OlympTrade Broker Review
OlympTrade is a Russian binary options broker that is owned and managed by two separate companies: the Smartex International Ltd. with headquarters in Victoria, Mahe, Seychelles and the Frandom Holding Ltd. with headquarters in Nicosia, Cyprus.
The broker was founded in 2014. Its payouts are up to 80%.
Online since: 2014
Software: proprietary software
Max Returns: 80%
Minimum Deposit: $10
Minimum Investment: $1
Maximum Investment: $20000
Currencies: USD, Euro
Countries: All nations
– Very low minimum deposit
– Excellent customer support
– Available in Russian
– Not too many account options to choose from
7 Binary Options Rating:
OlympTrade Account Features
OlympTrade doesn’t have a huge variety of binary options trading accounts to choose from. Although this seems to be odd, it gives all the traders equal features when trading binary options. The fact that traders can only open similar account type makes everyone equal and there is a lot of democracy for all traders.
Traders can choose to open their trading account with US Dollars or Euros as the base currency. This choice is made during the account registration and can not be altered later on. Therefore, the trader should choose his or her base currency wisely.
The minimum deposit that a trader can make with this broker is $10, which is low enough for even beginners with lower amounts of cash to invest. $10 is the lowest amount of minimum deposit that any broker in the field of binary options can ask for.
The OlympTrade broker offers a number of important features to all its traders who deposit funds with them. The trading account is equipped with free market analytics and personal account manager. The traders are also entitled to an easy access to financial market and a payout of up to 80%.
All traders who register with OlympTrade are qualified to get bonuses as well as other promotions offered by the broker. However, the terms and conditions of the bonuses are not laid out well on their website; they are left to your account manager to advise you accordingly. But we hope with time the broker will do all it can to make the terms and conditions more detailed and easily accessible.
This broker offers a demo account. However, you have to be registered with the broker in order to be allowed access to the demo account. The Demo account is funded with 10,000 virtual money which is more than enough for experimenting and also understanding the broker’s binary options trading platform. The demo account is also a very prime stage for testing new trading strategies. Demo account is by all means recommended even to experienced traders.
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OlympTrade Trading Software
OlympTrade uses its proprietary binary trading platform where registered traders can choose to trade different currency pairs and commodities.
Unfortunately, with their trading platform, the only type of options available for trading is the classic high/low option. The expiry time varies from 60 seconds to 3 hours. Therefore, this broker is a better choice for binary options traders who prefer short expiry times. The short expiry times also has higher risk but it is more profitable.
But for you to trade there are no downloads that are required. Traders carry out their trading in selected Internet browsers.
The OlympTrade binary options platform is very user-friendly. The trading chart is positioned on the right side of the website, while the area for viewing the placed trades is on the left. Their website has bright colors are thus showing exactly what each element is for and thus removing any confusion, even when it comes to inexperienced traders.
Furthermore, on the bottom of the trading platform, traders will see a table that contains all their trading history which gives the traders an amazing overview of their trading history as well as their previous decisions.
The broker also provides an Android app for Android operated devices and an iOS app for iPhone devices. This mobile app ensures that traders can trade on the go at whichever location and at whatever time provided it is within the allowed trading hours.
The broker’s website is very well designed and it is navigated by a drop-down menu bar that is placed on the right-hand side. All their Terms and conditions can be easily viewed at the bottom of the pages.
OlympTrade Support Information
Just as with most binary options brokers, the OlympTrade broker has a very responsive and supportive customer support team. This forms the basis of the relationship between any broker and their traders.
The broker’s support team is easily reachable in a number of ways. They can be reached via phone, live chat or email. The live chat and the phone call are the fastest means of communicating with the customer support, but if you are not in a hurry you can use the email address and your grievances will still be handled.
OlympTrade also has an education section with articles and videos available to only the registered traders. Here beginners can get access to the beginners’ course which only takes 15 minutes. There are also different trading strategies that are explained, and also videos that provide further information. Any learning materials are easily accessible from the OlympTrade Academy.
