Olymp Trade Review 2024 with Rankings by Dumb Little Man

Olymp Trade Review

Forex brokers are essential middlemen for traders. These brokers offer instruments for managing risk, analyzing the market, and trading different currency pairs. In the crowded field of Forex brokers, Olymp Trade distinguishes apart.

Since its founding in the early 2010s, Olymp Trade has expanded quickly, adding a mobile trading platform and resources to train traders. The International Financial Commission’s (IFC) regulatory oversight and other award-winning features have strengthened the platform’s legitimacy.

Olymp Trade’s appealing design and ongoing service improvements are part of what makes it so appealing. The fact that the app already has over 44 million and that celebrities like Ronaldinho have endorsed it shows that traders find it appealing.

Based on in-depth research and firsthand knowledge, this assessment offers a thorough analysis of Olymp Trade and its Forex market products.

What is Olymp Trade?

Olymp Trade is a trading platform that provides online trading services. With its main office located in Saint Vincent and the Grenadines, the company was founded in 2014 and has grown to become a major force in the online brokerage industry.

It is renowned for offering a transparent and safe trading environment, under the International Financial Commission‘s (IFC/FinaCom) supervision.

Global traders are drawn to it because Olymp Trade offers over 80 financial instruments, such as various major currency pairs, commodities, and indexes, along with an easy-to-use trading interface. Its dedication to educating traders and its application of analytical tools enable users to make informed trading strategies.

Olymp Trade offers a $10 USD minimum deposit and a number of payment options, making it accessible to a broad spectrum of traders, from novices to professionals. The broker, which stresses client security through its membership with FinaCom, offers a compensation fund of up to 20,000 Euros, despite the fact that it is unregulated in some areas, like North America and Europe.

Olymp Trade as a trading platform has a noteworthy daily transaction volume, indicating the activity of its user base and market presence. Even though it operates out of an offshore jurisdiction and lacks protection from a government investor compensation plan, its FinaCom membership offers a layer of dispute resolution for its customers.

Safety and Security of Olymp Trade

Dumb Little Man’s investigation indicates that the Financial Commission in Hong Kong, which also functions as a dispute resolution authority, is in charge of Olymp Trade‘s safety and security.

Olymp Trade permits traders to seek legal counsel and possible compensation of up to 20,000 Euros in the event of a dispute because it is a Category A class broker.

Aollikus Limited, which is governed by the Vanuatu Financial Services Commission (VFSC), is connected to the broker. However, the VFSC is not regarded as a top-tier regulator.

Olymp Trade’s operations in digital assets are managed by Saledo Global LLC, located in St. Vincent & the Grenadines, which claims a ‘Category A’ membership with the International Financial Commission (FinaCom), emphasizing a commitment to trader’s interests and issue resolution.

Sign-Up Bonus of Olymp Trade

Olymp Trade offers new users with a sign-up bonus to kickstart their trading journey. Upon opening a real account and depositing more than $10, clients’ capital can potentially double.

This increase is automatic and swift, occurring within an hour after account creation, and the added funds are immediately available for trading.

The details regarding the fulfillment of conditions for promotions are not extensively specified, but Olymp Trade periodically offers promo codes to new traders. These codes can unlock bonuses of up to 50% on top of their initial deposit. However, it’s crucial for users to peruse the service agreement associated with these bonuses to understand the terms fully.

Minimum Deposit of Olymp Trade

Olymp Trade sets a minimum deposit at a low threshold of $10, making it an accessible platform for traders with varying levels of investment capital. This low entry barrier is designed to encourage participation from a broad audience, including those new to trading or with limited funds.

Olymp Trade Account Types

Our team of experts at Dumb Little Man conducted thorough research and tested the account types offered by Olymp Trade, providing a clear understanding of each option available to traders. Here’s the organized list of account types based on their findings:

Demo-account

• Suitable for both novice and professional traders.
• Offers a risk-free training environment with $10,000 virtual funds for practice.
• Allows testing of new strategies without financial investment.

Real account

• Similar to the demo account with real money trading.
• Upon registration, assigned one of three statuses: Starter, Advanced, or Expert.
• Status can be changed by depositing the minimum required amount.

Starter

• Designed for novice traders.
• Minimum deposit of $10 to begin trading.
• Access to basic training materials, 82% maximum profitability, up to 10 open transactions, and a $2,000 maximum transaction amount.

Advanced

• Aimed at traders with some experience.
• $500 minimum deposit required to activate.
• Benefits include up to 84% profitability, 20 open transactions, $3,000 maximum transaction amount, enhanced training materials, monthly analyst consultations, and weekly webinars.

Expert

• For professional traders.
• $2,000 minimum deposit needed.
• Offers up to 92% profitability, 30 open orders, $4,000 maximum transaction amount, complete access to training materials, trading signals, analyst consultations, exclusive webinars, and trading strategies.

