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Olymp Trade Review 2024

Written By

Jemma Grist

Written By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Fact Checked By

James Barra

Fact Checked By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Jul 2, 2024

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Overall Rating

1.5 / 5

Olymp Trade is #18 in our binary options broker rankings.

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Customer Reviews

Regulation & Trust

2.5 / 5

Accounts & Banking

2.5 / 5

Assets & Markets

3.5 / 5

Fees & Costs

2 / 5

Platforms & Tools

3.5 / 5

Customer Support

4 / 5

Minimum Deposit $10

Trading Platforms Olymp Trade Platform

Instruments Forex, CFD, Stocks, Indices, Commodities, Crypto, ETFs, OTC, Fixed Time Trades

Regulators VFSC

Account Currencies USD

Payment Options Skrill, Perfect Money, Wire Transfer, Bitcoin Payments, Neteller, Mastercard, Visa, Debit Card, Credit Card, UnionPay

Awards

• Best Mobile Trading Platform - World Finance Awards 2021
• Best Investment Broker - The Forex Awards 2021
• Best FX Trading Platform - Forex Expo 2020

Pros

• Over 10 flexible payment methods available including bank cards and Bitcoin deposits
• Short-term strategies are catered to with scalping signals and chart timeframes from 5 seconds
• Diverse range of day trading markets including commodities, cryptos and composite indices

Cons

• Commissions charged on all assets - up to 15% on standard trades and up to 10% on FTT
• Weak regulatory oversight and offshore registration means traders will receive limited safeguards compared to top alternatives
• Only one proprietary platform available, with no access to popular third-party software such as MT4 or cTrader

Olymp Trade is a forex and CFD broker founded in 2014. The firm offers a compelling bespoke trading solution, with access to forex, stocks and binary options. In this review of Olymp Trade, I reveal my findings after testing the broker’s day trading features, including fees and account types.

Regulation & Trust

We’ve given Olymp Trade an average regulation and trust rating of 2.5 out of 5.

The broker isn’t regulated by a particularly credible authority and, instead, is licensed offshore by the Vanuatu Financial Services Commission (VFSC).

The VFSC isn’t well known for offering the same level of financial protection as Green Tier authorities like the UK’s Financial Conduct Authority (FCA) or the Securities and Exchange Commission (SEC) in the US.

Ultimately, this means traders may not have access to important features such as negative balance protection.

With that said, the broker does claim to offer compensation of up to €20,000 in the case of insolvency, through its membership with the International Financial Commission (FinaCom).

Additionally, the broker has been operational for 10+ years, making it more established than many brands that we test.

Accounts & Banking

Live Accounts

Olymp Trade gets a mediocre accounts and banking score of 2.5. The broker offers a promising range of account types and payment methods, though they are not the most accessible.

The broker offers 3 account statuses: Starter, Advanced and Expert.

Each upgrade allows you to unlock additional features by making larger deposits and collecting experience points (‘XP’).

You only need $10 to get started in the first tier, making the broker accessible to beginners. That said, it’s disappointing that the only available base currencies are USD and USDT.

For Advanced status, the minimum deposit is $500, whilst a deposit of $2000 gets you into Expert status. Key benefits of these tiers include commission discounts of up to 20%, binary options payouts of up to 93%, priority same-day withdrawals, and access to signals and education.

Whilst these benefits are enticing, I am disappointed that each status is subject to a time limit of only 30 days, after which your status risks being downgraded. This kind of pressure may only rush traders into reckless trading decisions, rather than offering worthwhile benefits.

As such, I strongly urge caution and recommend only trading what you can afford to lose.

Deposits & Withdrawals

Olymp Trade offers a relatively small range of payment methods, spanning bank transfers, card payments, e-wallets such as Skrill and Neteller, plus cryptocurrency payments.

Notably, some methods, including bank transfers, are only available in some regions. This makes the broker less accessible than most that we evaluate.

The minimum deposit is an accessible $10 and most methods are processed instantly. There are also no deposit fees, though your bank may charge its own transaction fees.

