Is Olymp Trade a scam? Review about Olymp Trade broker. Login or sign in official website platform Olymp Trade. Registration. Hello traders friends! At your request, we reviewed the popular Options broker – Olymp Trade. In this article, we will talk about the regulation of the company, describe in detail the two types of term and indefinite trading in options, reveal the methods of depositing and withdrawing funds, as well as the pros and cons of innovative investing in the Forex market .
OlympTrade has been providing traders with certified investment opportunities in currencies and other Forex financial instruments since 2014 under the supervision of British law. The brand is owned by Inlustris Ltd, registered in the offshore zone of Saint Vincent and the Grenadines .
Payment transactions are secured by Frandom Holding Limited through the banks of Cyprus. The country has ceased to be an offshore, therefore such a decision removes any legal issues. In addition, the Cyprus legislation is the only one in the world that regulates investing in Forex options.
Methods and guarantees for the settlement of claims for trading Forex options contracts on OlympTrade platforms
The company is a member of the International Financial Commission (FinaCom PLC LTD), which guarantees the trader an independent arbitration and reimbursement of disputed transactions up to € 20,000, as well as the “purity of transactions”.
FinaCom commissioners supervise the quality of transaction execution by issuing a “Verify My Trade” certificate. OlympTrade successfully passed this verification in September 2018, as evidenced by the mark on the website.
OlympTrade is a member of the FinaCom class A financial commission, which gives clients the right to claim the maximum amount of compensation for losses. The insurance fund is formed from a tenth of the membership fees of the companies that make up the regulator, and, depending on demand, the amount of compensation may vary. In fact, this amount is not limited by the value indicated on the site, but by the number of claims under consideration.
Of the minuses, it can be noted that the commission does not conduct public reporting – there is only general data on the number of permitted claims. If the party to the proceedings does not wish to publish the report on the claims, you will not find this information on the site.
In principle, the honesty of the commission does not raise questions; in extreme cases, they can help in resolving disputes regarding the company’s illegal actions . Just what is considered illegal action?
Obviously, first of all, you should pay attention to the document describing your relationship with the company. That is, illegal actions are actions that do not comply with the regulations. Compared to other competitors providing similar services in the Forex market, OlympTrade’s document is quite large and well thought out. I will only pay attention to some of the most important points.
So, the agreement on the provision of services directly states that it is useless to sue the company. That is, of course you can try, but it’s hardly worth it. Only a local court is also capable of terminating the company’s activities – no regulator will help here.
The company prohibits any robotic trading. Therefore, in this matter you need to be as careful as possible. Try not to send too frequent requests – this will be suspicious. Why suspicious? Yes, because of course there will be no evidence, since it is impossible to determine such a trade with 100% certainty, and your case will most likely be considered only if the company receives noticeable losses. There is a corresponding clause of the regulations. The company also reserves the right to:
- Block access to terminals at any time;
- Retroactively change the financial result of transactions;
- Recognize any transaction as invalid and, at its discretion, close the client’s transactions at any time.
The company Olymp Trade has adopted an innovative approach to options trading, significantly expanding the set of tools, in addition to adding the currencies and commodities, forex related crypto.
Two types of accounts have become available on the new platform:
- Olymp Trade OPTION is a familiar way for traders to conclude time-limited deals
- Olymp Trade FOREX – perpetual Forex options that open up unlimited opportunities for investment and hedging
Traders can choose to buy an asset by investing in its growth or bet on a price decline. Such transactions take place without charging any spread, but with the presence of a swap – a fee for transferring positions to the next trading session or through the weekend.
The platform is not integral, but composite. By default, you will have access to a simplified interface, but if you wish, you can get to more advanced functionality.
- Clicking to open a list of trading instruments. If the symbol is currently available, you can open a new chart;
As you can see from the figure, at the bottom of the instrument selection window there are filters sorting the list by asset type or option premium yield.
By clicking the compass icon, a side panel appears near the window with the name of the instrument, containing common indicators of technical analysis .
You can plot text and time stamps, trend lines, and parallel channel lines. An extensive list of chart patterns is also available: Andrews’ Pitchfork, Fibonacci grid, Gann squares, time zones and cycle lines, linear regression channel, Gann and Fibonacci fans. Through this menu, you can add one of the standard technical indicators to the chart: SMA, Parabolic, MACD, RSI, Stochastic.