Account for МТ4

• Tailored for users preferring standard Forex trading.
• Uses MetaTrader4 as the trading platform.
• The registration process mirrors that of opening a real account.

Olymp Trade Customer Reviews

Customer reviews of Olymp Trade reflect a mix of satisfaction and concern. Many traders appreciate the platform for its reputation and competitive trading conditions, with unique offerings like the fixed-time trading mode.

Users commend the performance and optimization of the trading platform, noting the absence of lags and freezes during operation.

There have also been complaints of possible problems with accounts, though; some users have reported blocked accounts and expressed concern about falling victim to fraud.

Olymp Trade Fees, Spreads, and Commissions

Olymp Trade caps its maximum leverage at 400:1, and modifies it according to the type of deal. Leverage is provided at a ratio of 30:1 for popular currency pairs like EUR/USD and 20:1 for minor pairings like NZD/USD and AUD/CAD.

The site is commended for offering cheap spreads, which begin at 1.1 pip for a regular account and are thought to be appealing in the foreign exchange market. Prices for stocks and cryptocurrencies are transparent during live trades on the site and vary based on the asset.

A notable aspect of Olymp Trade is the absence of commission fees on standard account trades. However, a monthly fee of $10 is levied if no transactions are made for over 180 days. Additionally, there’s a fixed overnight fee—up to 15% of the total investment—for positions held overnight, which also applies to forex trades.

The inactivity fee comes into play if an account shows no trading activity for 180 days, with a charge of $10 per month until funds are depleted, at which point the account may be closed. Forex trading incurs a small fee, which depends on several factors, including market conditions.

Regarding deposits and withdrawals, Olymp Trade stands out by not imposing any fees, unlike many others in the trading industry. Traders should be aware of the minimum withdrawal amounts and any potential bank fees to ensure they maximize their financial transactions.

Deposit and Withdrawal

A trading professional at Dumb Little Man has tested and confirmed that Olymp Trade provides multiple deposit and withdrawal options. Traders must use the same withdrawal method as their deposit, ensuring a secure financial process.

For deposits, Olymp Trade accepts bank transfers, credit or debit cards, e-wallets like Skrill and Neteller, as well as cryptocurrencies. Deposits are instantly processed, except for bank transfers, which may take a few hours. Importantly, the broker does not charge any commission on deposits, and the minimum deposit amount is set at $10.

Withdrawals at Olymp Trade are typically processed swiftly, often on the same day, especially when using the original deposit method. In some instances, such as with bank transfers, it can take up to three working days. This expedited withdrawal process is part of Olymp Trade’s commitment to providing a smooth trading experience for its clients.

How to Open an Olymp Trade Account

Starting your trading journey with Olymp Trade is a swift and user-friendly experience. Follow these nine simple steps to set up your account and dive into trading.

1. Visit the Olymp Trade website or app and complete the registration form with your full name, email, chosen password, and preferred currency.
2. Verify your account details as prompted to secure your Olymp Trade account.
3. Explore the platform using the free demo account with $10,000 virtual funds to practice trading strategies.
4. Switch to a live account when you feel confident in your trading abilities.
5. Fund your account by selecting your preferred currency and agreeing to the terms and conditions.
6. Begin live trading with the option to choose between a regular or a VIP account.
7. Opt for a VIP account if you can maintain the minimum balance of $20,000 for additional features.
8. Review and ensure all provided information is correct and secure.
9. Confirm the account setup to start trading on Olymp Trade.

Olymp Trade Affiliate Program

Through the Olymp Trade Affiliate Program, members can introduce new traders to the platform and earn passive money. The structure of this program is to pay affiliates 50–60% of the traders they bring to Olymp Trade.

In order to take part, people must register as affiliates, which they may do by going to the Olymp Trade website and clicking the affiliate link. Affiliates receive a special referral link after the account is created, which they can share with friends and family or other potential traders.

The affiliate receives a commission if a customer uses this referral link to sign up and starts trading with the broker. With this configuration, existing users are encouraged to tell others about Olymp Trade and gain from the platform’s expansion.

Olymp Trade Customer Support

Olymp Trade Customer Support is renowned for providing excellent assistance in eight languages and being available around the clock. Drawing from Dumb Little Man’s experience, this broker’s customer service team is available by phone, email, and live chat, serving a worldwide clientele.

On its website, the business also keeps an extensive FAQ section that walks visitors through frequently asked concerns and problems. In the event that traders are unable to locate the answers they require, they are urged to call the Olymp Trade customer support number for prompt assistance.

This degree of assistance is indicative of Olymp Trade’s dedication to offering its clients prompt and beneficial service.

