- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
Last updated on June 13th, 2023 at 09:57 am
Looking for an honest Olymp Trade review in 2023?
In this article, I will walk you through what I know and have experienced on this online trading platform.
I want you to have a full overview of the platform and understand the broker well.
This way, you can only make an informed decision whether it is worth your time or not.
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
Is that fair enough?
Watch this video: Olymp Trade Review 2023: Is it a Scam or Legit? (12mins 12 secs)
What is Olymp Trade?
Olymp Trade is an online trading platform.
It was founded in 2014, and ever since, the broker has transformed the industry through a series of fixed time trades.
This is a type of trade where you simply predict where the market will be after a specific time has passed.
And if your prediction is correct, you make a profit.
Olymp Trade has its headquarters in St. Vincent and the Grenadines.
Olymp Trade Review in 2023: Is Olymp Trade regulated?
Olymp Trade Kenya is monitored and licensed by International Financial Commission.
IFC is a pretty respected organization within the finance industry across the world.
This means one thing;
It is legal to trade on Olymp Trade Kenya, and your capital is safe.
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
Olymp Trade Customer Base Size
At the time of writing this Olymp Trade review 2023, the broker has over 88 million active traders.
These traders transact over $30 million monthly, with over $16 million monthly payouts!
Additionally, Olymp Trades draws most of its users from South America.
This doesn’t mean you cannot use Olymp Trade if you are not from South America.
In fact, Olymp Trade broker accepts traders from anywhere in the world except the following countries;
- United States
- New Zealand
- Australia
- Canada, among other countries.
Either way, first make sure Olymp Trade accepts traders from your country before opening an account.
Olymp Trade Review 2023: Deposit and trade size
What is the minimum deposit on Olymp Trade?
With just $10, you can start trading on the platform.
How about trade size?
Olymp Trade provides one of the lowest minimum trade sizes, $1 per trade.
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
With the lowest deposit amount of $10 and trade size of $1, anyone can start trading on Olymp Trade.
Olymp Trade Review 2023: Trading styles and Payout
On this platform, you can access two classic trading formats and time.
- Classic trading format – with this trading style, your job is to pick a strike price and choose either up (buy) or down (sell). It offers an 82% payout rate.
- Time format – this is known as Fixed Time Trades (FTT) on Olymp Trade. Here, the closing value of the market is compared to its opening value after the expiry period. If your prediction is correct, you can make up to 92%.
Then there’s also forex trading.
Here’s how it works:
While other companies earn on the bid-ask difference, Olymp Trade clients pay commission just once, and prices for both buy and sell orders are the same.
The commission is charged only for opening a position and taking it over to the next day (which does not apply to day traders).
Olymp Trade Review 2023: Types of trading accounts
Olymp Trade platform has two types of trading accounts, regular and VIP.
- Demo account – you get free $10,000 virtual funds to use in practice. You can’t withdraw any winnings here. It’s just for practicing your craft.
- Regular account – has a $10 minimum deposit requirement and up to 82% payout rate. Moreover, the lowest trade size stands at $1 and is not more than $2000 per trade.
- VIP Olymp Trade – requires a $2000 minimum deposit and offers a 92% payout rate. Inside, you can place a max of $5000 per trade. Additionally, you get access to consultants and personalized trading training, among other VIP treatments.
With regular and VIP accounts, you can deposit and withdraw funds anytime.
Number of available financial markets
Besides the binary option, Olymp Trade offers access to over 80 markets.
They range from;
- Fixed Time Trades
- Currencies
- Gold
- Stock
- Commodities
- Crypto, among others.
As you can guess, missing the market you want within Olymp Trade is almost impossible.
Olymp Trade Review 2023: Depositing process
In order to start trading, you need to deposit funds in your account.
Fortunately, Olymp Trade accept several deposit methods which include;
- E-wallets such as Skrill
- Bank cards including credit cards
- Mobile money
The depositing process is smooth and straightforward.
Better part?
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
The broker is constantly adding new payment methods.
Now, once you have deposited funds, the transfer typically takes a couple of minutes to days to reflect on your trading account, depending on the deposit method you used.
In fact, here is how to deposit to olymp trade Kenya mpesa
LEVERAGES
Leverages with Olymp Trade depend on what type of trade you are looking to do. Leverages can be as high as 1:400 for the most popular currency pairs. Other minor currency pairs have leverage of 1:20.
Olymp Trade Review 2023: Withdrawal process
After you have made money trading online, how fast can you get your money?
Well, this can take a few hours and up to 5 business days depending on your type of trading account and withdrawal method.
For example;
You will enjoy priority withdrawals if you have an Olymp Trade VIP account.
Here, your request will be in the account within 24 hours.
Olymp Trade Review 2023: Accessibility
Trading online is one of the best ways to make money online.
Why?
Because no matter where you are, you can be trading.
