OlympTrade is a binary trading options broker founded in 2014 by Smartex International Ltd. OlympTrade offers traders a user-friendly trading platform and a low minimum deposit of only $10. The binary options broker is registered and regulated by Russia’s Financial Market Relations Regulation Center (FMRRC) and is a member of the International Financial Commission. The broker also has a demo account to help new traders familiarize with the workings of the binary options market. Here, we will provide you with an OlympTrade review that will look at every detail concerning the binary options trading platform.
OlympTrade is not so different from many of its competitors when it comes to account types as it operates three types of account. Traders can choose from a standard trading account, VIP account, and a demo account. Meanwhile, OlympTrade does not accept traders from Australia, Canada, EU, Israel, Japan, and the UK.
OlympTrade Standard Account
Opening an OlympTrade Standard account requires a minimum deposit of only $10, which is a super affordable sum of money. Owners of the account have access to all the tools on the OlympTrade binary options trading platform and free analytics. They also enjoy access to trade on all the assets supported by the platform and have a personal account manager to ensure a seamless trading experience. OlympTrade’s payouts can be up to 80 percent on successful trades. OlympTrade claims that it gives a $10 bonus for every deposit and the benefits can increase if the deposit is more than $30.
OlympTrade VIP Account
A minimum deposit of $2000 or 2000 GBP is required to open the OlympTrade VIP account. The OlympTrade VIP account comes with all the features of the Standard account and some additional benefits. Holders of the VIP account enjoy up to 90 percent payout on winning trades, have access to trading plans and signals and a personal consultant who assists them in the running of their account. The VIP account holders also enjoy risk-free trades and private VIP webinars.
OlympTrade Demo Account
OlympTrade broker offers an OlympTrade Demo account for new users and beginners. The demo account has $10000 worth of virtual money which the new trader can use to learn the strategies of binary options trading and how the platform works.
OlympTrade operates a proprietary trading software which is user-friendly and clutter free. The trading platform is web-based and needs no download. The platform has a user interface that arranges the trading chart on the left-hand side and the trade action buttons on the right-hand side of a trader’s computer screen. On the trading software, traders can access technical analysis and indicators to guide them in making better investment decisions. The interface also displays the trader’s trading history at the lower part of the screen for easy access when trading. The trading platform is easy to navigate, and most of its features are easily accessible through drop-down menus.
The OlympTrade trading software has a specially designed mobile app on the Android and iOS operating systems. With the mobile trading app, traders can trade while in transit, or when they are away from their computers.
OlympTrade broker offers traders on its platform 110 assets ranging from commodities, indices, forex pairs, and global stocks.
In this area, OlympTrade binary options broker falls short as it has only one trading option which is the Call/Put or High/Low trading option. This makes it hard for users who prefer other trading options to use the platform.
OlympTrade broker has a well-equipped educational resources section with e-books, videos, and tutorials for every level of binary options trading. Traders can get materials on trading strategies and secrets to increase their profit and reduce risk. We discovered that only registered traders could access the resources.
Also, the platform has an informative FAQ section where users can get answers to many questions about the binary options broker. So, traders who are not comfortable with speaking to a customer support agent, this resource will come handy.
OlympTrade uses two methods of deposit and withdrawal which are credit cards and e-payment options. The broker supports three currencies including USD, EUR, and RUR. Traders can pay and withdraw through cards such as Visa, MasterCard, and Maestro. They can also deposit and withdraw through electronic payment systems such as Skrill, Yandex, Qiwi, Neteller and so on. The channel of deposit is usually the channel for withdrawal. OlympTrade requires identity verification before processing a withdrawal. Traders who wish to withdraw need to provide some documents such as copies of driver’s license, international passport, utility bills, etc. OlympTrade traders can withdraw as much as they like, and withdrawals are processed within 24 hours, but the whole processing can last for five days. Withdrawal attracts no charges.
OlympTrade maintains an excellent customer service as users can contact support through live chat, telephone, and email. Customer support is available 24 hours every day and on weekends. Customer support is reachable in six different languages including English, Indonesian, Portuguese, Russian, Thai and Turkish. The representatives sound courteous and respond promptly to customer needs.
– It operates on its proprietary trading platform.
– It has one of the lowest minimum deposits of the industry at $10.
– Top-notch customer support.
– Runs a small number of trade types.
– The broker does not accept traders from Australia, Canada, EU, Israel, Japan, and the UK.
After our OlympTrade review, we can conclude that the binary options broker has upheld the standards of the industry. The broker is regulated by FMRRS of Russia and is a member of the International Financial Commission which makes it a reliable broker. They make it easy for everybody to participate in binary options trading with their low minimum deposit of $10 and have payout rates of up to 90 percent. They have an easy to use trading software and a well-resourced learning center. Even though they don’t support some countries, the broker has performed creditably well for a new binary options broker.
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