Olymp Trade Review 2018
Olymp Trade does not accept new customers from US.
We recommend you check out our top rated list and sign up at another provider instead.
- US Traders
- 110+ Assets
- 1-2 Day Payouts
- Mobile Friendly
- Low Deposit
Olymp Trade is a fairly new entrant into the digital options market place having launched in 2014. They are certified by FinaCom making them a viable option for most online traders. Their background is very much as a Russian broker, however they operate internationally and are set up to serve worldwide traders from South America to Asia.
Where they differ from most digital options brokers is that they don't offer the extensive range of assets that others do. With many options brokers offering the chance to trade on as many as 200 assets they really only offer currency pairs, gold and silver. Not an ideal offering if they wanted to attract the bigger players.
Another difference with Olymp Trade is their low level of entry. Traders can start trading with as little as $10 deposit with minimum trades of $1. It is a very simplified system with lower trading values and fewer assets. With their low point of entry it seems unlikely that they are interested in the big time traders.
Why trade with Olymp Trade? In this deep dive review we will look at the following:
- Why this broker is different to others operating in the options marketplace
- What type of accounts are available and what bonuses the broker offers to you
- How their simplified system makes they totally unique in the trading process
Because Olymp Trade is aimed more at the entry level of the options market there aren't all of the bells and whistles you would normally find on offer from a broker. Whereas you would usually see a different level of accounts ranging from basic to diamond, platinum or a bespoke, invitation only account there appear to be only 2 choices. You can choose between a standard account and a demo account. Both are easy to sign up to as long as you aren't based in the US or have an ISP that is registered there.
The Olymp Trade Demo Account is great for those wanting to get used to the platform, all you need to do is register then you can start using the virtual money straight away. Demo accounts are an ideal way for first time traders to get used to trading or for those switching platforms and looking to get used to the platform before investing heavily.
With a Standard Account you only need a $10 deposit to open an account and this gives you instant access to a $10,000 demo account.
Trade Types And Payouts
With payouts of up to 80% they aren't the most competitive when it comes to profitability but the low entry and simplified systems does make it a very simple trading option.
It is usual with many brokers to offer many different trade types and the option to trade in many different assets. Some brokers offer 6 or 7 different types of trades. These include the High/Low or Call/Put option then there are 60 Second trades, Ladders and Pairs, One Touch and Long Term. This isn't the case with Olymp Trade and there is just one type of trade, the basic Call/Put or High/Low trade. Add to this the limited amount of assets available to trade on and you really are restricted in what you can do.
With such a limited amount of assets to trade on, a minimum of $10 deposit and the fact that you can only trade in High/Low Options it really is the perfect chance for beginners to cut their digital options teeth. Simply choose your asset, currency pairs, gold or silver, and start trading with $1 predicting whether the asset will rise or fall by the expiry time. The expiry times are limited to end of day so there are no options for long term trading.
Bonuses And Promotions
We said there weren't the usual bells and whistles that one might expect from a digital options broker and we weren't wrong. There is a distinct lack of bonuses on offer from Olymp Trade . We assume that this is because their entry level is so low that they don't need to offer bonuses to entice people to trade with them.
There are the usual refer a friend bonuses and from time to time they do offer promotions but there isn't a standard welcome bonus or deposit matching system in place.
With trading on the move being more important than ever before, a mobile app, website responsiveness and accessibility has to be at the forefront of a broker's offering. It is no longer enough to have a good desktop site and trade off reputation. So many criteria have to be met and being able to keep up with technological developments is one of them.
Having only launched in 2014, Olymp Trade understood the importance of technology and its advancements and have been able to build their platforms based on the experience of others and what was already available. For this reason their mobile platform is responsive and there are mobile apps for both Android and iOS available from Google Play and the App Store for those who prefer apps to safari.
Deposits And Withdrawals
Like most brokers the method of depositing funds includes the use of credit and debit cards, bank wire transfer and other e-payment solutions such as Contact 24 and Neteller. As they don't accept American traders you won't see the usual US options available. Depositing funds is easy although deposits using wire transfer will take longer and aren't instant. With a deposit amount of only $10 required to open an account it is a service that is accessible to all (depending on the country you are based in).
