Olymp Trade review 2023 – Is it a scam or not? – Test of the broker

Percival Knight Last updated: November 23, 2023

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Is Olymp Trade a reliable fixed time trades and forex broker or not? – In this review, I will show you my test results of the company. Olymp Trade offers the possibility to bet on rising and falling markets to get a high profit/payout. Is it really worth investing your money or not? – Now read more about it in this review.

Quick facts about Olymp Trade:

What is Olymp Trade? – The company presented:

Olymp Trade is an international broker for fixed-time trades and forex. The company is based in Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines and managed by Saledo Global LLC. Since 2014. The Broker is regulated by the International Financial Commission. Traders are protected by a 20,000€ compensation fund. This is a really big advantage of this broker.

The broker offers you a free demo account to practice the financial instruments on the unique trading platform. Also, there is phone, chat, and email support. If you deposit 2000$ or more you can get a direct account manager and better support with special education and bonuses. In conclusion, it is a very experienced broker with knowledge. They pay out more than 9 million $ every month.

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Facts about Olymp Trade:

• Broker since 2014
• Regulated by the IFC (20,000€ compensation fund)
• Free demo account
• Good and professional support
• Trade fixed-time trades and Forex on one platform
• Free education for the best success

For first impressions, Olymp Trade offers a clearly structured and well-built website. Compared to other brokers they want to give the trader more than only fixed-time trades. As a customer, you got access to intensive education information about how to trade successfully. In addition, the broker provides his traders actually an analysis of the current market status. This is the best basis for becoming a professional trader.

Pros and cons of Olymp Trade

Based on my comparison with other binary brokers, I will show you the pros and cons of Olymp Trade. But as with any platform or broker; you are going to find some disadvantages. From my research, the pros overweigh the cons, making Olymp Trade a solid choice for traders.

Regulation and safety of the broker: Is Olymp Trade regulated?

Is Olymp Trade regulated? – As mentioned before, the company is officially regulated by the IFC. This is a big advantage compared to other fixed-time trade brokers. It is the most important point to check before you invest money with an online broker. The IFC acts internationally and is based in England and Hong Kong. The broker is regulated by category A. This is the highest category. The regulation checks out the trading technology and the reliability of customers.

By doing a violation this license, they would lose it. Traders can contact the IFC to report their problems with any broker. The IFC is neutral support who will clear this case of complaints.

View the regulation and license here

Moreover, the website belongs to Saledo Global LLC where the agent is Walfort Limited. This is a company with registration No. HE364695 is based in KPMG Center, 1-st floor, 1 Agias Fylaxeos Street, 3025 Limassol, Cyprus. All in all, financial regulations and company registrations show me that Olymp Trade is a legal and legit online broker.

Two-factor-authentication for more security

Users can use 2FA (Two-Factor-Authentication) to prevent any suspicious access to their accounts as part of their endeavor to ensure that Olymp Trade is safer for their customers.

When you enable the 2FA functionality on their platform, you will be prompted to provide your normal login credentials before getting a message through email or text message with a code to input before access to your account is given.

Facts about the regulation:

The conditions to trade with Olymp Trade

Olymp Trade offers you a free demo account. For trading with real money, you have to deposit a minimum of 10$. Sometimes there is a deposit bonus that doubles your money or you can get risk-free trades. The start amount for a trade is 1$ and the maximum is 2000$. VIP accounts can trade with a maximum of 5000$ in one trade.

More than 200 different assets are available to trade on the platform. The trade execution is out of my experience very fast. The yield/return for normal accounts can be between 75 – 95%. In the VIP Account, you can get higher returns of 92%+. In conclusion, Olymp Trade gives a trader all the options he needs.

Facts about the conditions:

• Only a 10$ minimum deposit
• Start trading with 1$
• Free demo account with virtual money
• Maximum trade is 2000$, VIP 5000$
• Over 200 assets with high profit (92%+)
• Trading 24/7
• Forex, Cryptocurrencies, Stocks, ETFs, and more

Trading with fixed-time trades follows a very simple principle. Just make a forecast for the price direction of the markets in a certain expiry time and bet on rising or falling markets. You have to predict it correctly to get a high return on investment. On the platform, you can trade short-term or long-term trades (read more below). Fixed-time trades are available for a diversity of underlying assets. The broker offers popular stocks for example the S&P 500 and other indices. Trade forex, commodities, and cryptocurrencies 24/7 via computer or smartphone.

