- Summary:
- In this Olymp Trade Review, we assess this brokerage firm that had been around for the last decade, and weigh its strengths and weaknesses.
Table of Contents
Olymp Trade has been in business since 2014, and it markets itself as a tech-savvy, user-friendly brokerage firm, offering investors access to multiple assets. The broker’s website says it has over 88 million trader accounts, with over $221 million worth of monthly turnover. It operates under license from the Vanuatu Financial Services Commission.
Olymp Trade fees and commissions
Opening positions on Olymp Trade is free for stocks, and users only pay commissions on the profits generated. However, forex trading attracts spreads and commissions, starting from 0.6 pips.
Tradeable assets
Olymp Trade supports trading in more than 190 investment instruments. They include forex, including majors, minors and exotics, spot metals, Over The Counter (OTC) assets indices, ETFs, cryptocurrencies.
Olymp Trade platforms
Olymp Trade trading platforms include mobile (Android and iOS) and web platform, with support for MAC and Windows. You can choose from the integrated MT4, MT5 or the Olymp Trade platform for executing your trades.
Olymp Trade Live Accounts
The brokerage firm has three types of accounts to choose from, and they include the Starter, Advanced and Expert. You can choose any of the three, depending on what you prefer, but it is best to consider your of expertise. The primary account is the Starter Account, which is designed for new traders and, therefore, comes with basic features and trading tools.
The Advanced Account has more trading tools and better trading features than the Starter Account and supports diverse trading strategies. The third account type is the Expert Account, and it has the widest range of tools and features. Also, this account is optimised for personalised trading strategies.
Olymp Trade Demo account
The Olymp Trade Demo Account mimics trading in live markets. However, the only major difference being that it involves trading in virtual money. This is mostly designed to be a safe ground for new traders to try out and improve their skills. However, experienced traders can also find it useful if they are new to the brokerage firm and want to have a feel of how it works. Olymp Trade offers 10,000 virtual funds that you can use to practice trading with.
Deposit and withdrawal
You can deposit a minimum of $10 in your Olymp Trade account and withdraw a similar minimum amount. This low threshold accommodates the mass retail market, and accommodates new traders who may still be testing their trading competence on the platform. However, some customers on review sites reported difficulties and/or delays in processing withdrawals to their accounts.
Olymp Trade deposits and withdrawals can done via Visa, Mastercard, Neteller, Skrill, PerfectMoney, AstroPay, cryptocurrency and local money transfers.
Olymp Trade Pros and Cons
Pros
- It has an intuitive user interface and gives a gamified feel
- You can open positions with as little as $1 for stocks.
- Has demo accounts for new traders.
Cons
- Not regulated by high-tier regulators like FCA, BaFIN or ASIC.
- Has a limited number of tradeable assets
Olymp Trade customer support
Olymp trade customer support is available around the clock via email, chatbot or phone. Its website is available in 13 different languages. However, some customer feedback on review sites showed dissatisfaction with the quality of support offered to customers.
Reviews
Olymp trade reviews are a mixed bag, ranging from strong positive feedback from outright gutted customers. That said, it has a 4-star rating on its Trustpilot verified page, signaling a mostly positive experience from customers. Some of the customer review are shown on the screengrab images below.
Conclusion
The Olymp Trade review above gives an overview of the services offered by the brokerage firm. Evidently it has a number of strong points, but could do better in some areas. One of the key setbacks it faces is the lack of regulatory approvals outside the jurisdiction of the Vanuatu Financial Services Commission.