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%.
OlympTrade is regulated by Financial Market Relations Regulation Center (FMRRC). Its license number is TSRF RU 0395 AA Vv0088.
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 just like with IQ Option, 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, and it is good to keep in mind that:
- 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.
All the features of the OlympTrade broker show they are set to serve all binary options traders and especially the newbies.
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.
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.
The OlympTrade binary options trading platform is available in:
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.
Banking and Company Info
OlympTrade broker is a property of Smartex International Ltd., Seychelles. But all its banking transactions are handled by Frandom Holding Ltd., Cyprus.
Traders have the freedom to choose from a wide range of depositing and withdrawing methods. These methods are:
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.
Olymptrade is a trading system with a binary option based platform. It offers particular functions that are contingent with a customer’s perspective. These features may sound more enticing to a trader who is new to the world of trading than to one who is already big on making significant investments.
Olymptrade appeals mostly to new and inexperienced traders who are looking for a risk-free and profitable way to invest their money, make reasonable profits and learn new strategies along the way.
One of the best feature of Olymptrade is that it offers free registration to new members with virtual credits of $10,000. It is to provide new investors with a general idea of how the whole system functions.
A demo account allows a new member to hone their trading skills, get accustomed with the strategies of the binary options trading platform, learn about the ground rules and get familiarized with what to expect before they begin trading with real money.
Olymptrade doesn’t offer bonuses and signup incentives that are usually offered by most of the online brokers nowadays. Instead, they offer their traders with the lowest level of investments possible. Registered members of Olymptrade can trade with the minimum amount of $1.
While being the most moderate to low risk platform. Olymptrade also provides newbie traders with a low rate of profit and loss making it ideal for someone who is just stepping into the world of trading. But it’s not the platform to use for anyone who wants to make money quick.
Is Olymptrade legitimate, or will they scam me?
We have a team of professionals that tests all the binary options brokers, before recommending them to you. A binary options broker’s software and licensing are not only investigated but also tested extensively by us. Our team trades with the dealers to estimate the legitimacy of different aspects of their trading systems. These aspects include ease of access, methods of withdrawals and deposits, client services and the total experience of trading with said broker.
Do they offer a selection of mobile or tablet apps?
The modern age allows us access to technology from anywhere, anyplace and at anytime. Everyone has access to the power of technology at all times with mobile and tablet devices in our pockets, and with access to technology comes the need to stay informed.
It is necessary for a reliable broker to acknowledge this fact and provide their investors with an easily accessible platform that is supported by both iOS and Android devices. Olymptrade has recognized this fact by offering a website that is supported and easily operated from all mobile devices.
What bonuses do they offer for new traders?
Olymptrade is aiming to provide services to Russian beginner level traders with their low-risk trades between dollar $1 to $10. Their members can start investing with an amount as little as $1 by making a deposit of $10 only.
Since Olymptrade provides its members with a chance to invest in small amounts, the amount of available and tradeable assets is low, which helps greatly in reducing the risk factor when using Olymptrade’s services. The best part of trading with Olymptrade is that they don’t try to draw in potential investors with alluring schemes and bonuses. They do, however, offer intermittent bonuses or rewards such as when members successfully refer people to the system.
Is it possible to start trading using a free demo account?
Olymptrade offers free virtual demo accounts to its registered members, where they can refine their trading skills with the virtual money of nearly $10,000. This is the best option for an investor who is searching for a way get into trading.
Here they can learn the basics of trading, how and when to invest, trading strategies, what to expect, and so much more without even spending any real money. With their focus on providing the most up-to-date trading experience possible to a first time trader. The Virtual demo accounts of Olymptrade are the best way to get introduced to the world of trading.
What’s the minimum deposit and trade amount?
With the aim of providing low-level deals, Olymptrade is one of the few brokers who is providing minimum deposits of $10. This initial amount gives you access to your demo account with almost $10,000 of virtual credits. With Olymptrade, you can begin trading your investments in quantities starting from $1.
This is an ideal introductory platform for a new investor which gives them a chance to invest safe amounts and also enables them to learn more about the trading world before they move on to making significant investments.
Currently, Olymptrade traders can trade using a handful of currency pairs and commodities. However, other currencies and assets like stocks and indices will soon be added to their list of tradeable assets, as the broker seems to be working on expanding their list evident from their mention in the ‘glossary’ section.
- EUR/RUB, RNDM
Members of Olymptrade benefit from an extensive list of tradeable assets. Members are allowed to choose from 8 pairs of currencies along with many other individual stocks, bitcoin, commodities, indices. The Olymptrade software allows members to use standard binary trade options of ‘call’ and ‘put,’ commands with wide-ranging expiration time limiting ranging from a minute up to one hundred and eighty minutes (3 hours).
An investor can initialize their trading with Olymptrade by depositing a minimum amount of $10 which enables a member to start making trades of minimum $1. These low-level trades allow a member to get a general idea of the trading system, and they can benefit from low-risk businesses while getting a chance to practice their trade skills.
- Low minimum deposit: A trade account can be refilled with the minimum deposit amount of 10$ or 10€. The minimum investment amount required to make a trade is 1$/1€ which is as small as one can expect.
- The Demo account: Members who sign up for an account with Olymptrade can benefit from a unique feature allowing members to run the demo and real account in parallel. Apart from getting access to your account, a particular link will be generated to give you access to another virtual account which is created in your name with virtual $10,000 credits. This account can be used freely to experiment with trading strategies and improve investment skills without risking your real money.
- Unique trading platform: Olymptrade offers you a smooth and easy to use trading platform which is supported by all iOS and Android devices. Also, the broker aims to add extra functions to their online trading platform based on customer’s demand for trading options.
- Easy Availability of educational information: Olymptrade provides their members with an opportunity to benefit from free educational trading lessons. Members can use this feature to analyze market stats and conduct extensive performance analysis of trade signals.
- Regulatory oversight: Olymptrade is strictly regulated by the Financial Market Relations Regulation Center, their reference number is 0395AAVv0074. This makes the trading platform reliable and provides you with a legit business broker with whom you can confidently invest your money with. Olymptrade provides its clients with such benefits as dispute settlement options and deposit compensation in the event that a broker violates the agreement or law.
- Welcome bonuses: New members offered a welcome bonus of approximately 50% on their initial deposits, which depends on the amount deposited. This bonus cannot be withdrawn but is available for use for the purpose of generating further profits.
- Free withdrawal: No withdrawal fee is charged to registered members by Olymptrade brokers.
- No app for Windows: Currently, Olymptrade is providing its members with an Android and iOS app and a trading platform supported and easily accessible through all web browsers. An app that is backed by Microsoft Windows hasn’t been announced yet.