Olymp Trade Review 2021 – SCAM Broker?

Olymp Trade Review 2021

• Top Key Points for Olymp Trade in 2021
• Is Olymp Trade safe or a scam?
• Trading Instrument at Olymp Trade
• Olymp Trade Fees and Commissions
• Accounts Types
• Olymp Trade Swap fee
• Olymp Trade Review: Inactivity fees
• Deposit and withdrawal fees
• Trading Platforms and Tools available at Olymp Trade
• Research Tools
• Education
• Olymp Trade Review: Conclusion
• Author

Overview

• Top Key Points for Olymp Trade in 2021
• Is Olymp Trade safe or a scam?
• Trading Instrument at Olymp Trade
• Olymp Trade Fees and Commissions
• Accounts Types
• Olymp Trade Swap fee
• Olymp Trade Review: Inactivity fees
• Deposit and withdrawal fees
• Trading Platforms and Tools available at Olymp Trade
• Research Tools
• Education
• Olymp Trade Review: Conclusion
• Author

Olymp Trade is an online Binary Options, Forex, and CFD broker. It’s recognized for its Binary Options feature as its name suggests. Quite popular broker across the globe for its ease of use trading platform interface, and lowest ($10) deposit option accessible for anyone. In this review, we will discuss, all the important aspects (pros and cons), and let you know if Olymp Trade is a legit broker or just another scam?

Regulated by offshore entities (highly risky), offering only proprietary trading platform (no MetaTrader), fewer tradable instruments (only 100+ in 7 different classes). By comparison, other popular binary brokers like Olymp Trade offer 100+ assets.

OlympTrade Homeapge

Top Key Points for Olymp Trade in 2021

Olymp Trade is a relatively new Forex broker founded in 2014. Founded in 2013, Olymp Trade is regulated in 1 tier-2 jurisdiction and SVG, making it a high risky broker for trading forex and CFDs.

Regulated in 1 tier-2 jurisdiction (CySEC), and additional offshore entities like SVG (Saint Vincent and the Grenadines) making high-risk broker. 20,000 Euros compensation fund if anything goes wrong.

User-friendly platform interface with so many indicators and drawing tools

Free Educational materials

Best Mobile Trading Experience

Is Olymp Trade safe or a scam?

Usually, the top-tier regulated forex brokers do not offer binary options trading. If you look closely at binary options brokers, you will see that most brokers are regulated by offshore entities. Some of these are regulated through CySEC. CySEC is a tier-2 regulatory jurisdiction, not the strictest one. Most popular option trading brokers like IQ Option, Olymp Trade doesn’t support clients from UK or USA jurisdictions, because these brokers do not meet with these jurisdictions’ highly strict regulations.

CySEC Regulation: Olymp Trade is regulated by Cyprus Securities and Exchange Commission (CySEC – medium trusted) and St. Vincent & the Grenadines (very low trusted). As it is regulated and licensed by offshore entities, so you may face several unwanted coincidences while trading with Olymp Trade.

IFC Regulation: Olymp Trade joined the International Financial Commission (IFC) in 2016, IFC guarantees up to €20,000 monetary compensation if anything goes wrong with traders IFC will back it up. This amount will be sufficient enough for most traders if not all.

SVG Regulation: Saint Vincent and the Grenadines is a very low-quality regulatory jurisdiction. TopTrustedForexBrokers.com doesn’t include this jurisdiction in our Trusted jurisdiction list, due to the extremely low regulatory requirements required to operate in SVG regulation. Most scam brokers are regulated by this type of jurisdiction due to extremely low regulatory requirements required to get a legal license.

However, its acceptance has increased somewhat due to being regulated by CySEC and IFC compensation fund

Olymp Trade still lags far behind in terms of regulation as it is not regulated by any top-tier jurisdiction.

Note: Then non-European traders are trading under greater risk.

Olymp Trade licenses

1. Olymp Trade regulated by Saledo Global LLC, registered at First Floor, First St. Vincent Bank Ltd Building, P.O. Box 1574, James Street, Kingstown, St. Vincent & the Grenadines.
2. Partner companies: VISEPOINT LIMITED registered at ACT – BARON COURT, KARLU GALEA STREET, City/Locality VICTORIA (GOZO) VCT 2604, Country MALTA with registration No. C 94716.
3. WALLFORT LIMITED registered at Agias Zonis & Thessalonikis, NICOLAU PENTADROMOS CENTER, 5th floor, flat/office 305B, 3026 Limassol, Cyprus, provide content and perform operational management of the business with registration number HE 364395.

Trading Instrument at Olymp Trade

Tradeable instruments available to you depending on your entities. Currently, it offers 100+ tradeable instruments including only 33 currency pairs, gold, and silver, cryptocurrencies, stocks,  Commodities, EFTs, and Options trading. Where other highly trusted brokers are offering more than 10 thousand trading instruments. This is a huge drawback for Olymp Trade brokers compare to trusted forex brokers like XM or IG markets. Which can only meet newbies’ needs, not enough for Intermediate or advanced traders.

Trading Option: Olymp Trade features 87 options including all currency pairs, gold, Alibaba, Yandex, and some other famous stocks.

Cryptocurrencies: 3 major cryptocurrencies (Bitcoin, Etereum, Litecoin) available at Olymp Trade, Bitcoin, Etereum currency support up to 10X leverage, Litecoin cryptocurrency pair support 5x leverage.