For example;
You can access Olymp Trade either through your laptop or phone.
How?
- For your laptop, download the desktop app here.
- If you are using Android, download the app here.
- For iPhone users, check the iOS app here.
Better part?
Whether you are using Olymp Trade desktop or mobile app, they all come with various technical analysis tools and several market charts.
Fees
Olymp Trade also charges a fee for each trade you make. If you do not have enough money in your account, it will close your account.
Olymp Trade doesn’t charge any fees related to account maintenance. They may charge a monthly fee if you don’t make trades for 180 days.
If you trade in forex, they will take their fee based on the amount of your trade and other factors, but it will be less than 15% or $10 per month.
Olymp Trade Trade period
The time period is simply how long the trade or opened position lasts before you make your money.
Luckily, Olymp Trade has the fastest trade time of 1 minute.
That means it takes only 60 seconds to make money on Olymp Trade.
While this may sound awesome (since you can make money fast), it is a recipe for disaster.
Why?
Because you can lose money in those 60 seconds.
As such, consider using other time frames and only place 1 min trades once you have perfected your craft.
Olymp Trade Customer Service Response
At some point in your trading career, you will run into issues.
And when that happens, you need quick and reliable customer support.
Lucky for you, Olymp Trade has agents that are quick to respond and more than willing to help solve your problem.
Additionally, Olymp Trade has in-built chat tools that include social forums.
And as a beginner, you can use a lot of advice and help from established traders.
You can learn from their mistakes and even copy their trading strategies.
Summary of OlympTrade Details
Broker: OlympTrade
Website URL – www.olymptrade.com
- Founded – 2014
- Trading Platform – Custom-made platform
- Minimum 1st Deposit – $ 10
- Minimum Trade Amount – $ 1
- Maximum Trade Amount – $5000
- Bonus- FREE DEMO ACCOUNT
- Payout 82 % for Standard, 90 % for VIP accounts*
- Free Demo accounts – Yes
- Regulated – Yes
- Regulation Body – Regulated by FinaCom
- Account Types – Standard (10-2000 USD Deposited), VIP (2000+ USD Deposited)
- Account Currency – USD, EUR, BRL
- US Traders Allowed – No
- Mobile Trading – Yes
- Tablet Trading – Yes
- Overall Score – 4.9 / 5
Trading Hours
You can access the Olymp Trade website any time and day. Investors can trade anytime they want with their mobile and desktop devices.
However, the markets are open for trading for a limited number of hours. For example, London’s forex market is open from 3 am-12 pm GMT
Regulations
Olymp Trade is regulated by the International Financial Commission (IFC) and headquartered in St. Vincent and the Grenadines.
But there are some concerns about this organization.
You might want to look into it before deciding whether or not you would like to trade with Olymp Trade because funds are usually only considered safe when a broker is regulated by an official body such as the UK Financial Conduct Authority (FCA).
Countries that accepted on Olymp Trade include;
Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, Nigeria, and most other countries.
At the same time, traders can not use Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.
- Get $10,000 in your DEMO account
- Minimum trading amount is $1
- Get up to 98% Rate on Return
- Fast deposits and withdrawals
- $10 minimum deposit
- $10 minimum withdrawal
I can confirm that it’s not a scam. I tried it and find its offer unique. I mean a combination of FTT and Forex on one platform. It’s very suitable and it encouraged me to try FTT. At first I was very skeptical about it but after some time I learned to work with expiration. It can be beneficial but expiration needs more practice than Forex.
Oh yeah… needs a lot of practice and patience. I struggled with FTT as well in the beginning. But as soon as I started focusing on small wins, I earned consistent wins.
100% OLYMP IS NOT A SCAM
Basically, this broker was the only broker where customer support responded quickly. All of the brokers which I had to work with was super slow in this case. while Olymp trade showed me the highest level of customer support service management. I think it’s a solid indication of a reliable broker, when the customer support satisfies the needs of a trader just within couple of minutes/hours in case of any questions or issues.
In addition, I suppose that the system of multiplicators is attractive though. At least it is easier to me to calculate potential profit from a particular trade when I use multiplicators rather than leverages, idk, mb there are some traders who think the opposite.
I agree 100%. Support team is epic and responds fast.
what u need u will find here as well as i do my trading strategies with my fav shares and indices u need to find out your stuff. i mean there are dozens of cool instruments that can be helpful for ur strategie
I read on one website that this broker’s account protection is provided by two-factor authentication. What does that mean?
100% Drake! You need to identify what works for you and pivot from there
Hello. 2-factor authentication (2FA) is a security process in which users provide two different authentication factors to verify themselves. 2FA is implemented to better protect both a user’s credentials and the resources the user can access. For instance, when enabled, you cannot log into your account without verifying through your phone.
It’s essential to understand what brokers did for customers and what customers did to make money.
