Olymp Trade is a binary options broker established in 2014. The company is registered to an address at is 103 Sham Peng Tong Plaza, Victoria, Mahe, Seychelles. Is Olymp Trade a Scam? Just as in the other reviews, we are going to establish if Olymp trade is legit or its just another scam aimed to rob other people of their money.
Product: Olymp Trade
Owner: Frandom Holding Ltd and Smartex International Ltd.
Price: Minimum $10
Clients: Binary options traders
Overall rating: (2.2 / 5)
This broker makes a lot of promises such as secure trading transaction and also offers bonuses to new clients. But is Olymp Trade a scam? We further went down to research and realized that Olym trade offers or rather guarantees about 80% benefit on the investments.
Account Types and Promotions
Of late, there are no promotions being carried out by Olymp Trade apart from those regular ones of ” refer a friend” program and the affiliate partnerships. The company also does not offer much of trading accounts, Instead, it offers one type of a trading account for those who are registered.
- Standard Trading Account: This account requires a minimum deposit of $10 depending on the account currency compared to a dollar. it comes loaded with all benefits of a trading account according to including various trading materials and resources.
- Demo Account: This type of account in Olymp trade platform is available for the registered users. It is an account that helps registered users in Olymp to do practice on the platform. This way the user builds confidence on the trading technics until he is ready to trade with real money.The account comes loaded with $10,000 in virtual currency.
Olymp Trade platform seem to significantly be limited to one type of trade. Currently, it is only one type of trade available.
The call and put Binary options: This is what is known as the appreciation and depreciation on the glossary and it involves the predicting and speculating the direction of the prices of the assets purchased for a possible payout of up to 80%. On the Olymp trade platform, they allow cancellation of trades early before its too late. Although the amount that you will receive after the cancellation depends on the time of cancellation per the expiry period.
Olymp Trade Website & Trading Platform
The website is very user-friendly to a point of it being very scanty. It doesn’t have too many buttons as some I usually see in some brokers platforms. I always try to look for the Frequently asked question on each broker since that’s where you find most of your answers explained in almost all brokers. But guess what, the brokers’ FAQ page is not readily available. The page is on the training page under a tab known as “Additional” and it answers all the basic questions but avoids clarifying the obvious issues such as how the bonus is cashed out. Does this raise a red flag about the broker?
The “About company” page very straightforward says that a minimum of total client withdrawal of $3. There is an education link, but it does not fully educate since it just explains how to make an investment on the platform and some other short very pointless paragraphs that seem to be copied from some trade blog and pasted in there with a very faded unreadable light gray font.
Is Olymp Trade a Scam? Of course, this does not confirm Olymp trade a scam broker but the whole site seems so rushed and incomplete. It like the owner thought of the idea at night, woke up, created the site and by morning published it without even debugging it.It has very little details which make us doubt the professionality of the broker. This also puts the broker on probation since the broker is not able to gain our complete trust.
At first sight, the platform seems very simple, since they offer most of the tools that people love to use. It starts to lose it when compared with Meta Trade versions. You might begin to see this after few weeks or days when you start realizing some things available in Meta Trade software are missing in the Olymp trade platform but take heart. the broker Trae platform has everything new traders would want. Execution is fast and seems to be completely bug-free. Technical analysis does give easy access to candlestick charts and a good selection of other indicators!
Olymp Trade Markets & Payouts
When you consider the trade markets and payouts, you realize that Olymp is just another new broker limiting the traders on trading options to currencies and commodities. The narrow selections of assets numbers just thirteen in total, making a widespread exposure somewhat difficult. The options are also limited to high/low, which doesn’t present a problem for most traders in the first few months, but can feel constricting later.
For the regular trader, Olymp Trade offers payouts below industry average payouts of 70% to 80%, unless you go ahead and deposit 2k, then you get up to 90% on selected trades.
Trading Bitcoin With Olymp Trade
The broker is just in the process of learning how to broke cryptocurrencies. Why do I say this? am confident enough saying this because I was not able to find any information about bitcoin trading on the website. But when my skills and curiosity asked for more, I went on to check out the broker and for sure I came across what I was looking for. I found that the broker offers Bitcoin but as an underlying asset for Call/put binary option. They don’t of any other kind of cryptos (Altcoin) and they don’t offer any CFD trading on Bitcoin. All they offer is a simple binary option for Bitcoin, no any other coin, but probably in the future, they will update their offering on Cryptocurrencies. Good luck Olymp on your crypto journey.
Is Olymp Trade a Scam?
Having taken a look at the most information about Olymp Trade brokers and tested some of the services and features, we come to a verdict that they are definitely not the reputable brokers to invest your money with. We have given you the most important information about Olymp Trade and the general conclusion is that there are definitely more reputed brokers than this one with a higher overall score.
We cannot confirm that Olymp Trade is a scam, but neither can we guarantee its safety nor legitimacy.
We are making continuous research to find out the most legitimate and trustworthy Binary Options Brokers – all approved to be safe and reliable. We recommend you to Proceed to Safety
We do not recommend Olymp Trade. Looking at the broker from a product/service point of view, the platform is nowhere near MT4/MT5 level and I don’t think this will get better any time soon. The education center is not very educational, and our experience with the FAQ page was not appealing at all since they are withholding very critical information. The low payouts and the generally rushed feel of the site don’t inspire the confidence within the traders. They have a lot of catching up to do before they reach the level of the more popular and trusted brokers. Another reason is that cryptocurrencies are the trending thing now in trade brokers of which Olymp Trade don’t offer, this is making Olymp outdated and not catching up with the trending products on the forex industry.
If you found this review on “Is Olymp Trade a Scam?” helpful, make sure to share this by using the share buttons below (Facebook, Twitter, etc) as it can help others!
I wish you the best!
Crypto trader and blogger on: