Is Olymp Trade regulated?

The Olymp Trade broker is regulated by the International Financial Commission (IFC) and based in St. Vincent and the Grenadines.

Is Olymp Trade a scam?

The safety of the broker is divided into two parts: the safety of the broker itself and the client protection.

I. Broker safety

Olymp Trade is a new trader that has over 25,000 daily traders on its platform and has a number of awards like:

• Best Financial Broker at the CPA Life Awards 2017,
• Best Options Broker at the Forex Expo 2017,
• Best Options Trading Platform at Le Fonti 2016
• Fastest Growing Broker at ShowFx World 2016.

Ii. Client protection

Olymp Trade has a client protection amount of €20,000 under the regulator IFC which is considered a compensation per client under certain circumstances.

Olymp Trade has a wide range of trading instruments like forex, CFD indices, commodities, real stocks, and cryptocurrencies. Whatever the trading instrument you want, you will find it in Olymp Trade.

On the other hand there’s no social trading in the Olymp Trade. So, you can not copy trades from other traders.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

Olymp Trade Offering of Investments

Countries available

Olymp Trade only operates in Asia, Africa, Russia, and Latin America. On the other hand, Traders cannot use Olymp Trade if your location is in Europe or Oceania. It is also prohibited to use it in North America.

Olymp Trade Countries

Account types

Olymp Trade has two account options:

• The standard account
• The VIP account

Unfortunately, Olymp Trade does not provide an islamic account option.

Olymp Trade provides a demo account with 0 fees if you want to experience the trading platform with no risk.

Min Deposit

The min deposit differs from an account to another as the following:

• The standard account: $10
• The VIP account: $2,000

How to open an account

You can open an Olymp Trade account in minutes through these steps:

1. Go to the Olymp Trade platform
2. Click “Start Trading”.
3. Provide your email, phone number, and specify a password.
4. Choose your trading account currency (U.S. Dollars or Euros).
5. Deposit made easy:
6. Select “Live Account” or “Demo Account”.
7. Begin trading.

Olymp Trade - Account opening

Notes:

• You can login to your account using your social network account like Google or Facebook.
• Olymp Trade will close your account If there are insufficient funds in the account.
• Please, note that the VIP Olymp account has a higher transaction limit than the standard account as it has a trade limit of $5,000.

Olymp Trade has competitive fees in the market of trading with low commissions. The Olymp Fees is divided into 4 types:

1. Deposit and Withdrawal Fees
2. Trading Fees
3. Closing Fees
4. Account Service Fee

Let’s dig deeper into each one of them.

Deposit and Withdrawal Fees

Olymp Trade is one of the very few brokerages that do not charge a deposit and withdrawal fees from their clients. This is considered very competitive nowadays as a lot of brokers put a withdrawal minimum amount and so on.

On the other hand, you should know that a lot of banks charge a fee when you transfer your funds with them. So, please check your bank before taking any action of depositing or withdrawal.

Trading Fees

The trading fees are calculated according to four main factors which are:

• Trading amount
• Multiplier
• Market conditions
• Specific conditions

The trading fees start from 1.1 pips as Olymp Trade charges vary from 0.8% to 15% of the total investment amount. The following image shows the commissions when trading forex pair EURUSD with $100.

Olymp Trade - Commissions calculate

Closing Fees

You will not find this kind of fee when trading with Olymp Trade.

Account Service Fee

A lot of banking holders and brokerages are charging these fees for maintenance, registrations securities, and so on. The good part here is the Olymp Trade does not charge any service fees except for the inactivity fees after 180 days of inactivity.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

Non-trading fees

• Account fee: $0
• Deposit fee: $0
• Withdrawal fees: $0

(you can check the full withdrawal fees in withdrawal fees section)

• Inactivity fee: $10 per month after 180 days of inactivity and no deposit or withdrawal is made during this period.

Account Currencies

The Olymp Trade account has two main currencies: USD and EUR.

Notes:

• Although both deposit and withdrawals are free of charge, you should make the deposit using the same method of your initial deposit.
• You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
• If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

1. Options

There are a number of deposit options like:

• Credit cards
• Bank transfers
• Electronic wallets
• Cryptocurrencies (i.e., Bitcoin)

Olymp Trade deposit methods

Olymp Trade supports depositing using different electronic wallets such that:

• Paysafe (formerly Skrill)
• Neteller

2. Fees

There are no deposit fees on any transferring method, but your bank may charge you with a fee of transferring funds

3. Time

Deposits are done instantly on all of the above methods although the bank transfers may take several hours.

Withdrawal

1. Options

Olymp Trade withdrawal methods and fees

2. Fees

Whatever the withdrawal amount you want to withdraw, Olymp Trade does not charge any fees. Please note that your bank may charge you with transferring fees.

3. Time

Withdrawal is done instantly on all withdrawal methods on Olymp Trade, but it may take several hours for bank transfers.

The good part is that there is rarely a number of users who wait till the next day to receive their money from Olymp Trade.

Olymp Trade has its own application that works on a number of platforms like Web / Desktop / Android / IOS.

Unfortunately, Olymp Trade does not support other popular platforms like MT4 or MT5 like other brokers.