Forex: 33 currency pairs available including major and minor. Forex major pairs support up to 1000x and minor pairs support 100x – 300x leverage.

Stocks: 37 Stocks available including Tesla Inc, Facebook, Adidas, and more with up to 20x leverage advantages. Only major stocks are available at Olymp Trade, on the other hand, you can trade thousands of stocks with highly trusted brokers.

Commodities: only 4 commodities are available gold, crude oil WTI, silver, crude oil Brent.

ETFs: 4 EFTs

Olymp Trade Fees and Commissions

Trading fees and commissions are different based on your account types. In a Standard account, the transactions will be without a commission with the standard spreads (higher than ECN spreads). On the other hand, in ECN account, there’s a small fixed commission applied for opening a transaction. However, the market spreads in ECN account are lower than the standard account.

Learn more from this page: click here.

Accounts Types

Olymp Trade offers two different kinds of accounts Standard and ECN account, it also features VIP Account with extra features and Demo accounts to try out the platform first.

1. Standard Account: Opening a standard account in Olymp Trade is a straightforward process. Just required only a minimum deposit of $10 which accessible for almost everyone. In Standard account, the transactions will be without a commission with the standard spreads. Traders will get as high as 82% of payouts and the minimum trade amount is only $1 and maximum trade worth $2,000.  When it comes to funds withdrawal in our experience small amount withdraws are faster than big ones, the minimum withdrawal amount is $10. For a small amount, withdrawal can take a couple of hours or a day, for the bigger amount it can take 3 business days.
2. ECN Account: ECN account charge a small fixed commission for opening a transaction. However, the market spreads in ECN account are lower than the standard account.
3. VIP Account: VIP Accounts comes with extra benefits not available for the regular account holders. The minimum deposit required, depending on the account’s currency, is $2,000 or equivalent currency. Remember: During the first 15 days you can’t make any withdrawal or your account will be closed. On top of that, you can’t make transactions on a regular account for 3 months time period. The minimum is set at $ 1 and the maximum is set at  $ 5,000. Some additional benefits like a personal consultant, couple of risk-free trades, private webinars, signals, and more.
4. Demo Account: Olymp Trade provides a demo account with refillable 10,000 virtual currency. It fake money that enables you to experiment in your trading strategies while using the same features as the real account with real money. So, before trading with a real account with actual money you understand what you are doing.

Olymp Trade Swap fee

Currency SWAP fee is a condition where you pay a certain fee to transfer your trading position to the next day. At Olymp trade Free SWAP refers to an account where SWAP is replaced by a fixed commission. In this way, when you perform an operation with any currency pair, you don’t lose anything when transferring an open trading position to another day.

Olymp Trade Review: Inactivity fees

Olymp Trade charges inactivity fees, if an account has no activities for a continuous period of 180 days a €10 fee will be charged. But not more than the total of your trading balance. For example, if there’s 0.4 USD/EUR on your account, not more than 0.4 EUR/USD can be charged.

There is no charge, if:

Deposit and withdrawal fees

In case of making a deposit and withdrawal, the broker does not charge any commission, However, the payment gateway can charge a commission fee.

Please note: It is not necessary to verify your account before depositing, but it is mandatory to verify your account before withdrawing funds, so make sure your account is 100% verified before depositing funds because Olymp Trade is not a highly trusted broker so anything can go wrong.

Trading Platforms and Tools available at Olymp Trade

Olymp Trade provides its proprietary web trading platform and MetaTrader 4 platform for PC and web version, both platforms are available for PC  and Moblie devices. Olymp Trade is recognized for its binary options trading, However, Olymp Trade providing good trading tools and advanced features compared to other binary brokers. Especially the user interface takes binary trading to another level, its beginner-friendly, and fast trade execution and very handy. Easy to switch between Demo and Real account. Every time before place binary options trade you can set different amounts and trading duration. Just by clicking the plus and minus (= & -) button to increase or decrease duration or trade amount.

Copy Trading: Social trading or copy becoming more and more popular these days because of ease of use. Olymp Trade doesn’t feature any copy trading solution. However, newbie trades still take the help of signal services for trading options, by many third-party signals providers who send signals in the Telegram channels.

Research Tools

Olymp trade features a blog site where they publish market analysis, in-house news, and educational article about fundamental analysis, technical analysis, psychology, money management, and forex.

Education

The educational content available at Olymp Trade is for very basic traders, there are some basic written articles available about Forex, options trading, fundamental analysis, technical analysis, psychology, money management, and forex.

It also has a YouTube channel with 190k+ subscribers where they publish videos about beginner and medium level forex courses, different types of trading strategies, and more. Brokers like XM provide tons of content every single day, lots of educational material you can learn from and become a professional trader.

Olymp Trade Review: Conclusion

if your main intention is to trade a Binary option then the Olymp trade option is not a bad choice, but when it comes to forex trading, it’s a very poor choice compare to highly trusted industry-leading forex brokers like  XM or IG, these are regulated by multiple strictest regulatory jurisdictions.

Trading Forex and CFD involves risk but trading Binary options involves higher risk, even if you are maintaining money management rules stills it’s more likely you will end up losing money instead of earning it. Because controlling your greed is not an easy task.