OlympTrade Review
OlympTrade Account Features
OlympTrade doesn't have a huge variety of trading accounts to choose from. Although this seems to be odd, it gives all the traders equal features when trading. The fact that traders can only open similar account type makes everyone equal and there is a lot of democracy for all traders.
Traders can choose to open their trading account with US Dollars or Euros as the base currency. This choice is made during the account registration and can not be altered later on. Therefore, the trader should choose his or her base currency wisely.
The minimum deposit that a trader can make with this is $10 just like with IQ Option, which is low enough for even beginners with lower amounts of cash to invest. $10 is the lowest amount of minimum deposit that any trading platform in the field can ask for.
The OlympTrade offers a number of important features to all its traders who deposit funds with them. The trading account is equipped with free market analytics and personal account manager. The traders are also entitled to an easy access to financial market and a payout of up to 80%.
All traders who register with OlympTrade are qualified to get bonuses as well as other promotions offered by the trading platform. However, the terms and conditions of the bonuses are not laid out well on their website; they are left to your account manager to advise you accordingly. But we hope with time the trading platform will do all it can to make the terms and conditions more detailed and easily accessible.
This trading platform offers a demo account, and it is good to keep in mind that:
- You have to be registered with the trading platform in order to be allowed access to the demo account.
- The Demo account is funded with 10,000 virtual money which is more than enough for experimenting and also understanding the trading platform.
- The demo account is also a very prime stage for testing new trading strategies.
- Demo account is by all means recommended even to experienced traders.
All the features of the OlympTrade trading platform show they are set to serve all traders and especially the newbies.
OlympTrade Trading Software
OlympTrade uses its proprietary trading platform where registered traders can choose to trade different currency pairs and commodities.
Unfortunately, with their trading platform, the only type of options available for trading is the classic high/low option. The expiry time varies from 60 seconds to 3 hours. Therefore, this trading platform is a better choice for traders who prefer short expiry times. The short expiry times also has higher risk but it is more profitable.
But for you to trade there are no downloads that are required. Traders carry out their trading in selected Internet browsers.
The OlympTrade trading platform is very user-friendly. The trading chart is positioned on the right side of the website, while the area for viewing the placed trades is on the left. Their website has bright colors are thus showing exactly what each element is for and thus removing any confusion, even when it comes to inexperienced traders.
Furthermore, on the bottom of the trading platform, traders will see a table that contains all their trading history which gives the traders an amazing overview of their trading history as well as their previous decisions.
The trading platform also provides an Android app for Android operated devices and an iOS app for iPhone devices. This mobile app ensures that traders can trade on the go at whichever location and at whatever time provided it is within the allowed trading hours.
The trading platform website is very well designed and it is navigated by a drop-down menu bar that is placed on the right-hand side. All their Terms and conditions can be easily viewed at the bottom of the pages.
Support Information
Just as with most trading platforms, the OlympTrade has a very responsive and supportive customer support team. This forms the basis of the relationship between any trading platform and their traders.
The trading platform's support team is easily reachable in a number of ways. They can be reached via phone, live chat or email. The live chat and the phone call are the fastest means of communicating with the customer support, but if you are not in a hurry you can use the email address and your grievances will still be handled.
The OlympTrade trading platform is available in:
- English
- Polish
- Portuguese
- Russian
- Thai.
OlympTrade also has an education section with articles and videos available to only the registered traders. Here beginners can get access to the beginners' course which only takes 15 minutes. There are also different trading strategies that are explained, and also videos that provide further information. Any learning materials are easily accessible from the OlympTrade Academy.
Traders can also use the FAQ section which provides answers to questions which are frequently asked by traders. This is a superb solution for traders who don't want to chat with the customer support team or want to find answers on their own.
Banking and Company Info
The Olymp Trade platform is certified by the international Financial Commission (FinaCom) as a category A member. The Financial Commission provides for the traders protection by its fund for up to $ 20,000 per case if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions established by FinaCom).
In September, Olymp Trade was certified as a quality broker by an independent service Verify My Trade: https://financialcommission.org/ru/2018/09/27/financial-commission-announces-execution-quality-certification-of-additional-broker-members
The registration address is available in the User Agreement at: https://olymptrade.com/docs/terms/opt/en/service-agreement.pdf
Traders have the freedom to choose from a wide range of depositing and withdrawing methods. These methods are:
- QIWI
- Yandex
- Webmoney
- Visa
- MasterCard
Traders should use the same banking method for depositing to withdraw their funds. Withdrawals take 5 working days to be withdrawn. However, the money may take a longer time to appear in the trader's bank account due to different banking systems and legislation.
