Forex is the biggest market in the world, with a daily turnover of over $5 trillion.
It is a very profitable market for traders, as the daily turnover is so large.
However, it is also very challenging and requires special knowledge and experience.
However, there is a solution – a forex trading platform designed for beginners.
One of the most popular forex trading platforms for beginners is Olymp Trade.
It has over 50,000 new traders every month.
This article will discuss the Olymp Trade review and all the things you need to know before getting started.
Overview of Olympic Trade
Launched in 2014, this online trading platform is owned by Inlustris Ltd., a company registered in the Seychelles. The broker provides traders with a competitive trading environment that enables them to trade more than 100 assets, including cryptocurrencies, currency pairs, stocks, commodities, indices, ETFs, and options.
The company offers its clients access to powerful resources such as the MT5 platform, daily analysis, training, webinars, etc., to help them become skilled and profitable.
Benefits of Trading With Olympic Trade
- Unparalleled trading experience: The team behind the development of this platform has incorporated the latest technologies and devised unique features to help traders trade with ease.
- Diversified options: Traders can invest in cryptocurrencies, stocks, indices, commodities, forex, and more.
- Excellent educational center: The platform offers various learning resources such as tutorials, webinars, articles, e-books, courses, etc.
- Competitive spreads: Spreads are highly competitive, especially on the EURUSD pair.
- Demo account: If you are new to forex trading, you can start with a demo account and practice using the virtual funds available.
- Accessible from various devices: You can log in to your account from any device, including desktop, tablet, or smartphone.
- Supports multiple languages: The website supports 13 languages, making it convenient for global users to trade.
Account Types Available With Olimp Trade
With three account types, traders choose the one that best fits their needs. The minimum deposit for the Standard and Gold accounts is $10, whereas the VIP membership requires a deposit of at least $1,000.
The standard account offers all trading tools, including copy trading. However, the leverage is limited to 1:100, and the available cryptocurrencies are BTC, ETH, EOS, LTC, DASH, XRP, NEO, ADA, XLM, TRX, and BCH.
This tier comes with all the features of the standard package, plus the enhanced leverage of 1:200. In addition, professional analysis, access to webinars, and more are available.
The highest tier of the OLYMP TRADE trading platform is the VIP. It delivers all the perks from the previous tiers, plus personalized account managers with 1:500 max. leverages.
Trading Platform Interface & Features
The trading platform has a straightforward interface that’s easy to navigate. On the left side of the page, you’ll find all the trading instruments, and on the right side, you’ll see the charts.
You can switch between multiple types of charts, including Japanese candlesticks, Heiken Ashi, Line, Area, Bars, Hollow Candles, as well as a range of time frames.
Security & Regulation
The broker adheres to the rules and regulations set by the International Financial Commission, an independent organization that protects the rights of traders and provides compensation in case a broker faces bankruptcy.
In addition, the company complies with the regulatory policies of Estonia and the European Union.
They are also a PCI DSS certificate holder, which means that they adhere to strict security standards.
Deposit & Withdrawal Options
When it comes to depositing and withdrawing funds, there are a variety of options to choose from. You can deposit money using bank transfers, credit or debit cards, e-wallets like Skrill, Neteller, or Perfect Money, as well as cryptocurrency. The minimum deposit is $10, and there is no maximum withdrawal limit.
The time it takes for withdrawals to be processed varies depending on the method you choose. Bank transfers can take up to 3-5 business days, while credit and debit card transactions are usually completed within 1-3 days.
Customer Support & Education Resources
Customer support is an important aspect for all traders. You want a broker that can help resolve any issues you may encounter. At the bare minimum, you need access to phone and email support.
Unfortunately, we found that this broker does not provide 24-hour customer support. These are the standard hours for customer service.
- Monday: 9 AM–6 PM
- Tuesday: 9 AM–6 PM
- Wednesday: 9 AM–6 PM
- Thursday: 9AM–6PM
- Friday: 9AM–6PM
- Saturday: 10:30AM-1:30PM EST
- Sunday: Closed
- [email protected]
- [email protected]
The email support team is only available during regular business hours.
In addition to email and phone, you can also submit an online ticket. This can be helpful if you have a general inquiry and don’t want to wait on the phone.
Final Thoughts on Olympic Trade
All in all, we have to admit that this broker offers a lot, and trading on the MT5 platform is a pleasure. However, as already mentioned, this is a fairly new brand, and there’s not much information about its regulation.
In addition, the educational content is scarce, which is a pity.
We would recommend this broker to intermediate traders. With MetaTrader 5 at their disposal, they will have all the tools they need, plus all the perks of working with a broker with offices in various countries around the world, including the UK.
We hope this guides was off assistance for olymp trade review forex trading platform in action.