IS OLYMP TRADE SCAM? – BROKER REVIEW 2020
|(4.8 / 5)||IFC||10$||92%+|
Is Olymp Trade a reliable Digital Options and Forex Broker or not? – In this review, I will show you my test results of the company. Olymp Trade offers the possibility to bet on rising and falling markets to get a high profit/payout. Is it really worth to invest your money or not? – Now read more about it in this review.
WHAT IS OLYMP TRADE? – THE COMPANY PRESENTED
Olymp Trade is an international Broker for Digital Options and Forex. The company is based in Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines and managed by Walfort Limited. Since 2014. The Broker is regulated by the International Financial Commission. Traders are protected by a 20,000€ compensation fund. This is a really big advantage of this broker.
The broker offers you a free demo account to practice the financial instruments on the unique trading platform. Also, there is a phone, chat and email support. If you deposit 2000$ or more you can get a direct account manager and better support with special education and bonuses. In conclusion, it is a very experienced broker with knowledge. They pay out more than 9 million $ every month.
Facts about Olymp Trade:
- Broker since 2014
- Regulated by the IFC (20,000€ compensation fund)
- Free demo account
- Good and professional support
- Trade Digital Options and Forex on one platform
- Free education for the best success
For the first impressions, Olymp Trade offers a clearly structured and well-built website. Compared to other brokers they want to give the trader more than only Digital Options. As a customer, you got access to intensive education information about how to trade successfully. In addition, the broker provides his traders actually an analysis of the current market status. This is the best basis for becoming a professional trader.
Regulation and safety of the broker
Is Olymp Trade regulated? – As mentioned before the company is officially regulated by the IFC. This is a big advantage compared to other Digital Options Brokers. It is the most important point to check before you invest money with an online broker. The IFC acts internationally and is based in England and Hong Kong. The broker is regulated by category A. This is the highest category. The regulation checks out the trading technology and the reliability for customers.
By doing a violation of this license they would lose it. Traders can contact the IFC to report their problems with any broker. The IFC is neutral support who will clear this case of complaints.
View the license here: View the regulation and license
Moreover, the website belongs to Inlustris Ltd where the agent is Walfort Limited. This is a company with the registration No. HE364695 based in KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. All in all, financial regulation and the company registrations show me that Olymp Trade is a legal and legit online broker.
Facts about the regulation:
- IFC regulation
- Monetary compensation up to 20,000€
- Registered company in Cyprus with No. HE364695
The conditions to trade with Olymp Trade
Olymp Trade offers you a free demo account. For trading with real money, you have to deposit the minimum of 10$. Sometimes there is a deposit bonus which doubles your money or you can get risk-free trades. The start amount for a trade is 1$ and the maximum is 2000$. VIP accounts can trade with maximum 5000$ in one trade.
More than 200 different assets are available to trade on the platform. The trade execution is out of my experience very fast. The yield/return for normal accounts can be between 75 – 95%. In the VIP Account, you can get higher returns of 92%+. In conclusion, Olymp Trade gives a trader all the options he needs.
Facts about the conditions:
- Only 10$ minimum deposit
- Start trading with 1$
- Free demo account with virtual money
- Maximum trade is 2000$, VIP 5000$
- Over 200 assets with high profit (92%+)
- Trading 24/7
- Forex, Cryptocurrencies, Stocks, ETFs, and more
Trading with Digital Options follows a very simple principle. Just make a forecast for the price direction of the markets in a certain expiry time and bet on rising or falling markets. You have to predict it correctly to get a high return on investment. On the platform, you can trade short-term or longterm trades (read more below). Digital Options are available for a diversity of underlying assets. The broker offers popular stocks for example of the S&P 500 and more other indices. Trade forex, commodities and cryptocurrencies 24/7 via computer or smartphone.
|ASSETS:||SUPPORT:||TRADING ON WEEKEND:||TRADE EXECUTION:|
|100+ Forex, Crypto, Stocks, Commodities||24/7 Phone, Chat, Email||Yes||Very fast and no laggs|
REVIEW OF THE OLYMP TRADE PLATFORM
In this review of Olymp Trade, it is important to look at the trading platform. At first glance, the platform looks very clear and user-friendly. After some practice, you will feel very comfortable. With Olymp Trade you can use the version for your computer or for your smartphone/tablet as an app.
There are a lot of functions in the interface. Do one click trades and sell options early before the expiry time. It is possible to develop different strategies with free indicators and technical analysis in a separate window. You can easily customize the chart. It is possible to trade 24/7 on this platform (crypto-currencies and OTC for example). The biggest advantage is the use of demo and real account in one window. You can change between the two accounts in a few seconds.
