In this article, I will discuss Olymp Trade, which is a renowned trading platform that allows even novice traders to trade in numerous parts including binary options and CFDs.
Olymp Trade is today one of the most popular trading platforms with its ease of use, low deposit requirement and features.
What Is Olymp Trade?
Olymp Trade is an international online trading platform which provides its customers with the access to a variety of financial instruments such as forex, stocks, cryptocurrencies, and commodities.
It is designed to be user-friendly and includes a number of educational resources for traders of all skill sets.
Olymp Trade is licensed and regulated by the Vanuatu Financial Services Commission, ensuring that the right conditions for trading are available.
Olymp Trade Overview
| Category | Details |
|---|---|
| Account Types | Standard Account, VIP Account |
| Demo Account | YES |
| Islamic Account | YES |
| Market Instruments | Currency Pairs, Commodities, Stocks, Indices |
| Trading Platforms | MetaTrader 4, Web-Version, Mobile Version, Desktop Version |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Maximum Leverage | 1:400 |
| Funding & Withdrawal Methods | Visa, MasterCard, Mastro, Neteller, Skrill, Visa Electron, Qiwi Wallet, Yandex Money, Fasapay, Web Money |
How To Signup Olymp Trade?
Steps to Sign Up for Olymp Trade: Find Out Here
Visit the Website: Go to the Olymp Trade homepage.
Click on ‘Sign Up’: Ask around and you will most probably be informed that the “Sign Up” button is in the upper right corner of the page.
Fill in Your Details: Experiencing which is interesting for the first time or simply testing the system as it has been said above you will have to fill in your email address and password.
Agree to Terms: You will need to check a box for agreeing with terms and conditions which is suggested in addition to checking the privacy policy.
Verify Your Email: Get into the fact that a confirmation email will be sent over to you. Within this email, there was an account confirmation link sent over.
Complete Your Profile: Log in on the platform and fill in necessary details such as your name and phone number which are needed in completing your profile.
Choose Account Type: Most of the time, you will have to select the type of an account you wish to create be it standard or VIP depending on the way you wish to trade.
Deposit Funds: As you trade, you will have to focus on depositing and there are some available payment methods.
Start Trading: Whenever your account is credited, you will be in a position of starting making trades on the Olymp Trade platform.
This is a brief flowchart of the process which will get you ready to start utilizing the trading features that Olymp Trade has to offer!
Accounts and Banking
Live Accounts
All users of the Olympic trading platform can either choose a Standard account which requires a low minimum investment or a VIP account which is better in terms of benefits like higher payouts as well as personalized assistance.
Deposits and Withdrawals
Olymp Trade provides clients almost all known methods of funding their accounts, including Visa, MasterCard, Neteller, Skrill and others.
The minimum deposit is set at $10 meaning enabling new traders join the market very easily.
On the other hand, all requests regarding withdrawals are done in a very short time frame, often within a day.
Bonuses
As a trader, one can receive any deposit bonus created by Olymp trade such as welcome bonus for new users and various promotional deposit bonuses that are run from time to time.
Such bonuses will likely increase the trader’argentgring capital although certain rules and regulations will apply.
Demo Account
Every trader on olymp trade has access to the demo account which can be used for performing trades with virtual currency hence there is no risk.
The only aim of keeping a demo account may be to learn the platform and various trading strategies.
Assets and Markets
Olymp mart sells currency pairs and other instruments to own assets such as commodities, stock markets and even indices.
This encourages traders by giving then options that they can include in their trading plans at different times.
Leverage
With 1:400 leverage offered by Olymp Trade, traders are able to manage bigger positions with less capital.
However, leverage is useful when more profit is needed when there is less capital, but a warning is in order, overuse of leverage can be detrimental.
Key Features of Olymp Trade
Asset Variety
The company provides clients with the possibility to speculate in diverse trading instruments including major commodities, currency pairs, indices, cryptocurrencies and shares of top companies such as Apple, Microsoft, as well as IBM1.
In-depth Training
The company offers educational tools including analyst assistance, webinars, and economic calendars in an effort to assist users with comprehending the markets and developing their trading abilities1.
User-Friendly Interface
The purpose of the platform is that it is simple to navigate, thus including even those who are novices in the trading business, as well as seasoned professionals.
Demo Account
Lets users trade with virtual money in a simulated raider’s world with zero risk.
Multiple Timeframes
Allows 11 different time spans within which, 15 seconds to 1 month, can be employed for viewing the charts1.
Chart Styles
The system assists its users with 4 different types of chart styles including Area, Japanese candlestick, Ashi, and bar charts among others in interpretation of the market data.
Pros and Cons of Olymp Trade
Pros
User-Friendly Interface: The interface is user friendly that even a beginner with little or no experience in trading can still use the platform.
Diverse Asset Selection: Has many options like forex, stocks, cryptocurrencies, and even commodities that can be traded.
Educational Resources: Gives a comprehensive training material, webinars, and analyst backup which help improve their operation.
Demo Account: Provides one with an opportunity to practice on the main account using the virtual funds and also allows someone to practice several strategies.
High Leverage: Provides a leverage level of about 1:400 which means that a trader is able to control a larger position with very little money.
Cons
Risk of High Leverage: Risk of losing quite a lot is there when such a high leverage is used and the markets do not go in the right direction.
Regulation: There is not as much regulation as is the case with some other top trading platforms.
Limited Withdrawal Options: Some regions may have limited options when they want to withdraw their money.
Market Conditions: As with any other trading platforms, being successful is mostly down to the market conditions and the skills a trader has developed.
Is Olymp Trade the right broker for you?
Olymp Trade has a more appealing client portfolio for newbies looking to try their rigidity in both binary options and CFDs.
It is straightforward and fast to learn and has good technical tools and charting features, and only a $10 minimum deposit is needed to start trading. You will also be pleased that there is plenty of assets.
Nonetheless, experienced traders might not recommend trading on this platform due to the below average advanced analytical instruments and research that this platform covers.
The commissions are higher than on most platforms and some users are perturbed by the lack of licenses of more reputable regulatory agencies.
Olymp Trade Alternatives
IC Markets
Low spreads and an advanced trading platform set IC markets apart making it the ideal brokerage when looking for competitive pricing and solid trading tools1.
Roboforex
Offers wide variety of trading instruments and has a simple GUI which is suitable for both novice traders and experienced traders.
AvaTrade
Has various market access, supplemented by a strong trading platform and wide educational materials warranted for traders1.
FP Markets
Even though it’s not well known, it’s still decent enough to offer competitive spreads and also a powerful trading platform which makes it suitable for traders interested in execution speed and low costs
Does Olymp Trade have any licenses?
The Vanuatu Financial Services Commission (VFSC) offers offshore regulation for Olymp Trade.
However, this authority is not well known and thereby clients will not enjoy the same level of protection afforded by top brokerages
Olymp Trade Customer Support
These types of questions and problems can be addressed by Olymp Trade customer support, which has extensive experience helping users with such issues in a timely manner.
The support is reasonable and available around the clock through any means of communication: email, chat, or phone.
Such assistance is offered in English, Bahasa Indonesia, Hindi, Vietnamese, Russian, Malay, Turkish, Spanish, French, and Chinese.
Customers from different countries and regions can access the help they seek in their language preference.
Conclusion
In summary, Olymp Trade provides a great platform for first time binary options and CFD traders with a low minimum deposit.
Their interface is especially easy to use which is an added bonus for new traders.
However, advanced traders may find it restrictive due to the lack of well defined regulatory measures or advanced functionality.
Although the fees can be higher than some others in the industry, Olymp Trade is an attractive option for those looking to trade in a more user friendly environment.
