Olymp Trade is an online broker that was established in the year 2014. Owned by Saledo Global LLC and headquartered in St. Vincent & the Grenadines, this advisory broker is available to users from over 30 countries around the world. It offers more than 80 instruments including shares, currencies, cryptocurrencies, commodities, and indices. Although this broker is not regulated in Europe and North America, it has been a member of the Financial Commission (FinaCom) since 2016. This membership is only provided to selected companies and ensures customer protection by covering each trader for up to €20,000 within the framework of the FinaCom Compensation Fund.
The minimum deposit needed to trade on the platform is just $10, which is among the lowest in the industry. As of 2020, the broker’s average payout stands at $13.7 million per month and it has more than 25,000 active daily users. The average number of trades per month is about 35.4 million. Similarly, the average monthly trading volume stands at $179.2 million. This broker ensures that traders are well prepared before investing their funds through offering extensive resources and trading education. In addition to training, the company has a team of analysts that provide users with original trading ideas and strategies.
Pros and Cons
Pros
- 24/7 Dedicated Support
- Wide Range of Assets
- Extensive Training Options
- Low Initial Deposit
- User-Friendly Platform
Cons
- No Regulation
- Limited Bonuses
- Does Not Accept US or EU Clients
- Customer Accounts Not Segregated
Recommended For
Olymp Trade is recommended for beginners who are seeking to invest for the first time. These traders can benefit from features such as a low minimum deposit and the access to a demo account. Another striking benefit is the wealth of resources available as well as the Olymp Traders’ Club for communal learning.
The broker provides excellent training resources to its users, including webinars, analyst support, and real-time tracking and analysis of prices. Olymp Trade also offers other useful tools in the form of economic calendars and specialized webinars. Furthermore, the company has a blog that helps traders to keep up with the latest trends and trading strategies.
Regulated By
- The Financial Commission (Hong Kong)
Top Features
- Wide Range of Assets: Major currency pairs, indices, commodities, cryptocurrencies and stocks of major companies such as Apple, Microsoft, and IBM are all available for trading, through a user-friendly and intuitive platform.
- Extensive Training: Another key feature of the platform is that it provides extensive training to its users. The educational added value and support is provided in the form of analyst help, webinar sessions, as well as economic calendars and a variety of other tools.
- Low Minimum Deposit: The platform has a very low minimum deposit of just $10. This ensures that anyone can start trading on the website instantly, without having to commit to depositing large amounts. Similarly, the minimum withdrawal amount is also $10, ensuring that you can access your funds at any time, regardless of the amount.
- High-Quality Platform: The Olymp Trade platform is extremely user-friendly and has a simple interface. It enables users to trade from anywhere, and it is compatible with both desktop and mobile. Additionally, MetaTrader 4 is supported by the Olymp Trade platform.
Overview
- Type of Broker ECN/STP
- Regulation & Licensing N/A
- Clients Accepted from 30 countries around the world
- Assets Offered Stocks, Currencies, Cryptocurrencies, Indices, Commodities
- Platforms Available Desktop, Mobile, MetaTrader 4
- Mobile Compatibility Android, iOS
- Payment Types Accepted Wire Transfer, Credit Card, Debit Card, PayPal, UnionPay, Skrill, Neteller
Account Types
|
Features |
ECN Account |
Standard Account |
|
Account Currencies |
USD/EUR |
USD/EUR |
|
Available Leverage |
500:1 |
500:1 |
|
Minimum Deposit |
$10 |
$10 |
|
Starting Spreads |
0.6 |
1.1 |
|
Commission Per Trade |
$4 Per Lot |
0 |
|
Decimal Pricing |
Up to 5 Decimals |
Up to 5 Decimals |
|
Trading Instruments |
35+ Currency pairs 12 Cryptocurrencies 10 Indices 4 Metals 2 Energies 12 Stocks |
35+ Currency pairs 12 Cryptocurrencies 10 Indices 4 Metals 2 Energies 12 Stocks |
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
|
Max Lot Size Per Trade |
20 |
20 |
|
Demo Account |
Yes |
Yes |
|
Swap/Rollover Free |
Yes |
Yes |
|
Copy Trading Support |
No |
No |
Trading and Investment Tools
- 24hr Trading: Yes
- Charting Package: Yes
- Streaming News Feed: No
Compliance & Regulation
This broker is not regulated by any authorities in Europe, North America, or Asia. However, it is a member of the Finance Commission (FinaCom), an external dispute resolution body in the field of online trading. Olymp Trade is registered as an A-class broker with this commission. In case you have any complaints against the broker, you could appeal to FinaCom and get your disputes resolved. FinaCom provides legal assistance in resolving your issue and could help you in attaining monetary compensation of up to €20,000. This is a unique and appealing insurance policy for traders, which is not a common offering in the industry.
It is worth noting that the platform does not accept users from North America or Europe. The key region that is targeted by this broker is Asia. This is because the broker does not have the necessary approvals needed to accept users from Europe or North America. Nevertheless, Olymp Trade is one of the better-known brands in the business and its online presence shows this.
