Olymp Trade Review 2022: Is Olymp Trade Legit Or Scam?

With the internet revolution, investments and trading has become accessible to every person, unlike in the old days. Passive investing has become one of the most prominent investment strategies among the masses. It has been facilitated by numerous online platforms that work as brokers and traders.

According to some estimates, the size of the global online trading platform market was $8.9 billion as of 2021. According to projections, it will reach $18.4 billion by 2031 at a CAGR of 7.8%. Individuals and expert investors can self-invest through brokers’ online trading platforms.

Olymp Trade, Metatrader, Quotex, IQ Option, etc., are some popular names for online trading and broker services platforms. However, novice investors are often reluctant to start trading on any new platform. They have a lot of questions about the legitimacy of such platforms that are totally justified.

Many such questions arise about a popular online platform called Olymp Trade. Therefore, we will discuss everything about the Olymp Trade platform, its features, services, types of accounts, and if the platform is legit for investors or not. So let’s move forward with Olymp Trade Review 2022.

Olymp Trade Overview

Here is a brief review of the Olymp Trade platform for investors and traders:

HeadquartersGrenadines and St. Vincent
Platform TypeOnline Broker Trading Platform
Types of ProductsStocks, ETFs, CFDs, indices, currencies, Gold, Crypto, and Commodities.
Founded2014
Size Of Customer Base23 million+ active traders
Trade Size$171 million+ per month as of 2021
Trade PeriodYou can execute a trade as quickly as under 60 seconds.
Is It Regulated?Yes
Initial Deposit(Minimum)$10
Are Islamic Accounts Available?Yes, Islamic Accounts are available.
What Is Maximum Leverage?400:1
MetaTrader 4?Yes
MetaTrader 5?No
What Are Trading Fees?Nil
Is There Any Inactivity Fee?Nil
How Much Fee For Withdrawal?Nil
What Currencies Are Supported?CAD, USD, EUR, NZD
How To Contact Customer Service?Email, Phone, Live Chat, Help Center

What Is Olymp Trade?

Olymp Trade is a recognized and regulated international broker giving investors and traders access to over 70 financial instruments. The platform, launched in 2014, has established itself as one of the best online brokers in the fixed-time trades marketplace. The trader can use the platform to learn, trade, and analyze the market.

Olymp Trade is distinguished with 30+ indicators with several stocks, including blue chip companies like Tesla, Apple, and Google. New traders and investors can capitalize on Demo accounts to learn and do free trading to understand market dynamics.

The platform has over 25000 daily active traders with over $171 million monthly turnover. The monthly volume of trades that take place on Olymp Trade is somewhere around 35.4 million.

It is certified by FinaCom(Financial Commission), an independent self-regulatory organization and external dispute resolution(EDR) body. Although the broker is not regulated in North America and Europe, certification from FinaCom

Saledo Global LLC owns the online broker platform and has headquarters in St. Vincent and the Grenadines. Users from over 30 countries can access the platform to do online trading in hundreds of assets and financial instruments.

Features Of Olymp Trade

Here are the most convincing features of Olymp Trade that make it a trusted platform for millions of traders:

Interactive User Interface

The first thing about any app, website, or internet product is the user interface and interactivity level to facilitate the users. And when we talk specifically about trading apps, the simplicity of the user interface and the convenience of scrolling through the app is one of the prerequisites. If the interface is too complicated, the users will spend most of their time understanding how the app works. Therefore, a simplified app is a basic requirement for that.

Olymp Trade is a trading platform that has been designed and built to provide a convenient & simple interface with interactive features for user facilitation. Whether you are accessing the platform from your desktop or mobile, you can expect a great user experience beyond trading.

A Wide Range Of Assets To Choose From

An online broker trading platform must be judged based on assets, indices, companies, etc. Fortunately, Olymp Trade provides a wide range of tradable assets for traders. You can trade with 70+ different assets, from the stocks of blue chip companies like IBM, Apple, Microsoft, Tesla, etc., to commodities like Gold and major currencies pairs to cryptocurrencies on Olymp Trade.

Free Demo Accounts

When it comes to new traders, they are always hesitant to trust any online platform with their hard-earned money. Olymp Trade is no different for the traders and investors just taking off with self-investing. Therefore, the platform provides a facility called demo accounts for new users so that they can understand trading for free.

Free Demo accounts are available on Olymp Trade, allowing the registered trader to trade up to $10,000 using the virtual money available in the account. Therefore, it is a perfect way to learn trading and investment as a newcomer.

