OlympTrade Review

OlympTrade Review: When starting the journey of binary trading, the most important task is to select the right broker. In the world of internet, there are many sharks who are always ready to wipe your hard earned money. The wise men have always told us that the first right step decides the success or failure of the journey. As a reader of our blogs, you don’t have to worry about it, as we analyze various binary brokers, binary option signal providers and binary robots to aid you in taking your first step.

In our endeavor, today, we are going to review the OlympTrade, a relatively new broker. The following text, details various aspects of the broker including the organization behind it, the platform and various financial factors. As always, it is advisable to read the terms and conditions before opening the real money account.

OlympTrade Review

The OlympTrade uses its proprietary trading platform to provide services. The customer-centric platform provides ease of access, convenient navigation, technical indicators in the trading window, and conveniently placed tabs along with various other options.

The smart design of the website provides soothing experience and convenience. The homepage displays the mountain on the background with information regarding various features of the site. The website offers various assets for the trading including currency pairs, stocks, commodities, and indices.  It also offers bitcoins for the trading. Though the broker offers limited assets for the trading, it provides comprehensive learning tools and resources for their customers to learn and educate about binary trading. The education material includes interactive tutorials, webinars, and free e-book along with videos to provide breaking news. The platform also has a FAQ section to answer some of the most common questions one might have along with the technical support representative for the clients.

Olymptrade main page

The broker provides a demo or free account with a virtual currency of € 10,000 to practice on the platform. Though the customer needs to sign up for the demo account, the information required is an e-mail address, name, and a password. The demo account is an exact replica of the real money account making it suitable for the prospective customers. The demo account also features the technical indicators like moving averages, stochastics, MACD, Bollinger, amongst others. The platform provides asset expiries of 15-sec, 1-min, 5-min, 15-min, 10-min, 1-hour and 1-day on a range of assets with payouts as high as 90 percent. The broker does not provide long-term asset expiry of more than 1-day and this can be a dampener for the long-term asset traders. The website is available 6 languages including the English, Spanish, Russian, Portuguese, amongst other languages.

The broker provides deposit bonus up to 50 percent with a payout ratio of up to 90 %. The broker accepts minimum deposit amount of $10 and allows traders to bet $1 as a minimum investment amount, making it a truly retail broker. The OlympTrade accepts only the major currencies for the deposit.

The OlympTrade also provides a mobile application for the trading. It has developed an android and IOS app to cater to the smartphone users who prefer to trade while on the move.  The applications are available from Google Play Store and Apple App Store.

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Deposits and Withdrawals

The brokerage house accepts popular deposit methods for deposition and withdrawals of the funds. It accepts the payment through credit cards & debit cards of MasterCard or Visa, Neteller, Skrill, WebMoney, Qiwi wallet, Yandex, FastPay, BitCoin, and wire transfers.  The broker accepts a minimum deposit of $10 which makes them the truly retail service provider.

The OlympTrade claims to provide one-day withdrawal for the VIP clients but may take up to 5 days for all the other clients. The site also claims that the 90 percent of its normal withdrawal are processed within 2-3 working days. The customer can withdraw funds to the card or e-wallet which was used for the depositing funds. The broker allows minimum withdrawal amount of $10 while it allows unlimited maximum withdrawal amount. The heartening fact about the withdrawal process is that it does not charge any fees for the withdrawals.

The traders may be required to go through a verification process for security reasons, which involves ID and Address verification.

Signup and Bonuses

The brokering company enrolls the customer with the minimum required information like e-mail, name, date of birth, address, and others. The organization has only two kinds of trading account; the standard account and the VIP account.

The OlympTrade offers deposit bonuses for its customers depending on their amount of deposit. Following table provides the percentage of deposit bonuses for various amounts.

Olymptrade

The bonus range is up to 50 percent which is very discouraging as most of the binary broker provides bonuses up to 100 percent to their clients on their initial deposits. The encouraging aspect of the site is that it offers a variety of contests for their clients including extravagant escapades from time-to-time.

The broker also offers to refer a friend bonus of 1% of trading volume to the referrer through refer-a-friend program.

The brokerage house only offers two types of trading account for the clients with distinct advantages: The standard account and the VIP account. Following table provides detail information about requirements and benefits of each account.

Olymptrade accounts

PS: The trader must generate the transaction volume of 25x of bonus amount in order to withdraw the benefits of bonus.

The trading volume requirements for the bonuses are in line and on the lower side compared to its competitors as most competitors required a trading volume in the range of 25x to 50x.