Fees & Commissions
- Rollover Fee: No
Pricing
The spreads offered by this broker are among the most attractive in the industry. The spreads start at 1.1 pips for a standard account, which is lower than many other brokers in the market for an equivalent account type. The pricing for stocks and cryptocurrencies varies according to the asset, and can be seen live upon placing a trade on the platform.
It is also worth noting that the broker does not charge any commissions on the trades that are executed via its platform on the standard account. However, it charges a monthly fee of $10 in case a user does not make any transaction for 180 days.
Service Details
- Supported Languages: English, Indonesian, Portuguese, Russian, Thai, Turkish, Vietnamese
- Customer Service By: Phone, Chat, Email
- Customer Service Hours: 24
- Email Response Time: Up to 48 Hours
- Telephone Orders: No
- Personal Account Manager: Yes
Reliability & Security
Olymp Trade’s platform is considered to be one of the most user-friendly platforms in the market. With a desktop version that is fully customizable, along with access via a mobile app (Android and iOS), accessibility is certainly a leading feature for this broker. Olymp Trade offers its services via the MetaTrader 4 platform as well. The trades executed via the platform are completed swiftly, and there are no lags. The connectivity of the platform is also up to standard.
Although Olymp Trade is not regulated and client funds are not kept in segregated accounts, it has forged a strong brand reputation in the market. The broker has received multiple awards for its efficiency and high ratings related to customer satisfaction. The key awards won by the broker are listed below:
- Best Financial Broker at CPA Life Awards 2017
- Best Trading Platform at Le Fonti 2016
- Best Broker at KROUFR Awards 2016
- The Fastest Growing Broker at ShowFx World 2016
- Best Broker at Forex Expo 2017
- Innovative Broker Award at IAFT Awards 2017
- Best Trading Platform at Le Fonti 2018
- Best Trading Platform at The Forex Awards 2018
- Best Traders FB Community in Thailand at Traders Fair 2018
User Experience
The overall user experience at Olymp Trade is fairly smooth. You need to provide certain basic details in order to register for a demo account. Demo accounts are approved instantly, and you can start trading right away. Such an account offers 10,000 virtual units of currency to the users. These units can be traded with in order to assess how the platform works and enjoy its key benefits. However, the registration process for a full account can be slightly more complicated. In order to verify your full account, the broker may need you to furnish a copy of your passport, a photo identification, proof of residence, as well as a confirmation of the means of payment. In this case, the verification process usually takes up to five business days.
The user experience is also smooth in terms of the deposit and withdrawal process. Deposits and withdrawals can be made using a range of options, including Wire Transfers, Credit Cards, Debit Cards, UnionPay, Skrill, Neteller, and PayPal. The broker processes withdrawal requests promptly, with over 90% of such requests being processed within 24 hours. The minimum withdrawal amount for traders is $10.
The company also has a 24/7 helpline that provides support to its customers in 8 languages. The customer service team can be reached via phone, email, and live chat. The FAQ section of the website is highly useful and ensures that customers can get the answers to all their questions. The customer service standards of the company are at par with the industry. To sum up, the overall customer experience at Olymp Trade is truly satisfactory and effective.
Final Thoughts
Overall, Olymp Trade is a good option for beginner traders that are looking to learn the basics. The educational and training materials provided by the company are very useful and ensure that traders are prepared for their trading career. In addition to this, the platform also allows traders to invest in a range of assets including currencies, cryptocurrencies, stocks and commodities. There are more than 80 different options to choose from.
At the same time, it should be noted that the broker does not have any regulatory oversight around the world and customer accounts are not segregated, thus investors need to be careful before depositing funds. Nevertheless, Olymp Trade seems to maintain a solid community of satisfied traders and long-term clients by providing an all-around attractive trading offering with much added value.
Trading Platform Screenshots
Contact Info
James Street, Kingstown, First Floor, First St Vincent Bank Ltd Building Saint Vincent and the Grenadines
FAQs
Q: Do I need to fund my account and send compliance documentation to open a demo account?
A: No, there are no documentation requirements for the demo account. You simply need to enter your basic details in order to proceed. The compliance documentation and verification processes are only applicable for live accounts and only for some new accounts.
Q: Are US and EU citizens permitted to register for Olymp Trade?
A: At this point, US and EU citizens are not allowed to trade on the platform. This restriction applies because of the lack of regulatory approvals. Nevertheless, the platform can be used by traders from over 30 countries.
Q: What are the different account types offered by Olymp Trade?
A: There are two major account types offered; an ECN account and a standard account. Both these account types can be tried out using the demo account feature offered by the company.
Q: Does Olymp Trade offer mobile trading?
A: Yes, the broker does offer mobile trading. They have a mobile trading platform that is available on both Android as well as iOS devices. Also, the MetaTrader 4 platform can be used on mobile devices. Additionally, there is a desktop version of the platform for users that prefer it.
Q: Will my funds be secure with Olymp Trade?
A: The platform offered by the broker is secure. However, it is worth noting that customer accounts are not segregated, and there is no regulatory oversight. However, traders are covered for an amount of up to €20,000 in case of a dispute by the external dispute resolution body FinaCom.
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