Business

Is Olymp Trade A Scam?

olymp trade

You all have seen ads and commercials for Olymp Trade and probably heard it from your friends who are into trading. But is this platform genuine or just another scamming site to extort your money? To answer your questions, we need to understand its features and functioning before concluding.

Let’s get into it. 

Is Olymp Trade A Scam?

People may call options on several equities, stocks, commodities, currency pairings, indices, and cryptocurrencies through Olymp Trade, a well-known online trading site. It is simply a platform where traders may make predictions on the direction of price movement.

Although this brokerage firm entered the options market in 2014, it has already made a name for itself as a potential broker. 

Let’s discuss the firm’s services that are available to its users. 

olymp trade

I. Services and Guidance

  • Olymp Trade offers many modules and tactics for new traders to research and study before trading. VIP users can get personal training sessions.
  • Before making a real-money investment, traders at this company have access to a demo account where they may experiment with fake money. A new member begins with 10,000 demo coins to test their trading skills. Also, for all new users, registration is free. The platform also has an app that may be downloaded for free on a smartphone (Apple and Android devices). 
  • Deposits may be made at Olymp Trade from many different places. Electronic payments are also accepted.
  • The funds are deposited straight into the source or account of the trader’s choosing within one to three days after the trader’s request to withdraw their profits.
  • It is a legal and reputable trading platform with FinaCom PLC certification.     

II. Customer Experience

Olymp Trade actively works to provide its customers with the most convenient trading options, such as:

  • A simple trading platform interface.
  • No fees for making deposits or withdrawals.
  • A low minimum deposit.
  • Multilingual customer support is available around the clock.

Traders have found this a user-friendly platform for experienced and new traders who have just stepped into the world of trading. 

Let’s see how their customers rate them:

User-Friendly [usr 4.6 size=20  text=”false”]
Support from the Company [usr 4.0 size=20  text=”false”]
Understanding of the Content  [usr 4.0 size=20  text=”false”]
Overall Customers’ Experience [usr 4.3 size=20  text=”false”]

As you can see, it is a unique trading platform that attends to the requirements of its users. Seasoned traders and those just getting started may find everything they need here.

III. Leverage For Customers

Based on the sort of trade the trader plans to execute, the platform provides varying leverage sizes. Based on the trade the trader intends to execute, this platform also provides varying leverage sizes. Here is how the leverage is provided:

  • 20:1 leverage is available for more minor forex trading pairings, such as NZD/USD, AUD/CAD, and USD/SGD.
  • 30:1 leverage is available for most common Forex trading pairs, such as EUR/USD.
  • Up to 400:1 maximum leverage is available.

IV. Convenient Way Of Withdrawing

When using the bank transfer method, withdrawals are often handled on the same day; in unusual circumstances, they may take up to two or three working days. The procedure happens quickly and smoothly when an investor withdraws money from Olymp Trade. 

A minimum withdrawal cap exists. However, there is no upper restriction. In case of fraud, investors would either not get their money or pay outrageous fees that would significantly lower their payment.

The financial commission has controlled withdrawals on this platform to improve customer experience.

V. Looking After Their Customers: Support & Security

The Financial Commission controls depositing and withdrawals on this platform to improve customer experience. Olymp Trade has high-quality customer assistance available around the clock in different languages. They prioritize customers’ needs by having a live chat feature and a 24/7 customer service online desk. Customers who use wallets can add money to their accounts without having to expose the personal financial information that the site stores about them. 

Also, this company is accredited and subject to IFSC (International Financial Commission) regulation.

VI. Other Features 

With qualifying deposits, traders may achieve status, giving them access to live advisers who often reply within a few minutes, better-earning potential, and free trades. As mentioned before, experts also have access to exclusive seminars and trading techniques. New ones are frequently released to keep traders abreast of the newest trends and platform updates. Olymp Trade offers reading material on various methods and trend indicators.

Our Verdict: Is Olymp Trade A Scam?

Drawing from the above analysis, Olymp Trade is not a scam. It is a legitimate company dealing in trades and commodities. They have real traders investing.  Olymp Trade is a terrific trading platform to learn on. Olymp Trade is a platform that deviates from customary charge schedules and revenue-generating strategies, yet it is not a swindle but pioneers the Fixed Time Trading industry. 

Thus, Olymp Trade is a legal and reputable trading platform with FinaCom PLC certification. 

Since 2014, it has provided traders with financial freedom. Its professionals have been enhancing the platform in an ongoing attempt to provide traders with a more secure and pleasant experience, guaranteeing that traders may take advantage of that freedom to trade as they like.

FAQs

I. Does Olymp Provide come with a deposit bonus?

If the user has a regular account, they can deposit more money to receive a bigger bonus. So, yes, Olymp Trade provides a deposit bonus for deposits you make. 

II. Is it worth investing in the Olymp Trade?

Olymp Trade is advised for new investors wishing to make their first investment. As mentioned earlier, benefits, including a low minimum investment and access to a demo account, are available to these traders. 

III. Is Olymp Trade suitable for beginners?

Yes, newbies must try Olymp Trade. Beginners looking to make their first investment are advised to use Olymp Trade. These traders can take advantage of attributes like a minimal minimum deposit and the availability of a demo account. It is also risk-free. 

IV. Which time is best for Olymp Trade?

Here we have listed the best time to trade at Olymp Trade:

  • Between 8:00 and 17:00 UTC, London (or Europe).
  • Between 23:00 and 9:00 UTC, Tokyo (or Asian).
  • American or New York from 13:00 to 22:00 UTC.

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Jonas Muthoni is the Founder and CEO for MashViral, he has contributed to several online publications and loves to write on topics ranging from business to technology. He has been writing for online publications for 5 years and considers this to be his passion.

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