Expert Traders Give Their Opinion on Olymp Trade
Launched in 2014, Olymp Trade is a trading platform which was designed to service the needs of traders across the world. In their 2018 review of the platform, trading experts have awarded Olymp Trade an overall rating of 4.8 stars, with the platform scoring between 4.4-5.0 stars throughout various categories, including Banking, Mobile, Accounts, Trades, Bonuses, Support and Features.
Olymp Trade’s Strengths:
A common theme throughout the review is the suitability of Olymp Trade for beginners and inexperienced traders. This is discussed within the Trade Types and Payouts section of the review, which was awarded 4.7 stars, thanks to the platform’s $10 minimum deposit, as well as having only one type of trade: High/Low Options.
Similarly, Olymp Trade’s Demo Account is also commended for its beginner suitability, alongside the Standard Account, whereby just a $10 deposit is required in order to grant access to the $10,000 Demo Account, earning Olymp Trade a rating of 4.4 stars. Mobile Trading is another area of strength (4.8 stars), with apps available for Android and iOS devices.
A perfect 5 stars are awarded to Olymp Trade for their Deposits and Withdrawals, again thanks to the accessible $10 deposit. Likewise, Customer Support shares the 5-star status thanks to the availability of contact via email, live chat and telephone, all of which are available in numerous different languages, affirming Olymp Trade’s commitment to meeting the needs of global traders.
An impressive 4.9 stars are awarded for Olymp Trade’s Special Features; however, it is important to note that such features (for example the demo account with $10,000 of virtual money) are predominantly aimed at beginners, enabling them to practice trading with low risk.
Weaknesses of Olymp Trade
Despite its high praise for the platform, expert traders nevertheless highlight Olymp Trade’s lack of welcome bonuses as a drawback. However, this is likely to be due to the platform’s already low entry level. Although this reaffirms the platform’s suitability for beginners (and earns it a respectable 4.8 stars), it is likely to prove increasingly challenging for more experienced traders to make fast money using Olymp Trade.
Equally, Olymp Trade’s Account Types were awarded the lowest rating, a nevertheless impressive 4.4 stars. However, it is clear that the platform does not offer the assets that other brokers do, alongside only offering two different account types: Standard Account and Demo Account. The lack of higher level account options such as platinum or bespoke, coupled with payouts of up to 80% do not make Olymp Trade the most competitive broker, along with just one type of trade, the basic Call/Put or High/Low trade earning them 4.7 stars within the Trade Types and Payouts category. This suggests that Olymp Trade is not likely to attract more experienced traders, who may well find the limited assets restrictive. Olymp Trade does also not accept traders in America.
Overall, after identifying its strengths and weaknesses, for the needs of less experienced trader, Olymp Trade shouldn’t disappoint. Instead, its $10 deposit, $1 trades, extensive customer support and strong app functionality make it an accessible and robust platform for beginners to get started.
Despite Olymp Trade’s assets and account options arguably not matching up to those of other brokers, its membership of the Financial commission, coupled with its user-friendly functionality make it a trusted and proven choice for the less experienced trader.