Overview of the Olymp Trade platform

In this review of Olymp Trade, it is important to look at the trading platform. At first glance, the platform looks very clear and user-friendly. After some practice, you will feel very comfortable. With Olymp Trade you can use the version for your computer or for your smartphone/tablet as an app.

There are a lot of functions in the interface. Do one-click trades and sell options early before the expiry time. It is possible to develop different strategies with free indicators and technical analysis in a separate window. You can easily customize the chart. It is possible to trade 24/7 on this platform (crypto-currencies and OTC for example). The biggest advantage is the use of demos and real accounts in one window. You can change between the two accounts in a few seconds.

Facts about the platform: 

• Flexible and user-friendly platform
• One-click trading
• Sell options early
• Use free indicators and strategies
• Get VIP Signals for high profit
• Change between fixed-time trades and forex trading

Charting for professional trading

As you see in the upper picture Olymp Trade offers a multi-chart. That means you can open more than one asset at the same time. The chart is available in different types and you can customize it by yourself. The charting software works very smoothly and without any lags. For example, switch between different timeframes within less than 1 second.

Charts:

• Line Chart
• Candlesticks
• Bar Chart
• Mountain Chart

Free indicators are available

Indicators are necessary for technical analysis and strategies. Olymp Trade offers a huge range of indicators. There are more than 20 different types to use. Just add them with one click. In addition, you can customize the period, color, and more by the trading platform. Use the indicator as a confirmation for your technical analysis. You can improve your profit by using RSI, Bollinger Bands, Moving Average, and more.

Drawing tools for Technical Analysis

Also, drawing tools are available on the trading platform. Horizontal lines, vertical lines, trend lines, and Fibonacci can be used by traders. In conclusion, Olymp Trader offers a wide range of different tools for analyzing assets. The platform provides a trader with what he needs to trade successfully.

How to use the mobile App?

If you like Olymp trade, you can download its mobile app so that you can make trades anytime and anywhere. The app is available for both Android and iOS users. 

Visit the Google Play app store or Apple App Store. Then find “Olymp Trade – Online Trading App.” Download it and start the registration process.

To complete the registration, you are required to enter your email id. Then create a strong password. After that, you are required to select a currency (USD or EUR) and the payment mode through which you want to make deposits. So you see, registering is simple. 

This way, you can start making actual trades from the Olymp Trade mobile app. If you are logging from a new device or location, you must open the mobile app, choose the login form, enter your username and password. Then you will receive an SMS code, which you can enter to start trading. 

Trading tutorial: How to use Olymp Trade?

Olymp Trade offers to invest in rising or falling markets. You can buy short (put) and long (call) fixed-time trades or trade forex. The financial products are very flexible and tradeable for different underlying assets. The advantage of fixed-time trades is that the risk is limited to the bet amount and you can earn a high profit in a short period of time. Also, long-time horizons for trading are available on Olymp Trade.

For Forex Trading you are not limited by time but the market has to move more prices into your favor in order to make a high profit. In the next section, I will explain to you how to trade with Olymp Trade.

Example of fixed-time trades – EUR/USD – 92%:

Make a forecast of the EUR/USD in a certain expiry time. Buy or sell the asset with fixed-time trades. If the market moves in your direction, you will get a high payout of 92%. 1000$ investment means a return of 1920$. 1000$ is the return on your bet amount and 930$ is the profit. For example, this can happen on a time horizon of 60 seconds or longer.

1. Select an asset based on the return or your analysis
2. Select a chart type and do a forecast of the movement
3. Choose a trade time
4. Choose your investment amount
5. Start trading (invest in falling or rising prices)
6. Wait till the trade ends (The price has to be above or below your entry point)
7. Earn a huge return or lose your invested money

Example Forex Trading with Olymp Trade:

Choose an asset you want and make a forecast with fixed-time trades. The difference is now that your profit depends on the market movement. In Forex Trading, you buy or sell an asset and now you have to wait if the price is falling or rising. The more the price goes in the direction of prognosis, the greater the profit. For Forex Trading, you can use a leverage of up to 1:500 and use a loss limit (stop loss) and profit limit (take profit).

