Olymp Trade Review
Olymp Trade is a binary options broker based in Seychelles and operated by a company called Smartex International Ltd. Brokerage. The site’s services are aimed largely at Russian traders, though traders from around the world are accepted. If you are in the USA, however, you cannot trade on this site. Olymp Trade has its pros and cons, but does have some very nice features, including extremely flexible trade sizes, a demo account, and a completely fee-free structure.
Is Olymp Trade Regulated?
If you look at the Olymp Trade homepage, you will notice there is a prominent tab up on top which reads “Regulation.” This may lead you to think the company is formally regulated by a government agency, but this is not the case.
Olymp Trade is “regulated” by a group calling itself the International Financial Commission. This is a private “external dispute resolution (EDR) organization” (from the Commission’s website) which seeks to provide arbitration in disputes between traders and member providers.
In theory, this may provide you with some level of protection. Assuming the International Financial Commission takes itself and its mission seriously, member providers must operate openly and honestly. Furthermore, if the IFC judges that a broker owes you money and the broker will not pay, the Commission may itself award you up to $20,000 per client. Again, all of this is assuming that the IFC does its job.
Registering, Depositing, and Withdrawing on Olymp Trade
You can register in minutes on Olymp Trade and deposit money to start trading. If you prefer, you can begin with demo trading instead. When you are ready to deposit, you can do so using credit or debit card, QIWI, Yandex.Money, Neteller, Skrill, WebMoney, or Fasapay. The only currencies available are US Dollar and Euro. No account types are listed on the site, but you can apparently be a regular or “VIP” customer. VIP customers may be able to place risk-free trades from time to time, and also can make larger maximum trades ($5,000 instead of $2,000).
You only need to deposit $10 to start trading. Most sites require $200 or more, so this is fantastic if you are just starting out.
Bonuses are mentioned explicitly almost nowhere on the site, though Olymp Trade does offer them. While more transparent information on the bonuses would be nice, it is actually refreshing not to see a hard sell on them. Bonuses come with strings attached, and many newbie traders do not really know what they are getting themselves into when they accept one.
One awesome thing about Olymp Trade is that they do explicitly state that there are no fees or commissions for trading, depositing, or withdrawing. The minimum withdrawal threshold is just $10. You are not going to find friendlier terms than these anywhere.
Trading on Olymp Trade
Olymp Trade operates on a proprietary platform. This platform looks a bit different from SpotOption and others you may be familiar with from trading on other sites, but it is likewise a simple design which you can quickly get used to. The platform is available for desktop, laptop, and Android and iOS mobile devices.
In terms of assets, there are 65 in total, consisting of stocks, indices, commodities, and currencies. This is not a very big selection, but you really do not need access to hundreds of different financial instruments to be a profitable trader anyway.
What is more limiting is the fact that there is only one type of trade offered on Olymp Trade at this time. Aside from standard High/Low trades, there is no other way to interact with the market. You cannot place a One Touch trade, a Range trade, a Ladder trade, or any of the others which have become common other platforms.
Note however that Olymp Trade does offer 60 Second trades. They simply are not denoted on the platform as such. Expiry times as short as one minute are offered, however, so if you want to trade fast, you can.
A cool feature on the platform is built-in trading signals. You will find them listed right next to the assets. Their platform is also one of the few in the binary trading industry to offer Heiken Ashi charts analysis.
If you need help learning to trade, there are some basic articles and presentations in the Education section. This includes some free trading strategies and detailed information on how to apply them.
One thing which is awesome about Olymp Trade is that you can invest just a dollar. You might wonder why you would want to trade so little, but this is actually a fantastic way to transition into trading with real money if you are done with demo but still not ready to invest the full amount you are planning on risking. Traders with very small accounts can benefit from this kind of extended transition. You can work on building up a pile of savings to fund your account while you practice with minimal losses. Once you really know what you are doing, you can start staking more.
Need to get a hold of customer service? The company offers 24/7 help via telephone, live chat, email, web form, and paper mail. No one was staffing the live chat line when I checked on a Monday, which is somewhat concerning, but not unexpected.
Conclusion: Olymp Trade May Be a Great Choice for Beginners with Small Accounts
How trustworthy is Olymp Trade? It is hard to say, given that they are “regulated,” but are not really regulated in any officially recognized sense.
In terms of other advantages, however, Olymp Trade has a lot to offer. On this site, you can start out with a demo account and then trade a single dollar or other small amounts for as long as you need to in order to learn to trade effectively. The total lack of withdrawal fees is also quite incredible. Many other sites will charge you an arm and a leg to withdraw, and will not let you withdraw at all unless you have $100 or more to take out of your account at a time.
So all in all, right now I feel I can give Olymp Trade a cautious recommendation at this point. I would particularly consider signing up for an account here if I was a beginner with a small trading account.