Olymp Trade Forex Broker Review
Olymp Trade is an international broker founded in 2014. Its headquarters are in Saint Vincent and the Grenadines with a second office in Cyprus. Olymp Trade offers services in trading currencies, cryptocurrencies, stocks, and commodities.
Despite being relatively young in the industry, this broker claims to have amassed over 30,000,000 traders around the world. Its services are available in more than 100 countries, except in the following: USA, UK, Canada, Japan, Israel, Australia, and all countries in Europe.
Olymp Trade has a lot of sites, but all of them are unofficial. Its customer base is mostly Russian. It has been given many awards in its years of service, including:
Best Financial Broker by CPA Life Awards 2017
Best Trading Platform by Le Fonti 2016 & 2018
Best Broker by KROUFR Awards 2016
The “Fastest Growing Broker” by ShowFX World 2016
Innovative Broker by IAFT Awards 2017
Best Trading Platform by the Forex Awards 2018
Olymp Trade Security and Licenses
Olymp Trade is a subsidiary of Inlustris Ltd., which is registered to operate in Saint Vincent and the Grenadines. They are licensed by the International Finance Corporation. Olymp Trade also complies with The Financial Commission, an External Dispute Resolution (EDR) body that prioritizes fixing disputes in brokers working in the forex industry.
The safety and legitimacy of Olymp Trade has been questioned in the past, with many clients assuming that their funds are not safe. It would help Olymp Trade’s reputation if they applied for license in more regulatory bodies such as CySEC. This broker must also settle down with one website and make it official so clients and prospective clients can easily find them.
Olymp Trade Platforms
Olymp Trade’s platform is designed specifically for Russian clients, but they are also available in English and other languages. This broker has its own trading platform that is available in web, desktop, and mobile versions.
Their platform has a user-friendly interface that was designed specifically to cut unnecessary details. It has straightforward features, which makes it efficient and easy to maneuver. The Olymp Trade Platform has a chart that tracks price movement in the market. Clients can also customize this graph from a simple color and graph change to the more advanced modifications like choosing which data on the chart they want to highlight.
Olymp Trade Account Types
Olymp Trade features two account types:
- Standard Account – the minimum deposit for this account type is $12. Leverage is 1:400 and spreads begin at 1.1 pips.
- VIP Account – the minimum deposit for this account is significantly bigger than the former. You need to deposit $2,500 to qualify for a VIP Account. Leverage is also 1:400 and clients can trade up to $6,000. This expensive account comes with a personal financial expert.
The significant gap between the two accounts and the limited variety of accounts in general does leave some clients with little to no choice. However, it is also only a matter of whether you are a beginning trader or an expert. The Standard Account is created for clients who are just beginning their trading career. The VIP Account is for expert traders who understand the risks and are willing to bet despite them.
For traders who want to assess the trading conditions and features of Olymp Trade, they can easily sign up for a demo account. This way, they can trade risk-free and explore Olymp Trade’s platform and tools. Signing up for a demo account is also a recommendable step before trading with any broker to find out whether your needs as a client fits with their services.
For their deposit and withdrawal processes, they support debit/credit card, bank transfer, and electronic payment.
