Olymp Trade Review: Trading Platform, Account Types and Payouts

Mar 28, 2024 4392

Introduction

Olymp Trade is an online trading and investment platform that offers a variety of assets and trading modes, such as Fixed Time, FX and Stocks.
It was founded in 2014 and has since become an industry leader with over 88 million trader accounts, 30 million monthly transactions and 16 million average monthly payouts.

Olymp Trade is regulated by the International Financial Commission and has received multiple awards for its excellence, customer support, innovation and mobile trading app.

They aim to provide a reliable, transparent and accessible trading experience for traders of all levels, from beginners to professionals.

Pros

No deposit or withdrawal fee
Free Demo Account available
Member of the Financial Commission
Customer service available 24/7

Cons

Only one trading platform available
Not available for trading in all countries (EU, UK, and USA included)
Long withdrawal process

Account Types

Olymp Trade trading platform has two main account types. Basic account where you will be provided with strategies, indicators and educational materials which are available for everyone. And VIP account where you will have even more benefits, starting from personal analyst to secret strategies and increased profitability.

Olymp Trade VIP Account

The account is available for clients who are advanced in trading, and is preferred by very expert traders. In order for an account to be live and utilized, traders must deposit two thousand dollars($2000), or its currency equivalent.

The clients who acquired the VIP Accounts benefit from faster withdrawals, and they get the assistance of a VIP consultant, financial analysts, and various trading instruments.

Pros

Faster withdrawals
VIP Consultant
Suitable for elite traders
Accommodating for large investment traders
Free Demo Account available

Cons

High minimum deposit amount
Not suitable for novice traders

Olymp Trade Standard Account

The trading account that is used by most traders is the Standard Account, and is available for any prospective client that wants to casually trade or test a free Demo Account.

The account has a minimum amount to trade with, which is one dollar, and a maximum amount to trade with, which is two thousand dollars. The Standard Account allows the maximum possible profit of eighty percent when there is a successful trade. With the Standard Account, there is a minimum withdrawal fund of ten dollars, with no limit for any withdrawal.

Withdrawals can take up to 24 hours, with a maximum waiting time of three days.

Pros

Free Demo Account available
Low trading fees
Low minimum deposit account
Maximum possible profit of 80% for each successful trade
Low minimum withdrawal amount

Cons

Long withdrawal process

Deposit and Withdrawal

Olymp Trade offers their traders with various options on deposits and withdrawals. With deposits, traders can fund their accounts through different payment methods; these methods include the use of Visa and MasterCard, electronic payments, and Boleto. Boleto is an option available for all clients based in Brazil.

Clients who prefer using e-wallets can apply through Web Money, Neteller, Skrill, Bitcoin, Qiwi, and Yandex Money. Withdrawals have the exact same options for payment, as well.

Pros

No deposit fee
Low minimum deposit amount
Fast deposit process
Various options for deposits

Cons

None

Deposit Options

Bank Wire Transfer
Credit And Debit Cards
Electronic Wallets

Withdrawals

With Olymp Trade, there is an option that traders can make a withdrawal, after completing the deposit. The maximum waiting time for a withdrawal request can take up to three days, but Olymp Trade attempts to finish the transaction as fast as possible. Any trader with the Standard Account, the average waiting time is twenty four hours. However, as a VIP Account holder, the average waiting time is only a few hours.

There are no withdrawal fees and the minimum withdrawal amount is ten dollars. Along with that, all transaction fees are on Olymp Trade and they do not charge commissions to traders.

Pros

No withdrawal fee
Fast withdrawal process
Low minimum withdrawal amount

Cons

None

Withdrawal Options

Bank Wire Transfer
Credit And Debit Cards
Electronic Wallets

Trading Platforms

The current trade platform for Olymp Trade is an in-house trading-platform that is established and developed by Olymp Trade’s software developers. The trading platform operates on both Android and iOS software, as a mobile application. This means that all clients of Olymp Trade can trade anytime, anywhere.

According to client reviews and feedback, the trading platform is user-friendly and it has a sense of direction when it comes to the client’s trading strategies. Olymp Trade and its mobile application is considered to be one of the best applications that are available in the financial market.

