OLYMP TRADE Forex Broker

Olymp Trade Basic Information Registered Country/Region South Africa Founded in N/A Regulation Not regulated Trading Assets Forex, Commodities, Indices, Stocks, Cryptocurrencies Minimum Deposit $10 Account Types Starter, Advanced and Expert Leverage Up to 1:500 Trading Platform Properitary Trading Platform Islamic Accounts Available Demo Accounts Available Spreads Competitive, floating spreads Commission No commissions for Standard and VIP accounts; applicable commissions for specific instruments in certain account types Deposit & Withdrawal Methods Bank Wire Transfer, Credit/Debit Card, E-wallets (Neteller, Skrill, etc.), Cryptocurrencies Customer Support Email, Live Chat, Phone Support Languages Multiple languages supported Educational Resources Limited educational materials Please note that the information provided is based on the given details, and it's always recommended to verify the latest information on the broker's official website. Overview of OLYMP TRADE OLYMP TRADE is a forex broker registered in South Africa that has been providing trading services for a period of 2-5 years. The broker offers a range of trading assets to cater to the diverse needs of traders. Clients of OLYMP TRADE can access various financial instruments, including forex currency pairs, commodities, indices, stocks, and cryptocurrencies, allowing them to diversify their trading portfolios and take advantage of market opportunities. When it comes to account types, OLYMP TRADE offers different options to suit the preferences and trading styles of its clients. Traders can choose from various account types, such as Standard, VIP, and Demo accounts. The Standard account is designed for regular traders, while the VIP account is tailored for more experienced traders who require additional benefits and features. The minimum deposit to trade with this broker is as low as $10. Additionally, the Demo account provides an opportunity for novice traders to practice their trading strategies and familiarize themselves with the platform without risking real funds. In terms of leverage, OLYMP TRADE offers competitive leverage options up to 1:500 to enhance trading possibilities. The leverage ratio provided by the broker allows traders to amplify their trading positions, potentially increasing their potential profits. However, it's important to note that higher leverage also entails higher risks, and traders should exercise caution and employ proper risk management strategies. OLYMP TRADE provides a user-friendly and intuitive trading platform, ensuring a seamless trading experience for its clients. The platform is designed to be accessible for traders of all levels of expertise, offering a range of tools and features to assist in market analysis and execution of trades. The platform also supports mobile trading, allowing traders to monitor and manage their positions on the go through compatible mobile devices. OLYMP TRADE offers customer support services through various channels, including email, live chat, and phone support. This ensures that traders can reach out to the support team whenever they have inquiries, technical issues, or require any form of assistance. Is Olymp Trade legit or a scam？ Olymp Trade is not regulated. It's important to note that operating without regulation means that the broker is not subjected to the strict oversight and requirements imposed by regulatory bodies. Traders should exercise caution when dealing with unregulated brokers and consider the potential risks involved. It's always recommended to conduct thorough research and due diligence before engaging with any financial service provider. Pros and Cons The broker also provides a variety of tradable assets, allowing traders to diversify their portfolios. Additionally, the availability of a demo account enables users to practice trading strategies without risking real money. Olymp Trade boasts competitive spreads and commissions, which can be appealing for cost-conscious traders. However, it is important to note that Olymp Trade is not regulated by any financial authority, which may be a concern for some traders seeking additional oversight and protection. The broker also has a limited range of customer support options and less transparent fee structures. Pros Cons Generous leverage up to 1:500 Not regulated by any financial authority Variety of tradable assets Limited range of account types Demo account available for practice No access to MetaTrader platforms Low minimum deposit requirement Limited educational resources Islamic Account Available Limited customer support options Mobile trading app for on-the-go trading High minimum deposit for the Advanced and Expert Account Competitive spreads (allegedly) No negative balance protection Limited payment methods and withdrawal options Official Website temprarily down No 7/24 customer support Market Intruments Olymp Trade offers a diverse range of trading instruments across different markets, allowing traders to explore various opportunities and diversify their portfolios. Let's take a closer look at the specific instruments: Commodities: Delve into the world of precious metals with gold and silver, or navigate the energy markets with crude oil and natural gas. These commodities provide traders with a chance to capitalize on price movements driven by global supply and demand dynamics. Indices: Gain exposure to the