Facts about the platform:
- Flexible and user-friendly platform
- One-click trading
- Sell options early
- Use free indicators and strategies
- Get VIP Signals for high profit
- Change between Digital Options and Forex Trading
Charting for professional trading
As you see in the upper picture Olymp Trade offers multi-chart. That means you can open more than one asset at the same time. The chart is available in different types and you can customize it by yourself. The charting software works very smooth and without any lags. For example switch between different timeframes within less than 1 second.
- Line Chart
- Bar Chart
- Mountain Chart
Free indicators are available
Indicators are necessary for technical analysis and strategies. Olymp Trade offers a huge range of indicators. There are more than 20 different types to use. Just add them by one click. In addition, you can customize the period, color and more by the trading platform. Use the indicator like a confirmation for your technical analysis. You can improve your profit by using RSI, Bollinger Bands, Moving Average and more.
Drawing tools for Technical Analysis
Also drawing tools are available on the trading platform. Horizontal lines, vertical lines, trend lines, and Fibonacci can be used by traders. In conclusion, Olymp Trader offers a wide range of different tools for analyzing the assets. The platform provides a trader what he needs to trade successfully.
Nowadays it is important for brokers to provide a mobile platform. Trades want to trade with their smartphone or tablet. Check out your portfolio and opened position while you are on the road. The app is available for any device and there are the same functions as in the web-based version. From my experience, the mobile app runs quickly and without lags. It completes the portfolio of the broker.
Trading tutorial: How to use Olymp Trade?
Olymp Trade offers to invest in rising or falling markets. You can buy short (put) and long (call) Digital Options or trade Forex. The financial products are very flexible and tradeable for different underlying assets. The advantage of Digital Options is that the risk is limited to the bet amount and you can earn a high profit in a short period of time. Also, long time horizons for trading are available on Olymp Trade.
For Forex Trading you are not limited by time but the market has to move more prices into your favor in order to make high profit. In the next section, I will explain to you how to trade with Olymp Trade.
Example Digital Options – EUR/USD – 92%:
Make a forecast of the EUR/USD in a certain expiry time. Buy or sell the asset with a Digital Options. If the market moves in your direction, you will get a high payout of 92%. 1000$ investment means a return of 1920$. 1000$ is the return of your bet amount and 930$ is the profit. For example, this can happen on a time horizon of 60 seconds or longer.
- Select an asset based on the return or your analysis
- Select a chart type and do a forecast of the movement
- Choose a trade time
- Choose your investment amount
- Start trading (invest in falling or rising prices)
- Wait till the trade ends (The price have to be above or below your entry point)
- Earn a huge return or lose your invested money
Example Forex Trading with Olymp Trade:
Choose an asset you want and make a forecast like with Digital Options. The difference is now that your profit is depending on the market movement. In Forex Trading you buy or sell an asset and now you have to wait if the price is falling or rising. The more the price goes in the direction of prognosis, the greater the profit. For Forex Trading you can use a leverage of up to 1:500 and use a loss limit (stop loss) and profit limit (take profit).
- Select any asset you want (currencies, cryptocurrencies, ETFs, stocks, commodities)
- Make a successful chart analysis
- Choose your investment amount (be careful because it is leveraged trading 1:500)
- Use a market order (by asset price) or limit order (by time)
- Select risk limits (stop loss and take profit)
- Start trading and earn money when the price is falling or rising
Free and unlimited Demo Account
Another important criterion for a reliable broker is the demo account. It is an account with virtual money. So you can trade without risk. Most traders get their first experience with this account by practicing their first trades. The account is useful for getting your first impression of the broker. Beginners and advanced traders can improve their strategies without risk.
Olymp Trade offers a free and unlimited demo account. As a trader, you can switch with one click between the demo and the real money. If you feel comfortable, start trading with real money. The conditions on these 2 accounts are the same and there is no difference.
Sign up on this form below and get a direct access to the trading platform:
Open your real account
With Olymp Trade you got only one account. The advantage is that you can switch between the demo and real money with one click. Just register with your full name, email, phone number, and a secret password. You can choose between a euro or dollar account. In addition to that, you can start trading directly with real money after the deposit. In my opinion, you should verify the account first because the broker only can withdrawal to verified accounts. It only takes a maximum of 10 minutes to verify your account. In addition, you can activate some features for more safety (picture below).
Account types review: VIP status and basic account
I like it that Olymp Trade offers some traders the VIP account. You have to deposit more than 2000$ for the VIP status. The VIP traders get better support and more education like webinars for trading. In addition to that, there are VIP managers who will help you in any situation and the maximum trade limit is higher (5,000$).
The biggest advantage is the high return of 92% or more. The chance of making money is higher than in the regular account. In conclusion, I recommend using the VIP account for trading.
Fast withdrawal and deposit with Olymp Trade
Just deposit and withdrawal with different payment methods in a few seconds. The deposit is as easy as the withdrawal. The withdrawal system works very fast and they payout in less than 3 days. Sometimes I waited for my withdrawal only 10 hours. Use your bank card (MasterCard, debit card, credit card) or an electronic payment system (Skrill, Neteller, Epayments, Yandex). Also, you can use Bitcoin. Sometimes the payment methods depend on your country.
