What is Olymp trade Platform?

What is a brokerage company?

Brokers are specialized companies whose main activity is to provide brokerage services in the international market. In particular, they are intermediaries between individuals and financial institutions (exchanges in case of commodities or shares and banks in case of Forex). Brokers in the Forex market are key figures. It is they who give private traders the opportunity to have access to trade on the currency market.

Olymp Trade History

The company was founded in 2014 and at the beginning the company was aimed at options trading only. After some time, the company expanded its activities and started offering not only options, but also CFDs and Forex. The company is constantly improving services and platform, the last one that I remember is changes in the mobile app.

What Olymp Trade offers?

Olymp Trade offers CFD and Forex trading, as well as digital options. Digital options and Forex are separated in the platform into two different sections. I find it’s quite convenient, as digital options and trading Forex require different approaches. The switching between two mods is quite easy, as I see this. It’s done in a pair of clicks.

To begin trading you should go through registration and then make a deposit. The innitial deposit is $10 and the minimal deal size is only $1, it’s lower than in most of other brokerages. I see as benefits (you can test trading with small amount of money), as well as disadvantages (many people replenish accs and trade with no practice and knowledge, just on random). In case you don’t want to make a deposit, you’re free to trade demo-account. That’s free and it can be refreshed. However, I won’t suggest you trade a lot of time on this account. Some people see this as a cool way to learn trading, but remember that when you trade demo-account, you don’t feel so many emotions and you don’t feel risk. And after you’ll go to trade with real money, you’ll take unreasonable actions.

Is Olymp Trade regulated?

Yes, Olymp Trade is regulated by FinaCom, as I remember. To be fair, my own thoughts about regulations are quite controversial. Many traders pay too much attention to a broker's license, although in practice they never use regulators. Or are there traders who have used the services of a regulator when trading with a licensed broker? Most traders do not understand that a broker needs a license first of all. It is this license that opens new markets and opportunities for the broker to advertise his services. Of course, it is not free of charge, so the higher the level of the license, the worse the trading conditions are for the trader. It is because of the existing license brokers cancel contests, bonus programs, limit the leverage and do a lot of other unpleasant things for the trader. I have not found anything useful for traders in the requirements of most regulators.

However, Finacom differs, they at least provide compensation in case of any unfair actions that broker may take. Finacom compensates up to $20,000. So this regulator even may be useful.

Olymp Trade platform

Most brokerages use Metatrader 4, it’s like the Golden standard within the industry. However, many people (especially newbies) call Metatrader too complicated. I can agree, for novice Metatrader 4 is really complicated (despite it offers a lot of opportunities). Olymp Trade designed their own trading platform, it’s available in browser.

Olymp Trade combines several platforms. When developing custom platform, not only the users' wishes were taken into account, but also the recommendations of financial market experts. You can use them to trade:

• browser version
• a computer application (offers advanced functionality)
• mobile version for iOS and Android.

The advantage of these platforms is that traders can customize charts, implement suitable analysis systems, make changes in the list of selected assets. In addition, the platform includes the "Assistant" chat-bot, which clarifies the features of individual instruments online.

Live charts on the platform are displayed on a dark and light background (set by the user). Depending on personal preferences, traders can work with line charts, bars, Japanese candlesticks and heiken-ashi.

How does Olymp Trade earn money?

It's true that each company works to earn money and brokers aren't an exception. One of the main sources of a brokerage company's earnings is the commission imposed on each trade made by a trader. It can be imposed in two different ways: as a spread, or as a commission for each transaction. In addition, it should be noted that any honest broker is very interested in making sure that traders work with them as long as possible, as he continues to earn as long as its clients work and earn.

Olymp Trade uses the second one type, so traders pay commission for each trade.

Money withdrawals

It’s important to get your money in time and it’s one of the most things in each broker. There I can speak only about what I’ve read and about my own experience. Olymp trade promises to make withdrawals within 24 hours, but that depends on your bank or payment system, so sometimes waiting time may be up to 3-4 days. It’s good enough and there are enough ways to withdraw money.