Olymp Trade Review 2020 – Scam or Not?

Olymp Trade Platform logo

What is Olymp Trade?

Olymp Trade is a digital options broker that was registered in the State of Saint Vincent and the Grenadines in 2014. It became a member of the International Finance Commission (FinaCom) in February 2016. FinaCom is an official neutral body that specializes in protecting traders and resolving disputes. This proves that Olymp Trade is an official trading platform with a transparent investment system, not a fraudulent organization. 

The company has constantly improved its trading platform to make it easier for traders to earn. For its efforts, the broker received a quality certificate from Verify My Trade in 2018 (this organization checks the execution of transactions between the exchange and traders). Users from all over the world – most of them from Asia, Africa and Latin America – earn on this site. 

The data about the platform for the last month:

Volume of payments per month 13 703 841$
Number of traders for the last month 247 256
Number of regular users (those who trade every day) 25000
Number of deals for the last month 35 457 939
Average deal volume for the last month 5.1$
Trading turnover 179 229 316 $

Olymp Trade Awards

Olymp Trade Awards

Thanks to its rapid development, Olymp Trade has attracted the attention of leaders of financial institutions. The platform has received the following awards:

  • The fastest growing broker (ShowFX World 2016).
  • Best trading platform (Le Fonti 2016)
  • Best Broker KROUFR Awards 2016
  • Best Financial Broker (CPA Life Awards 2017)
  • Innovative Broker (IAFT Awards 2017)
  • Best Broker (Forex Expo 2017)
  • Best trading platform (Le Fonti 2018)

All this once again proves the transparency and honesty of this trading platform.

How does Olymp Trade work?

Olymp Trade is an online platform where you trade options and various financial products. Here you can invest in different currency rates, predicting whether the currency will go up or down.

As you can see in the chart above – the currency rate is constantly fluctuating, our task is to predict whether the price will go up or down.

Olymp Trade works with all currency pairs, including crypto-currencies. As you can see, the scheme is quite simple – we invest and predict. It would seem simple, but no. To trade successfully, you need to know strategies and study the market. Gambling people have nothing to do here. You can easily lose a fortune and get into debt. To avoid that, you need to practice first. That’s what a demo account is for.

What types of accounts are there?

There are 3 account types on Olymp Trade:

  1. demo
  2. regular
  3. account for MetaTrader 4

Let’s take a closer look at each of them.

Overview of a demo account with Olymp Trade

All registered users receive a training account. You will get $1000000 with which you can learn to trade. In your demo account you can practice trading strategies. The interface is the same as in a regular account, except for transactions in Forex – they are limited to one week.

You can open a demo account on the website or in the mobile app. You can do it using the form below.

Account overview for MetaTrader 4

Two account types are available for MT4: ECN and Standart. In the first case you will get a zero spread and a fixed commission amount. In the second case, the trader is exempt from the commission and the spread starts at 1.1.

To open for MT4, you need to be a registered user of the platform. After that you need to go to metatrader.olymptrade.com, choose an account option and come up with a password.

Account for MT4 Olymp Trade

How does Olymp Trade differ from other brokers?

  • Reliability
  • Small initial deposit amount of ten dollars.
  • Small amount of minimum bet – one dollar
  • Available demo account in non-deposit format
  • Intuitive interface
  • Availability of programs on all platforms
  • Infrastructure for communication of traders
  • Multigraphs
  • Forex Trading
  • Interface flexibility

Strategies and tools for trading at Olymp Trade

In order to start trading, you need to study strategies. No one will play just for luck, right? Won’t they? Let’s look at several strategies.

Scalping

In this strategy, it is very important to react quickly. The principle is quite simple – we see a sharp change of course, put it in the opposite direction. This strategy works with an exposition of less than five minutes.

The risks here are quite high in comparison with the previous strategy. With this strategy, it is worth watching the trend movement. If the rate was stable, and then suddenly increased, then this strategy should work. Briefly, if you see a decline, then bet on the rise and vice versa.

To do this, you can use several instruments of the platform:

  1. the Expert Advisor. The software will send you notifications about certain indicators. Thanks to this, you will not miss the moment of selling or buying.
  2. Indicators such as Moving Average, Trader Selection, Relative Strength Index and Bollinger Bands.

Trend Trading at Olymp Trade

In this strategy you need to know what fundamental and technical analysis is. Any action, any asset and currency do not live their lives, they are constantly influenced by large companies. The exchange rate can change from anything. They are mainly influenced by economic and political decisions of countries.

To track such changes, the Olymp Trade platform has an economic calendar tool. It looks like this.

Economic calender in Olymp Trade

Please note: In this strategy, you need to constantly monitor prices on the platform in order to be able to respond to trend changes in time.

Trading on kickbacks

In this trading strategy we will again have to apply fundamental analysis. It happens that nothing happens in the world of finance. No statements, no one buys or absorbs anyone. The same happens with assets. Suddenly something happens and the rate changes abruptly. It can fall or rise sharply.

The peculiarity of the market is that it can’t fall all the time. After an indefinite period of time there will be a pullback (the rate will rise), then there will be another fall. Here, as in scalping, it is necessary to catch the moment.

This strategy combines two past strategies – trend trading and scalping. It is better to use this type of trade on standard 15-minute options and one asset.

Trend reversal

It happens in the market that the asset has already been bought and its rate depends only on traders.

If you notice that the rate is going in one direction and the signals show the opposite, you should wait until the rate reaches its peak and play in the opposite direction.

The main thing is to find the peak of the asset and play it back. If the signal tells you to actively sell, it is better to do so. But you should not just sell, you can make a mistake that you will regret.

To earn, you should constantly study and test different strategies. Some of them can be found on the Olymp Trade blog. Also on their website every day published a review of the upcoming week and other useful information.

How do I add money to my account at Olymp Trade?

After successful training on a demo account you need to start trading with real accounts. Before depositing to your account you need to pass the verification procedure. It looks like this.

Olymp Trade verification procedure

The verification procedure protects your account and helps to restore access to it if necessary.

Once your details have been confirmed, you can begin to deposit funds into your account. Go to “Personal cabinet” – “Deposit to the account”.

Choose how much you want to deposit to your account. The minimum deposit is 10 dollars, but for comfortable trading it is better to start with a larger amount. Please note: when you deposit, you also receive bonus funds. You can also use the promo code

Olymp Trade deposit

You can top up your account through:

  • Visa/MasterCard
  • Neteller
  • Skrill
  • Bitcoin
  • Webmoney

Each of these systems takes its own translation commission.

Olymp Trade withdraw

How do you get the money out?

To get the money out, you have to take a few simple steps:

Log in to your personal cabinet > click on “Withdrawals” button > select the withdrawal method > select the withdrawal amount and create an application.

You will not be charged any commission, as the broker takes care of it. All you have to do is wait. Within 48 hours, the funds will be credited to your account.