Withdrawals must be done via the same method used to deposit. These are typically processed within 24 hours for Starter account holders, though this reduces to a few hours for Expert status.

Again, the broker doesn’t charge any withdrawal fees but there may be third-party fees for some methods.

Bonuses

As per the Olymp Trade service agreement, the brand says that it offers trading bonuses. However, the broker does not disclose what the withdrawal conditions are within the service agreement.

It is worth bearing in mind that trading bonuses are banned in the EU and across many other regulated markets, primarily because of the additional withdrawal conditions and clauses attached to the bonus.

This usually takes the form of a minimum trade volume required, which can be too much of a challenge – even for experienced traders.

Olymp Trade regularly offers new users promo codes with bonuses of up to 50%. When signing up with these promo codes, new users will receive a 50% bonus on top of their initial deposit.

I strongly recommend considering the terms attached to these bonuses, and whether they are attainable based on your budget and trading habits.

Jemma Grist

Author

Demo Account

Olymp Trade offers a free demo account, which comes pre-loaded with a refillable virtual balance of $10,000.

A demo is an excellent way for newcomers to gain an understanding of how trading works and to test out the platform’s tools and features.

To activate a demo account, users simply need to register with an email address, with no proof of identity required.

Assets & Markets

Olymp Trade performs fairly in this category, earning an assets and markets rating of 3.5 out of 5.

While the broker’s range of 130+ assets trails alternatives like Eightcap (1000+), I was impressed with the breadth and variety of asset classes.

Alongside traditional markets such as forex and stocks, I was pleased to find CFDs on some lesser-known ETFs and composite indices available for those seeking more volatile opportunities.

Here’s a breakdown of the available markets at the time of evaluation:

• Forex – 30+ major, minor and exotic pairs including EUR/USD, CHF/JPY and USD/MXN
• OTC assets – You can also try out 8 over-the-counter (OTC) currency pairs, as well as gold
• Stocks – Trade 35+ major stocks from global exchanges, including Tesla, Alibaba and BMW
• ETFs – Speculate on 6 popular ETFs, including the iShares Bitcoin Trust and SPDR S&P 500 ETF Trust
• Commodities – Speculate on precious metals gold, silver, copper and platinum, plus natural gas and brent oil
• Composite indexes – 12 lesser-known products available, including the Crypto Composite, LATAM Index and Cricket ‘23 Index
• Indices – Go long or short on 18 indices, from popular options like the S&P 500, to more interesting opportunities like the Arabian General Index
• Cryptocurrencies – The broker offers 20+ coins including major players like Bitcoin and Ethereum, as well as low-cap altcoins like Moonbeam and Tezos

Leverage

Instead of leverage, Olymp Trade uses a multiplier system. Multipliers show volume increase rather than profit multiplication.

They are fixed and vary depending on increasing investment and trade volume. For example, a $10 investment with a x10 multiplier gives you a total trading volume of $100.

The maximum multiplier available depends on the asset traded. For example, during tests, I was able to access a minimum of x50 and a maximum of x500 for the EUR/USD pair.

Fees & Costs

I’ve given Olymp Trade a pretty low fees and costs rating of 2 out of 5, for its high trading charges and uncompetitive spreads.

During our tests, the benchmark EUR/USD spread levelled at approximately 1.1 pips, which trails category leaders like AvaTrade and OANDA:

Disappointingly, the broker also charges commissions on all types of trades, which vary depending on market conditions. For Fixed Time Trades (binary options), these are typically 5-10% of the deal amount.

For normal trades, commission typically doesn’t exceed 15% and depends on the trade size and market situation.

Overnight fees are debited at 22:00 UTC on weekdays and are limited to 15% of the total investment amount.

There’s also a $10 monthly activity fee which kicks in after only 180 days of no trading activity in your account. This isn’t as generous as brokers like eToro who start charging after 12 months.

Platforms & Tools

Olymp Trade offers a fairly intuitive platform with a decent range of tools, getting it a solid platform and tools rating of 3.5.

Firstly, I was impressed with the accessibility of the Olymp Trade platform. It can be accessed via the web, a dedicated desktop application (available for Windows and Mac) and a smartphone/tablet app.

