By Evgeny Krinitsyn
Established in 2014, Olymp Trade is a behemoth on the online trading market.
This company is a multi-asset, online trading platform that is home to over 6.5 million investors with more than 20,000 active daily investors.
Olymp Trade offers its services in 134 countries and its platform is offered in 19 languages.
To top it all off, Olymp Trade has won multiple international trading community awards like the 2017 Best Options Broker at the Forex Expo.
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Based on their multiple accolades, this platform strives for excellence and they continue developing and updating their services to meet and exceed investor expectations.
Whether you’re a new trader or one worth your salt, let’s take a look at whether Olymp Trade is the right fit for you.
- Virtual Portfolio
Virtual portfolios allow potential investors to get the lay of the land without investing money into the platform.
Olymp Trade is one of the most generous when it comes to their virtual portfolios. They give their potential investors $10,000 in virtual cash.
This large sum of virtual cash allows potential investors to familiarize themselves with the platform while virtually trading available assets.
- Offers and Promotions
While the Olymp trading agreement states that the company does offer trading bonuses, the company does not disclose its withdrawal conditions on proceeds within this service.
It’s worth noting that in countries that have regulated markets, trading bonuses are banned primarily because of withdrawal conditions and other clauses attached to bonuses.
These conditions make it so that investors on the platform make very little or nothing at all from these bonuses.
That being said, Olymp Trade does offer new investors promotional codes of up to 50%.
- Tier-Based Accounts
There are only two types of accounts available to investors on Olymp Trade.
These accounts are:
- Standard: minimum investor deposit of $10 where an investor can trade at a minimum of $1 and a maximum of $2,000. The minimum withdrawal on this account is $10 with no maximum withdrawals.
- VIP: minimum investor deposit of $2,000 with maximum trades of $5,000 and access to a VIP consultant. These investors also have access to additional training tools that are not available to standard accounts.
Things You Should Know
There are concerns amongst investors as the company is only regulated by the International Financial Commission (IFC) which has had legitimacy concerns in the past.
Having only two types of accounts might limit some investors. Some investors might not be comfortable with investing $2,000 to have access to a wider range of tools and services.
Legros from Trustpilot says:
“Trading with Olymp Trade broker does not bring any negative emotion. This is good because many brokers often have problems with withdrawing money or blocking accounts.”
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Aditya Mallick from MouthShut says:
“I like that this broker makes trading less risky compared to other brokerage services. It’s because here I can choose how much I can lose in a trade.”
To conclude, Olymp Trade is a safe, secure platform for new and seasoned investors. They invest heavily to make sure that their platform stays competitive and that their users are satisfied with their services.