In the years 2017 – 2020, Olymp Trade was among the top reputable trading platforms voted by many investors in Vietnam. So in 2021, what will they do to maintain their performance and stay worthy of a world-class broker? This article will review what I have practically experienced in Olymp Trade in 2021. See how they have improved to provide investors with the best experience.
- 1 A preliminary review of the Olymp Trade platform
- 2 Olymp Trade trading account
- 3 Olymp Trade’s trading platform
- 4 Olymp Trade trading products
- 5 How to trade Fixed Time Trade and Forex in Olymp Trade
- 6 Deposit – withdraw money in Olymp Trade
- 7 Review the customer service of Olymp Trade
- 8 Training program
- 9 Summary
A preliminary review of the Olymp Trade platform
Olymp Trade is a major trading platform in the world and is known by many people. It has over 25,000 active accounts every day in many parts of the world. The number is enough for you to be interested and learn about Olymp Trade, isn’t it?
This Forex, Fixed Time Trade, and CFD trading platform is managed by the International Financial Commission (FinaCom), a reputable international organization. That makes investors feel very secure when investing here.
Olymp Trade is known for its low transaction fees (for Forex trading) and a wide variety of assets to trade. It includes Forex pairs, commodities, stocks, indices, ETFs, and cryptocurrencies. With this development, customers will not be disappointed when using the services that Olymp Trade offers.
Olymp Trade was launched in 2014. Compared to most other online financial trading platforms, they entered the market quite late. However, that hasn’t hindered the platform from rapidly growing.
Olymp Trade trading account
You can easily open an Olymp Trade account within a few minutes by clicking the link below.
All you need to do is fill in the basics of yourself. You can also open a Demo account via a mobile device by downloading the Olymp Trade app for iOS or Android.
After completing the registration process, you will receive your login information via email. From there, you will be able to switch between desktops, tablets, and mobile devices without any problems. There, you can monitor your account or start opening orders.
In Olymp Trade, there are 5 different types of accounts in total. From beginner to professional, you can choose to suit your level. Those Olymp Trade account types will be reviewed specifically as follows:
Type 1: Demo account
This Demo account is a good way to test most of the platform services before opening a Real account. It offers an amount of $10,000 to help you trade without any risk. Also, it provides you with full features and support tools just like a Real account.
Type 2: Starter account
The Starter account is the most basic account for beginners to trade. You can deposit a minimum amount of $15 to start investing in Olymp Trade.
Getting started with this account will help you get a feeling for real combat. From there, you can build and improve your trading strategy for the most perfect. This is also the place where you can pay for valuable lessons at the cheapest price.
Type 3: Advanced account
The minimum deposit for an Advanced account is $500. Therefore, it is only suitable for traders who are serious about the Forex market. It’s when you are ready to see trading as a real (left hand) job to earn extra income.
Type 4: Expert account
To achieve the Expert account status, the minimum deposit must be $2000. This is the type of account for professionals who see trading as a profession for their daily living.
Besides, you also get more incentives when using the Expert account. There are many incentives as follows: getting advice from a financial management expert, risk-free trading, fast deposit and withdrawal, receiving free daily trading signals, etc. Those are to support you in the best way during your investment process in Olymp Trade.
Type 5: MT4 account
This type of account is exclusively for trading on the MT4 application of the Olymp Trade platform.
MT4 is the most professional and reputable Forex trading platform worldwide. And currently, it has been integrated into Olymp Trade.
Olymp Trade’s trading platform
Olymp Trade uses only one trading platform which is its own platform. With only one type of account, investors can trade on both Fixed Time Trade and Forex.
- It provides over 30 indicators, indices, and technical analysis tools.
- Every indicator, index, or tool has a manual section right on the platform.
- There are many different time frames for investors to choose from.
- In particular, the platform also provides a psychological indicator, allowing investors to see the order placement rate of all transactions at the moment.
- All functions such as account management, profile management, deposit, and withdrawal, etc, are performed on this platform.
- It provides contents such as trading instruction videos, economic calendar, chart analysis, etc, that are all viewed and used on the same platform.
Olymp Trade trading products
Olymp Trade operates in two areas: both a Fixed Time Trade (FTT) trading platform and a Forex trading platform. It is extremely difficult that few brokers can do when providing 2 parallel services to customers.
Both areas allow the trading of popular products such as Currencies, Commodities, Cryptocurrencies, Indices, and Stocks.
- For Forex trading, you will have 28 currency pairs to invest in while for Fixed Time Trade trading, you will have 33 currency pairs.
- Commodities: In Fixed Time Trade, you can trade commodities including gold, silver, copper, platinum, Brent oil, and natural gas. Meanwhile, in Forex, you can only trade gold, silver, and Brent oil.
- Cryptocurrencies: both investment forms allow trading of 3 cryptocurrencies (quoted in USD): Bitcoin, Ethereum, Litecoin. Especially, when trading Fixed Time Trade, there will be Basic Altcoin Index in addition.
