Olymp trade is one of the online trading platforms that allow traders to set options for crypto currencies, currency pairs and other assets. The platform is a binary option broker that has been around for a while.
Trading has become one of the widely known methods to benefit in the financial market. And, olymp trade is one of the trading platforms you can choose to trade.
But not all trading platforms are safe. As a result, I’ll be discussing olymp trade review in this article. Perhaps, to let you know if it’s the right broker for you.
Is Olymp Trade Safe?
Considering the fact that there are some brokers that are not reliable, it is necessary to do research and read people’s opinion before you sign up with any trading platform.
Olymp trade has proven to be a safe and reliable platform for traders. It has been around for some years with a lot of awards and positive reviews from its users. I’ve not had any problem with olymp trade since the time I joined.
Why Choose Olymp Trade
Everything has its reason. And of course there are number of reasons why olymp trade can be the right trading platform for you.
Some of the reasons why its worth joining are discussed below.
Good Customer Support
Olymp trade offers good customer support which is available via live chat, phone and email. The platform is a member of International Financial Commission. This makes them do better when it comes to customer support because customers can file a complaint if an issue is not resolved within few days.
One of the necessary things you should consider before joining a broker is security. Olymp trade is a member of IFC. And, membership in finacom is the honor granted only to reliable companies for their high quality service in which olymp trade is not an exception.
Free Educational Training
Members of olymp trade have access to free educational training. They help their users to know some certain things about trading in form of interactive courses and video tutorials. This enables their users to have some knowledge on how to trade and manage their capital.
Low Start Up cost
The platform set the minimum deposit amount to $10. The low deposit olymp trade offers is good especially for beginners. This means that new traders can start trading with just $10. Newbie can trade with a minimum of $1 as they get familiar to the platform so they won’t need to risk high amount of money to trade.
Olymp trade offers fast payout to its users. Though the time it takes for successful payouts depends on the withdrawal method you choose. According to olymp trade, it usually takes 24 hours for e-wallet, 3 to 5 days for credit and debit card and about 10 days for bank transfer.
Different Types of OlympTrade Accounts
There are two types of accounts available for olymp trade platform. The different types of account are the standard account and VIP accounts which are discussed below.
This account requires a minimum of $10. So, if you would like to open a real standard account, you’ll need to deposit $10 and start trading real money. You can trade a minimum of $1 and maximum of $2000. With olymp trade standard account, the minimum amount you can withdraw is $10.
Withdrawal time varies depending on the method you choose to withdraw. You should know that you can only withdraw once per day.
If you would like to open a VIP account, you’ll need to make a minimum deposit of $2000. With olymp trade VIP account, you can trade a minimum of $1 and maximum of $5000. This trading account grant you access to a VIP consultants that can help you have more knowledge about how trading works.
Both accounts discussed above (standard and VIP account) come with a demo account. The demo account allows you to trade with 10000 dollars to practice how things work before trading with real money. With the free demo account, you don’t have to worry about losing your real money while you are still trying to understand how olymp trade platform really works.
How to Deposit into Your Account
There are different ways you can make a deposit into your olymp trade account. The different ways you can deposits are listed below.
- Bank card
- Webmoney etc.
Olymp Trade Withdrawal Methods
The platform has 3 different withdrawal options which are
- Credit or Debit card withdrawal
- Bank transfer
The methods listed above are the ways you can withdraw your money from your olymp trade account. The time it takes for each withdrawal option varies.
It can take just 24 hours for e-wallet and about 3 to 5 days for credit and debit card. Bank transfer option can take longer time than other withdrawal options.
Credit or Debit Card
The card withdrawal method is easy. It’s the choice of most traders that want to withdraw their money from their account. This is because it is fast and there’re no hidden charges. The money will be credited into your bank account within few days.
Most olymp trade users also prefer to withdraw their money via e-wallet because it’s fast. It usually takes about 24 hours to transfer to your e-wallet. Just like using the card method, there are no hidden fees when you withdraw via e-wallet.
I’ll not recommend this withdraw option because of the time it will take to credit the money in your bank account. Unlike using card or e-wallet which takes few days, you may have to wait for more than 10 days if you use bank transfer.
Another reason why most traders don’t prefer using this method is the charges. They’ll always deduct fees as commission if you use this withdrawal method.
How to Verify Your Olymp Trade Account
You may need to verify your olymp trade account before you can withdraw. This is usually necessary if you want to withdraw more than $100.
The verification process is the same regardless of the country you reside. So, even if you are from Nigeria or other African countries, you can verify and withdraw from your olymp trade account.
What you need to do to verify your account is
- Set up privacy for your account
- Authenticate your account
Just follow olymp trade guides on how to verify your account here.
Once you’ve authenticated your account, you’ll have to wait for some days (usually 5 days) before its successful. After your account has been verified successfully, it will be easier to deposit and withdraw money at olymp trade.
How to Withdraw From Your Olymp Trade Account
It’s easy to withdraw from your account. To make a withdrawal, follow the steps below.
- Login to your olymp trade account
- Then click on your account settings and open the withdrawal page of your account.
- Finally, select the withdrawal method of your choice and enter the amount you would like to withdraw from your account.
The time it takes for the withdrawal process to be successful depends on the method you choose.
Olymp Trade App
Olymptrade have an app that users can use instead of using the web. with olymp trade mobile app, you’ll be receiving alerts on how to increase your profit. The app is available for Android and IOS. You can Download the app for Android on Google play store or Download it for IOS on Apple store.
Here are the questions people ask most about the platform and their answers below.
What is the minimum deposit amount?
The minimum amount you can deposit is $10 for standard account. However, you’ll need to make a deposit of at least $2000 for olymp trade VIP account.
What is the minimum amount to trade?
You can trade with just $1 on your account to maximum of $2000 for standard account. VIP traders can trade with $5000.
What is the minimum payout amount?
The minimum amount you can withdraw is $10. Olymp trade withdrawal time varies for standard account (about 3 to 5 days). VIP account withdrawal time is usually less than 24 hours.
Do i need to provide document to withdraw funds?
You may not need to provide document to withdraw from your olymp trade account. if you need to verify your account before you make a withdrawal, you will receive a mail with steps on how you can verify your account. So, you don’t need to provide any document in advance.
How Does Bonus Works?
You should know that you cannot withdraw your bonus. However, you can use your bonus to trade and then withdraw the profit.
Olymp trade is one of the best binary option brokers. I would recommend it to anyone especially for beginners who wants to start trading. Olymp trade minimum deposit amount is $10. This is good for newbie to trade with their real money while they understand how trading works without risking too much.
The platform is fast, safe and has a friendly user interface which is good for beginner. Hope you found this olymp trade review helpful.
If you need to ask a question, make use of the comment box below.