What is Olymp Trade: Is it Safe for Trading in India? - Honest Review
Total Score: 98/100
Why We Recommend Olymp Trade?
What is Olymp Trade?
Olymp Trade is a technologically upgraded, user friendly and omnichannel trading platform offering over 70 tradable assets. It is a transparent and trustworthy broker that is backed by Financial Commission. With an initial investment of $10, a pool of interactive knowledge sharing content, aided by a demo account for traders to hone their financial acumen and trading skills, and the quickest deposits and withdrawals, Olymp Trade is fast emerging as a sweet spot for investors and traders from across the world.
Olymp Trade Overview
Rising @ 7% per month
Users Per Day
Size of Average Trade Last Month
Commodities, Indices, Stocks, ETFs, Currencies, Crypto, OTC
Constant Support, Education on Trading, Market Insights
Is Olymp Trade Safe to Use?
Yes, by all means, Olymp Trade is a safe trading platform. Having said that, every trading or investment activity involves a certain amount of risk. Even Olymp Trade involves as much risk as any other trading platform in the world that comes with the caution line - "investments are subject to market risk." Olymp Trade carry a statutory warning on their website as well.
But having said that, does this stop the traders from investing and earning a profit? Essentially not. Besides, the rising traffic of traders who are investing and making money through Olymp Trade certainly proves its credibility.
Awards & Certifications
Olymp trade is operational across over eight countries, has won several awards, and is certified by the International Financial Commission as a Category A broker. The Financial Commission guarantees an indemnification of EURO 20,000 and legal assistance to resolve disputes.
Here is Olymp Trade’s Certificate of Membership with the Financial Commission.
Here is a snapshot from the official website of the Financial Commission validating Olymp Trade as an ethical, transparent, and trustworthy trading platform.
Awards Conferred to Olymp Trade
Apart from the certification from the Financial Commission, there are several awards gathered by the Olymp Trade that validates it to be a good trading platform that is trusted by many.
Can Indians Trade on Olymp Trade?
Yes, among the several Asian, Middle Eastern, and African countries, Indians can use Olymp Trade. Several Indian users from every part of the country are among the 25,000 new users who register to Olymp Trade daily. Here are a few things that new users should know:
- Transaction Options for Indian Traders
Olymp Trade users can use e-wallets such as Neteller, Skrill, Qiwi Wallet, Fast Pay, WebMoney etc. Indian traders can also use Wire Transfer. However, the transaction process takes at least 5-10 days and also applies additional charges for the money transfer. The other options include international debit and credit cards.
- SEBI Directives
Olymp Trade is not registered under SEBI which regulates capital market in India. Hence, any financial dispute or discord that the traders face on Olymp Trade will not be taken care of by SEBI or RBI. However, be rest assured, there are thousands and millions of people investing their money and earning profits through this platform. So far Olymp Trade have proved to be efficient enough to handle customer’s financial security.
6 Reasons Olymp Trade is a Good Choice
Several reasons make Olymp Trade an incredible option for traders. Listed here are a few of them:
#1. Beginners Friendly Trading Platform
For traders who have no prior experience in trading, Olymp Trade is a good place to start. It offers a mix of education, insights, and tutorials to guide traders with a diverse level of knowledge and experience with trading. There are several webinars and other information-sharing programs to get a better understanding of trading and everything associated with it.
#2. Fixed Time Trades
Fixed Time Trades is a feature of the Olymp App that facilitates a better interface and security. FTT helps to send customer’s transactions to the liquidity providers and use other financial assets to secure those transactions.
#3. Demo Account
The Demo Account is the star feature of Olymp Trade. It is the best way to practice trading. The Demo Account is risk-free with virtual money worth $10,000. It gives you access to all the other tools and functions available on this app. Users can practice trading on the Demo Account and also learn from the training sessions for as long as they want before they switch over to their real account. If they lose virtual money, they can recover the same with just a click. The Demo Account helps to master all the hacks of carrying out risk-free trading. It is equally helpful for a beginner as well as seasoned traders.
#4. Minimal Entry Point
One thing that pulls back first-time investors from trying their hands into trading is that they do not feel secure with their money. After all, for an absolute novice in this field, it might feel like handing over your hard-earned money to a stranger.
