Olymp Trade Review

What does Olymptrade stand for?

A Forex broker like OLYMP TRADE offers traders access to various trading platforms for the buying and selling of foreign currencies. These brokers are commonly referred to as retail or currency trading brokers. Retail currency traders utilize these broker services to participate in the 24-hour currency market for speculative purposes.

Forex broker services can also cater to institutional clients and large corporations, including investment banks. OLYMP TRADE, established in 2014, falls under the category of a Class A broker in the online trading market.

Backed by a team of renowned analysts, this broker has devised original trading strategies and imparts knowledge to traders through online webinars and one-on-one consultations.

OLYMP TRADE holds membership with the International Financial Commission and has consistently demonstrated a commitment to delivering high-quality service. Customers are safeguarded with compensation of up to €20,000.

Olymp Trade Awards and Recognition

Throughout its years of service to traders, OLYMP TRADE has garnered the following prestigious accolades:

• CPA Life Awards 2017: Recognized as the “Best Financial Broker.”
• Le Fonti 2016: Awarded for having the “Best Trading Platform.”
• KROUFR Awards 2016: Acknowledged as the “Best Broker.”
• ShowFx World 2016: Honored as “The Fastest Growing Broker.”
• Forex Expo 2017: Earned the title of the “Best Broker.”
• IAFT Awards 2017: Distinguished as an “Innovative Broker.”
• Le Fonti 2018: Recognized for having the “Best Trading Platform.”
• The Forex Awards 2018: Awarded for having the “Best Trading Platform.”
• Traders Fair 2018 in Thailand: Acclaimed as the “Best Traders Facebook Community.”

Reputation

Olymp Trade offers its clients the valuable benefit of receiving complimentary legal support for addressing any disputes they might have with the broker. In cases where the broker's wrongdoing is substantiated, traders have the potential to receive compensation of up to €20,000.

When juxtaposed with binary options brokers, Olymp Trade is regarded as highly reputable. However, in comparison to other players in the broader financial market, Olymp Trade's licensing may seem somewhat lacking. Consequently, individuals contemplating engagement in binary options trading, particularly with Olymp Trade, should exercise due diligence and carefully consider their options.

Olymp Trade Account Types

A forex account is a specialized trading account held by a trader through a company such as OLYMP TRADE, primarily designed for executing trades on the broker's trading platforms.

The availability and types of accounts a trader can open with a brokerage can vary based on factors such as the country where the brokerage operates, the trader's country of residence, and the regulatory authorities overseeing the broker.

Differences in accounts typically relate to how spreads or commissions are applied, the minimum deposit required to open a specific account, and the additional services or advantages extended to account holders.

For Muslim customers, special Islamic accounts, known as swap-free accounts, are offered to adhere to Shariah law principles.

OLYMP TRADE offers the following account types:

1. Demo Account: This account is provided to OLYMP TRADE users free of charge, allowing them to familiarize themselves with the trading platform before committing to real funds. The demo account comes pre-loaded with £10,000 in virtual funds and provides access to all features available in a paid standard account.
2. Standard Account: To open a standard account, users must make a minimum deposit of £10. Trading with this account can begin with as little as £1 and go up to a maximum of £2,000. There are no maximum withdrawal limits, and the spreads for this account typically range around 1.1 pips.
3. VIP Account: A VIP account is available to traders who deposit a minimum of £2,000. This account type offers additional benefits beyond what's offered in a standard account. VIP account holders can execute trades of up to £5,000 and gain access to a VIP consultant, who is an experienced financial analyst providing trading advice. VIP account holders also have access to more extensive training tools compared to standard account holders.

Olymp Trade Fees and Spreads

Trading Costs: Commissions, Spreads, and Margins

Trading in financial markets involves several cost considerations, including commissions, spreads, and margins. Understanding these elements is crucial for effective financial decision-making. Here's a breakdown of these key components:

1. Spreads and Pips:

• Spreads represent the difference between the bid and ask prices in a currency pair.
• A pip is the smallest price movement increment. It equals 0.01 for JPY-based pairs and 0.0001 for other currency pairs.

2. Margins:

• The margin is the amount of money required in your trading account to open a position.
• It's determined by the current exchange rate of the base currency against USD, the position's size, and the applied leverage.

3. Commissions:

• Commissions are charges imposed by brokers for executing trades on behalf of traders.
• The level of commissions varies based on the traded asset and the broker's service offering.
• Execution-only brokers, which don't provide personalized investment advice, often offer lower commission rates.