performance of major stock indices such as the S&P 500, NASDAQ, FTSE 100, DAX, and Nikkei 225. By trading indices, you can speculate on the overall direction of these markets and potentially profit from macroeconomic trends. Stocks: Olymp Trade allows you to trade popular stocks of well-known companies, including industry giants like Apple, Amazon, Microsoft, Google, and Facebook. With access to a wide range of stocks, traders can seize opportunities arising from corporate earnings, news events, and market sentiment. Forex: Immerse yourself in the exciting world of currency trading with Olymp Trade's comprehensive selection of forex pairs. From the widely traded EUR/USD and GBP/USD to exotic pairs like USD/TRY and USD/ZAR, you can take advantage of the dynamic forex market and potentially profit from currency fluctuations. Cryptocurrencies: Stay ahead of the curve by trading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH). These digital assets have gained immense popularity and offer unique opportunities for traders seeking exposure to the rapidly evolving crypto market. ETFs: Olymp Trade also offers trading in Exchange-Traded Funds (ETFs). ETFs are investment funds that are traded on stock exchanges, and they aim to track the performance of a specific index, sector, commodity, or asset class. Account Types Olymp Trade provides traders with a diverse selection of account types to cater to different trading preferences and experience levels. Let's explore the various account options available: Starter Account: The Starter account is ideal for beginners who are just getting started in the world of trading. With a minimum deposit requirement of only $10, this account allows traders to dip their toes into the markets without a significant financial commitment. Traders with a Starter account gain access to basic trading features and tools to build their trading skills and experience. Advanced Account: The Advanced account is designed for traders who have progressed beyond the beginner stage and are ready to take their trading to the next level. With a minimum deposit of $500, this account offers enhanced features and tools compared to the Starter account. Traders with an Advanced account can access advanced charting capabilities, additional technical indicators, and more comprehensive market analysis tools. Expert Account: The Expert account is tailored for experienced traders who have a solid understanding of the markets and are seeking advanced trading capabilities. With a minimum deposit of $2000, this account provides traders with a wealth of exclusive features and benefits. Traders with an Expert account can access personalized trading strategies, advanced risk management tools, priority customer support, and exclusive market insights. Each account type at Olymp Trade is designed to accommodate traders at different stages of their trading journey. Whether you are a novice trader looking to start with a small deposit or an experienced trader seeking advanced tools and resources, Olymp Trade offers a range of account options to suit your needs. Demo Accounts Olymp Trade understands the importance of providing a risk-free environment for traders to practice and hone their trading skills. That's why they offer demo accounts to their clients. A demo account is a simulated trading account that allows traders to experience real-market conditions without risking their actual funds. With an Olymp Trade demo account, traders have the opportunity to familiarize themselves with the trading platform, explore different trading strategies, and test their trading ideas in a virtual trading environment. The demo account is equipped with virtual funds, allowing traders to place trades and monitor their performance in real-time. The benefits of using a demo account with Olymp Trade are numerous. It provides traders with the opportunity to gain hands-on experience in executing trades, analyzing market trends, and managing risk, all without the fear of incurring financial losses. Additionally, traders can use the demo account to test and refine their trading strategies, evaluate the effectiveness of different indicators, and gain confidence in their trading decisions. The Olymp Trade demo account is an excellent tool for both beginner and experienced traders. Beginners can use it to learn the basics of trading and gain confidence before transitioning to live trading. Experienced traders can utilize the demo account to fine-tune their strategies, experiment with new techniques, or test the compatibility of automated trading systems. Olymp Trade's demo accounts are easy to access and come with all the features and functionalities of a live trading account. Traders can use the demo account for an unlimited period, allowing them to continue practicing and improving their trading skills without any time restrictions. Islamic Accounts Olymp Trade also offers Islamic accounts for traders who follow the principles of Islamic finance. These accounts are designed to be in compliance with Shariah law, ensuring that no interest (riba) is charged or paid for overnight positions. Islamic account holders can benefit from the same features and trading conditions as other account types while adhering to their religious beliefs. How to open an account？ Opening an account with Olymp Trade is a straightforward process. To start, you can visit their official website and click on the “Start Trading” or “Open an Account” button. Then, you will be directed to a registration form where you need to provide your personal information, such as your name, email address, and phone number. Additionally, you will need to create a password for your account. Once you have filled in the required details, you may need to verify your email address by clicking on the verification link sent to your registered email. Afterward, you can proceed to log in to your newly created account. To activate your trading account, you will be prompted to make an initial deposit. Olymp Trade offers different account types with varying minimum deposit requirements, allowing you to choose the one that suits your trading preferences and financial capabilities. It is important to note that deposit methods may vary depending on your location. After completing the deposit, you will gain access to the trading platform, where you can explore the various features, tools, and trading instruments available. It is recommended to verify your account by submitting the necessary identification documents to comply with the broker's regulatory requirements and ensure a smooth trading experience. Leverage Olymp Trade offers leverage to its traders, allowing them to amplify their trading positions. The leverage ratio provided by the broker may vary depending on the asset being traded and the account type chosen. For Forex trading, Olymp Trade offers leverage up to 1:500. This means that traders can control a position size up to 500 times larger than their invested capital. It is important to note that higher leverage involves higher risk, as potential gains or losses are magnified. For other trading instruments such as commodities, indices, stocks, and cryptocurrencies, the leverage offered by Olymp Trade may differ. It is recommended to refer to the broker's official website or trading platform for the specific leverage ratios applicable to each asset. Traders should carefully consider their risk tolerance and trading strategy when utilizing leverage. While it can enhance potential profits, it also increases the exposure to market volatility and potential losses. It is advisable to use leverage responsibly and employ risk management strategies to protect your trading capital. Spreads & Commissions (Trading Fees) Olymp Trade operates on a spread-based pricing model, which means that the broker charges spreads on trades rather than commissions. The spreads represent the difference between the buying and selling prices of an asset and can vary depending on market conditions and the specific trading instrument. The spreads offered by Olymp Trade are competitive, allowing traders to enter and exit positions at relatively low costs. However, it's important to note that spreads may widen during periods of high market volatility or when significant economic events occur. As for commissions, Olymp Trade does not charge any additional fees or commissions on trades. This can be advantageous for traders, as it eliminates the need to factor in commission costs when calculating potential profits or losses. Non-Trading Fees Apart from trading fees, Olymp Trade also imposes certain non-trading fees that traders should be aware of. These fees are associated with specific services or actions and may vary depending on the account type or trading activity. Here are some of the non-trading fees that Olymp Trade may charge: Inactivity Fee: If an account remains inactive for a specified period of time, an inactivity fee may be applied. This fee is designed to encourage active trading and is typically charged on a monthly basis. Deposit and Withdrawal Fees: While Olymp Trade does not charge any deposit fees, there may be fees associated with certain withdrawal methods or specific payment processors. These fees are typically imposed by the payment provider and vary depending on the chosen method. Currency Conversion Fee: If you deposit or withdraw funds in a currency different from your account's base currency, a currency conversion fee may apply. This fee covers the costs associated with converting the funds into the desired currency. Trading Platform Olymp Trade offers its traders a proprietary trading platform, not Metatrader trading platform. It's important to note that Olymp Trade's proprietary platform may have limitations compared to the MetaTrader platform in terms of available indicators, expert advisors, and customization options. However, the platform still provides a robust trading environment and is suitable for traders of all levels of expertise. Deposit & Withdrawal Olymp Trade provides traders with a range of convenient payment methods to facilitate their transactions. Traders can choose from various options, including: Credit/Debit Cards: Olymp Trade supports major credit and debit cards, allowing traders to deposit and withdraw funds using their Visa or Mastercard. Neteller: This popular electronic wallet service is accepted by Olymp Trade, providing a secure and efficient method for depositing and withdrawing funds. Skrill: Another widely used e-wallet, Skrill, is supported by Olymp Trade, giving traders an additional option for managing their funds. Bitcoin: Olymp Trade acknowledges the growing popularity of cryptocurrencies and allows traders to deposit and withdraw funds using Bitcoin, providing a decentralized and efficient payment method. WebMoney: Traders