Olymp Trade, with an entry point investment as low as $10 has addresses this concern efficiently. This helps to entice even the most reluctant investors and then gradually build their confidence in trading.
#5. Easy Withdrawal
Users can withdraw funds anytime. Olymp Trade claims to be increasing their number of payouts at an average of 7% every month. It is advisable to take the money out through an E-wallet or credit/ debit card as compared to a bank transfer. The lengthy process of bank transfer takes up to 45 days before the amount gets reflected into the account and also charges a high fee.
#6. 24/7 Support
Olymp Trade facilitates constant customer support in all 24 hours in 7 days of a week through all 365 days of a year.
#7. Tradable Assets
This one of the strongest points of Olymp Trade. You can use the platform to trade a range of popular assets:
#8. Account Types
Olymp Trade has two account types, namely, the Standard account and the VIP account. The Standard account allows transactions ranging from $1 to $2000, while the VIP account allows transactions starting from $2000 to $5000. The VIP account facilitates access to VIP consultants and advanced training programs that are not accessible by the Standard account holders.
3 Things That Could be Improved at Olymp Trade
Olymp Trade has been one of the most talked-about, technologically upgraded, holistic trading platforms so far. The trade volume and the number of users testifies its credibility as well. However, there is always scope for improvement.
#1. The only hitch in this lucrative picture is the doubtful and uncertain regulations.
Some of the authentic regulatory bodies include the Securities and Exchange Board of India (India) and the Commodities Futures Trade Commission (USA) and the Australian Securities and Investments Commission (Australia). These are all government-approved organizations that regulate the country’s capital market. Hence, if Olymp Trade could register under any of these regulatory bodies, it could have helped get rid of the slightest inhibition in the users’ minds.
#2. There are only two account types.
#3. Olymp Trade offers lucrative bonuses but the terms are not very clear.
Start Trading With Olymp Trade Right Away
Olymp Trade is one of the easiest platform to get started with. The beginner friendly platform and the steps to register ensure you can start trading right away. Here is what to know and where to start:
1. First thing first. Do not hit the ‘Start Trading’ button just after you finish reading this article. Jokes apart, what I mean to say is that – do your own research on trading. Read book and online articles to understand how trading works and why it does not work for everyone.
2. Secondly, there is nothing to be scared about in trading. It’s just being there, observing, learning from your mistakes and developing an intuition that only comes from being consistent over a period of time.
3. As a beginner, you should start slow and gradually move up as you gather experience and insight on how things work here.
4. And the golden rule here is ‘never invest more than the amount that you are ready to lose.’
5. Find out the device that suits you the best. Since, this is an online activity, you should be careful that bad internet connectivity does not disrupt your transaction process in any way. The best feature about Olymp Trade is that it is accessible through several devices. Some of the best options are listed here:
- Web Browser – This is the standard medium, and the majority of the users are comfortable with this.
- Mobile Phone – Faster and easily accessible on the go, the mobile application of Olymp Trade is equally easy to operate in both android and iOS versions.
- Downloadable Desktop App – This can be accessed through a tablet, PC, or Laptop and proves to be faster than standard web browsers.
- Meta Trader App – This is by far the most popular app for Olymp Trade, and users can access it through mobile phones and web browsers alike. The latest version – Meta Trader 4 app has some additional features and also helps you to set up a different Olymp Trade account.
6. Whether you are a newbie or an experienced trader, you need to be familiar with the platform before you get started. Hence start with the Demo Account. Avail of all the free tools to understand how Olymp Trade works and significantly how it will work for you. After you gather enough confidence, start your real account, and start investing as per your risk appetite.
Olymp Trade is our #1 Recommendation
We heartily recommend Olymp Trade for both new and seasoned traders. It is by far the most user-friendly trading platform that also keeps improving its features. It is transparent, informational, and accessible through multiple devices.
Olymp Trade has gained such high popularity among investors who have chosen to trust Olymp Trade despite the regulatory concerns. Hence, we give a wholehearted thumbs up to Olymp Trade.
Total Score: 98/100
Olymp Trade Pros