1. Select any asset you want (currencies, cryptocurrencies, ETFs, stocks, commodities)
2. Make a successful chart analysis
3. Choose your investment amount (be careful because it is leveraged trading 1:500)
4. Use a market order (by asset price) or limit order (by time)
5. Select risk limits (stop loss and take profit)
6. Start trading and earn money when the price is falling or rising

Free and unlimited Olymp Trade demo account:

Another important criterion for a reliable broker is the demo account. It is an account with virtual money. So you can trade without risk. Most traders get their first experience with this account by practicing their first trades. The account is useful for getting your first impression of the broker. Beginners and advanced traders can improve their strategies without risk.

Olymp Trade offers a free and unlimited demo account. As a trader, you can switch with one click between the demo and the real money. If you feel comfortable, start trading with real money. The conditions on these 2 accounts are the same and there is no difference.

Sign up on this form below and get direct access to the trading platform: 

Open your real account and sign up

With Olymp Trade, you got only one account. The advantage is that you can switch between the demo and real money with one click. Just register with your full name, email, phone number, and secret password. You can choose between a euro or dollar account. In addition to that, you can start trading directly with real money after the deposit. In my opinion, you should verify the account first because the broker only can withdraw to verified accounts. It only takes a maximum of 10 minutes to verify your account. In addition, you can activate some features for more safety (picture below).

Account types: VIP status and basic account

I like that Olymp Trade offers some traders a VIP account. You have to deposit more than 2000$ for the VIP status. The VIP traders get better support and more education, like webinars for trading. In addition to that, there are VIP managers who will help you in any situation and the maximum trade limit is higher (5,000$).

The biggest advantage is the high return of 92% or more. The chance of making money is higher than in a regular account. In conclusion, I recommend using the VIP account for trading.

Fast withdrawal and deposit with Olymp Trade

Just deposit and withdraw with different payment methods in a few seconds. The deposit is as easy as the withdrawal. The withdrawal system works very fast and they payout in less than 3 days. Sometimes I waited for my withdrawal for only 10 hours. Use your bank card (MasterCard, debit card, credit card) or an electronic payment system (Skrill, Neteller, Epayments, Yandex). Also, you can use Bitcoin. Sometimes the payment methods depend on your country.

These payment methods are available: 

• Credit Card (Visa/Master)
• Skrill
• Neteller
• WebMoney
• Bitcoin
• Yandex
• Qiwi
• ePayments

• Read my full “deposit tutorial” with real money
• Read my full “withdrawal tutorial” with real money

Olymp Trade fees and commission

Olymp Trade does not charge any fees for deposits, withdrawals, and trading fixed-time trades. Sometimes it can happen that your payment method is charging a small fee. Forex Trading is a small trading commission charged. This fee depends on the market situation and the asset. You can see transparent the trading fee on the platform.

In conclusion, there are no hidden fees, and Olymp Trade is one of the few brokers that charge no fees on deposits and withdrawals.

Bonus and conditions

Olymp Trade offers a range of deposit bonuses. The bonus depends on the amount and on the promotions. Sometimes there are special promotions for new customers.

For example, you make a deposit of 1000$ in your account and activate the bonus of 100%. Now you get the balance of 2000$ and 1000$ is additional money gifted by the broker. Now you can trade with more risk and money to improve your profit. It sounds very easy but you have to be a successful and profitable trader.

Most brokers have restrictions for their bonus offers like a turnover of the trading volume. Not so with Olymp Trade. You can withdraw your money and profit at any time but it is not possible to withdraw the bonus. In conclusion, the bonus can be used to earn additional profit but can not withdraw.

Facts about the bonus:

• Olymp Trade offers a free bonus
• There are no restrictions on your account balance
• You can not withdraw the bonus
• The bonus can be used to make additional profit
• Read more about the Olymp Trade Bonus Conditions

Are Robots and automated trading allowed with Olymp Trade?