These payment methods are available:
- Credit Card (Visa/Master)
- Read my full “deposit tutorial” with real money
- Read my full “withdrawal tutorial” with real money
Olymp Trade fees and commission review
Olymp Trade does not charge any fees for deposits, withdrawals, and trading Digital Options. Sometimes it can happen that your payment method is charging a small fee. For Forex Trading is a small trading commission charged. This fee is depending on the market situation and the asset. You can see transparent the trading fee on the platform.
In conclusion, there are no hidden fees and Olymp Trade is one of the few brokers which charges no fees on deposits and withdrawals.
Bonus and conditions
Olymp Trade offers a range of deposit bonuses. The bonus depends on the amount and on the promotions. Sometimes there are special promotions for new customers.
For example, you do a deposit of 1000$ in your account and activate the bonus of 100%. Now you get the balance of 2000$ and 1000$ is additional money gifted by the broker. Now you can trade with more risk and money to improve your profit. It sounds very easy but you have to be a successful and profitable trader.
Most brokers have restrictions for their bonus offers like a turnover of the trading volume. Not so with Olymp Trade. You can withdraw your money and profit at any time but it is not possible to withdraw the bonus. In conclusion, the bonus can be used to earn additional profit but can not withdraw.
Facts about the bonus:
- Olymp Trade offers a free bonus
- There are no restrictions for you account balance
- You can not withdraw the bonus
- The bonus can be used to make additional profit
- Read more about the Olymp Trade Bonus Conditions
Are Robots and automated trading allowed with Olymp Trade?
Robots and automated trading tools are not allowed with Olymp Trade. If the broker finds out that you are using automated trading your account can be banned forever without warning.
On the internet, you will find a lot of different Olymp Trade bots or robots. From my experience, these systems are fake and they try to steal your money. I recommend it never to try any automated strategy or system which you will find on the internet without any proven statistic. So it is fake news that you can use a robot with Olymp Trade.
Olymp Trade does not allow robots and automated tools to protect its customers because there are a lot of scammers with automatic trading systems. In conclusion, you should never use any Olymp Trade robot or automated bot.
Webinars, Strategies and more – Olymp Trade education
The education is provided for beginners and experienced traders with Digita Options and Forex Trading. Learn more about new strategies, economic news and the psychology for traders. The range of education is very big. You can see the last webinars as videos in the education center. I did not watch all the videos yet because there is so much information.
The advantage is that everybody can use the education center. Just create a demo account an learn how to trade successfully. Start trading with virtual money and when you feel comfortable you can deposit real money. Earn hard dollars with the right knowledge.
Support and service for traders
Another important point of this review is the support and service for traders. From my experience, the support is very competently and works fast. Traders got a range of possibilities to ask questions. First of all, you can use the FAQs (frequently asked questions). Also, direct contact via chat and phone is possible. Another advantage is that the broker got well-educated account managers for VIP-Accounts. They are personally available for bigger clients. In conclusion with more than 8 different languages, the support is reliable and recommendable.
Facts about the support:
- 24/7 Support
- Account Managers
- Fast and professional support
- More than 8 different languages
- Vip training
Which countries are available?
As mentioned before the support speaks more than 8 different languages. Also, the website is available in more than 13 languages. The broker tries to improve its service for international clients by getting more additional service employees. Digital Options and Forex Trading are growing fast around the world but there are some countries where Olymp Trade does not provide its service:
These countries are prohibited: European Union, USA
Asian and Africa is the fastest growing region for Digital Options. Many traders ask: Is Olymp Trade legal in India? – Yes, it is. There are no restrictions for trading binary in Asia, India, and Africa. The Broker tries to improve its service in these countries.
The fastest growing countries are:
|Phone, Chat, Email||24/7||+27 (21) 1003880 – Cape Town, South Africa|
+54 (11) 59175747 – Buenos Aires, Argentina
|Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.|
Review conclusion: Is Olymp Trade real? – Scam or reliable Broker?
Olymp Trade is interesting for beginners and advanced traders. In conclusion, it is a very reliable broker for Digital Options and Forex Trading. The company provides a very good service since 2014. I tested the platform in detail to provide you good feedback. I have to mention the platform gives you the best execution for trades and you can customize it as you want.
Usually, the yield/return for normal accounts is between 75 – 95%. It depends on the asset and market you are trading. Otherwise, you can get a higher return with the VIP account. At the moment Olymp Trade is one of the best Online Brokers for private trading. I did not notice anything bad during this test.
Advantages of Olymp Trade:
Start trading with only 10$
Free demo account
Very good and professional trading platform
Trade Digital Options and Forex on one platform
Fast withdrawal and deposit
Free education for successful trading
This site is not an official Olymp Trade website.This website reviews Olymp Trade.