First a Bit about the company
Olymp Trade is an online binary options broker based in Russia. It’s owned by two companies, Smartex International Limited and Wallfort Limited. Smartex International is registered in Seychelles (registration number 144540) while Wallfort Limited is registered in Cyprus (registration number HE364695). Launched in 2014, it’s one of the fairly new binary options brokers from Russia.
In February 2016, Olymp Trade became a member of the International Financial Commission (FinaCom) and was awarded a membership certificate. As a third party regulator, FinaCom’s role is to offer traders security against fraudulent brokers. Olymp Trade is also regulated by the financial market relations regulation center (FMRRC). FMRRC is a non-commercial regulator whose main jurisdiction is Russia.
Olymp Trade: a scam or legit online binary options broker?
Being fully regulated is one of the main factors to look at when trying to determine whether a binary options broker is legit or a scam. As a trader, you want to know that your funds are insured and, any problems you encounter while trading on a particular platform will be resolved. OlympTrade is regulated by both the FMRRC and FinaCom. This shows the lengths the broker has gone to in order to earn traders trust.
However, since FMRRC is mainly focused on regulating brokers offering services to the Russian market questions arise as to whether the security they offer is on a par with what’s offered by CySEC or ASIC. During our investigation into the broker, we came across a claim by one of their support staff saying they’ve already applied for CySEC certification. But to date, there’s no mention about being regulated by one of the better known authorities.
Being a member of FinaCom is a good indicator that Olymp Trade is a legit broker. FinaCom offers traders legal assistance in case traders launch a dispute against any broker registered with them. Traders are offered up to $20,000 from the Compensation Fund in case their complaint is found to be valid. As a trader, you’ll want to know that your deposit is insured and can be recovered in case your broker goes rogue.
We always recommend that you start trading with a fully regulated broker since risk of losing your money is minimal.
What makes OlympTrade stand out?
One thing that makes Olymp Trade stand out is their membership with FinaCom. FinaCom’s main role is to keep its members in check and protecting trader’s investments. If you place a complaint with Olymp Trade’s support staff and it’s not resolved within 14 days, you have the right to contact FinaCom and have your dispute resolved. This check ensures that trader complaints are handled fast and professionally.
Olymp Trade also offers an easy to use demo account credited with RUB 10,000 virtual cash. This makes it easy to learn how to trade on the platform without risking your own money. Traders can also access the trading platform from mobile devices allowing them to trade from almost anywhere.
If you open a real cash account, you can place trades worth as little as $1. You don’t have to risk huge amounts on a single trade enabling you to better manage your account.
What are Olymp Trade’s drawbacks?
One thing that caught our attention is the limited number of tradable assets on the platform. There are 13 in total and only currency pairs and commodities are available. We also view being regulated by the FMRRC as another drawback since this regulator is primarily focused on brokers offering services to Russian citizens.
Should you consider opening a binary options trading account with Olymp Trade?
Olymp Trade offers unique features which make it worth considering. Upon opening an account, you can start practicing using the demo account that’s credited with RUB 10,000 virtual cash. This means that there’s no obligation to start using your own cash to trade.
The minimum deposit allowed is $10 or RUB 350. This is quite fair given that many brokers require deposits of hundreds of dollars. The minimum amount you can place on a single trade is $1. This again is a good thing if you don’t want to risk a huge amount on a single trade. The maximum amount you can place on a trade is $200 or RUB 10,000.
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Having the right trading tools at your disposal makes it easier to make successful trades. Olymp Trade has invested in a range of tools which include indicators and charts which are easily accessible within the user interface. The interface also includes a “technical analysis” button which will give you access to even more tools.
Besides the demo account, Olymp Trade also includes a number of learning resources. Traders have access to webinars and interactive courses which teach them how to trade financial instruments.
The broker offers two account types, the standard account and the VIP account. Traders opening a VIP account are required to deposit a minimum of $2000. This account gives you the ability to open trades at no risk to their deposits.
New account holders are offered bonuses. However, you still reserve the right to reject a bonus.
Olymp Trade offers an effective return of up to 80% for standard account holders and up to 90% for VIP account holders. This is quite high compared to competing brokers. VIP account holders also gain access to trading signals and recommendations as well as a personal consultant. Traders also get the opportunity to increase profits through the contests and special offers that are regularly provided.
The number of tradable assets is quite low compared to many competing platforms. This includes 10 major currency pairs and 3 commodities. It’s a good trading platform if you don’t want to be overwhelmed by a huge collection of tradable assets. However, for more experienced traders looking to invest in a huge portfolio of assets, this can be limiting.
Olymp Trade also offers only one trade type (call/put binary options). This can be quite limiting for experienced traders also. However, the cal/put binary options trade type makes it easy to predict how a trade might go as well as get out of a losing trade fast. You can also cancel a trade before the expiry period limiting losses. Trading windows are short term ranging from 15 seconds to 60 minutes.