Traders can also use the FAQ section which provides answers to questions which are frequently asked by traders. This is a superb solution for traders who don’t want to chat with the customer support team or want to find answers on their own.
OlympTrade Banking and Company Info
Traders have the freedom to choose from a wide range of depositing and withdrawing methods. These methods are: QIWI, Yandex, Webmoney, Visa and MasterCard. Traders should use the same banking method for depositing to withdraw their funds. Withdrawals take 5 working days to be withdrawn. However, the money may take a longer time to appear in the trader’s bank account due to different banking systems and legislation.
Similar to the minimum deposit amount, the minimum withdrawal amount is $10.
But according to the broker, some trading accounts will require special verification and authorization by the financial department once the request for a withdrawal is made. However, the information pertaining this is not well laid out on their website. For those accounts which require the special verification, the traders are obligated to provide certain documents.
The documents required: a colored copy or scan of trader’s national identity card, a colored copy or scan of the trader’s international passport, a driver’s license and a utility bill. Upon submitting, all the documents are processed in 1 day once they are received by the broker’s financial department. Then, the trader gets a notification letter showing if the authorization is successful or not.
Customer Service: phone calls, email and live chat
Languages: English, Russian, Polish, Portuguese and Thai
Trading Options: High/Low
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 60 seconds to 3 hours
Deposits and Withdrawals: QIWI, Yandex, Webmoney, Visa and MasterCard
Withdrawal Time: 5 working days
Demo account: Yes
References and Further Reading:
- Multinational corporation internationalization in the service sector: a study of Japanese trading companies (Anthony Goerzen, Shige Makino)
- Principal-Agent Problems in Early Trading Companies: A Tale of Two Firms (Ann M. Carlos)
- Export trading companies: A marketing vehicle for small textile and apparel firms? (Hester, Susan B)
- Adaptive strategies of trading companies (Paul Ellis)
- The Impact of IAS/IFRS on Polish Accounting Regulations and their Practical Implementation in Poland (Alicja Jaruga , Justyna Fijalkowska , Malgorzata Jaruga-Baranowska & Maciej Frendzel)
- New Findings Regarding Day-of-the-Week Returns over Trading and Non-Trading Periods (RICHARD J. ROGALSKI)
- Trading around macroeconomic announcements: Are all traders created equal? (Grigori Erenburg, Alexander Kurov, Dennis J. Lasser)
- Investor flows and the assessed performance of open-end mutual funds (Roger M. Edelen)
- Insider Trading before New Issue Announcements (Jonathan M. Karpoff and Daniel Lee)
- Continuous Trading or Call Auctions: Revealed Preferences of Investors at the Tel Aviv Stock Exchange (Avner Kalay, Li Wei, Avi Wohl)
- Systems and methods for trading actively managed funds (Clifford J. Weber, Carol Alexander, Jason MacQueen, Charles A. Baker, Gary L. Gastineau, Terry Norman)
- Intraday Price Change and Trading Volume Relations in the Stock and Stock Option Markets (JENS A. STEPHAN, ROBERT E. WHALEY)
- Trading routes, bypasses, and risky intersections: mapping the travels of `networks’ between economic sociology and economic geography (Gernot Grabher)
- Vendor-managed inventory with consignment stock agreement for single vendor–single buyer under the emission-trading scheme (Simone Zanoni, Laura Mazzoldi & Mohamad Y. Jaber)
- The World Trading System at Risk (Jagdish N. Bhagwati)
- Time-varying risk premia, volatility, and technical trading rule profits: Evidence from foreign currency futures markets (Bong-Chan Kho)
- Have trading rule profits in the currency markets declined over time? (Dennis Olson)
- Trading futures using a channel rule: A study of the predictive power of technical analysis with currency examples (Stephen J. Taylor)
- Trading rule profits in European currency spot cross-rates (Chun I. Lee, Ike Mathur)
- The interaction between technical currency trading and exchange rate fluctuations (Stephan Schulmeister)
7 Binary Options review: OlympTrade: stars.