The trading platform for Olymp Trade is self-sufficient and very easy to comprehend; it contains technical indicators and analysis instruments that facilitate traders find the best trading strategy. The in-house Olymp Trade trading platform also provides a history section at the bottom of the page, allowing traders to stay updated on a specific asset and track its progress. On the left side of the page, there is a trading chart and on the right side of the page is an icon where the trader is allowed to define the duration of the trade, the amount for trading, and to place a Put or Call option.

You will also find that there is a MetaTrader4 trading platform available for you. MT4 is one of the most common and most effective trading platforms in the world, and most traders are familiar with it.

Web Trading Platform

There are two types of trading orders with Olymp Trade, price orders and time orders. With price orders, you can place an order, depending on the price you have limited to. As for the time orders, you can place an order at a specific time, which will be automatically executed at the time requested.

You may not be able to activate alerts and notifications for your Olymp Trade trading platform account, but you will be able to view all of your past and pending orders. You will also have the option to look through your past traders, along with a detailed report of those trades. This will help you keep track of your trades, and what your next could be.

With Olymp Trade platform, the interface is very simple and easy to use. You will not find any issue with finding the indicators, tools, and financial markets. The web trading platform is a multi-chart platform, which means that you can operate several charts at once.

Desktop Trading Platform

The desktop trading platform is similar to the Olymp Trade web trading platform, but the desktop trading platform must be downloaded as an add-on to your device, Windows or Mac.

Pros

Available on Windows and MT4
Multi-functional charting tools
Easy access and user friendly
Customizable
200+ financial markets available

Cons

No alerts and notifications

Mobile Trading Platform

There are two types of trading orders with Olymp Trade mobile application, price orders and time orders. With price orders, you can place an order, depending on the price you have limited to. As for the time orders, you can place an order at a specific time, which will be automatically executed at the time requested.

With Olymp Trade mobile application, you are able to use your fingerprint as a form of logging in to your trading account. The fingerprint recognition feature is very rare to find, since it requires advanced technology. Despite not having a two-step login process, the fingerprint recognition is a better alternative.

With the mobile application platform, you are able to activate alerts and notifications through your mobile settings. You will see it in the form of a push notification found in your device’s settings.

Overall, the Olymp Trade mobile application is very user friendly and it allows traders- on-the-go to never miss an essential opportunity to trade. The mobile application is available for traders with software, iOS and Android. With the Android, you can enable the fingerprint recognition feature, as another form of logging in.

Pros

Trading 24/7
User friendly
Fingerprint recognition for login available
200+ financial markets available
Multi-charts feature available

Cons

No two-step login process

Customer Support

With Olymp Trade, they provide a customer service support that is available 247. The customer support can be reached via email, phone support, or by contact form. Their phone support is available in South Africa and Argentina.

Pros

Available 24/7
Various methods of customer support
Relevant responses

Cons

PO customer service can be a slow process

Means Of Communication

Email
Phone support
PO Address

Many traders have been impressed by the trading experience of Olymp Trade, specifically in the customer service support and the withdrawal process. Traders who have requested withdrawals receive their funds in only 24 hours, while VIP Account holders receive it in a few hours. Many traders who have used the customer service were grateful of the fast and relevant answers they have received, but the PO customer support method has been considered slow compared to the other customer support options.

Conclusion

Olymp Trade is a trading services provider that was created in 2014 in Saint Vincent and the Grenadines. It currently has 25,000+ active users, using either their Standard Account or their VIP Account. Olymp Trade is regulated by being a member of the renowned International Financial Commission (IFC), which is a mediator between the trader and the broker. The members of the IFC are required to hand in an annual report as a form of Monitoring and Evaluating, along with a 20,000USD financial compensation if there was any financial misconduct caused by the broker.

Olymp Trade is one of the most famous brokers. However, they do not accept clients from various countries, including but not limited to the US, UK, and Japan. They are also one of the very few brokers who have a strong social media presence, using social media as an educational tool for traders to learn through.