- Indices: Fixed Time Trade allows trading of 14 stock indices and 4 ETFs. Forex only allows trading 7 stock indices and 4 ETFs.
- Stocks: In Fixed Time Trade, you can trade with 17 famous stock codes such as Apple, Facebook, Coca-Cola, Mcdonald’s, Visa, Starbucks, etc. And when trading Forex, you will have 35 stocks from large and small to choose from.
How to trade Fixed Time Trade and Forex in Olymp Trade
Each form of investment will have different advantages. Based on that, you can choose for yourself an effective investment channel in Olymp Trade through the review of the following two investment forms.
Fixed Time Trade
This is a type of Up/Down transaction. That is to predict the price of the product to increase or decrease after a specified time compared to the time of placing the order.
There are 2 types of orders which are Level/Price Orders and Time Orders
Level/Price Orders: the order will be opened at the specified price.
For example, an investor is trading options on EUR/USD and placing an order at the price x after 1 minute and selecting the trade type as UP, the order will be officially opened when the market price fluctuates and equal to x. After 1 minute from the moment the EUR/USD exchange rate equals x, if the price is higher than x, the investor will make a profit and vice versa.
Time Orders: the order will be opened at a specific time.
For example, it is 9:10 am, the investor places a trading order at 9:10 am. This is a DOWN order with an expiration time of 1 minute. This means that the investor will make a profit if the price at 9:11 is lower than the price at 9:10 and vice versa.
Risk/reward ratio: Olymp Trade offers the highest payout at 92%. This depends on the time frame and the trading product.
The minimum amount per order is $1 and the maximum is $2000.
It also offers the ability to close orders at any time to minimize risks.
This is a Buy/Sell order trading type similar to other Forex platforms.
The transaction expiration time cannot be chosen by the time of 1 minute, 15 minutes, or 1 hour, etc, but depends on the Stop-loss or Take-Profit. It is also not decided by the investor to close the order at any time.
Leverage: it offers several leverage ratios (multipliers) of 50, 100, 200, and 500.
The trading volume of an order is not in lots but in USD. The minimum is $1 and the maximum is $4000.
There is a commission fee which is 2% of the trading volume.
Deposit – withdraw money in Olymp Trade
Olymp Trade offers a variety of deposit and withdrawal options such as bank transfer, Bitcoin, credit card, Skrill, Neteller, Perfect Money, and many more options depending on your country of residence.
Olymp Trade also allows customers to deposit and withdraw money through e-wallets. You are probably already familiar with systems such as Skrill, Neteller, Perfect Money, and AstroPay. All of these e-wallets are accepted by the company and transactions are processed instantly. You can prioritize using these e-wallets if you don’t want to share your personal financial information online.
The deposit and withdrawal part of the Olymp Trade platform is highly evaluated by traders. It is rated with an almost absolute scale of 9/10.
In fact, the Olymp Trade platform offers many methods of withdrawing money for investors. That is a testament to the welcoming of the platform to all individuals who want to participate in the investment. However, it still has some conditions and limitations that you should keep in mind.
First, you must remember that you can only transfer money to and from the same source.
For example, if you have deposited via Skrill, you will not be able to make a withdrawal in Bitcoin. This measure is part of the Anti-Money Laundering (AML) regulations applied by Olymp Trade.
The minimum amount a person can withdraw is $10 (VND 230,000). You cannot withdraw the bonuses. Olymp Trade offers deposit bonuses. However, you can only use those bonuses for trading.
Review the customer service of Olymp Trade
Olymp Trade is probably a rare platform that currently has a support switchboard for Vietnamese people. Therefore, it is very convenient for you to exchange and transact as well as complaints when having problems.
Basically, the support staff is quite friendly who answers quickly and professionally. You can call, chat, or text the staff. Especially, when you phone the Olymp Trade switchboard, you will not lose any fee.
The support service is available 7 days a week. However, it is more active during the week and less active on weekends.
Olymp Trade offers training materials for beginners. They are from basic to advanced for those who want to learn and invest in the long term. This service aimed to improve investors’ knowledge which is reviewed as an effective financial training support tool of Olymp Trade.
It is a fact that most traders fail due to a lack of knowledge. As the financial markets seem attractive and easy to earn money, this causes many people to rush to invest before equipping themselves with the basics. Olymp Trade is trying to fix this problem by giving all its clients easy access to the training materials. That is why the platform offers a “Training” section on the website.
These lessons have been simplified and written into short articles. There is a lot that everyone can learn from these lessons. We recommend that you consult this section, regardless of your level of trading skills.
Olymp Trade has become a reliable retail broker in just over 5 years. It is easy to justify this when traders rate the platform for its reliability and excellent services.
Overall, Olymp Trade has a good range of assets, reasonable fees, security, and a user-friendly platform. These make it a good online platform that everyone can use. Hopefully, through the review of the Olymp Trade trading platform, you will find a suitable investment place.