To withdraw funds simply request your withdrawal and funds will arrive back in your account on your card within 1-5 days. The withdrawals are usually sent to the same source that you used to fund the account in the first instance.
Please make sure your trading account is fully verified to avoid any withdrawal problems. This broker told us the biggest cause of refusal is due to a lack of personal identification.
Special features depend on the customer's perspective. If you are a big trader the same special features won't appeal. The appeal of Olymp Trade is the fact that it is a simplified form of digital options trading for those who want a low risk, gentle introduction into the world of digital options.
The demo account is available to anyone that registers on the site and the $10,000 virtual money is there for traders to use to practise trading and get used to the dos and don'ts before they start risking their own money.
There aren't the usual bonuses and incentives to join these guys but then again not all brokers offer the same low level of trading that you can expect with minimum trades of $1. Whilst it is a low risk platform unless you are trading with higher stakes you aren't going to make money fast.
Binary Site Reviews
Most options brokers offer varying levels of support from a virtual live assistant to a full menu of options to choose from including, emails, telephone numbers, support forums and more. With Olymp Trade they have kept it simple as with pretty much every other aspect of trading with them.
They do have a good support system in place though and support is available via e-mail, by phone or by live chat. Throughout our Olymp Trade review process we had no problems or difficulties with contact of the various departments.
Let's sum up our review here. Olymp Trade is a huge player in the digital options market place and their simple, no frills approach is definitely geared towards the new and inexperienced trader. Their minimum $10 deposit and $1 trades means that the service is accessible to anyone who wants to trade and their encouragement to new traders is supported by their education service. The minimal assets may be a problem to some but again stands them in good stead with the novice trader who wants to learn.
Olymp Trade have over 160,000 traders in several countries around the world although, like many brokers, they don't accept US traders. They are registered in the Seychelles and also have an office in Cyprus. They are a member of the Financial commission which is only awarded to those that are proven to be honest and reliable. They offer customer support in many different languages and cater for their global market.
While the site is very much designed to offer what the beginner needs, once they have learned the basics using the various education tools it may not offer much beyond that. There is no doubt that this is a great first-time site to get going with but traders will probably have to look elsewhere in the long term if they are looking for greater progression.
That said, what they do, they appear to do well and they tick most of the boxes of a trustworthy digital options broker. Following our thorough Olymp Trade review we found no warnings to imply this broker is a scam and we found zero legitimate complaints.
Reviewed by: BinaryOptionsExpert.net
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Frequently Asked Questions
Is Olymp Trade legit, will they scam me?
Any digital options broker that we recommend is always checked and vetted by our experienced team. Not only do we carry out extensive research into their licensing and regulation but we also use them ourselves. We invest and trade with them as clients to test things like ease of use, deposit and withdrawal methods, customer service and the overall trading experience to ensure that we only bring you the best.
Do they have a decent mobile or tablet app?
With so much technology at our fingertips and devices that fit into our pockets, traders can now access the platform from anywhere at any time. Any good broker needs to ensure that they have a decent mobile offering not only with a mobile responsive website but also with an app that is suitable for mobile phones, phablets and tablets and available for both Android and iOS. Olymp Trade is no exception and their website is easy to use on all devices.
What bonus do they offer for new traders?
Olymp Trade is very much aimed at the entry level market and with a minimum deposit of just $10 with $1 dollar trades and very few assets available to trade in there are no bells and whistles. This includes bonuses. There aren't deposit match or welcome bonuses and they don't try and entice customers with lots of attractive incentives. There are the occasional bonuses or refer-a-friend schemes though.
Can I start trading on a free demo account?
Yes, they offer a virtual or demo account to all registered account holders with the ability to trade up to $10,000 of virtual money. As a first time trading experience this broker really needs to be able to offer everything the first time user needs, this includes a demo account. With an intuitive platform and a dedication to entry level traders their demo account is a great way for new account holders to practise.
What's the minimum deposit and trade amount?
Olymp Trade are one of the few brokers that offer a minimum deposit of $10. Not only that but $10 gets you access to the $10,000 demo account. Minimum trades of $1 are accepted making this broker an ideal choice for those that are new to the world of options trading. What better way to get acquainted than with $1 dollar trades and a free demo account.
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