Last updated on March 13th, 2023 at 05:33 pm
Looking for an honest Olymp Trade review in 2023?
In this article, I will walk you through what I know and have experienced on this online trading platform.
I want you to have a full overview of the platform and understand the broker well.
This way, you can only make an informed decision whether it is worth your time or not.
Is that fair enough?
Watch this video: Olymp Trade Review 2023: Is it a Scam or Legit? (12mins 12 secs)
What is Olymp Trade?
Olymp Trade is an online trading platform.
It was founded in 2014 and ever since the broker has transformed the industry through series of fixed time trades.
This is a type of trade where you simply predict where the market is going to be after a specific time has passed.
And if your prediction is correct, you make a profit.
Olymp Trade has its headquarters in St. Vincent and the Grenadines.
Olymp Trade Review in 2023: Is Olymp Trade regulated?
Olymp Trade is monitored and licensed by International Financial Commission.
IFC is a pretty respected organization within the finance industry across the world.
This means one thing;
It is legal to trade on Olymp Trade and your capital is safe.
Olymp Trade Review in 2023: Size of the customer base
At the time of writing this Olymp Trade review 2021, the broker has over 23 million active traders.
These traders carry out over $131 million worth monthly.
Additionally, Olymp Trades draws most of its users from South America.
This doesn’t mean you cannot use Olymp Trade if you are not from South America.
In fact, Olymp Trade accept traders from anywhere in the world, except the following countries;
- United States
- New Zealand
- Canada among other countries.
Either way, first make sure Olymp Trade accepts traders from your country before opening an account.
Olymp Trade Review 2023: Deposit and trade size
What is the minimum deposit on Olymp Trade?
With just $10, you can start trading on the platform.
How about trade size?
Well, Olymp Trade has one of the lowest minimum trade sizes, $1 per trade.
This means that with the lowest deposit amount of $10 and trade size of $1, anyone can start trading on Olymp Trade.
Olymp Trade Review 2023: Trading styles and Payout
On this platform, you have access to two classic trading formats and time.
- Classic trading format – with this trading style, your job is to pick a strike price and choose either up (buy) or down (sell). It offers a 82% payout rate.
- Time format – this is known as Fixed Time Trades (FTT) on Olymp Trade. Here, the closing value of the market is compared to its opening value after the expiry period. If your prediction is correct, you stand a chance to make up to 92%.
Olymp Trade Review 2023: Types of trading accounts
Olymp Trade has two types of trading accounts, regular and VIP.
- Demo account – you get free $10,000 virtual funds to use in practice.
- Regular account – has a $10 minimum deposit requirement and up to 82% payout rate. Moreover, the lowest trade size stands at $1 and not more than $2000 per trade.
- VIP Olymp Trade – requires a $2000 minimum deposit and offers a 92% payout rate. Inside, you can place a max of $5000 per trade. Additionally, you get access to consultants and personalized trading training among other VIP treatments.
Olymp Trade Review 2023: Number of available financial markets
The broker gives you access to over 80 markets.
They range from;
- Fixed Time Trades
- Crypto among others.
As you can guess, it is almost impossible to miss the market you want within Olymp Trade.
Olymp Trade Review 2023: Depositing process
In order to start trading, you need to deposit funds in your account.
Fortunately, Olymp Trade accept several deposit methods which include;
- E-wallets such as Skrill
- Bank cards including credit cards
- Mobile money
The depositing process is smooth and straightforward.
The broker is constantly adding new payment methods.
Now, once you have deposited funds, the transfer typically takes a couple of minutes to days to reflect on your trading account, depending on the deposit method you used.
Olymp Trade Review 2023: Withdrawal process
After you have made money trading online, how fast can you get your money?
Well, this can take a few hours and up to 5 business days depending on your type of trading account and method of withdrawal.
If you have an Olymp Trade VIP account, you will enjoy priority withdrawals.
Here, your request will be in the account within 24 hours.
Olymp Trade Review 2023: Accessibility
Trading online is one of the best ways to make money online.
Because no matter where you are, you can be trading.
You can access Olymp Trade either through your laptop or phone.
- For your laptop, download the desktop app here.
- If you are using Android, download the app here.
- For iPhone users, check the iOS app here.
Whether you are using Olymp Trade desktop or mobile app, they all come with a wide range of technical analysis tools and several types of market charts.
Olymp Trade Review 2023: Trade period
The time period is simply how long the trade or opened position lasts before you make your money.
Luckily, Olymp Trade has the fastest trade time of 1 minute.
That means it takes only 60 seconds to make money on Olymp Trade.
While this may sound awesome (since you can make money fast), it is a recipe for disaster.
Because you can lose money in those 60 seconds.
As such, consider using other time frames and only place 1 min trades once you have perfected your craft.
Olymp Trade Review 2023: Customer service response
At some point in your trading career, you will run into issues.
And when that happens, you need quick and reliable customer support.
Lucky for you, Olymp Trade has agents that are quick to respond, and more than willing to help solve your problem.
Additionally, Olymp Trade has in-built chat tools that include social forums.
And as a beginner, you can use a lot of advice and help from the established traders.
You can learn from their mistakes and even copy their trading strategies.
Summary of OlympTrade Details
✅ Broker OlympTrade
✅ Website URL – www.olymptrade.com
✅ Founded – 2014
✅ Trading Platform – Custom made platform
✅ Minimum 1st Deposit – $ 10
✅ Minimum Trade Amount – $ 1
✅ Maximum Trade Amount – $5000
✅ Bonus- FREE DEMO ACCOUNT
✅ Payout 82 % for Standard, 90 % for VIP accounts*
✅ Free Demo accounts – Yes
✅ Regulated – Yes
✅ Regulation Body – Regulated by FinaCom
✅ Account Types – Standard (10-2000 USD Deposited), VIP (2000+ USD Deposited)
✅ Account Currency – USD, EUR, BRL
✅ US Traders Allowed – No
✅ Mobile Trading – Yes
✅ Tablet Trading – Yes
✅ Overall Score – 4.9 / 5
Countries that accepted on Olymp Trade include;
Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, Nigeria, and most other countries.
At the same time, traders can not use Olymp Trade from Canada, Australia, United States, Japan, Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Israel, Latvia, Lithuania, Netherlands, Norway, New Zealand, Portugal, Poland, Romania, Slovakia, El Salvador, Spain, Switzerland, Sweden, United Kingdom, Russian Federation.