Our Review of OLYMP TRADE
OlympTrade is a Russian mobile binary trading app that started in 2014 as a joint venture between two companies, Smartex International Ltd out of the Republic of Seychelles and the Cyprus based Frandom Holding Ltd.
Promotions, Sign Up + Deposit Bonuses
As for the promotions with OlympTrade, these include the standard 'refer a friend' bonus and an affiliate link.
Account Types + Opening [eg Demo, VIP, etc]
Unlike other trading apps that have different levels of membership, Olymptrade only has one standard account type which requires a minimum deposit of 350 RUB (approximately $10. Signing up is easy, and can be done with a FaceBook or Google Plus account.
Where OlympTrade does have a definite bright spot, however, is that it allows users to open a free demo account. Although this may be common for most apps, it's actually very uncommon in the world of mobile binary trading apps. It is usually the case that traders can only switch to a free "practice" account only after they have already had a real account.
In the demo mode users are given 10,000 RUB worth of virtual currency where they can practice making trades on the financial markets before deciding to start trading for real.
Unlike other platforms where there are many different trading options, OlympTrade is limited to Call/Put binary options where users wager on whether or not a certain asset (currencies, stocks, gold etc...) will appreciate or depreciate over a set period of time.
Also, traders are able to cancel trades before they go through and are refunded sixty percent of the amount deposited.
Commissions and Fees
Payouts on successful trades with OlympTrade value 80% of the amount earned. Another bonus is that there are no broker fees associated with making a deposit or a withdraw.
Trading Platform Review & Mobile Apps
OlympTrade works across all devices with an iOS, Android, and desktop version. It is rather limited when compared with other mobile binary trading apps in terms of extra features and the asset index. However, it's a good option for beginning binary traders who are just starting out. The minimum deposit of $10 means there is minimum risk, and the fact that there's a demo version with $10,000 RUB worth of practice money is really great for novices.
Deposits and Withdrawals
Deposits and withdraws can be made via Netteler, Visa, or Master Card.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
It's understandable to be skeptical of a broker owned by two companies from small island nations that's based in Russia, but there really is no reason to worry. OlympTrade iS certified by the internationally binding Financial Market Relations Regulation Center in Russia with tax identification number RU 0395 AA Vv0074.