Olymp Trade Review: Pros and Cons of the Platform

Olymp Trade is an online trading platform that was founded in 2014. It is represented in more than 30 countries worldwide, offering 80+ trading instruments, including shares, stocks, indices, cryptocurrencies, and commodities.

Olymp Trade is a member of the international Financial Commission (FinaCom). It protects traders by covering each trader for up to €20,000 via FinaCom Compensation Fund.


 

Pros
  • Wide Range of Available Assets
  • 24/7 Dedicated Support
  • Lots of Training Materials
  • Minimal Starting Deposit
  • User-Oriented Platform
Cons
  • Limited Bonuses
  • No Copy/Bot Trading
  • Not available for US traders

Is Olymp Trade Safe?

Since the moment of its founding, Olymp Trade has been working under the laws of various countries. Also, it follows major regulations that the online trading sphere has. So yes, as long as your country allows online trading, it is legal for you to use the OlympTrade platform.

Main Features

Main features of trading platform

Extensive training: Olymp Trade provides its users with a demo account filled with 10 000 virtual currency units and all the training materials needed to start out. User guides, FAQs, educational articles, and webinars — traders will find all of that and more in the Help Center.

24/7 Support: in case if some problem arises, traders have multiple channels that they can use to contact support, from email to live chat. The Olymp Trade support staff speak almost 20 languages and always do their best to solve any issue quickly and efficiently.

Trader’s Way: on Olymp Trade, users also earn Experience Points (XP) by completing their trades. By collecting XP and leveling up, they can open additional features, risk-free trades, and upgrade their statuses. You can find out more about it here.

Multi-Accounts: for those who don’t want to choose between their native or global currency, Olymp Trade allows the creation of multiple accounts under one profile.

Olymp Trade: Short Overview

Broker TypeECN/STP
Regulation & LicensingCovered by FinaCom
Available AssetsCurrency pairs, stocks, commodities, cryptocurrencies, indices
Available PlatformsDesktop, Mobile (iOS &Android), MetaTrader 4
Payment TypesWire Transfer, Credit Card, Debit Card, E-wallets

Available Financial Instruments 

Olymp Trade offers a wide range of various financial instruments to its investors: fx currency pairs, precious metals, CFD popular commodities, CFD on stocks, and of course many popular cryptocurrencies.

FOREX PAIRS

Currency forex pairs are one of most popular type of financial assets. Each forex pair represents the price of primary currency and the secondary currency.

Following fx pairs are available:

EUR/USD, GBP/USD, GBP/AUD, AUD/USD, USD/CLP, EUR/AUD, EUR/GBP, AUD/CAD, AUD/CAD, AUD/JPY, GBP/JPY, GBP/NZD, GBP/CAD, NZD/JPY, USD/RUB, USD/JPY, USD/CAD, USD/TRY, EUR/JPY, CAD/JPY, USD/CHF, USD/SGD, EUR/CAD, EUR/CHF, AUD/CHF, CHF/JPY, GBP/CHF, NZD/CHF, AUD/NZD, NZD/USD, USD/MXN, USD/NOK, EUR/RUB, NZD/CAD, CAD/CHF, EUR/NZD.

STOCK INDICES

Stock market  indices are the type of financial assets related to the specific stock market like NYSE in New York, NASDAQ technological stocks or German DAX30 index

Following stock market indices are available for your trading:

  • USA: NASDAQ, S&P 500, Dow Jones, RUSSELL 2000
  • Europe: FTSE 100, DAX, CAC 40, EURO STOXX 50.
  • Asia: Hang Seng Index, Nikkei 225

COMMODITIES

you can speculate on the future price of the following commodities:

  • Gold
  • Silver
  • BRENT
  • Platinum
  • Copper
  • Natural Gas

STOCKS

major equities from mostly USA stock markets are available namely following:

Popular FAANG stocks like Facebook, Apple, Microsoft, Amazon, Google.

You can trade your favorite car maker stocks like BMW or Tesla. Or even McDonald’s,  Starbucks orCoca-Cola.

CRYPTOCURRENCIES 

Cryptocurrency assets are HOT stuff these days and also the newest addition to the trading portfolio of each savvy trader. These cryptos can be found and traded via Olymp Trade platform :

  • Bitcoin BTC
  • Ethereum ETH
  • Ethereum Classic
  • XRP Ripple
  • Litecoin
  • Zcash
  • Dash 

Or even trade the cross pairs ETH/BTC and  LTC/BTC.

You can see the full specifications for the assets by clicking on this link.

Similarly, you can find trading specifications for Forex here.


Olymp Trade: Demo Account

But before you start your trading with real money, you’ll need some time to get acquainted with the OlympTrade platform. That’s why Olymp Trade offers its clients time unlimited FREE demo account available for all types of traders.

So, what is a Demo practice account?

Practice account is a training tool for you so that you can learn how to work with the platform and the instruments it provides. There, you can see how the trading process works, practice your strategies, and learn how to discern trends and patterns. By doing this, traders will get the necessary experience and will be ready to enter the trading world on their live accounts.

Practice account comes with  10,000 non-withdrawable virtual money. You may spend it on the trades, instead of your hard earned real cash, and it is fully renewable once you suffer losses. Clients  can’t of course deposit or withdraw the money to/from the Demo account


Minimum Deposit

Minimum deposits for different countries might vary depending on which country you trade from, so you will need to check it for yourself; however, for most countries, it stands at $10/€10.

First of all you need to click on the “Deposit” button in the trading platform and then on the “Deposit amount” field. There, you will be given several different options to choose from, as well as the option to fill in your own sum.

Usually, the smallest number is the minimum amount that you can deposit. Still, you can always check by typing in a small sum to deposit, and if it is under the minimum requirement, you will see a message that will tell you the necessary amount.


Money Withdrawal Methods

Once you’ve got enough money via trading, you can withdraw it from your trading account to your wallet. There are different methods to do so, and they are listed on the Olymp Trade platform.

You can of course withdraw your own money from trading platform anytime you want. To do so, you need to send a withdrawal request that will be processed within 5 days at the latest. Take note, OlympTrade platform doesn’t take any withdrawal commission.

We hope that this review helped you to choose whether you want to use Olymp Trade or not. Or, at least, it managed to quell your fears about online trading.