The website is well designed and easy to navigate through. The layout is intuitive and isn’t cluttered with many different charts and tools. If you need to access technical tools, you can do this via a “technical analysis” button available on the trading interface. Besides a computer or laptop, you can easily access your Olymp Trade account via mobile app.
The Olymp Trade website is available in English, Russian, Indonesia, and Thai among other languages.
Real or VIP account holders can deposit funds via wire transfer, credit card or e-wallet. Withdrawals can be made through the same channels. The platform doesn’t place a cap on the total amount you can withdraw. All withdrawals are free enabling you to keep most of your earnings. Each withdrawal request is processed within 24 hours and depending on payment method, it might take up to 5 business days to receive your money.
OlympTrade customer support team can be contacted via email, online chat or phone. You can also contact them via their social media accounts.
Trader complaints against Olymp Trade
Combing through different forums and websites, we found that many traders rated Olymp Trade positively. However, our research was limited by the fact that many comments regarding the broker were in Russian. We did manage to translate a few and one complaint caught our attention.
The complainant claimed that he’d placed two exact trades on different computers at the same time. The results of the trades upon expiry were different. We cannot verify the validity of this claim. Another notable complaint we found explained that prices displayed on the demo account and real account were different. This is quite common among brokers and slight delays in price changes are usually expected.
Olymp Trade looks all right
Since they launched, Olymp Trade has been offering financial trading opportunities to citizens of Russia and other countries in Asia. Being regulated by the FMRRC means that the broker cannot offer its services to citizens from many countries including the US and many European nations. Other than that, we found that it is a good place to trade.
Olymp Trade’s website is well designed and quite easy to navigate through. The platform interface isn’t cluttered with many useless features and has intuitive buttons and tabs that make using the platform easy. The platform is also available via mobile app allowing traders to access their accounts from almost anywhere.
Olyp Trade Demo account
New traders are provided with a demo account that’s loaded with RUB 10,000. They’re also provided with several learning resources that include video, webinars and a downloadable eBook. Information regarding how to use the platform is provided in a variety of pages such as the FAQ and terms. These resources are available to everyone regardless of the account type they hold.
Number of tradable assets
Many modern binary options brokers will offer well over 50 different tradable assets. Offering just 13 assets, Olymp Trade doesn’t rank well against their competition. In addition to this, they only offer one trade type (high/low binary options trading).
Olymp Trade is focused on offering short term trades. Traders can hold positions for as short as 15 seconds of as long as 1 hour. The interesting thing we found with this platform is that rather than have specific trade expiry times provided, you can actually type in your unique expiry period. This gives you more control over how long a trade should last. Another good feature is that you can cancel losing trades to minimize losses.
Commissions and effective returns
Olymp Trade does not charge commissions or fees on trades placed or withdrawals. This way, you get to keep most of what you’ve earned. Their effective returns are also quite good. Standard account holders can up to 80% on successful trades while this goes up to 90% for VIP account holders.
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Contact and Support
Traders can contact Olymp Trade’s support team through live chat, phone, email and, through social media channels. Emails are usually responded to within 24 hours.
Deposits, withdrawals and bonuses
Olymp Trade offers two account types. The minimum deposit amount for standard accounts is $10 while that for the VIP account is $2000. This is quite low compared to what’s required by many competing brokers. The minimum amount invested per trade is $1.
Traders can withdraw their earnings via wire transfer, credit card or e-wallet. Withdrawals are processed almost immediately but it will take up to 5 business days to receive your money. One thing we like is that all payment processor fees are handled by the company. In addition, there’s no set maximum withdrawal amount.
This binary options trader offers traders bonuses upon sign up. The bonus amount you’ll receive depends on the amount you deposit into your account. Traders can cancel bonuses. If awarded a bonus, you’re required to achieve a turnover of X25 before you can actually withdraw it.
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Olymp Trade Additional platform specific extras
Although primarily targeting traders from Russia, Olymp Trade is available in more than 5 different languages making it more accessible. The website also offers an assortment of useful trading tools and resources such as charts, indicators and many more. Being available via mobile app is also one platform specific feature we particularly liked.
Simple to use and focused on beginner traders are words that can best describe Olymp Trade. The platforms limited number of tradable assets, rich learning resource and numerous useful tools make it an ideal place for beginner traders to start their options trading career.
Opening a Olymp Trade Account
The broker primarily targets traders from Russia hence the FMRRC regulation and the huge list of countries excluded from their service. However, not everything is bad about this broker. Their effective bonuses are quite high compared to competitors and the absence of any commissions or fees allows you to keep most of your profits. Olymp Trade is also a member of FinaCom. As a trader investing your money with this broker, you can rest assured that your money can be recovered in case the broker goes down.
If you are more interested, click the link down below to sign up and check them out yourself.
Check also our other Binary option broker reviews.
Thank you for visiting and good luck trading.
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