Payouts and Trading

The payouts on the assets depend on the type of accounts. The brokerage house offers 80 percent payouts to the common or standard account holders while it offers 90 percent payouts to the VIP account holders. The payout from the broking company is in lower strata of the payouts offered by the rival binary brokers.

The OlympTrade offers limited assets for the trading including select stocks, indices, currency pairs, and commodities. Also, it offers limited types of options to the traders and it only includes high/low and one-click options. This is very disheartening as many of its rivals offer more than 200 – 250 assets. Also, the competition offers options like ladder, one-touch, long-term, short-term amongst others. The OlympTrade offers asset expiry of maximum 24 hours while most of its opponents offer up to 7-day expiry and in some cases, it gets extended to 1 month.

As indicated earlier, the OlympTrade provides android and IOS mobile application for on-the-go customers.

The trading options and payouts are the major disappointing factors in the case of OlympTrade, as it falls short of its rivals and available choices for the traders.

Support

The broking house extends its customer support services through various channels. The channels include telephone, e-mail, live chat, and social media. The company offers its customer service in various languages and the following table provides the detail information regarding the same.

The customer support seems a robust and adequately equipped to resolve the customer queries. The multi-lingual support system provides a bonus point to the OlympTrade and goes with its customer centric approach. Though the customer support system of the OlympTrade looks very robust and solid, it would be difficult for us to comment on the responsiveness as we haven’t tested their support services.

The online research about the website for the client review suggests that there is limited feedback about the broking house, understandably because it’s a relatively new broker in the market.

Olymptrade features

The Organization

The OlympTrade is owned and operated by two separate entities; the Smartex International Ltd, and the Frandom Holding Ltd. The Smartex International Ltd., is headquartered at Seychelles with registration number: 144 540, whereas the Frandom Holding Ltd, is situated at Nicosia, Cyprus, with registration number: HE331286. The Smartex Internal Ltd takes care of the operational aspect of the site while the Frandom Holdings Ltd deals the financial payments of the broker. The T&C on the website indicates that the agreement takes place between the Smartex and the client.

The Verdict

The detailed review of the OlympTrade has unearthed various aspects of the brokerage house. The in-house developed platform shows their commitment and affiliation to the binary trading business. Also, its multi-lingual website and customer support services indicate that they are here for the long term and not to run away with trader’s money. The broking company also provides exhaustive learning tools and resources for the traders to learn and sharpen their trading skills of binary options. Although the broking house is registered with the independent organizations (the Financial Commission and the Financial Market Relations and Regulations Centre), the company is not regulated by any government bodies and creates a dilemma. The OlympTrade also offers very limited assets and options type to their traders which are very disheartening as in the binary arena, most of the brokers offers 200-250 assets for the trading and allows distinct options types for the traders. Also, the company offers to expiry up to only 24 hours whereas the competition gives an expiry range up to 1 month.

The broker had started its operation in 2014 and has been gaining ground since then, still, we would recommend our readers to go with some of the well-established names like Banc De Binary, IQ Option, or Option Robot. These brokers have earned their reputation over a period of time with consistent service delivery, timely update, and keeping pace with the new offerings in the market. They are also known for their smooth financial operations and timely payments on a consistent basis. The most important aspect for these brokers is that they are all regulated by the government authorities like CySEC (Cyprus Securities and Exchange Commissions) and also offers abundance assets and options types to suit the entire spectrum of binary traders.

The review indicates that it is difficult to bet on the OlympTrade because of its registration with the self-regulated body and limited offerings, we would recommend going with well-established binary brokers like IQ Option, Option Robot, and Banc De Binary to start the trading journey.

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References and Further Reading

  1. Does ETF Trading Affect the Efficiency of the Underlying Index?
  2. ETF Trading and Informational Efficiency of Underlying Securities
  3. Impact of Macroeconomic Announcements on ETF Trading Volumes
  4. Commodity and resource ETF trading patterns during the financial crisis
  5. Technical Market Anomalies: Leveraged ETF Trading with Daily and Intraday Temporal Functionalities
  6. Impact of Macroeconomic Announcements on the ETF Trading Volumes
  7. Empirical analysis of ETF intraday trading
  8. How index trading increases market vulnerability
  9. A Comparative Analysis on the Volume-Return Relationship of the ETF and Stock Market
  10. ETFs, High-Frequency Trading, and Flash Crashes
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Author: Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.