Wanna see if Olymp Trade is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw?
We provide answers to all the questions in this Olymp Trade Review.
We checked Olymp Trade licenses and regulation status to see if Olymp Trade scam or safe. Compared Olymp Trade fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.
What is Olymp Trade
Olymp Trade is a global Forex and CFD broker, established in 2014 focuses its proposal especially for beginning traders but seasoned traders too.
However, the company is not regulated by the top-tier financial authorities, since based in the offshore SVG (Saint Vincent and the Grenadines).
Olymp Trade Highlights
|🗺️ Regulated in||Saint Vincent and the Grenadines (SVG)|
|🛡️ Is Olymp Trade safe to trade||No|
|💵 EUR/USD spread||1.1 pip|
Wire Transfer, Cards, PayPal, UnionPay, Skrill, Neteller
|💰 Minimum deposit||US$10|
Wire Transfer, Cards, PayPal, UnionPay, Skrill, Neteller
|💻 Trading platform||Web Platform|
|💳 Trading markets||Stocks, CFDs, Indices, Forex, Commodities, ETFs, Cryptocurrencies, OTC|
|📈 Number of product||75|
|📉 Live chat response||Relevant answers|
License and regulation are the keys to traders’ fund security. There are two factors to be checked, what licenses the broker carries and how trader is protected if something goes wrong.
Is Olymp Trade legit
Olymp Trade is holding only offshore license issued by St. Vincent and the Grenadines that rather provides just a registration nor serious overseeing of financial trading.
The broker also mentions its membership in the international Financial Commission (FinaCom), an external dispute resolution body that provides legal assistance in the field of online trading. However, it is not considered a top-tier regulatory body like known FCA or CFTC, necessary for safe trading environment.
Olymp Trade Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Saledo Global LLC||Saint Vincent and the Grenadines||–||25161 IBC 2018||Registered no regulations|
Is Olymp Trade safe
No, we consider Olymp Trade not safe because it is not regulated by the top-tier authorities.
The broker operates without regulatory authorization by resected regions like Europe, Asia or US oversee transparency in brokers’ proposal, so there is no guaranties on how international laws and protective measures apply to the traders.
However, Olymp Trade as a member of FinaCom, entitle its traders for legal assistance to attain monetary compensation up to €20,000 in resolving the issue.
Olymp Trade does not provide negative balance protection for traders. Or coverage in case of insolvency.
Markets and Products
At Olymp Trade you can find popular assets like Forex Currency Pairs, Stocks, Metals, Energies, Cryptocurrencies and Indices. Besides as majority of offshore brokers there is an option to trade binary options, which are very risky instruments not recommended by regulators.
From the downsides the range features mainly popular instruments in each assets, not the advanced selection.
Olymp Trade offers a Single Account available in USD, EUR, RUB and Brazilian Real as account base currency.
There is no more information about the account types or the conditions.
Login Olymp Trade you should click on the login or sign-up page, fill in the details and proceed with the necessary confirmation like phone number, email, etc.
There are restricted regions that cant open accounts due to regulation.
Fees and commissions
Fees in Olymp Trade we ranked as low based on the instrument and compare to 150 brokers that we check through Live account spread.
Spread we collect for popular instruments, 6 markets and 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|ETFs||US Russell 2000|
Olymp Trade costs are built into a percentage commission charged on the opened position. The Forex minimum commission starting from 0.004% for EURUSD plus rollover and Fixed Time or binary option trading is non commission but a trading bet so you either loose or win full stack amount.
Comparing the spreads derived from Live Account to industry benchmarks, we found the Olymp Trade Live spread on Forex quite low.
|Markets||Instruments||Olymp Trade Spread||Other brokers’ avg spread|
|ETFs||US Russell2000||Only binary trading|
Olymp Trade has low non-trading fees. Deposits and withdrawals are free of charge. An inactivity fee of 10$ is charged for an inactive account over 180 days.
