OlympTrade Broker Review

OlympTrade_logoIn the following lines, you will get knowledge about an exclusive binary broker along with its attractive promotions for traders around the globe. The binary service we speak about wants to offer decent trading conditions for everyone. OlympTrade is a recent broker, yet it could demonstrate that it should be considered.

It has a license offered by the Russian institution FMRRC, with the number TSRF RU 0395 AA Vv0088. This implies that it is a reputable service and is a better choice than unregulated brokers that increase in number today. This review will surely clarify the products and features offered by OlympTrade.

Basic information:

Online since: 2014
Jurisdiction: Russia
Software: in-house software
Max Returns: up to 90%
Bonus: 100%
Minimum Deposit: $10
Minimum Investment: $5
Maximum Investment: none
Currencies: EUR, USD, RUR, GBP
Mobile: Yes
Countries: All countries

Pros:

  • Low minimum investment
  • Customer support available in Russian and Polish
  • Provides helpful educational materials

Cons:

  • Relatively new broker that still has to prove its position on the market

Binary Minery Rating:

45-stars

 Start trading

OlympTrade Account features

OlympTrade is unique in different aspects. For instance, the broker offers only one type of account and does not want to separate the clients into poor and rich, beginners and professionals, and so on. The lack of many different accounts to pick from may appear unusual, but this is about equal opportunities to all the clients who can achieve success in binary trading. The trader is expected to have positive results if he has a good strategy and a great discipline. Even beginners with low budget can be easy to trade with OlympTrade. This is because the minimum deposit is only $10, which is way below the average minimum deposit out there. You should keep in mind that the minimum deposit is generally $250 with most of the brokers.

Moreover, with OlympTrade, the minimum investment per trade is just $1. In regard to the account currency, the clients may pick from EUR, USD, RUR, GBP, and more. Once you have selected the preferred currency during the signing up, you won’t be possible to change it.

OlympTrade offers numerous essential functions to all the clients who are ready to make a deposit. The broker’s accounts are built with free analytic materials, private manager, quick entry to the markets, and up to 80% potential reward.

As outlined by terms and conditions section on their website, all the clients may be provided generous bonuses or other special offers. The sad part is that the bonus conditions are not explained with precision, and the required turnover is not displayed as an exact figure. The only info that might be helpful is that the clients may discover additional details directly from their account managers, which may be a solution. Even if the managers would provide the precise number of required trading volume, this approach cannot be regarded as a professional one, since the clients may feel the broker comes with different numbers depending on the situation.

One of the great advantages of OlympTrade is that it offers a demo account, but again, there is an additional requirement: the demo account is only available to registered clients. Anyway, if you are ready to use one, you might get 10,000 virtual cash, which is sufficient to make a general impression about the platform, train some trading systems, and so on. We always suggest starting with a demo account whenever you experiment with a new broker. And it is not only about beginners – even professional binary traders have to get acquainted with a new broker. Together with the low deposit requirement, the demo account is a great function that makes this broker a great chance for novice traders since they can learn trading using a live account.

OlympTrade Trading Software

OlympTrade makes use of its own developed platform, and the clients may select from various Forex pairs and commodities. There is only one trading instrument, which is the classic CALL/PUT options, and the broker seems to be focused on short-term trading as the expiry time selections start with 60 seconds and end with three hours. It is a known fact that short-term trading is a more risky choice, but it involves more potential returns. If you are ready to risk more, then this platform might be ideal for your plans. Also, it is worth mentioning that the platform is web-oriented, which means you can trade directly from the browser without downloading any application.

OlympTrade platform is quite easy to trade on. The graph is situated in the right part, while the trading buttons, which means the CALL and PUT options, are positioned on the left side. The elements are quite visible because of their brightness, so it is difficult to get confused even if you are a beginner.

However, the key feature of OlympTrade platform is that it has the early closure option, which can be effective in 75% of trades. With this possibility, you can benefit in the following situations:

  • When the trade seems to be profitable, but due to unforeseen circumstances, there is a high probability that at the expiry time the price will change its direction;
  • When the deal shows a negative result, and the prospects for further change is not observed (when using the early closure, the trader can limit the loss to 20-30% of the investment, instead of 100%).

Yet, keep in mind that the early closure features are not available with the demo account!

This broker has a mobile version for both Android and iOS systems, which is an excellent feature for those who want flexibility.

Screenshot

OlympTrade_screenshot

OlympTrade Support information

As you might know, the support service of the binary brokers is very important and can make the difference in many situations. This is why we always pay particular attention to the customer service options in every review.

Generally, the brokers deliver more communication methods for their clients. OlympTrade customer service can easily be contacted by phone, email, and live chat. In order to make sure how the customer service works, the team was contacted via live chat. The broker’s agent was polite and provided relevant information.

The broker’s system is accessible in more languages, such as English, Russian, Portuguese, Polish and Thai. It would be great to find more languages, but this is enough for the beginning.

The broker doesn’t simply provide a good platform to start on but also comes with great educational materials to support the beginners. Yet, the education page with articles and video clips can be accessed only by registered clients. The special page with the educational materials is called OlympTrade Academy.

The rest of the traders who would like to know more about the broker can check their FAQ section, which is available to everyone. There will be answered basic questions about the broker’s features and binary trading.

OlympTrade Banking and Company Information

OlympTrade broker is owned by Smartex International Ltd., Seychelles, with the registration No: 144540, while all the banking transactions are operated by Frandom Holding Ltd., Cyprus. The broker has a license from the Russian regulator FMRRC, which was mentioned above.

With regard to deposit and withdrawal of funds, the clients may select one of the following payment methods: bank wire transfer, Visa, MasterCard, QIWI, Yandex, or WebMoney. It is worth mentioning that the payment methods selected for depositing should also be considered for withdrawal. The cash out time is generally within 5 business days.

The strange thing about the broker is that you cannot find a detailed explanation about the withdrawal procedure. Based on the info indicated on their site, some clients may need special verification during the withdrawal request. It is about particular documents that should be sent to the broker for authentication, which is a common practice.

Additional information

Customer Service: by phone, email, and live chat
Languages: English, Russian, Portuguese, Polish and Thai
Trading Options: High / Low, One Touch, Option Builder, Meta Charts, Ladder Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: from 60 seconds to 3 hours
Deposits and Withdrawals: bank wire transfer, Visa, MasterCard, QIWI, Yandex, and WebMoney
Withdrawal Time: up to 5 days
Demo account: Yes

Start trading

References/Further Reading:

  1. Does Secondary Loan Market Trading Destroy Lenders’ Incentives?   (Robert M. Bushman, Regina Wittenberg Moerman )
  2. Trading in Corporate Control (Richard W. Jennings)
  3. Investment Analysts and the Law of Insider Trading (Donald C. Langevoort)(Donald C. Langevoort)
  4. Do more reputable financial institutions reduce earnings management by IPO issuers? (Gemma Lee, Ronald W. Masulis)
  5. Defense of the Regulation of Insider Trading (Saul Leymore)
  6. Insider Trading in a Rational Expectations Economy (Lawrence M. Ausubel)
  7. Precious Metals Trading–The Last Frontier of Unregulated Investment (David J.Gilberg)
  8. Insider Trading, Liquidity, and the Role of the Monopolist Specialist (Lawrence R. Glosten)
  9. The Exclusive Jurisdiction of the Commodity Futures Trading Commission (Thomas A.Russo)
  10. Insider Trading, Investment, and Liquidity: A Welfare Analysis (Sudipto Bhattacharya, Giovanna Nicodano)
  11. Shareholder Trading Practices and Corporate Investment Horizons (Kenneth A. Froot, Andre F. Perold, Jeremy C. Stein)
  12. Methods and apparatus relating to the formulation and trading of investment contracts (Ian Kenneth Shepherd)
  13. Insider Trading and Investment Analysts: An Economic Analysis of Dirks v. Securities and Exchange Commission (Daniel R. Fischel)
  14. Trade Promotions and Suppliers’ Market Power (Mottner Sandra; Smith, Steven H; Olney, T J)
  15. Promotion Patterns in a Japanese Trading Company (Vladimir Pucik)
  16. Method for commercializing goods and services over a global digital network (John David Vaimberg-Araujo)
  17. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market (Regina Wittenberg-Moerman)
  18. When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket (Katrina Ellis, Roni Michaely, Maureen O’Hara)
  19. Liquidity Provision and Noise Trading: Evidence from the “Investment Dartboard” Column (Jason Greene, Scott Smart)
  20. The Psychology of Financial Decision-Making: Applications to Trading, Dealing, and Investment Analysis (Denis J. Hilton)
Binary Minery Review: OlympTrade: 4.5 stars.