OlympTrade Review

olymptrade_logo

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.

Basic information:

Online since: 2014
Jurisdiction: Russia
Software: proprietary software
Max Returns: 80%
Bonus: 100%
Minimum Deposit: $10
Minimum Investment: $1
Maximum Investment: $20000
Currencies: USD, Euro
Mobile: Yes
Countries: All nations

Pros:

  • Very low minimum deposit
  • Excellent customer support
  • Available in Russian

Cons:

  • Not too many account options to choose from

7 Binary Options Rating:

4,5 stars

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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.

Account FeaturesTraders 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.

PayoutsThe 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.

Demo AccountThis broker offers a demo account, and it is good to keep in mind that:

  1. You have to be registered with the broker in order to be allowed access to the demo account.
  2. 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.
  3. The demo account is also a very prime stage for testing new trading strategies.
  4. 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 SoftwareOlympTrade 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.

Trading PlatformThe 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.

Android AppThe 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.

Screenshot

olymptrade_screenshot

 

Support Information

Customer SupportJust 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:

  • English
  • Polish
  • Portuguese
  • Russian
  • Thai.

EducationOlympTrade 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.

User OpinionsUser Opinions

According to the opinions I found online, OlympTrade is a reliable trading system. Here are some examples:

Quotation marks“The system worked well for me. I am especially happy with their Android App. Fairly fast, even on my phone which is not one of the latest models. Additionally, withdrawals were very easy and gave me no hassle whatsoever. Definetely recommend.”
Quotation marks“Hello! This broker has been pretty good for me. Their educational pages helped me get started a lot. I don’t think I could have gotten into this field without them. Their Support team took a few hours to get back to me though, which is a bit long, but otherwise I have no complaints about OlympTrade! “
Quotation marks“While the system works fairly well, and delivers on it’s promises, I have had better luck with other brokers and platforms. Would however recommend to someone new to this business, as they have a lot of great resources to study and get educated! “
Quotation marks” A great broker. Any time I had any problem, my account manager was there to help me out. Aditionally, the platform itself was fast, responsive, and updated very fast. Also, the low deposit and minimum investment make this a great deal for novices!”
Quotation marks“For me, this one was clear choice to make. Not many brokers are available in Russian, or if they are, their support is usually in English only. Having many pages to study in my native language made this app a great value for my money!”

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.

Banking MethodsTraders have the freedom to choose from a wide range of depositing and withdrawing methods. These methods are:

  • QIWI
  • Yandex
  • Webmoney
  • Visa
  • 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.

PassportBut 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:

  1. a colored copy or scan of trader’s national identity card
  2. a colored copy or scan of the trader’s international passport
  3. 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.

Additional information

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

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7 Binary Options review: OlympTrade: 4,5 stars.

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