Olymp Trade Review
In this review, we are going to examine a fairly new binary options broker called Olymp Trade. Catering to primarily Russian binary options investors, Olymp Trade is owned and operated by Smartex International Ltd located in Seychelles. All payment processing is done through Frandom Holding Ltd in Cyprus.
I will tell you what I know about Olymp Trade, including their history. I will also review the company’s terms and conditions. You will find out if Olymp Trade offers a demo account and mobile trading. Last but not least, I will give my opinion if Olymp Trade is a scam.Visit Website
- Low deposit to start at only $10
- Regulated by FMRRC
- Does not accept United States traders
- The only assets to trade in are currencies and silver and gold
Deposit & Withdrawal Methods
- Company:Smartex International Ltd
- Minimum Deposit:$10
- Minimum Withdrawal:$10
- Minimum Trade:$1
- Demo Credits:10,000
- High/Low, Pairs, One Touch, Ladder, Forex
- 30 sec, 60 sec, 90 sec, 2 min, 5 min, 15 min, 30 min, 45 min, 1 hour, End Of Day
- iPhone, iPad, Android
About Olymp Trade
Olymp Trade is a binary options broker who has a goal of being the primary Russian binary options brokerage system. Olymp Trade has a very low minimum deposit of only $10, and investors can trade in signals provided in currency pairs or gold or silver commodities.
The minimum trade amount is only $1 so even rookie binary options investors can “get their feet wet,” and discover the world of binary options trading.
Olymp Trade is owned by the Seychelles firm of Smartex International Ltd, and they are regulated by the Russian Financial Market Relations Regulation Center (FMRRC).
Olymp Trade History
In May of 2014, Smartex International Ltd in Seychelles began operations of Olymp Trade with their target investors being from Russia. Using a proprietary trading platform, investors have the ability to trade in multiple currency pairs or gold and silver commodities. Shortly after starting operations, Olymp Trade was accepted by the FMRRC which is a privately run financial regulatory system from Russia.
Olymp Trade Terms and Conditions
I decided to examine the Olymp Trade terms and conditions. I suggest before creating an account with Olymp Trade, you do the same. Here is a portion of what I discovered in the Olymp Trade terms:
- The client must be 18 years of age or older
- United States and Japan traders are not allowed to use Olymp Trade
- Laws are mandated by the Republic of Seychelles in regards to Olymp Trade
These are just a few of the terms and conditions. Again I reiterate, it is wise to read and understand all the company’s terms and conditions before creating an account.
Olymp Trade Withdrawal and Bonus Terms
Olymp Trade states that the minimum withdrawal is $10. Olymp Trade says they will process withdrawal requests in 1 to 5 days, and the proceeds will be deposited in the same form you deposited into the Olymp Trade system. Olymp trade does not state that you have to give documents as other binary options brokers do, unless they are investigating alleged money laundering activities.
With any bonuses received, the trader must trade a volume of 25 times the bonus amount to withdraw any profits from the bonus. So if you deposit $100 and receive a $25 bonus, you would have to trade a volume of $625 before you could withdraw your profits and original $100. You would have to leave the $25 in the account, and can still keep trading with it.
Olymp Trade Demo Account
Olymp Trade does offer a demo account for investors who create an account with them. You simply click the demo account and trade with the 10,000 units they provide so you can learn the trading platform and get comfortable.
Olymp Trade on Mobile
Olymp Trade does also offer a mobile application for those who want to use their smartphones or tablets and trade on the go. Just visit the Google Playstore or Apple App Store and search for the Olymp Trade application.
Olymp Trade Scam Watch
I have mixed emotions about Olymp Trade. You may say they are regulated, but the regulation authority really does not carry much weight. FMRRC is just a private organization and does not have any system to insure investors who have been scammed. They will just drop the offending company.
Now I did read from one of Olymp Trade’s representatives that they have filed for CySEC licensing. We will watch closely to see if that happens, but Olymp Trade will have to change a few things I am sure. Not checking documents on withdrawals is one. While that process seems difficult for traders, it is there for our protection.
Personally, I don’t believe Olymp Trade is a scam, but I do believe they have a lot to learn about being a binary options broker. I will be watching this broker closely.
If you have traded with Olymp Trade, we would like to hear your results; especially withdrawals. We are also open for any and all other comments about Olymp Trade.