Similar to the minimum deposit amount, the minimum withdrawal amount is $10.
But according to the trading platform, some trading accounts will require special verification and authorization by the financial department once the request for a withdrawal is made. However, the information pertaining this is not well laid out on their website. For those accounts which require the special verification, the traders are obligated to provide certain documents.
The documents required:
- a colored copy or scan of trader's national identity card
- a colored copy or scan of the trader's international passport
- a driver's license and a utility bill
Upon submitting, all the documents are processed in 1 day once they are received by the trading platform's financial department. Then, the trader gets a notification letter showing if the authorization is successful or not.
Special Features
Olymptrade is a trading system with a option based platform. It offers particular functions that are contingent with a customer's perspective. These features may sound more enticing to a trader who is new to the world of trading than to one who is already big on making significant investments.
Olymptrade appeals mostly to new and inexperienced traders who are looking for a risk-free and profitable way to invest their money, make reasonable profits and learn new strategies along the way.
One of the best feature of Olymptrade is that it offers free registration to new members with virtual credits of $10,000. It is to provide new investors with a general idea of how the whole system functions.
A demo account allows a new member to hone their trading skills, get accustomed with the strategies of the trading platform, learn about the ground rules and get familiarized with what to expect before they begin trading with real money.
Olymptrade doesn't offer bonuses and signup incentives that are usually offered by most of the online trading platforms nowadays. Instead, they offer their traders with the lowest level of investments possible. Registered members of Olymptrade can trade with the minimum amount of $1.
While being the most moderate to low risk platform. Olymptrade also provides newbie traders with a low rate of profit and loss making it ideal for someone who is just stepping into the world of trading. But it's not the platform to use for anyone who wants to make money quick.
Olymptrade FAQ
Is Olymptrade legitimate, or will they scam me?
We have a team of professionals that tests all the trading platforms, before recommending them to you. A trading platform's software and licensing are not only investigated but also tested extensively by us. Our team trades with the dealers to estimate the legitimacy of different aspects of their trading systems. These aspects include ease of access, methods of withdrawals and deposits, client services and the total experience of trading with said trading platform.
Do they offer a selection of mobile or tablet apps?
The modern age allows us access to technology from anywhere, anyplace and at anytime. Everyone has access to the power of technology at all times with mobile and tablet devices in our pockets, and with access to technology comes the need to stay informed.
It is necessary for a reliable trading platform to acknowledge this fact and provide their investors with an easily accessible platform that is supported by both iOS and Android devices. Olymptrade has recognized this fact by offering a website that is supported and easily operated from all mobile devices.
What bonuses do they offer for new traders?
Olymptrade is aiming to provide services to Russian beginner level traders with their low-risk trades between dollar $1 to $10. Their members can start investing with an amount as little as $1 by making a deposit of $10 only.
Since Olymptrade provides its members with a chance to invest in small amounts, the amount of available and tradeable assets is low, which helps greatly in reducing the risk factor when using Olymptrade's services. The best part of trading with Olymptrade is that they don't try to draw in potential investors with alluring schemes and bonuses. They do, however, offer intermittent bonuses or rewards such as when members successfully refer people to the system.
Is it possible to start trading using a free demo account?
Olymptrade offers free virtual demo accounts to its registered members, where they can refine their trading skills with the virtual money of nearly $10,000. This is the best option for an investor who is searching for a way get into trading.
Here they can learn the basics of trading, how and when to invest, trading strategies, what to expect, and so much more without even spending any real money. With their focus on providing the most up-to-date trading experience possible to a first time trader. The Virtual demo accounts of Olymptrade are the best way to get introduced to the world of trading.
What's the minimum deposit and trade amount?
With the aim of providing low-level deals, Olymptrade is one of the few trading platforms who is providing minimum deposits of $10. This initial amount gives you access to your demo account with almost $10,000 of virtual credits. With Olymptrade, you can begin trading your investments in quantities starting from $1.
This is an ideal introductory platform for a new investor which gives them a chance to invest safe amounts and also enables them to learn more about the trading world before they move on to making significant investments.