Olymp Trade is a universal online trading platform where you can trade currency pairs, commodities, stock indices, companies’ shares and cryptocurrencies. The company has repeatedly won various awards for the high level of quality of service since 2014, when it was founded.
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 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 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 trading apps in terms of extra features and the asset index. However, it's a good option for beginning 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.