4. Trading Instruments:

• Different financial instruments come with varying fee structures.
• For example, trading shares typically incur commissions, while CFD (Contract for Difference) trading on other markets usually involves spreads without commissions.

5. OLYMP TRADE's Cost Structure:

• OLYMP TRADE offers a competitive EURUSD spread of approximately 1.1 pips.
• Spread values can differ depending on the type of account, with VIP accounts generally enjoying narrower spreads.
• OLYMP TRADE applies a fixed overnight fee on trades held overnight, capped at 15% of the total investment amount.
• The broker does not charge account maintenance or custodial fees.
• However, it may impose a subscription or inactivity fee for dormant accounts (typically around $10 per month) based on the account type.
• OLYMP TRADE also levies a fee per trade.

In summary, understanding the costs associated with trading is crucial to making informed financial decisions. It's important to consider spreads, pips, margins, and commissions, as well as the specific fee structure offered by your chosen broker, such as OLYMP TRADE.

Olymp Trade Leverage

Leveraged trading is a tool that can amplify both potential profits and losses for traders. It allows traders to control a larger market exposure than the amount they initially deposited to open a trade, and this mechanism is known as leverage.

Leverage is typically expressed as a ratio, such as 50:1, 100:1, or 500:1. For example, if a trader has $1,000 in their trading account and is dealing with ticket sizes of 100,000 USD/JPY, the leverage would be 100:1.

It's essential for traders to exercise caution and understand that while high leverage can be advantageous, it should be utilized with prudence. Trading with high leverage is best suited for experienced traders who can effectively manage and mitigate potential substantial losses.

Another Information

OLYMP TRADE extends the option for traders to employ varying leverage ratios based on the types of trades, with a maximum leverage of up to 1:400. Notably, for widely traded forex pairs like the benchmark EURUSD, the leverage is set at 1:30, while minor pairs such as NZDUSD, USDSGD, AUDCAD, EURNOK, and EURPLN are subject to leverage of 1:20. This range of leverage options allows traders to align their risk preferences with the leverage they choose to utilize.

Olymp Trade Deposit fees and deposit methods

To initiate a Standard Account with OLYMP TRADE, a minimum deposit of £10 is required, while a VIP account necessitates a higher deposit of at least £2,000.

The website provides limited details regarding accepted payment methods for funding and withdrawing from accounts. However, it appears that options such as credit cards, Neteller, Skrill, WebMoney, and Bitcoin are available for both funding and withdrawals. The minimum withdrawal amount is set at £10, with no specified maximum limit.

Olymp Trade Trading Platforms

Forex Trading Platforms: A Gateway to Diverse Asset Classes

The forex trading software, often referred to as the trading platform, plays a pivotal role in a trader's journey. It's the conduit through which clients execute their trades, and it can be versatile, accommodating multiple asset classes, including forex, CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Brokerage companies offer a spectrum of platform options. Some present their proprietary platforms, which come with unique features crafted by in-house specialists. Others opt for established, time-tested platforms that have gained popularity over the years.

Selecting the Right Platform: Catering to Trader's Needs

When choosing a trading platform, traders must align their selection with their trading preferences. Consider what assets you'd like to trade and find a platform that aligns with your requirements.

OLYMP TRADE, for instance, offers its own Olymp Trade platform, renowned for its user-friendly features. This platform offers accessibility through various mediums, including web-based access, dedicated desktop applications for Windows and Mac, and mobile apps for both Android and iOS.

Key features of the Olymp Trade platform encompass an uncluttered chart with real-time data and customizable graph options, allowing traders to tailor the chart type and color schemes to their liking.

The mobile apps have garnered high ratings for their responsiveness and offer the same capabilities as the web version. Furthermore, OLYMP TRADE has recently introduced the MetaTrader 4 platform, providing traders with an even wider array of options for their trading needs.

Olymp Trade Markets, Products, and Instruments

A Diverse Array of Tradable Instruments

Brokerage firms typically provide access to a range of market instruments, allowing traders to diversify their portfolios and trading strategies. Here's an overview of the various instruments commonly available for trading:

1. Forex (Currency Exchange):

• Forex trading, also known as currency or FX trading, occurs in the dynamic currency exchange market. It involves the exchange of currencies among individuals, companies, and financial institutions at floating rates.

2. Commodities:

• Commodity markets enable trading in tangible goods through contract-based instruments. These goods may include agricultural products, energy resources, and raw materials.

