Just like IQ Option, Olymp Trade is one of the most popular brokers in the trading and exchange market. This trading platform was established in 2014 and today, it boasts of over 25k active daily users.
If you have been having a hard time over understanding this platform or trying to know if it is legit, I would say you have come to the right page.
In this post, you will learn all you should know about Olymp Trade, enough to convince you or strike you away from the platform. So, read along carefully to catch every bit of it all.
REGULATION AND SECURITY
Of course, before you choose any broker, you must ensure it is regulated by an internationally recognised body, hence the need to know about the regulation of Olymp Trade.
Well, Olymp Trade is regulated by the International Financial Commission (IFC). This raises a bit of concern in people since most people doubt the legitimacy of the regulation body (IFC).
Some people consider regulatory bodies like Cyprus Securities and Exchange Commission (CySEC), UK Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC) safer to do business with.
Meanwhile, you can do further research about IFC and see for yourself whether it is a body that can be trusted.
Currently, there are 79 financial instruments available to traders on the Olymp Trade platform. Hence you can only explore the following markets:
- 36 currency pairs for FOREX
- 13 Stocks
- 10 Indices
- 9 Cryptocurrencies
- 6 Commodities
- 5 ETFs
A lot of skill was poured into the designing of the Olymp Trade platform, to ensure it is user-friendly. It’s crisp, simple, and effective. With the link feature, you can easily locate what you are looking for.
The trading platform is available on the web, a dedicated desktop application (which is available both on Windows and Mac), and on the smartphone (through the Olymp Trade app available for iOS and Android phones).
Generally, the platform is designed to give you the best experience while you trade successfully with tools that you can easily have access to.
PROS OF OLYMP TRADE
- Olymp Trade is user-friendly such that beginners can easily get on board and use it with ease.
- It is supported on Meta Trader 4 (MT4) app.
- There are varieties of payment options available to users.
- Olymp Trade supports a low minimum deposit.
- Olymp Trade has leverage up to 1:400
This platform also supports multiple languages. The following languages are supported on Olymp Trade: English, Spanish, Arabic, Chinese, Thai, Vietnamese, Portuguese, Malay, Indonesian, Hindi.
CONS OF OLYMP TRADE
- Only two types of accounts are available.
- Unverified accounts usually have problems with withdrawal.
- There are concerns over questionable regulations
SO IS OLYMP TRADE LEGIT OR IS IT A SCAM?
Olymp Trade is a trusted platform that can offer you unique and quality products/services. This broker has thousands of people talking good about them; they have also received a number of awards.
In 2019, it received an award as the Best Mobile Trading platform, which further put to doubt if they are for real or scam. With over 20 million users since 2014, it is safe to say they are not going out anytime soon.
Olymp trade will continue to help individuals and establishments make money. You do not need to rush things, you can always use the practise account to learn how it works. As it has a high level of risk, this way you will be able to know what works or what does not work.
TYPES OF ACCOUNT ON OLYMP TRADE
Only two major types of accounts can be run on the platform. Depending on your budget, expertise, and plans you can choose from any of the two:
1. Standard Account
The standard account is opened with a minimum of $10. With this account, you can trade a minimum of $1 and a maximum of $2000. There is a minimum withdrawal of $10 with no limit to the maximum amount you can withdraw.
2. VIP Account
The Olymp Trade VIP account is opened with a minimum of $2000. On this type of account you can trade up to $5000 and you will also have access to additional services and concerns.
OLYMP TRADE DEMO ACCOUNT
Since this is only a virtual account with no actual effect, it is not considered as one of the accounts of Olymp Trade. This does not mean that the platform does not support demo accounts; of course, it does.
The Olymp Trade Demo Account is funded with $10,000 and with it, you can trade virtually and learn different techniques before you venture into the actual deals.
HOW TO DOWNLOAD OLYMP TRADE ON ANDROID AND IOS
- Android users should navigate to Play Store to install Olymp Trade App.
- Another way to install it is to get the Olymp trade Apk.
- To install for iphone or ipad device, simply visit the App Play Store and search for Olymp Trade.
- Sign up to get started.
HOW TO SIGN UP ON OLYMP TRADE
- You can simply sign up on the Olymp Trade platform by clicking “Start Trading”
- Provide your phone number and email address.
- Choose carefully your Olymp Trade Password.
- On registration, you will be required to choose either dollar or euro as the currency you will be trading with.
- Choose “Live Account” or “Demo Account”. DEMO for practise while LIVE is begin trading for real
- Deposit made easy: select among the listed options for funding.
- You can start trading.
HOW TO LOGIN ON OLYMP TRADE
- To access your dashboard via Olymp Trade Login, you can use your device or simply use the Olymp Trade Website.
- Provide your username and password.
- A one time password will be sent to your registered phone number.
- Enter the verification code on the olymp platform.
- Your dashboard should appear now.
HOW TO DEPOSIT MONEY INTO YOUR ACCOUNT
There are four ways by which you can deposit into your Olymp Trade account:
- With your credit and debit cards.
- Via bank wire transfer.
- Using e-payments like Skrill, Webmoney, and Neteller.
- Using cryptocurrency such as Bitcoin.
The minimum amount you can deposit into your account is $10. Depositing funds into your account does not come with an extra charge and it is processed fast.
The bank transfer method seems to take more time while the cryptocurrency method is the fastest way to deposit into your account.
HOW TO WITHDRAW FROM YOUR ACCOUNT
You can withdraw your profits from Olym Trade following the methods you used to deposit. When you request a withdrawal, leaving a minimum of $10 in your account, the company will process the payment and pay you via the method you made the deposit.
The withdrawal request is usually processed within 24 hours to 3 days for Standard account holders. But the withdrawal requests of VIP account holders are processed within hours.
You will experience withdrawal difficulties when your account is unverified. It does not matter the type of account you have: Standard or VIP.
THE MINIMUM AND MAXIMUM WITHDRAWAL AMOUNT IN OLYMP TRADE
On Olymp Trade, the minimum amount you can cash out is $10 and there is no limit to how much you can withdraw from your Olymp Trade Account.
Traders will be able to deal on the olymp trade with a minimum amount of $1 to the tune of $2,000.
HOW TO VERIFY YOUR OLYMP TRADE ACCOUNT
In order to receive your payments, your account must be properly verified. To verify your account:
Upload your photo where you are holding your ID card. The photo must be from your shoulder upwards and it must be very clear.
If you deposited with a debit card or credit card, you will need to scan the card and send too. Ensure you only make the first six digits of the card and the last four digits visible. The card expiry date, your name, the middle digits of the card number and CVV (the 3 digit figure behind the card) should not be shown.
If on the other hand, you are using an online payment portal like Skrill or Webmoney, you will need to snap your digital purse making sure your purse number and name are visible. Get the screenshot of the transfer you made when you deposited.
When the verification alert comes, ensure you send the above documents in the right formats to this email address: [email protected]
ADDITIONAL INFORMATION YOU SHOULD KNOW
Olymp Trade Customer Care
The customer service support of the Olymp Trade platform is usually available 24/7 via email, phone, and live chat. As a matter of fact, this platform is backed up by Financial Commission Ltd, which means you can file a dispute with this regulation body.
Countries Accepted on Olymp Trade
Olymp Trade mostly accepts traders from Africa, Asia, and Latin. However, the countries accept on Olymp Trade include the following:
- South Africa
- Sri Lanka
On the other hand, the Olymp Trade platform does not accept traders from Europe, the United States, Israel, Japan, Australia, Russia, and Canada.