Olymp Trade strives to provide quality services and support traders. This is necessary to prevent traders from losing deposits and not to blame broker for it.
To help traders not to lose their deposits and understand that trading is complicated analytical work, Olymp provides several services to customers.
1. Demo account allows learning how to make profits from deals without deposit risk.
2. Analytical articles on broker’s website. In such way broker tries to direct traders’ minds in right direction.
So, I believe that trader’s success depends entirely on trader himself.
Well explained. I don’t think most traders always understand what you just explained. When they lose money, somehow they forget to check inside. Maybe I didn’t do enough practice, maybe I didn’t study the trend and the market enough before pulling the trigger. As a trader on Olymp Trade, you hold all the cards.
Oh, I know what it is! It’s part of my account security system.
When I log into my account, system asks me for not only my username and password but also additional information. This could be SMS code or Google Authenticator code.
I believe this is very reliable way to protect trader’s account. That’s why I am always glad to pass this check.
Fixed Time Trade is just nice. I like the thing you can open the position in both ways simultaneously. Reminds me some kind of hedging or delta neutral position. This comes very handy and can ensure you from losses. And number of strategies is just uncountable when you can stay in both directions.
100%??
100%??
Regulations make a broker safe. The International Financial Commission (IFC) regulates Olymp.
I think the fact that Olymp Trade is in this business for about 8 years already, says that the boker is a reliable one.
Traders with considerable experience always appreciate companies with substantial background. It is some kind of an indication of credibility.
Absolutely! You can’t be in business for that long and not show your true colors.
How can I improve my trading on the Olymp Trade platform?
Develop simple strategies and a plan. And stick with it
Olymp trade has the best conditions for fixed time trading in particular. Don’t get me wrong, I like its forex and stocks trading modes, but fixed time gives you much wider opportunities in terms of sustainable income.
You can literally earn hundreds of dollars in a matter of minutes. However in order to do that you have to spend a lot of time on testing and education.
Absolutely! I guess most people jump directly to wanting to earn and ignore the learning phase!
I can’t confirm that it’s a scam broker because I already trade. For the time I trade with it I saw no cheating. Moreover, I have no problems with withdrawing funds.
Thank you for sharing, Carel.
This broker has many distinctive traits and actually what is more important they are endemic.
It means that they don’t belong to other companies, for example, I have never faced several trading modes, including a separated stock mode. It’s wonderful! It helps new traders to divide trading stocks and trading other assets, so it’s easier for stock traders to adjust here.
How can I submit for bonuses for my live account?
This is exactly the kind of article every beginner trader who is wavering in Olymp trade should read.
It shatters all the arguments that accused the broker of scam. And also gives the necessary information about the broker’s peculiarities.
Very true, I am sending the link to this article to the guys who asks me about how to start trading.
Company’s choice of different trading types is impressive! Still I am dyed-in-the-wool fan of fx trading and that’s why I chose this one. No regrets at all, guys.
Interesting article, and it’s pretty long too… The conclusion can be compiled within a couple of sentences.
Olymp trade is regulated.
It supplies services across a multitude of countries around the world.
It has a strong recognition in the community not only due to the period it’s been operating, but also due to quality trading conditions.
See how easy was that? 😉
??Certainly! But its more complicated that. Some people need and appreciate more information.
Actually it is “Earn up to 92% profits” right now and probably olymp will make this number even higher on the future.
I can’t put credibility of this broker at doubt. Time-proven solution of all times. Period.
I love reading articles like this.
Author creates intrigue in the beginning and then by describing the situation answers the question he posed in the beginning.
As for the content of this article, I am convinced of the honesty of this company.
Wow… 88 million customers this broker has!!!
I think the question of whether it is a scam or not is redundant for a broker with this huge base of clients.
Do they accept crypto as a payment method?
Yes, they do. They even have a USDT currency-based account type.
This is a very comprehensive Olymp tarde review if you need one. It covers all the crucial aspects of working with the copmany.
I guess such reviews are very valuable for newbies for the most part. Nevertheles, it is possible that a trader who has been involved in Olymp trade infrastructure for a long time can find smething new for him. Something that he didn’t know or noticed.
I once read an Olymp trade article in the blog and found out that I can buy myself a higher status or just a profitability for the FTT alone.
So don’t neglected this types of overviews since you never know what useful info awaits you.
I have once again made sure that I am right when I tell someone or write somewhere that the broker is legit and operates legally,
I am convinced of the absence of any legal troubles with the Olymp Trade broker.
That was one of the main reasons why I decided to start off with it. I checked the regulation, got acquainted with the supervisor, fortunately it has a website and that’s it.
It’s enough for me to compile a kind of primary impression about the platform. So it’s not a scam definitely.
Quite a long, but at the same time detailed olymp trade review. The broker deserves that.
It’s great that article has some videos in addition to textual proof of broker’s legitimacy. It was quite interesting to watch them.