Olymp Trade Review 2019: Is it a Scam?
Olymp Trade is a well known online broker that offers trading on currency pairs, cryptocurrency, stocks, indices, and commodities. The company can be reached at email email@example.com, live chat, and several phone numbers. The registration address is available in the User Agreement.
The Olymp Trade platform is certified by the international Financial Commission (FinaCom) as a category A member. The Financial Commission provides for the traders’ protection by its fund for up to $ 20,000 per case if a dispute between a trader and a broker is resolved in favor of the trader (under the conditions established by FinaCom).
Is Olymp Trade a Scam?
On 2016, Olymp Trade became a member of the FinaCom, which has the role of providing “its customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come to an agreement with their broker.”
The question is whether these third-party regulators can really provide Olymp Trade’s clients with a safety similar to what CySEC can? I really doubt it, but that doesn’t mean that Olymp Trade is a scam. Caution is recommended as always in the trading business.
Should I Open an Account with Olymp Trade?
Moving on to the unique and proprietary Olymp Trade platform. Once inside, you may switch between demo and the real account. The demo account is set to 10,000$ and the minimum trade size is only 1$. Yes, that means you can do 10,000 trades for practicing purposes before you run out of virtual cash. The best part is all the tools, indicators and the advanced charts the platform offers. If it’s not enough, you can select the technical tab and it will open yet another chart with even more tools. Execution is fast and to make it even faster you can switch to One Click trading at any time so you don’t have to confirm trades before execution.
Anyone can trade with Olymp Trade OPTION and Olymp Trade FOREX accounts on the platform. These accounts are separated and have different interfaces.
An Olymp Trade OPTION account is used to make two types of option deals: based on the trade duration (from 1 minute to several hours) and on the expiration time (from 1 minute).
An Olymp Trade FOREX account is used to open long (hoping the price will go up) or short (hoping the price will go down) positions at the current price with an unlimited duration of the trade. There is no spread (the difference between the buy and sell prices), but there is a brokerage fee that one has to pay when executing trades or holding them until the next day.
Olymp Trade uses the quotes of the major investment banks and proposes a weighted average price on the platform.
In conclusion, their efforts are good. The platform is well-designed, the education center comes in many languages, with webinars, trading strategies and a well built economic calendar and the 10$ minimum deposit together with a free no-deposit demo is a very welcoming package. There are bonuses for first-time depositors but the bonus policy is a bit weird (more on that below). You can choose not to accept a bonus at signup. My only concern is whether the Financial Commission can really do a job equal to a regulator and that remains to be seen, I am skeptical. If you have any experience trading with Olymp Trade, join our forum discussion and share your information.
Deposit, Payment and Bonus 17/20
The minimum deposit is only 10$ but a higher deposit will bring you a higher bonus as follows: between 30-99 (EUR/USD), you will get 10% bonus, between 100-299 (EUR/USD), you will get 20% bonus, between 300-4999 (EUR/USD), you will get 30% bonus and more than 5000 (EUR/USD), you will get 50% bonus. The bonus will only be credited once your account balance reaches zero, which is pretty weird if you ask me. Any withdrawal request will cancel the bonus and turnover requirements are not specified.
Deposits can be made via QIWI, Webmoney, Yandex.Money, Neteller, Skrill, Fasapay and credit cards. Withdrawal methods are the same as deposits and wire transfers are only available in some regions.