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Introduction to Olymp Trade
First opened to the world in 2014, Olymp Trade is an online trading platform curated by Saledo Global LLC, a company nestled within St. Vincent & the Grenadines. Serving an international clientele from over 30 countries, Olymp Trade provides a wealth of more than 80 trading instruments, including cryptocurrencies, commodities, shares, currencies, and indices. Despite lacking regulatory oversight in Europe and North America, it boasts of being a part of the Financial Commission (FinaCom) since 2016, an exclusive membership that offers a safety net for traders, covering losses up to €20,000 through the FinaCom Compensation Fund.
Affordability and Popularity of Olymp Trade
Entering the trading world on Olymp Trade requires a mere $10 deposit, one of the lowest entry requirements within the industry. By 2020, Olymp Trade was handling average payouts of $13.7 million per month, powered by over 25,000 daily active users. The trading platform sees around 35.4 million trades every month, amounting to an average monthly trading volume of approximately $179.2 million. Traders on Olymp Trade are armed with knowledge before investing, thanks to a comprehensive suite of resources and educational materials on trading. Moreover, a team of analysts is ready to supply unique trading ideas and strategies.
Assessing Olymp Trade: Advantages and Drawbacks
Advantages:
- Always Available Support
- Broad Selection of Assets
- Comprehensive Training Materials
- Minimal Starting Deposit
- Easy-to-Use Platform
Drawbacks:
- Absence of Regulation
- Limited Bonus Offers
- Restriction on US or EU Clients
- Non-Segregation of Customer Accounts
Who Should Choose Olymp Trade?
First-time investors, especially those new to the trading world, could find Olymp Trade an excellent choice. The platform’s low minimum deposit, coupled with access to a demo account, presents an inviting start for beginners. Additionally, an abundance of educational resources and the communal learning provided by the Olymp Traders’ Club is beneficial for new traders.
Examining Key Features of Olymp Trade
- Asset Variety: Offering a diverse range of major commodities, currency pairs, indices, cryptocurrencies, and shares from leading companies like Apple, Microsoft, and IBM.
- In-depth Training: Olymp Trade focuses on educating its users through analyst support, webinar sessions, and other tools like economic calendars.
- Low Entry Barrier: With a minimum deposit of just $10, Olymp Trade ensures trading is accessible to everyone. The same amount is applicable for withdrawals, facilitating hassle-free access to funds.
- Robust Platform: The user-friendly Olymp Trade platform is compatible with both mobile and desktop, with support for MetaTrader 4.
Regulatory Compliance of Olymp Trade
Although it lacks regulation in Europe, North America, or Asia, Olymp Trade holds a membership with the Financial Commission (FinaCom). As an A-class registered broker, traders can appeal to FinaCom for dispute resolution, potentially receiving compensation up to €20,000. Notably, Olymp Trade doesn't accommodate users from North America or Europe due to regulatory constraints. Despite this, the platform maintains a robust reputation in the online trading industry, particularly in Asia.
Pricing Structure of Olymp Trade
Olymp Trade features competitive spreads, starting at 1.1 pips for a standard account – comparatively lower than many other brokers. The asset-based variable pricing for stocks and cryptocurrencies is visible live during trade placement. It's notable that Olymp Trade doesn't charge commissions for standard account trades, but applies a $10 monthly fee if no transactions occur for 180 days.
Security and Reliability
Olymp Trade's platform stands out for its user-friendliness, offering a fully customizable desktop version and mobile app compatibility (Android and iOS). Trades are executed quickly, maintaining high connectivity standards. Despite lacking regulation and non-segregated client accounts, Olymp Trade has established a strong market reputation. Recognized with numerous awards for its operational efficiency and customer satisfaction, the platform holds a position of repute in the industry. Some of the key awards include:
- Best Financial Broker - CPA Life Awards 2017
- Best Trading Platform - Le Fonti 2016 & 2018
- Best Broker - KROUFR Awards 2016
- Fastest Growing Broker - ShowFx World 2016
- Best Broker - Forex Expo 2017
- Innovative Broker Award - IAFT Awards 2017
- Best Traders FB Community in Thailand - Traders Fair 2018
Olymp Trade: The User Experience
Olymp Trade offers a smooth user experience, beginning with an instant demo account setup following registration. The demo account comes loaded with 10,000 virtual currency units for practice. Full account verification might require additional documents like a passport copy, proof of residence, photo ID, and payment method confirmation, usually completed within five business days.
Deposits and withdrawals are efficient, with options like Wire Transfers, Credit Cards, Debit Cards, UnionPay, Skrill, Neteller, and PayPal. Over 90% of withdrawal requests are processed within 24 hours, with a $10 minimum withdrawal limit. With a 24/7 multilingual support helpline reachable via phone, email, and live chat, Olymp Trade maintains industry-standard customer service levels.
Concluding Remarks on Olymp Trade
All in all, Olymp Trade emerges as a favorable choice for novice traders looking to grasp trading fundamentals. The platform's comprehensive educational materials prepare traders for their journey, while its diverse asset offerings make it an enticing trading space. However, traders should exercise caution due to the lack of regulatory oversight and non-segregated customer accounts. Despite these factors, Olymp Trade retains a strong community of content traders and long-term clients by offering a compelling trading environment filled with added value.