The choice of direction, investment amount and option expiration time is carried out using the native functionality. One-click trading function is available.
The platform’s functionality is simple and straightforward. In the menu on the left, you can select a tool, cost
contract and expiration date. The direction of the trade is selected with the Up and Down buttons.
By clicking on the hamburger icon in the upper left corner, an additional menu will open, where you can change settings, view the history of transactions and learn more about the company.
Only the type of option is available for trading, which provides for receiving a premium from an increase or decrease in the rate of the selected asset . Traders can choose between contracts with limited expiration times from 1 minute to one day or perpetual options.
To trade 24/7, use cryptocurrencies, Olymp Trade offers a choice of Bitcoin and 7 types of altcoins.
The company reserves the right to terminate trading in instruments at any time, or to increase the minimum expiration period.
Exceptional situations include extremely high volatility or lack thereof. In such situations, the company has the right to:
- Cancel individual orders for the conclusion or early closing of the transaction;
- Suspend trading on an instrument completely or limit the available expiration time.
The training program was approached on a large scale, having allocated a separate domain for this case. The project itself bears a proud name – the Academy of Financial Markets and allows you to start by learning the very basics of trading. Also, you can study trading strategies in the form of presentation materials, take courses in fundamental and technical analysis, and sign up for regularly held webinars.
By clicking on the button “Start trading” or “Open an account” on the main page of the site, a registration form will appear. You can fill out the form data, or log in through social networks using the OpenID system. Also, indicate the desired currency of the deposit and put a tick in front of the agreement with the rules for the provision of services.
Account funding and bonuses
OlympTrade’s conditions are quite human – the minimum deposit is from 10$, and transactions from 1$. By replenishing your account in the amount of $ 5,000 or more, you are assigned a VIP status, which allows you to receive a slightly higher percentage of payments and close unsuccessful transactions ahead of schedule, with a 60% refund. You can replenish your account using a credit card, WebMoney, Qiwi, Yandex Money and other electronic payment systems.
By default, you are provided with a demo account for 10,000 conventional units. In your personal account, you can go to a real account, after which you will need to replenish the deposit. Depending on the amount of replenishment, the amount of the accrued bonus changes.
By default, you cannot withdraw bonus funds from your account. To receive a bonus, you must make a turnover equal to 25 times the amount of bonus funds. For example, if you replenish your account with $ 500, then to receive the bonus you will need to make a turnover of 100 * 25 = $ 2500. Bonus funds themselves can be spent on transactions only after your own funds have been spent.
- Low entry threshold;
- Thoughtful teaching resource;
- Weekend trading;
- Availability of tools for technical analysis;
- The presence of regulation.
- Few trading opportunities;
- There are questions about the regulations;
- Only one type of option.
Olymp Trade – another scam?
Olymp Trade binary broker is a reliable regulated company that does not cheat clients. She does not draw quotes. If a dispute arises, a trader can file a claim with the regulator. If he manages to prove illegal actions on the part of the company, then the user will receive compensation of up to 20,000 euros for each transaction.
Frequently asked Questions
🎁 How do I get the welcome bonus?The increased bonus for new customers is valid for an hour after registration and allows you to double your deposit from $ 30.📝 How to register on the site?Enter your email in the registration field or log in through your Facebook, Google or Apple ID profile.💬 What are the hours of support?Olymp Trade binary options broker support works around the clock. In the chat, consultants respond within one to two minutes at any time of the day.💵 Can I replenish my account with cryptocurrency?Olymptrade accepts only bitcoins from cryptocurrencies.🙋♀️ How long does it take for support to check documents during verification?Binary broker Olymp Trade verifies documents within five working days.📈 How to increase profitability on the platform?Switch to a more senior account type. The maximum yield for the Starter account is 82%, Advanced – 84%, Expert – 92%.👑 What are the effects of Olymp Trade statuses?On the profitability of transactions, limits on trading operations of the platform, access to advanced training, the presence of risk-free transactions.
Quite an interesting company focused on combining “traditional options” with the Forex market by trading OLYMP TRADE Forex perpetual contracts. The obvious advantages include a low entry threshold and an excellent training resource. The trading platform is also not satisfactory, and when working, there is no feeling of imbalance in functionality. Everything you learn at the Academy can be applied seamlessly on the built-in platform using the available analysis tools. To date, it has very few competitors in this area of investment in Forex , as it has significant regulatory advantages.