The terminal is easy to navigate and there’s a real focus on user experience. Charts can be customized to a certain level, including chart type and color, which will appeal to beginners looking for simplicity.

I was able to trade using 10 different timeframes during tests, from 15 seconds to 1 month, making the platform a good environment for short-term day trading strategies like scalping.

Disappointingly, though, the range of technical indicators is low. Starter account holders only get access to 10, whilst Expert account holders can use 14. I was pleased to find popular options like Bollinger Bands, Simple Moving Averages, and Pivot Points, but experienced traders will likely miss the range offered at top platforms like MetaTrader 4 (MT5) or TradingView:

Research

Olymp Trade gets a low research rating of 2 for its lack of integrated market analysis tools.

The broker doesn’t provide any notable tools for day traders such as forex market insights, sentiment indicators or a news feed. These are standard features at category leaders like AvaTrade and Forex.com.

That said, the broker does offer some basic in-platform signals for all account holders, as well as exclusive trading ideas for Expert status only.

Education

The broker scores a little better when it comes to education, getting a rating of 3.5.

Traders can access a decent blog with some technical and fundamental educational articles, money management tips, video tutorials and market information.

That said, the content is not the most comprehensive and doesn’t cover the same breadth of materials for all experience levels as award-winners like IG.

Customer Support

With 24/7 customer support available via multiple channels, Olymp Trade gets a strong customer support rating of 4 out of 5.

During tests, the live chat service was particularly responsive and helpful. I only waited a few seconds before being connected to an agent, who was then able to answer all my queries quickly and professionally.

Multilingual help is also available via email, WhatsApp, Telegram and social media profiles. There’s also a telephone hotline based in Malta, though it’s a shame that more local telephone numbers are not available.

Should You Trade With Olymp Trade?

Olymp Trade offers a compelling option for beginners looking for binary options alongside traditional CFDs.

The native platform is user-friendly and delivers a commendable range of technical tools and charting features, requiring only $10 to get started. There’s a diverse range of products to explore.

On the negative side, experienced traders will be unsatisfied by the lack of advanced analysis tools and research. Fees are also high compared to alternatives, and the lack of top-tier licensing is a concern.

FAQ

Is Olymp Trade Legit Or A Scam?

Olymp Trade is a legitimate broker registered offshore in Vanuatu and St Vincent and the Grenadines. However, the lack of credible licensing is a notable concern, so traders should consider the risks before registering.

Is Olymp Trade Regulated?

Olymp Trade is regulated offshore by the Vanuatu Financial Services Commission (VFSC). This is not a highly regarded financial authority so you will not have access to the same level of safeguarding as leading brokerages.

Is Olymp Trade A Good Or Bad Broker?

Olymp Trade is a middle-of-the-road brokerage based on tests. The broker’s bespoke platform is easy to navigate and delivers a fairly intuitive charting experience. That said, the asset line-up is not as wide as competing brands and fees are not the most competitive.

Is Olymp Trade Good For Day Trading?

Olymp Trade is a decent option for day traders. You execute short-term strategies with timeframes as low as 15 seconds, making it particularly suitable for scalpers. Fees are not ultra-low, but multipliers are available alongside a stable charting platform.

Does Olymp Trade Offer Low Fees?

No, Olymp Trade does not stand out against top firms when it comes to fees. Average spreads on EUR/USD came in at around 1.1 pips during tests and commissions are charged up to 15% on normal trading contracts. On the plus side, it’s cheap to get started with just $10 and there are no deposit fees.

Top 3 Alternatives to Olymp Trade

Compare Olymp Trade with the top 3 similar brokers that accept traders from your location.

1. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
2. Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
   Go to Videforex
3. BinaryCent – BinaryCent is an unregulated binary options broker that offers 24/7 trading on forex, cryptos and stocks with payouts up to 95%. Despite its lack of regulation, this broker takes client security seriously and stores client funds in European banks. The broker also offers CFDs with very high leverage up to 1:500.
   Go to BinaryCent

Olymp Trade Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Olymp Trade and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

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