Advantages and Disadvantages of Olymp Trade Customer Support

Olymp Trade vs Other Brokers

#1 Olymp Trade vs AvaTrade

Olymp Trade is best for new traders who prefer easy-to-use platforms with affordable deposits. On the other hand, AvaTrade champions itself in providing a varied selection of investments from CFDs to currencies. In this case, it’s just a matter of expertise and comfort as to what broker traders will choose.

Verdict: AvaTrade may be a better option for traders who value trade insurance and a wide range of tradable instruments.

#2 Olymp Trade vs RoboForex

Olymp Trade’s user-friendly platform is designed to be straightforward and simple to use, whereas RoboForex, which has been in business since 2009, is globally recognized for its personalized trading conditions. RoboForex offers a variety of trading software options, including MT5 and MT4, which makes it appealing to traders who like to use industry-standard platforms.

Verdict: For traders who require a range of regulated trading platforms and who desire customized trading conditions, RoboForex might be a better choice.

#3 Olymp Trade vs FXChoice

FXChoice and Olymp Trade serve distinct financial market markets. While FXChoice offers forex and CFD trading with access to emerging market currencies, commodities, and precious metals, appealing to traders wishing to diversify their portfolios, Olymp Trade is simplified for options and fixed-time trading and provides instructional help for novice traders.

Verdict: Traders interested in a wider variety of forex currency pairs, commodities, and emerging markets would probably do better with FXChoice.

Choose Asia Forex Mentor for Your Forex Trading Success

Asia Forex Mentor comes highly recommended by the trading experts at Dumb Little Man for those eager to excel in the forex financial markets. It’s the brainchild of Ezekiel Chew, a figure well-respected for his advisory role to trading institutions and his personal seven-figure trades.

Extensive Curriculum: Asia Forex Mentor provides a wide range of educational opportunities. Lessons on stock, forex, and cryptocurrency trading are all included, all aimed at preparing traders for success in these financial domains.

Proven Track Record: The platform’s track record of producing traders who are profitable attests to the efficacy of its training initiatives. This demonstrates unequivocally the usefulness and practical worth of their instructional materials.

Expert Mentor: At Asia Forex Mentor, Ezekiel Chew provides his pupils with priceless experience and insights. His one-on-one mentoring is designed to assist students in comprehending and prospering in the intricate realm of trading.

Friendly Community: A community of traders that assist and educate one another is also housed on the platform. By promoting the exchange of concepts and tactics, this network improves learning.

Stress on Psychology and Discipline: In addition to teaching trading tactics, Asia Forex Mentor also emphasizes the psychological and emotional components of trading. The goal of the psychological training is to assist traders in making deliberate, well-informed decisions.

Frequent Updates and Resources: Asia Forex Mentor ensures that its students are informed about the most recent strategies and advancements by regularly updating its resources, given the constant evolution of the financial markets.

Success Stories: The website proudly features a number of success stories. These student testimonials, who have achieved financial independence, confirm to the excellence of the trading education provided by the website.

Asia Forex Mentor stands out for those seeking financial success and a fulfilling trading career because of its extensive educational programs, knowledgeable mentorship, and encouraging trading community.

Conclusion: Olymp Trade Review

In conclusion, the Dumb Little Man team of trading professionals recommends the Olymp Trade platform as an ideal broker for newbies to the trading market. Investors may easily understand and participate in trading activities because to its user-friendly interface and optimized technologies. The possibility for traders to optimize profits is further enhanced by the presence of a variety of trading tools and educational resources.

With only eight years of experience in the market, Olymp Trade is a relative newbie, but despite this, they have developed a strong product that lets users trade a wide variety of commodities, such as stocks, cryptocurrencies, and currency. Access is made easier by the one trading account, and trading is made convenient by the mobile app and exclusive web terminal.

Potential traders must, however, approach Olymp Trade with an awareness of its limits. Although the broker is open and honest about legal and regulatory issues, many services and features are not entirely clear. Those looking for thorough information before committing to a platform may find this informational gap to be a disadvantage.

These findings suggest that although Olymp Trade offers a good starting point for beginners, traders who want to expand their knowledge and abilities can profit from further training. Any holes might be filled by signing up for a program like Asia Forex Mentor, which provides thorough instruction to go along with Olymp Trade’s platform, guaranteeing a well-rounded approach to forex trading.

Olymp Trade Review FAQs

What kinds of account options does Olymp Trade provide?

Beginners can open a demo account with Olymp Trade, while more experienced traders can open a genuine account with Starter, Advanced, or Expert levels, depending on their expertise and deposit amount.

Is Olymp Trade a good option for novice traders?

Absolutely, Olymp Trade is a good option for novices due to its easy-to-use platform and extensive educational resources.

How is the security of my assets guaranteed by Olymp Trade?

Although Olymp Trade is overseen by the International Financial Commission (IFC) and provides extra security via a compensation fund, traders must constantly be mindful of the hazards associated with trading.