Attention:

Robots and automated trading tools are not allowed with Olymp Trade. If the broker finds out that you are using automated trading, your account can be banned forever without warning.

On the internet, you will find a lot of different Olymp Trade bots or robots. From my experience, these systems are fake and they try to steal your money. I recommend never to try any automated strategy or system which you will find on the internet without any proven statistics. So it is fake news that you can use a robot with Olymp Trade.

Olymp Trade does not allow robots and automated tools to protect its customers because there are a lot of scammers with automatic trading systems. In conclusion, you should never use any Olymp Trade robot or automated bot.

Webinars, Strategies, and more – Olymp Trade education

The education is provided for beginners and experienced traders with fixed-time trades and forex trading. Learn more about new strategies, economic news, and the psychology of traders. The range of education is very big. You can see the last webinars as videos in the education center. I did not watch all the videos yet because there is so much information.

The advantage is that everybody can use the education center. Just create a demo account and learn how to trade successfully. Start trading with virtual money and when you feel comfortable, you can deposit real money. Earn hard dollars with the right knowledge.

Support and service for traders

Another important point of this review is the support and service for traders. From my experience, the support is very competitive and works fast. Traders got a range of possibilities to ask questions. First of all, you can use the FAQs (frequently asked questions). Also, direct contact via chat and phone is possible. Another advantage is that the broker got well-educated account managers for VIP-Accounts. They are personally available for bigger clients. In conclusion with more than 8 different languages, the support is reliable and recommendable.

Facts about the support: 

• 24/7 Support
• Account Managers
• Fast and professional support
• More than 8 different languages
• Vip training

Which countries are available?

As mentioned before, the support speaks more than 8 different languages. Also, the website is available in more than 13 languages. But is Olymp Trade legal in your country?

The broker tries to improve its service for international clients by getting more additional service employees. Fixed time trades and Forex Trading are growing fast around the world but there are some countries where Olymp Trade does not provide its service:

These countries are prohibited: European Union, the USA

Asia and Africa is the fastest-growing region for fixed-time trade. Many traders ask: Is Olymp Trade legal in India? – Yes, it is. There are no restrictions for trading binary in Asia, India, and Africa. The Broker tries to improve its service in these countries.

The fastest-growing countries are: 

• Thailand
• India
• Nigeria
• Ghana
• South Africa
• Philippines
• Malaysia
• Indonesia

Comparison of Olymp Trade with other binary brokers

Amongst other binary brokers, Olymp Trade performs very well. We have given this binary broker a full 5 out of 5 stars. Unfortunately, the return is only up to 90%, which is lower than Pocket Option and IQ Option. However, this is more than compensated for by the high bonuses offered on every deposit. Olymp Trade is well-regulated and rightly the first choice for many when it comes to binary trading. We can definitely recommend Olymp Trade.

See more alternatives in our comparisons vs other brokers:

• IQ Option vs Olymp Trade
• Quotex vs Olymp Trade
• Exnova vs Olymp Trade
• Olymp Trade vs Binomo
• Olymp Trade vs Pocket Option

The overall conclusion of our review: Is Olymp Trade real? – Scam or a reliable broker? – The best address for new traders

Olymp Trade is interesting for beginners and advanced traders. In conclusion, it is a very reliable broker for fixed-time trades and forex trading. The company provides a very good service since 2014. I tested the platform in detail to provide you with good feedback. I have to mention the platform gives you the best execution for trades, and you can customize it as you want.

Usually, the yield/return for normal accounts is between 75 – 95%. It depends on the asset and market you are trading. Otherwise, you can get a higher return with the VIP account. At the moment, Olymp Trade is one of the best Online Brokers for private trading. I did not notice anything bad during this review.

Advantages of Olymp Trade:

• Regulated company
• Start trading with only 10$
• Free demo account
• Very good and professional trading platform
• Trade fixed-time trades and Forex on one platform
• Fast withdrawal and deposit
• Free education for successful trading

Olymp Trade is one of the best addresses for fixed-time trades. Earn a high profit in a small-time horizon with a regulated company.

Frequently asked questions about Olymp Trade: