|Account Types||Demo Account, Low Value or Micro Account, Standard Accounts, High Net Worth or VIP Accounts,|
|Customer Support||Multi Language Phone Support, Multi Language Live Chat, Multi Language Email Support,|
There are online brokerages that maintain reliable reputations that have guided them towards continued growth. Then some brokerages have a fluctuating reputation that’s dependent on who is asked, with consistency to one side never being found. One brokerage that maintains this reputation is Olymp Trade, which became operational in 2014. Stationed in Saint Vincent & Grenadines, this area is infamous for having minor regulation requirements, and there have been subsequent rumours regarding the honourability of OlympTrade since their stationed zone was released.
Registering with this brokerage doesn’t immediately guarantee a bad experience. Reviews from clientele with Olymp Trade have indicated positive growth with their portfolio. This growth was managed through Cryptocurrencies, ETFs, Stocks, Commodities, and Spreads. All financial services are available on their desktop and mobile platform. Integration between both platforms permits cross-trading between multiple devices. It should be noted that for every positive review, there’s a negative that follows.
The regulation with Olymp Trade is minimal, with their regulating entity being FinaCorp. This organization is officially named the International Financial Commission, which acts as a Self-Regulatory Outfit. This means there isn’t an official connection to Saint Vincent & Grenadines Government. IFC can’t regulate their daily activities accurately. This becomes an issue when accounting for the associated fees of trading. Overnight Fees are implemented with Olymp Trade at 15%, which extends a monthly subscription for account holdings. This can range from $10.00 to $25.00. Executed Trades are also charged based on the amount invested & an unidentified multiplier. This can sustain high costs for traders, which some are willing to risk for the 1:40 Leverage.
Licensing and Regulation
The International Financial Commission dedicates its regulatory efforts towards Digital Currencies, Blockchain, and Forex. Their website remarks that they’re not registered with any EDR Body or Governing Jurisdiction. Education, Transparency, and Swift Actions is what IFC considered their paramount values. Transparency can work on multiple levels and not always benefit the clientele. IFC primarily protects the client, making a formal complaint with one of their licenced brokers. There have been 3500 complaints processed, with more than $22 million in funds paid out to those scammed. This indicates that IFC has a significant problem with licensing brokerages that have additional wait times on payments, unregulated security platforms, and concerning proprietary platforms. It should be mentioned that it’ll take several to ten business days for a complain to be resolved with IFC.
Olymp Trade provides its clientele base with a mobile application, which claims to have a profitability percentage at 92%. This application is supported with Android and the iOS Platforms, which extends past mobile handsets and towards tablets. Obtaining an account with Olymp Trade Mobile will initiate the analytics platform. Investors will receive insightful information that can benefit their strategies, with all support programs also commenced on the Olymp Trade Desktop Exchange. Those not willing to download the application to mitigate space removed on handsets, a mobile browser-oriented version of Olymp Trade is also enabled. Mobile browsers like Mozilla Firefox, Safari, Explorer, and Chrome are supported. When it comes time to download the application for interested investors, access the Apple Store or Google Marketplace. The download is free and will take less than a gigabyte of space.
Brand & Functionality
Locating the various products enabled with OlympTrade is challenging. Their functionality layout for the menu isn’t standard to competing exchanges. Information on what products are available, payment services, support options, and countless other aspects to their operation isn’t acquirable. The OlympTrade menu prompts players towards the registration process. Inquiring a demo account and reviewing their activities isn’t possible without providing sensitive information to a standard registration process. Investors must give sensitive details to the OlympTrade servers before having access to their products. This is concerning when considering the fact that honourable brokerages support demo accounts. Showcasing your available financial products increases the chances of acquiring new customers. This decision from OlympTrade has ultimately led to a percentage of interest clientele selecting another brokerage.
Clientele desiring a more straightforward approach to exchange operations are better suited for other brands we’ve recommended, like IQ Options or Trading212. Readers shouldn’t think that closed-off menus will immediately lead to lacklustre experiences. Once registration is initiated with Olymp Trade, a magnitude of financial products are revealed. The most innovative & valuable of which is the Cryptocurrency CFDs. We recommend that newcomers engage with a series of educational lessons before trading CFDs with OlympTrade. Better informing yourself will enhance payout opportunities on multiple investments.
