Based in Seychelles, the OlympTrade platform is a non-commercial organization that focuses its operations on providing binary options in Russia, as well as regulating brokers. In this sense, it is different from other platforms that focus on forex trade alone.
How it regulates brokers is by requiring them to register with the service and get a certificate allowing them to practice.
Who is behind the Olymp Trade platform?
The platform is a subsidiary of two companies – Smartex International Limited and Frandom Holding Limited. Smartex itself is a registered member of the Financial Commission, which acts as a complaint settlement authority dealing with unregulated binary and forex brokers.
The company is newer compared to similar companies within the binary options markets, since it dates back to 2014.
The companies that own the platform are subject to FMRRC regulations, and this makes them a viable option for many traders. However, unlike other broker platforms, Olymp Trade does not give you many options to work with in terms of trading options, something we will get into later in the article.
What trading does Olymp Trade offer?
You can only trade in a limited number of commodities and currencies. However, there is a possibility that the broker will add stocks and indices in future.
The commodities you can trade on the site include:
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Commodities – brent, silver, gold
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Currencies – USD/EUR, EUR/JPY, EUR/CHF, GBP/USD, USD/JPY, EUR/RUB, USD/CHF, USD/RUB, USD/CAD, AUD/USD, RNDM Schedule (a randomly generated quote that the system generates during closing time).
Among the advantages of the site is that it educates traders regarding binary options, even in trading the binary options on the platform. One of the ways is by providing webinars and tutorials that enhance the knowledge of traders, as well as daily news that traders can use to know what is happening in various markets.
In addition, there are mobile applications that are on leading mobile platforms, which can assist traders to keep track through their mobile phones.
An item to note: Variable vs. fixed spreads
There are two kinds of spreads in the forex market scene – floating/variable spreads, and fixed. For the case of fixed spreads, these give the trader more assurance when trading because their rates do not change as much and they tend to have wider pips than variable spreads.
Fixed spreads give about two or three pips, while variable spreads can vary from zero pips to whatever the broker and market conditions dictate.
In recent times, the popularity of variable spreads is increasing, due to the high rates of returns they offer when favorable major events occur. However, the forex trade platforms now put caps on variable spreads to minimize losses for traders.
Trading platforms on the site
There are a small number of trading platforms, with only one option that you can use the Put/Call binary option.
Put/Call binary options – also known as depreciation or appreciation on the glossary. It involves predicting the direction of the underlying assets, and the payouts can reach up to 80%. The option also allows you to cancel your trades early, though the money you get after canceling the transaction is dependent on the period.
Trading software
According to the OlympTrade platform, there is the implementation of a Proprietary platform, which gives the opportunity of underlying assets you can use in trade. You can also trade with the standard low and high options.
The platform itself is easy to trade with, since the interface has a menu on its upper part, and a vertical positioning of prices. You can choose the visibility of the platform that you want, either to look as a line or bar graph.
The interface also allows you to choose the time you prefer, so you can change the appearance of the platform according to your preferences. In addition to this, you can choose the technical option that imposes the line dictator.
Account types present on the site
The platform aims to work with entry-level traders that want to work in the binary options market, so you will not find options that brokers with experience are used to seeing.
This means that even the accounts present on the site are fewer than usual, with only two choices available. These are the standard and demo accounts, and they are easy to register for as long as you do not live in the US or have an American ISP address.
Standard account – you only require $10 to open an account. Once you register, you get access to a $10,000 demo account.
Demo account – this is good for people that want to begin getting used to the platform, or are getting started with binary options trading. You only need to register then use the account immediately.
Deposit and withdrawal options
You need to contribute a minimal deposit of 10 USD or EUR for you to begin trading. Deposits can be through several methods, which include credit and debit cards, Bank wire, Contact 24, Neteller, Yandex, as well as other options.
There is a problem with the clarification of withdrawal options, however; and this makes it a deal breaker for many traders.
The process of withdrawal involves the following process:
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Submitting a request for withdrawal in the dashboard of the website
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Select the ‘withdrawal’ option, and select one of the methods you prefer
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Indicate the amount you want to withdraw and submit the request.
The time it takes for your request to go through is theoretically 24 hours, but the reality is longer than that. This gets even trickier because it only applies to working days. If you use your credit card, you can get the money within two days, and this is usually the fastest option.
You can use the following methods for withdrawal: Skrill, Yandex, QIWI, Neteller, FasaPay, Webmoney, or your credit card. The other problem is the platform does not specify the regions of the world that you can use bank transfer.
Commission and bonuses
Even with the limited options on the platform, they do offer good returns on your trading investments. You can earn up to 80% in returns after trades on the platform.
However, on the platform offers, as they do not offer much that can encourage people to trade with them.
Customer support
There is not much difference when it comes to the customer service of Olymp Trade in relation to other broker platforms. Our research concludes that you reach them through various channels, and their service is satisfactory as well.
The site has several languages that it uses, and these are Russian, English, Turkish, Hindi, Portuguese, Indonesian, and Spanish.
You can reach the company customer service through email and telephone.
Email is [email protected]
Phone number: +357 25030996
Pros
You have the option of creating a demo account
Good customer support
The trading education is comprehensive
Proprietary platform
Has a very low minimum deposit
The trading incentives are risk-free
Cons
You cannot choose among many account options
There are few trade types to choose from
It lacks extensive regulation
The assets you can trade in are limited
Conclusion
You can open an account with Olymp Trade, then you can change between the real and demo accounts. The minimum trading size of the demo account is $1 and maximum is $10,000. The good thing about it is the virtual tools, information access and advancing information that the chart and site provides, making this platform a lighter version of MT4.