can also utilize WebMoney, an online payment system, to deposit and withdraw funds securely. FasaPay: Olymp Trade supports FasaPay, an Indonesian payment gateway that enables traders to conveniently deposit and withdraw funds. Bank Wire Transfer: For those who prefer traditional banking methods, Olymp Trade allows deposits and withdrawals via bank wire transfer. It's important to note that while these payment methods are generally supported, their availability may vary depending on the trader's location. Traders should refer to the Olymp Trade website or contact their customer support for specific details regarding payment methods, including any associated fees and processing times. Customer Support Olymp Trade strives to provide excellent customer support to assist traders with their inquiries and concerns. The broker offers multiple channels for customer support, including: Phone: Traders can reach out to the customer support team via phone during the designated working hours. Phone support allows for direct communication and immediate assistance with any trading-related issues. Email: Olymp Trade provides an email support service where traders can send their queries or concerns. The support team aims to respond promptly and provide comprehensive answers to ensure a satisfactory resolution. FAQs Section: Olymp Trade has a dedicated Frequently Asked Questions (FAQs) section on their website. This section covers a wide range of common queries and provides basic information about account setup, trading features, deposit and withdrawal processes, and more. Traders can refer to the FAQs section for quick answers and guidance. While Olymp Trade offers various support options, it's important to note that their customer support may not be available 24/7. Traders should take note of the operating hours and consider this when seeking assistance. Educational Resources It appears that Olymp Trade does not offer an extensive range of educational resources compared to some other brokers. While they may not have a comprehensive educational section or a wide variety of resources, they still provide some basic materials to support traders' learning and development. These resources include video tutorials, webinars, a knowledge base, and a demo account. Conclusion In conclusion, Olymp Trade is a forex broker registered in South Africa, offering a range of trading assets and multiple account types to cater to different traders' needs. The leverage options provided by the broker allow traders to enhance their trading positions. The proprietary trading platform offers a user-friendly experience with various tools and features. However, it is important to note that Olymp Trade may not offer as extensive educational resources as some other brokers, which could be a limitation for traders seeking comprehensive educational materials. Customer support is available through phone and email, although it does not provide 24/7 assistance. Traders should also consider the lack of a widely-used trading platform such as MetaTrader. FAQs Q: What are the account types offered by Olymp Trade？ A: Olymp Trade offers three main account types: Starter, Advanced, and Expert. Each account type has different minimum deposit requirements and offers various features and benefits to cater to traders with different experience levels and trading preferences. Q: What trading instruments can I trade with Olymp Trade？ A: Olymp Trade provides a wide range of trading instruments, including forex currency pairs, commodities, indices, stocks, cryptocurrencies, and ETFs. This allows traders to diversify their portfolios and take advantage of different market opportunities. Q: What is the leverage offered by Olymp Trade？ A: Olymp Trade offers flexible leverage options, allowing traders to magnify their trading positions. The leverage varies depending on the asset being traded and the account type chosen. It is important to note that higher leverage involves higher risk, and traders should use leverage responsibly. Q: What trading platform does Olymp Trade offer？ A: Olymp Trade offers its proprietary trading platform, which is a user-friendly and intuitive platform designed to meet the needs of both beginner and experienced traders. The platform provides a range of analytical tools, indicators, and charting options to assist traders in making informed trading decisions. Q: What are the available payment methods for deposits and withdrawals？ A: Olymp Trade supports a variety of payment methods, including Credit/Debit Cards, Neteller, Skrill, Bitcoin, WebMoney, FasaPay, and Bank Wire Transfer. These options provide convenience and flexibility for traders to fund their accounts and withdraw their profits. Q: How can I contact Olymp Trade customer support？ A: Olymp Trade offers customer support through phone and email. Traders can reach out to the support team for assistance with their account, trading inquiries, or any other concerns they may have. However, it is important to note that 24/7 customer support is not available. Q: Does Olymp Trade provide educational resources for traders？ A: Yes, Olymp Trade offers educational resources such as video tutorials, webinars, and a FAQ section to help traders enhance their trading knowledge and skills. However, it is worth mentioning that the educational resources provided by the broker may not be as extensive as some other brokers in the industry.