Web

Languages

Olymp Trade web platform is available in 15 different languages including Japanese, Korean, Spanish, Arabic, Turkish, Portuguese, Malay, Russian, Indonesian, Hindi, and Vietnamese.

User interface (UI)

The UI of the Olymp Trade on the web platform looks beautiful with a friendly-design and easy to use. Whether you're a beginner or professional trader, you will find it easy to navigate in the platform.

Olymp Trade - Web Platform - UI

Login and Security

Olymp Trade web platform does support logging in by email or by your social network account like Facebook, Google, or Apple.

Unfortunately, the web platform does not support a two-step verification method for login.

Olymp Trade - Web Platform - Login

Searching

The web platform does support searching by typing the asset name and it works fine. On the other hand, you can not search by the category name.

Olymp Trade - Web Platform - Search

Placing orders

You can place any order easily using the web platform easily without any problem in Olymp Trade.

Olymp Trade - Web Platform - Place Orders

There are 4 types of orders:

1. Price orders
2. Time orders
3. Time limit orders

Notifications and alerts

Unfortunately, the web platform does not support the notification option or signal alerts unlike the mobile platform.

Portfolio and reports

The portfolio is very basic and does not have a lot of data.

Desktop

The desktop version of Olymp Trade has the same design and functionalities like the web version with no difference. And there are no price or signal alerts as well.

Olymp Trade - Desktop Platform - UI

Mobile Platform

Languages

Olymp Trade mobile platform is available in the same languages as the web and desktop platforms including Japanese, Korean, Spanish, Arabic, Turkish, Portuguese, Malay, Russian, Indonesian, Hindi, and Vietnamese.

User interface (UI)

The UI of the Olymp Trade on the mobile version looks beautiful with a modern design and easy to use interface.

Olymp Trade - Mobile Platform - UI

Login and Security

The mobile platform does support logging in by email or by your social network account like Facebook or Google like the other platforms.

Unfortunately, the mobile platform does not support a two-step verification method for login.

Olymp Trade - Mobile Platform - Login

Searching

The mobile trading platform supports searching by typing the asset name and it works fine. On the other hand, you can not search by the category name.

Olymp Trade - Mobile Platform - Search

Placing orders

You can place any order easily using the mobile platform easily without any problem in Olymp Trade.

Olymp Trade - Mobile Platform - Place Orders

The orders types are the same as the web and desktop platforms which are:

1. Price orders
2. Time orders
3. Time limit orders

F. Notifications and alerts

The mobile version of Olymp Trade has a signal alert notification option to push notification to your device.

Olymp Trade - Mobile Platform - Notifications

G. Portfolio and reports

The portfolio is very basic and does not have a lot of data in the mobile version.

Sources

The research tools source is from the Olymp Trader platform whether the web, desktop, or the mobile version.

Charting

Olymp Trade does provide good charting tools in its platform. You can also use indicators on your chart easily by choosing the indicator you want and specifying the time frame.

Olymp Trade - Charting

Fundamental data

Unfortunately, Olymp Trade lacks fundamental data ini its platform although the platform is very organized.

Newsfeed

Olymp Trade platform has a very useful newsfeed to follow the latest news and be updated with the financial market conditions.

Olymp Trade - Newsfeed

Options

Olymp Trade has a great customer service experience with a variety of options like:

• Phone support
• Live chat
• Email support

Languages

The good part is the customer support is available 24/7 in more than 20 languages including famous ones like English, Arabic, French, and more.

Experience

Olymp Trade has a very good customer support experience within all channels with relevant answers and fast replies.

Olymp Trade - Customer Support

Olymp Trade has a number of educational materials like:

• Blog articles
• Video tutorials
• Guides
• Demo account
• Strategies

There are advanced educational materials for professional traders as well as a user-friendly demo account that has a lot of features with responsive charts and tools.

Olymp Trade - Demo Account

Olymp Trade - Educational Materials

• 1. How long does it take to verify my account?
• It takes about 5 days at most to verify your Olymp Trade account.
  1. Can I open more than one trading account?
• Unfortunately, Olymp Trade does restrict that each person should have only one account. If there are multiple accounts under the same name, they can all be blocked.
  1. Does Olymp Trade allow bot trading?
• No, Olymp Trade does not allow bot trading on the platform.
  1. Does Olymp Trade give a bonus?
• Yes, does provide a %50 bonus on the first deposit.
  1. Does Olymp Trade allow scalping?
• Yes, it does allow scalping.

Conclusion:

• Overall & individual ranks
• Pros: no deposit or withdrawal fees, negative balance protection, user-friendly UI
• Cons: not regulated by FCA, no social trading or islamic account option
• Best for: forex, CFD, and cryptocurrencies trading
• Regulated by: IFC
• Headquarters: St. Vincent and Grenadines
• Foundation year: 2014
• Min Deposit : $10
• Deposit and withdrawal methods: credit cards, electronic wallets, bank transfers, and cryptocurrencies
• Deposit and withdrawal fees: $0
• Base currencies: EUR, USD
• Offering of investments: stocks, indices, commodities, ETFs, forex, crypto, and OTC trading
• Number of accounts: 25,000,000