Olymp Trade is a cryptocurrency exchange.
More and more people have started to get involved in the cryptocurrency market, and the number of people who are trading digital assets has increased significantly in the last few years.
Cryptocurrency exchanges are the platforms that allow you to trade cryptocurrencies with other digital currencies or fiat currencies.
Quick Answer
Olymp Trade is an established cryptocurrency exchange with over 1 million registered users. It is a platform that allows you to trade more than 300 different digital assets. As the exchange follows a compliance-first approach, it is a trusted option for investing and trading digital assets.
In this article, we’ll take a look at the history of Olymp Trade, its features, and how it compares to other exchanges like Binance and Coinbase Pro.
Overview of Olympic Trade
This broker claims to be one of the best online brokers in the world. However, they also offer trading services on assets like cryptocurrencies and commodities.
While the company is based in St. Vincent and the Grenadines, it is authorized to operate in many countries.
Additionally, they offer their services in multiple languages, including English, German, Spanish, Italian, Portuguese, Russian, Arabic, Chinese, French, Hindi, Thai, Urdu, and many others.
Their website and mobile app are user-friendly, and they have an impressive number of educational tools and resources to help clients learn more about CFDs and Forex.
Regulations & Licenses
Like other binary options brokers, the OlympTrade platform is regulated by the FCA. The site holds a license from the Isle of Man Financial Services Authority (IOMFSA), which means traders can use this broker to legally trade options online.
There are several regulatory bodies that oversee the trading of financial derivatives. The most popular ones include CySEC, ASIC, and FCA.
With a license under these authorities, investors can rest assured that their money is safe.
Security & Safety
There are many platforms available to online traders in Canada. While many are legitimate, others are not.
One easy way to determine if a platform is trustworthy is through licensing.
All regulated brokers must adhere to strict guidelines and security protocols. This helps protect your account and personal information from hackers and other nefarious characters.
As part of those regulations, all reputable trading platforms must be licensed. This means they are overseen by a regulatory body such as CySEC or the FCA.
You can verify the legitimacy of a broker by checking their license number on their website.
Product Offerings
At this point, you may be wondering what kind of assets you can trade on the exchange. Well, the platform currently supports a total of 55 currency pairs and 10 cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Ripple.
As a retail trader, you gain access to 54 assets, whereas a professional user gets access to more than 100 instruments. Unfortunately, the broker doesn’t offer leveraged trading.
However, traders can still benefit from many beneficial features, including copy-trading and social trading. Both services are available on most of the asset classes. As for the account types, there are four in total:
- Standard – Suitable for new traders.
- Gold – For more experienced clients who wish to expand beyond standard pairs.
- Platinum – A premium account for VIP users.
- Islamic – Available to Muslim clients who follow the Sharia Law.
Deposit & Withdrawal Process
You can deposit funds to your trading account using bank cards like Visa, Mastercard, Maestro, Diner’s Club, and Discover, electronic wallets like Neteller, Skrill, WebMoney, Yandex Money, and others.
Only USD is supported as the default currency, but you can trade in EUR, RUB, UAH, PLN, KZT, TRY, BRL, INR, ZAR, CAD, GBP, NZD, CHF, and MXN.
The minimum initial deposit is $10, while the maximum is $10,000, depending on the payment method.
Customer Support
Customer support is an important aspect for traders. After all, trading involves money, and any issue, no matter how minor, can be detrimental to your profits.
The first thing you’ll notice about customer support at OlympTrade is that there is no phone number. However, you can get assistance by chatting with a customer service agent, which works 24 hours a day, seven days a week.
You can also email the support team, but responses are slower than live chat.
They provide an email form, which you can use to send an email to [email protected]
The Bottom Line
Overall, while there were several areas we would have liked to see improvement on, we had no problems opening an account with or trading at OlympTrade. It’s possible these issues are a result of our inexperience with the platform.
For new traders, however, we felt that the platform was easy to navigate, and the information offered was clear. With a variety of account types to choose from, there’s something for everyone.
After initially depositing funds, we were informed that we had to wait 6 business days before we could use them. However, after waiting 10 days, we could still not access the funds.
Also, withdrawals cannot be made on weekends, which is a problem for some. Other than that, our experience on the platform was good, and we felt comfortable using the various tools and features available.
Hopefully this guide for is olymp trade legit was helpful for you.
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