Review about Olymptrade, is a scam or legit broker?

Olymptrade logo vs iq option is reliable
Olymptrade logo

The popularity of trading with a binary options system continues to experience growth until now. Binary Options are a way to enjoy financial assets, such as foreign exchange, stocks, gold, and crypto, without the need to buy or own these assets.

To make a profit, a binary options trader only needs to estimate whether the price of an asset will go up or down within a certain period (trading systems in binary options are like gambling that uses trading instruments, that's my opinion). The simplicity and ease of the trading system it offers are one of the main attractions. One thing that is very interesting when viewed from the perspective of novice traders.

In binary options, you can start by selecting the assets to traded and determining the number of funds to trade. After that, determine the direction of trading and time to maturity. If we expect the price of an asset to rise, then press the "Up" button. Meanwhile, if the asset price predicted to fall, then select the "Down" button.

Later, if the prediction has proven correct at the end of the maturity date, then you will get a profit in the amount of almost the same as the funds being traded. But, if until the end of the maturity turns out to be wrong, then you will lose as much as we trade the whole fund.

From some binary options brokers, Olymptrade is a name that often compared to IQ Option. Many compare and assume that Olymptrade and IQ Option are the best among other binary options brokers. Many also compare between "Olymptrade vs IQ Option". But can we can really trust Olymptrade? Here is a review of the Olymptrade broker.

As a binary options broker, I classify Olymp Trade as a successful newcomer. Popularity is exploding. 2014 was the first year Olymptrade joined the world of binary options trading. But since its inception, Olymptrade is reaping rapid user growth.

Olymptrade managed by the company Smartex International Ltd., which is a company based in Suite 305, Griffith Corporate Center P.O. box 1510, Beachmont, Kingstown, St. Vincent.

At present, Olymptrade offers a variety of currency pairs, commodities, stock indices, and crypto. For example: USD / JPY, GBP / USD, USD / CHF, USD / CAD, AUD / USD, EUR / USD, Bitcoin, Silver, and Gold. This list of assets continues to grow.

Choice of assets that can transact, price charts, analysis tools, and Up / Down options, everything is already in the trading platform.

There are desktop platform and an application for smartphones, so you are free to choose what device to use for trading Binary Options on Olymptrade.

Besides, Olymptrade has many educational menus for anyone who wants to join but does not yet understand the ways to analyze Binary Options.

Account types available at Olymptrade

  • Demo/Training account: This account intends demo accounts to trade practices. They will give you a virtual fund of 10,000 USD for free so you no need a deposit to use that. But because it's virtual so you can't withdraw it.
  • Regular Account: Real trading with a fund deposit of 1 USD to 2000 USD will allocate to a standard account. In this account, a trader can get a transaction profit of up to 80% (Minimum balance: 1-2000 USD).
  • VIP Account: Traders who deposit capital above 2000 USD will get VIP status. Many benefits can be obtained from an OlympTrade VIP account, including transaction profits up to 92%, personal consultants, and exclusive trading signals (Minimum Balance: > 2000 USD).

Registration at Olymptrade

Creating a new account at Olymptrade is actually very simple. You can register through the official website page at olymptrade.com.

After that, you only need to enter the desired email and password. Besides registering via email, you can also create a new account using a Google or Facebook account.

If the registration process is complete, you will get a virtual fund of $ 10,000. These funds can practice trading on a demo account.

But if you want to trade with real money, you can activate a real account with a minimum deposit of $ 10. Olymptrade also has a VIP account that can be obtained by depositing a minimum of $ 2,000.

In this VIP, you will get various additional services such as personal investment managers and payout rates of up to 90% - 92%.

Deposit and Withdraw

For account funding methods, Olymptrade has supported several popular payment methods. Besides bank transfers, you can also deposit or withdraw funds using an e-wallet.

Some e-wallets that been supported by Olymp Trade include Neteller, Fasapay, WebMoney, and Skrill. Also available is a local deposit via internet banking, which will make it easier for traders. Olymp Trade itself also claims that there is no limit to the number of transactions or additional fees.

Just like in other binary options brokers, the deposit and withdrawal process at Olymp Trade is also fast. However, it should be noted, the speed of the payment verification process also depends on the payment method chosen by the user. There is also a difference in speed between the deposit and withdrawal process.

For deposits, the time needed for funds to enter a user's account is usually only 1 × 24 hours. Even in many cases, the deposit process usually only takes a few minutes.