The trading conditions at Olymp Trade are good, you can deploy any strategy of your choice including hedging and scalping.
|Change Leverage Allowed||Yes|
For hedging, there are no time limitations for keeping open hedging positions.
Scalping is allowed, Expert Advisors (EAs) via MT4 are available with no limits.
There are various strategies allowed and described through OlympTrade education section. There is no restriction on use of specific practice, however, majority of offshore brokers do not restrict anything since do oblige to international safety rules imposed by authorities.
Olymp Trade allowing very high leverage ratios to its instruments, considered very risky too.
Olymp Trade claims it has no deposit fees, but may exclude third party. You can use Bank transfer, Credit or Debit cards,and range of supported electronic wallets including WebMoney and Cryptos like Bitcoin and Tether.
A bank transfer can take several business days, while payment with credit/debit cards is instant.
|Deposit Method||Funding Time||Fee|
|Wire Transfer||4-7 business days||Free|
|Perfect Money||Up to 1 business day||Free|
The Minimum deposit amount is 10$ or 10 € at Olymp Trade.
Olymp Trade add no fees for withdrawal, but similar to deposit may subject third party providers fees.
Funds are withdrawn using the same methods as deposits and claims withdrawal processing within 5 days as maximum.
|Withdrawal Method||Withdrawal Time||Fee|
|Credit Card||Up to 5 business days||0$|
|Skrill, Neteller||1-2 business days||0$|
|PayPal||1-2 business days||0$|
|Wire Transfer||Up to 5 business days||0$|
There is a welcome Bonus, various promotions, rewards upon the opening of an account with an offer to double the deposit amount, offering to enter promo code upon login. It is a fact, offshore brokers are usually generous for bonuses using them as a marketing tool.
Olymp Trade designed its own proprietary software suitable for all devices across various languages. Platform is easy to use and intuitive navigation design, with all assets and trading models available through one software.
MetaTrader4 is included for the use too, however as a fail its trading terms are unclear.
Olymp Trade trading platform is web based, there is no need to install software, yet Desktop App is available for download too.
PC Platform accessible across all devices and operating system such as Windows, Mac.
Android and IOs Mobile App comes with the package and features almost the same trading capabilities as web-platform.
Research and Tools
Olymp Trade provides a wide range of research tools including Economic Calendars, Oscillators, Market Analysis and News Feed.
A standard range of tools with Sentiments, Trend Indicators and trading tools goes inbuilt into the platform. And Olymp Trade in-house designed analytics, insights and trends are accessible through the website.
Olymp Trade Research tools available via:
- Olymp Trade trading platform
- Olymp Trade Education section
Olymp Trade education section is well organized and available right from the website to provide quality training.
Trading Articles defined by topics and levels, unlimited demo account, Videos and various analysis including Technical Analysis and Fundamental Analysis.
At Olymp Trade you can learn though:
- Demo account
- Educational videos
- Quality educational articles and Analysis
Demo Account is provided. The account gives access to 10,000 virtual and has no limits on use.
Olymp Trade customer service ranked good, there are various ways to contact Support team, also we got a relevant answer via Contact Form. On the downside, agents are often offline while Live Chat should work 24/7.
Olymp Trade Customer Support is available in 15 languages via:
- Live chat
Olymp Trade Live chat response is average speed, agents are often offline
|Question Asked||We asked about regulations.|
|Time of Reply||We couldn’t connect to Live Chat itself as agents were offline. So we left the request message which was responded within 1 day.|
|Quality of Reply||The answer was relative, however referring to its membership in IFC.|
Olymp Trade is not a safe broker to trade. There is no serious regulations from the top authorities like FCA or ASIC. As such, there is no proper layer of safety and transparency in trading and trust to the Olymp Trade proposal.
Trading conditions are attractive offering average spreads and big no-deposit bonuses, promos and other awards designed to attract the clients. The main target group of Olymp Trade is traders from Asia, Russia and Latin America.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.