Low Minimum Deposit

The platform has a very low minimum deposit that is $10 to get started. It makes it easier for all traders to take risks and experience how real trading works on Olymp Trade. The low minimum deposit is one of the reasons why the platform has over 25000 daily active traders. When people do not have a lot on risk, they boldly take action and capitalize on the money to gain profits.

Not just this, but the minimum withdrawal limit is also very low at $10. You don’t have to wait for days to cash out your profit on trading. You can instantly withdraw the money when you have earned $10 or more.

Education And Training

Whether new or experienced, traders always need educational resources and training to do better and stay up to date about new trends and trading strategies. Therefore, the platform has not ignored the need for training and educational content alongwith trading. You get access to a lot of educational content, webinars, economic calendars, extensive training, analysts’ help, and a lot more with the ‘education and training feature of Olymp Trade.

Accept Traders From Different Regions Of The World

Another enticing thing about the platform besides its services is worldwide traders. Traders from almost all regions of the world are accepted on Olymp Trade. It makes it a diverse platform that consolidates the whole world. However, residents of Australia, Japan, Norway, New Zealand, the United States, Canada, etc., might not be able to make your account on Olymp Trade to conduct trading activities.

Availability Of Trading Features In Different Parts Of the World

Here is the list of countries where users can register an account and do trading via Olymp Trade:

  1. Thailand
  2. Singapore
  3. India
  4. Hong Kong
  5. UAE
  6. Saudi Arabia
  7. South Africa
  8. Qatar
  9. Nigeria
  10. Luxembourg
  11. Kuwait
  12. And many others.

Besides knowing the popular countries where Olymp Trade is available, it is important to know where the traders can’t use Olymp Trade. So all countries are accepted except:

  1. USA
  2. Canada
  3. Australia
  4. New Zealand
  5. Finland
  6. Germany
  7. France
  8. Bulgaria
  9. Belgium
  10. Austria
  11. Japan
  12. El Salvador
  13. Sweden
  14. United Kingdom
  15. Spain
  16. Switzerland
  17. Slovakia
  18. Poland
  19. Netherlands
  20. Norway
  21. Portugal
  22. Israel
  23. Latvia
  24. Italy
  25. Ireland
  26. Cyprus
  27. Russian Federation
  28. Lithuania
  29. Romania

The reason why the platform is not available in the majority of European and North American countries is that it is not regulated in these locations.

Types Of Accounts

Different types of accounts are available for the Olymp traders to choose from. You can register for an account based on your expertise, requirements, and trading limitations.

Here are the types of accounts available on the platform:

  1. Demo Account –free account with $10,000 virtual money to trade with and practice strategies
  2. The regular account is a standard one with an initial minimum deposit of $10 and an 82% payout rate. You can trade as low as $1 and as high as $2000 for every transaction.
  3. VIP Olymp Trade has a requirement of an initial minimum deposit of around $2000 and a payout rate of up to 92%. You have a higher limit per trade at $5000, and a VIP account gives you access to exclusive tools, training, and personalized analysts to help you with trading.

Cost, Fee, Spreads, And Commissions On Olymp Trade

If we start with registration cost, it is free to register on the platform, and no inactivity fee is charged for traders for up to 180 days or 6 months. However, after that, a $10 per month fee is charged. Spreads are competitive and start from 1.1 pips on a regular account. In general, you will get attractive spreads on Olymp Trade.

When using self-investing services via a regular account, the platform charges no commission to the traders. However, a commission might be charged when you take the services of consultants in a VIP account.

Pros

Here are some good things about Olymp Trade:

  • Great accessibility features across all devices. E.g., desktop, mobile, and web
  • Interactive and easy-to-use interface
  • Lucrative spreads with high leverage of up to 400:1
  • Different types of trading accounts
  • A lower minimum deposit and minimum withdrawal than other trading platforms

Cons

  • Not available and regulated in markets with great potential. E.g., USA, UK, Australia, Europe, etc.
  • Withdrawals are often problematic for unverified accounts
  • Ambiguity in terms and conditions regarding bonuses
  • Your success depends on your skillfulness when using a regular account
  • Limited deals and bonuses

Final Verdict: Is Olymp Trade A Legit Or A Scam?

What are the final words?

Is Olymp Trade a legit or a scam?

How people describe a legit business or a scam is their own perception. Since the platform is not regulated in Europe and USA, the reviewers residing in those countries will warn their users to avoid trading with Olymp Trade. Why? Because they are not regulated as per the rules of trading in mentioned regions. But it doesn’t justify commenting on the legitimacy of the platform.

Therefore, we can safely say that Olymp Trade is a 100% legit trading platform, but your success and profits depend on your expertise and trading strategy.

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