First, it has a unique selection of assets. Want to trade cryptocurrencies? Trade great options, including Litecoin, Bitcoin, Ethereum, and Basic Altcoin Index.
Need access to the top company stocks from US companies? Olymp Trade provides stocks such as Tesla, Microsoft, Visa, Netflix, Facebook, Amazon, IBM, Starbucks, Mastercard, and Blue Chip stocks.
The multiplier covers all asset classes, and popular multiplier options include x50, x100, x150, x200, and x500. Now, not all assets qualify for the highest multiplier. It’s only available for currency pairs such as AUD/CAD, EUR/USD, USD/JPY, and other major pairs. Bitcoin and Etherum have the lowest multipliers x5 and x10.
Proprietary Technology vs. MetaTrader
As of 2021, traders can now access the MetaTrader 4 platform through their regular internet browser without downloading the paid desktop software. They can also access their Olymp Trade accounts by downloading the MT4 mobile applications.
So, why use MetaTrader 4 vs. its proprietary trading tools? Well, MT4 provides an expanded list of free and paid technical indicators, robots, advisors, and financial news alerts.
Fees on Olymp Trade review
Which fees can traders expect? Opening a new trade comes with a fee, and it’s dependent on several factors, including the trade size, multiplier, and present market conditions. An overnight fee to keep positions open is applied because the trader must pay interest for the leverage provided. Islamic accounts lack overnight fees/swaps or interest charges.
Unlike other platforms, the company doesn’t charge account maintenance fees. However, there is a monthly $10 inactivity fee for anyone who has money in their account but has not logged in for 180 days.
Account Extras and Features
Olymp Trades keeps things exciting and interesting with account extras. Consider using the following tools and resources:
- Advisors: They are automated analysis tools powered by proven strategies. They generate and alert traders about upcoming trading signals. Available automated advisors include the MACD Professional, Predatory Look, and Moving Average.
- Experience points and trader’s way: The platform rewards consistency, and traders acquire experience points by making profitable trades and completing certain milestones. The Starter is the first stage of the three-tier Trader’s Way. Reaching the Advanced status unlocks certain perks, including expert-only webinars, exclusive forecasts, higher trading limits (from $2,000 to $5,000), risk-free trades, and exclusive strategies.
- Insights: Traders receive news, forecasts, and analysis directly in the trading environment. For instance, an insight on Facebook stocks may inform the trader of the company’s upcoming quarterly report release.
Education and Customer Support
With trading tutorials, Olymp Trade fulfils the educational needs of new traders. They cover topics such as trading basics, FX strategies, Fixed Time trades, advanced technical analysis, drawing tools, and more. Do you prefer video tutorials? They also publish video lessons on technical analysis, support & resistance, and other vital skills traders need to acquire.
Challenges may exist as you use the platform. Well, Olymp Trade takes good care of its clients. Before contacting a rep, check the Frequently Asked Questions. The customer team takes direct calls and responds to inquiries through email or live online chat.
From independent reviews published on TrustPilot, most people have good things to say about Olymp Trade.
- One reviewer commended them for offering diverse payment methods, including BTC.
- People also like the ease of using multipliers and fixed amount trades that promote better capital management.
- Several reviewers also like the education resources and comprehensive knowledge base.
Are you a novice trader looking for the next trading platform? Olymp Trade comes highly recommended. Luckily, they don’t require you to deposit real money or add a payment method for access to the demo account.
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