3. Indices (Stock Market Benchmarks):

• Equity or stock indices represent specific collections of the largest companies within a nation or a particular stock market. They gauge the performance of specific segments of a stock market.

4. Precious Metals:

• Trading in precious metals, such as gold and silver, occurs through contract-based tradable instruments. These commodities are highly valued and sought after by investors.

5. Energy Resources:

• Energy trading revolves around resources like crude oil, natural gas, and other energy commodities. The prices of these assets are characterized by high volatility due to a variety of factors, including political and environmental considerations.

6. Cryptocurrencies:

• The realm of cryptocurrency trading features digital assets that are gaining prominence. Some of the notable cryptocurrencies include:
  • Bitcoin (BTC): The largest digital currency by market capitalization, dominating 50% of the total crypto market cap.
  • Litecoin (LTC): Similar to Bitcoin but with differences in scalability.
  • Ethereum (ETH): The second-largest cryptocurrency, allowing developers to create smart contracts.
  • Ripple (XRP): Popular among major banks for its real-time gross settlement system.
  • Bitcoin Cash (BCH): A blockchain with distinct rules, created as a new version.

OLYMP TRADE's Offering:

• OLYMP TRADE provides a variety of trading instruments, with specific availability contingent on a trader's location. In general, traders can access commodities, stocks, indices, ETFs, currencies, and cryptocurrencies, offering a broad spectrum of options for their trading endeavors.

Olymp Trade Customer Support

For prospective traders, having the assurance of reliable customer support is paramount when choosing a broker. The accessibility of support teams is a pivotal consideration. OLYMP TRADE stands out in this regard, offering multiple channels for traders to seek assistance.

OLYMP TRADE's customer support is readily available through live chat, email, and phone, ensuring that traders have various options to connect with them. The added convenience is that this support operates around the clock, providing assistance 24/7. Furthermore, OLYMP TRADE's support team caters to traders in eight different languages, enhancing accessibility and ensuring that traders can seek help in their preferred language.

Conclusion

In conclusion, OLYMP TRADE is a Forex broker that offers a range of trading services and features. It provides traders with access to a diverse set of instruments, including Forex, commodities, indices, precious metals, energy resources, and cryptocurrencies. The broker offers multiple trading platforms, making it convenient for traders to engage in the market through various devices.

FAQ's

1. What is OLYMP TRADE?

• OLYMP TRADE is a Forex broker that provides trading services, allowing traders to access various financial instruments, including Forex, commodities, indices, precious metals, energy resources, and cryptocurrencies.

2. How can I contact OLYMP TRADE's customer support?

• OLYMP TRADE offers multiple support channels. You can reach their customer support team through live chat, email, and phone. They are available 24/7 and provide assistance in eight different languages.

3. What leverage options does OLYMP TRADE offer?

• OLYMP TRADE offers varying leverage ratios depending on the types of trades. The leverage can go up to 1:400, with the most popular forex pairs like EURUSD having a leverage of 1:30 and minor pairs at 1:20.

4. What trading platforms are available on OLYMP TRADE?

• OLYMP TRADE provides its proprietary Olymp Trade platform, which is accessible via the web, dedicated desktop applications for Windows and Mac, and mobile apps for Android and iOS. Additionally, OLYMP TRADE has recently introduced the MetaTrader 4 platform.

5. What types of assets can I trade on OLYMP TRADE?

• OLYMP TRADE offers a range of trading instruments, including commodities, stocks, indices, ETFs, currencies, and cryptocurrencies. The availability of these assets may vary depending on a trader's location.

6. Does OLYMP TRADE charge commissions?

• OLYMP TRADE may charge commissions depending on the asset being traded. For instance, trading shares usually incurs commissions, while CFD trades on other markets do not involve commissions but have spread around the market price.

7. Is there a minimum deposit required to open an account with OLYMP TRADE?

• Yes, OLYMP TRADE requires a minimum deposit of £10 to open a Standard Account and at least £2,000 to open a VIP account, but this may vary based on your location and account type.

8. Does OLYMP TRADE offer a demo account?

• Yes, OLYMP TRADE provides a free demo account for users to practice trading with virtual funds before investing real money. The demo account comes pre-loaded with £10,000 in virtual funds and offers all the features of a paid standard account.

These FAQs cover some of the key aspects of OLYMP TRADE and its trading services. It's important to consult with OLYMP TRADE directly or refer to their website for the most up-to-date and region-specific information.