There should be significant concerns associated with the registration process of Olymp Trade. It’s almost an instantaneous process that requires consumers to merely enter their Email, Desired Password, and Currency Selection. This is unconventional for a reputable brokerage. The standard method of registration requires handing over person documents regarding their Age, Country of Residence, Home Address, Cellular Number, and Multiple forms of Banking Information. Maintaining a registration process without this desired information means that under any discrepancies with accounts cannot be resolved. Critical data required to implement solutions wouldn’t be available. There have been minor reports of fraud without any repercussions towards this digital exchange.
The weariness of the registration process becomes greater when reviewing how depositing works at Olymp Trade. There are conflicting reviews online, with some indicating that they’re requested to handover photographic evidence of their selected payment methods. Some have claimed that both sides of their card is asked for, leaving the potential for fraud. It should be noted that these reports pointed out the overall depositing process is considered positive. The one downfall is the delayed process when withdrawing funds awarded from contracts made with the initial deposit; it can be upwards of three to five business days for the approval process to be completed. We recommend our readers complete their investigation on the available client reviews before depositing for the 1st time. Available payment methods include Bitcoin, Skrill, Neteller, MasterCard, Visa, WebMoney, and FasaPay.
The product offerings at Olymp Trade support multiple nations with their clientele base. Countries like Nigeria, India, and Pakistan have become the integral markets where clientele register with this exchange. Their trading Cryptocurrencies, Commodities, and Stocks with governments worldwide. Those include the United States, the European Union, the United Kingdom, and South America. Investors also have access to standard currencies that are traded worldwide, with this extending towards spreads and ETFs.
Testing the Demo Account with OlympTrade revealed a standard pip rating of 1.1 with pairings like the EUR/USD. This extended towards the USD/JPY and USD/BRL. When it applies to the Spreads, the holding valuation is dependent on the account acquired. Standard accounts maintain competitive with their spreads, but VIP accounts are held with more reliable valuations.
Investments with Olymp Trade are instantaneous, which follows after adapting a Low Latency Network into their exchanges coding. It enables contracts-for-differences or stocks to be invested worldwide within milliseconds. Improvements are regularly implemented to ensure the network doesn’t fail, while also improving speeds. LLNs have been praised by investors worldwide after transaction speed in the digital market space were slow. It’s hard to locate a broker without Low Latency Networks in the modern era of online investing.
Engaging with the banking services at Olymp Trade isn’t challenging. Their payment methods are simplified & avoid additional hurdles that require extensive information be handed over. Investors don’t have to provide their Government Issued Identification, Updated Bank Statements, or Direct Deposit Form. This is concerning because Olymp Trade isn’t verifying the legitimacy of each clientele & their selected withdraw method. Fraud is easier accomplished by removing this security protocol. Investors are instead prompted to choose the same withdraw method chosen for depositing, with processed payments working more similar to an online casino than digital exchange. It should be mentioned that there aren’t complaints on Olymp Trade processing payments on-time & accurately. Payments are issued to clientele in three to five business days, albeit in a slightly different way than the conventional exchange.
Supporting the clientele in their investment ventures is an integral part of an exchange’s operations. Support agents must be employed, providing solutions to inquiries issued by registrants. This extends towards an FAQ Page and Educational Services. Investors with Olymp Trade can obtain answers to their questions via email, with the standard response time being 24 hours. Immediate solutions are maintained through the FAQ Page, supporting multiple answers to more than a dozen questions. When locating the educational services permitted at Olymp Trade, an interactive course and video tutorial will be found. These supportive attributes ensure that any questions or concerns with this exchange can be resolved.
Olymp Trade provided the standard trading tools clientele would expect with a modern exchange. This includes an Economic Calendar, Forex Market Hours, Binary Trade Logs, Trading Checklists, Market Overviews, Trading Calculators, and Analytic Reports. Combining these various trading tools will enable clients to support their investment strategies better. We recommend combing the Market Overview, Economic Calendar, and Trading Calculator to make informed decisions on future investments.