Olymp Trade Review
We at Scam-Rank not only report on whether a broker in our sights is a scam or not, we also give them a thorough evaluation to make sure you won’t be disappointed after opening an account. We generally begin with an unbiased view and tend to get influenced as the investigations get deeper, and from time to time our perspective shifts from neutral.
Is Olymp Trade a Trustworthy Broker?
When it comes to choosing the right broker, there are so many that offer the security and peace of mind afforded when a respectable overseeing regulatory commission is in the mix. Olymp Trade is not registered with CySec although they did apply. Furthermore, they do not have membership in any of the other major regulatory commissions, which is not the ideal start to a review.
Olymp Trade is owned by companies Smartex International Ltd, and Frandom Holding Ltd. Smartex International Ltd is registered with financialcommission.org which is said to operate as a complaint resolution authority for unregulated brokers, although that paints an ugly picture in itself and doesn’t inspire confidence… complaint resolution authority! Despite Olymp Trade being primarily for Russian traders, the company’s headquarters are based in the Seychelles, a country known to be a tax haven that promotes secrecy and holds an indulgent view on suspicious financial transactions. Olymp Trade bought their certificate with the Financial Market Relation Regulation Center and is a registered member… if that counts for anything. Lastly, Olymp Trade has a membership with FinaCom that is said to provide 3rd party mediation and resolves disputes between brokers and their customers. Again, not very comforting.
Should You Open An Account With Olymp Trade?
If you’re new to trading, a superb start is a demo account. This is an excellent way to get to know how the trading platform works and hone your skills in the markets. Olymp Trade does have a demo account, but sadly you will have to register and open a funded account in order to access it. On the bright side, the demo account begins with a generous $10,000 so you can really have some fun with the funny money before you touch your real funds. Jumping between live and Demo trading is done with the ease of a single click, although we’re not sure why that is useful.
Olymp Trade Website & Trading Platform
The website is user-friendly to the point of being a little sparse. The mountain range image is a great backdrop that parallels how little can be found. The FAQ page is hidden away in a hard to find training page under a tab called ‘Additional’ and answers all the basic questions but avoids clarifying the not-so-obvious issues such as how a bonus can be cashed out.
The ‘About company’ page rather bravely publishes a minimum total client withdrawal of $3. There is an Education link, but this reveals nothing more than a brief explanation of how to make an investment on the platform, and some short, pointless paragraphs that look like they’ve been randomly copied from a trading blog and pasted in an almost unreadable light gray next to some royalty-free stock photos.
This, of course, does not confirm a scam, but the whole site seems rushed and unfinished with little care to detail, which immediately makes us doubt their professionalism and could indicate something suspicious.
At first glance, the platform seems very simple, but they offer most of the popular tools the traders like to use. It falls short when compared to the MetaTrader versions, but then, don’t all of them. You might start wanting more after a few weeks or months, but otherwise, it has everything a new Trader needs to find their feet. Execution is fast and seems to be completely bug-free. Technical analysis does give easy access to candlestick charts and a good selection of other indicators!
Olymp Trade Markets & Payouts
Yet another new kid on the block limiting the trading options to currencies and commodities. The narrow selections of assets numbers just thirteen in total, making a widespread exposure somewhat difficult. The options are also limited to high/low, which doesn’t present a problem for most traders in the first few months, but can feel constricting later.
For the regular trader, Olymp offer below industry average payouts of 70% to 80%, unless you go ahead and deposit 2k, then you get up to 90% on selected trades.
Deposit, Payment, & Bonus
The minimum deposit of $10 is very low compared to the more common $250. However, our team of experts was contacted the same day by a rather pushy Olymp Trade representative who told us we definitely wouldn’t make any money if I stuck to the minimum deposit. Alarm bells rang out when he suggested a whopping $5000 would be needed to get a good start, which is odd since their VIP account only requires $2000.
Our trader deposited an additional $90, but no bonus was offered until we mentioned it. He finally matched our $100, but he was unable to detail the requirements for bonus withdraw. We did get an email the next day explaining that we were required to make a trading volume of twenty-five times the bonus amount before we could withdraw. Fortunately, we could later withdraw some of my $100 deposit without restriction, but the entire bonus was removed when we did.
What Olymp Trade Clients Are Saying
Since Olymp Trade is relatively new and mostly dedicated to Russian traders, we struggled to find many comments in English. A computerized translation of comments from several forums showed many Olymp Trade clients complaining about low payouts. A minority complained about the customer support being rude or unhelpful. One ex-client of Olymp Trade claimed that the demo account was offering different prices to the live account. We spent some time testing that accusation but found no discrepancies. Nevertheless, it’s something worth keeping an eye on since any manipulation on the platform would be confirmation of a scam. The positive comments mostly mentioned the platform performance and were encouraging.
The Final Verdict
So what conclusions were made? Is Olymp Trade a scam or not?
We cannot say that Olymp Trade is a scam. There’s no hard evidence to support that claim. Having said that, there’s plenty of circumstantial issues that accumulate, leading to a simple conclusion.
We do not recommend Olymp Trade. Looking at the broker purely from a product/service point of view, the platform is nowhere near MT4/MT5 level. The education center is not very educational, and our experience with the support team was less than appealing. The low payouts and the generally rushed feel of the site don’t inspire confidence, and there’s nothing to balance out the lack of a well-established regulatory commission. They have a lot of catching up to do before they reach the level of the more popular and trusted brokers.
- Website Structure is Medium
- Demo Account
- Poor Educational Materials
- Missing Website Information
- Very Low Payouts
- Rude & Unhelpful Customer Service