But on withdrawing funds, the process can take longer. However, the time needed until the funds received, generally not more than 3 days. Not even a few users who have received withdrawal funds on the same day when requesting a withdrawal.

The payout percentage at Olymp Trade is still high, at 92% (for VIPs). Based on information on the official website, the payout that is successfully distributed to users every month stands at $ 13.6 million.

Is Olymptrade a scam or legit?

Regarding permits and regulations, Olymptrade does not differ much from binary options brokers in general. Olymptrade licensing and regulation status can be considered illegal if viewed from the perspective of forex regulation (not regulated by regulators such as FCA, ASIC, NFA / CFTC, etc.; even class 2 regulators do not regulate it).

However, this broker has got operating permits from other outside institutions whose credibility has been recognized. Olymptrade is regulated by the International Financial Commission. IFC itself is an institution that operates internationally. Through these regulations, Olymptrade members also receive protection funds worth € 20,000.

Besides having received regulations, Olymptrade has also been noted to have won several prestigious awards. Some of the awards include the Most Fast-Growing Broker of ShowFx World 2016, the Best Financial Broker of the 2017 CPA Life Awards, the Innovative Broker of the 2017 IAFT Awards to the 2018 Best Trading Platform from the Forex Awards.


Advantages of Olymptrade

OlympTrade trading facilities are very complete and affordable, although not perfect. The platform is specifically designed to be easy to use for both novice and experienced traders. Here are some of the advantages of Olymptrade:
  • Low minimum deposit: we can fill a trading account with a minimum initial deposit amount starting from 10 USD or 10 EUR. Each trading position only requires a minimum investment of 1 USD or 1 EUR.
  • Trading simulation with a free demo account: You can use a demo account and a real account at the same time. A demo account is intended as a training tool or trading simulation for novice traders with free virtual funds of 10,000 USD. This account can be used freely to experiment with trading strategies and improve investment skills without risking your real money.
  • Bonuses for new traders: Traders who have just joined OlympTrade will get a welcome bonus of around 50% of the initial deposit amount. For example, if you deposit an initial capital of 100 USD, a bonus of 50 USD will add to your account. This bonus cannot be withdrawn in cash but can be used for trading and make a profit that can be withdrawn.
  • Unique trading platform: OlympTrade offers a trading platform easy to use and supported by all iOS and Android devices. A variety of popular analysis tools have been included in this platform, such as the forex calendar, Moving Average, Bollinger Bands, and so on. The broker also continues to add extra functions to the online trading platform according to traders' needs.
  • Complete trading learning material: OlympTrade provides opportunities for its members to take advantage of free trading learning materials. Members can use this feature to analyze market statistics and conduct extensive performance analysis of trading signals.
  • Free withdrawal of funds: There are no withdrawal fees that must be paid by the trader when he wants to withdraw funds. You are also free to choose the method of depositing and withdrawing funds from OlympTrade, whether via credit card, Visa / Mastercard, e-payment, Fasapay, Skrill, Neteller, QIWI, Yandex, WebMoney, or bank transfer.

Disadvantages of Olymptrade

Besides these advantages, there are also some disadvantages to OlympTrade. For example:
  • You cannot trade using a robot on OlympTrade.
  • Forex trading on Olymptrade doesn't support popular platforms such as Metatrader and cTrader, and also often experiences delays when entering orders.
  • OlympTrade's regulatory background is relatively weak. This Binary Options broker does not have official permission from the forex trading regulatory authority.
However, many people like OlympTrade because of the variety of ease of trading via PC / laptop or smartphone and the low initial capital requirements.

Conclusion:

The legality of Olymptrade not yet fully guaranteed. However, guarantees from IFC are actually enough to provide security to traders who are interested in trading at this broker.

The trading platform is also easy to use. The availability of a mobile application allows Olymptrade members to trade anywhere.

For forex traders who want to trade here, I suggest leaving this broker because we can consider forex trading conditions in this broker bad (in terms of regulators, spreads, leverage, requote orders, etc.).

But for binary options traders, this broker can be an option. If I compare, this broker is a binary options broker that has recommendations other than IQ Option. But I do not recommend trading binary options because of the large risks ... :)

0 Response to "Review about Olymptrade, is a scam or legit broker?"

Post a Comment

Iklan Atas Artikel

Iklan Tengah Artikel 1

Iklan Tengah Artikel 2

Iklan Bawah Artikel