Olymp Trade Broker Review – Binary Trading – South Africa

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OlympTrade Review

Does OlympTrade Deserve To Be On The Top?

Trading online have long been an Internet phenomenon, and the worldwide craze for it hasn’t really abated yet. Today, South African traders have a glut of options to choose from, and making that choice can be just as complicated as figuring out a proper trading strategy. But OlympTrade makes a convincing case that it deserves a top spot among your various options.

Here are some reasons why:

OlympTrade Has a Sterling Reputation

Reputation is pretty much the most important factor of them all, since the trade industry has been recently hit by numerous reports of scammers operating in the industry. That’s why it’s just sensible that you need to find a trading platform website that’s regulated and licensed by a regulatory organization that monitors companies that provide these financial services.

Olymp Trade is licensed as well, and it’s part of the international Financial Commission. Membership in this group is only granted to those companies who have secured a consistent record of honest and excellent services for their clients. This group even has a compensation fund for up to $20,000 if you’re been victimized by fraud by one of its members. If you have any conflict with Olymp Trade regarding your account, FinaCom can help resolve the problem. You can also contact FinaCom for any other additional info you may want regarding Olymp Trade or any other member trading platform website.

That’s why Olymp Trade has 370,000 members, who collectively have received payouts totaling more than $20 million. The site also offers excellent customer support, as it has more than 20 specialists on hand to provide assistance.

Minimal Risks

OlympTrade offers a lot to mitigate those risks. One way is that they don’t have an excessively high minimum deposit amount for you to indulge and join in. You can just fund your account by $10, and you’re good to go.

The money you risk on each trade also doesn’t have to be all that large either. You can risk as little as just $1. That can make your $10 last a bit longer and so you can try out your techniques to see if they work.

Demo Account

In fact, you don’t even have to use real money to see if your strategies work or not. Instead, you can use the demo account where you have $10,000 in virtual money to play with. This gives you ample ammunition to try out various tactics that can help you make the right calls on a more consistent basis.

With this demo account, you can also familiarize yourself with the web-based platform. There aren’t any programs to download for you to make trades right away. You only need to register and you can start with the demo account immediately.

Education

Hopefully you take some time to ready yourself with proper education before you dive headlong into trading. Olymp Trade does a remarkable job in providing the knowledge you’ll need for you to make the right calls more consistently.

  • Here you can take a 9-step course on the basics of trading. You’re given an overview of how it works and how the Olymp Trade platform operates. You’ll learn about making proper charts, recognizing trends, doing various types of market analyses, picking the right trade time, and even the basics of risk management.
  • Trading strategies. Other courses feature a look at more advanced analytical models. Here you get a closer inspection of at least 11 types of strategies you can use to make the correct call. You can make calls based on news reports, on movements of commodities like gold, and algorithms based on supply and demand.
  • Webinars. You can watch these webinars live, but you can always check the archives where past webinars are saved. Subjects of these webinars include multilevel analysis, the psychology of money management, the use of technical analysis, and how trade and economic news can affect asset movements.

Assets

Here you can find trades involving the most popular currency pairs, commodities, stocks, and indices. The list of stocks here are made up of famous brands including Facebook, Google, Tesla, Boeing, Apple, Coca Cola, Visa, Starbucks, BMW, and Nintendo.

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Withdrawing Your Money

Here you can withdraw as little as $10, and there are no fees involved in getting your money back. You just need to get to your dashboard interface, select “withdrawal” and the withdrawal method (e-wallet or your bank card or credit card), and the amount. That’s it.

You then wait for 5 days at the most, though in all likelihood you won’t have to wait that long. Up to 90% of all withdrawal requests are processed either within 24 hours or by the next day.

Making a Profit

This is another area in which OlympTrade excels. You always know how much are set to earn well in advance by the expiry date. In some cases, you can earn as much as 93% of the amount you invested.

You can even close a trade early before the expiry date. For Turbo trades (less than 15 minutes), this is an option you can consider when you think you’ve made a mistake. If you cut your losses as soon as possible, you can get back 60% of your investment which is better than losing it all.

You can also close a trade early when the trade is for longer than 15 minutes, and this time you can even secure your profits early. You can get back a net profit of 20% at the most, if you think that the trade is about to reverse direction.

Verdict

Everything you need in a worthwhile trading platform is right here. The most crucial features here include the membership in FinaCom, the easy way to join, the comprehensive educational resources, the demo account, and the easy way you can take your money back to your bank account. It’s a great option especially for South African traders who need reassurance and educational resources for trading.

  • Licensed Broker
  • Demo Account Available
  • Small minimum Deposit
  • Loads of assets to trade including cryptocurrencies
  • Good reputation

Olymptrade Review

Based in Seychelles, the OlympTrade platform is a non-commercial organization that focuses its operations on providing binary options in Russia, as well as regulating brokers. In this sense, it is different from other platforms that focus on forex trade alone.

How it regulates brokers is by requiring them to register with the service and get a certificate allowing them to practice.

Who is behind the Olymp Trade platform?

The platform is a subsidiary of two companies – Smartex International Limited and Frandom Holding Limited. Smartex itself is a registered member of the Financial Commission, which acts as a complaint settlement authority dealing with unregulated binary and forex brokers.

The company is newer compared to similar companies within the binary options markets, since it dates back to 2020.

The companies that own the platform are subject to FMRRC regulations, and this makes them a viable option for many traders. However, unlike other broker platforms, Olymp Trade does not give you many options to work with in terms of trading options, something we will get into later in the article.

What trading does Olymp Trade offer?

You can only trade in a limited number of commodities and currencies. However, there is a possibility that the broker will add stocks and indices in future.

The commodities you can trade on the site include:

Commodities – brent, silver, gold

Currencies – USD/EUR, EUR/JPY, EUR/CHF, GBP/USD, USD/JPY, EUR/RUB, USD/CHF, USD/RUB, USD/CAD, AUD/USD, RNDM Schedule (a randomly generated quote that the system generates during closing time).

Among the advantages of the site is that it educates traders regarding binary options, even in trading the binary options on the platform. One of the ways is by providing webinars and tutorials that enhance the knowledge of traders, as well as daily news that traders can use to know what is happening in various markets.

In addition, there are mobile applications that are on leading mobile platforms, which can assist traders to keep track through their mobile phones.

An item to note: Variable vs. fixed spreads

There are two kinds of spreads in the forex market scene – floating/variable spreads, and fixed. For the case of fixed spreads, these give the trader more assurance when trading because their rates do not change as much and they tend to have wider pips than variable spreads.

Fixed spreads give about two or three pips, while variable spreads can vary from zero pips to whatever the broker and market conditions dictate.

In recent times, the popularity of variable spreads is increasing, due to the high rates of returns they offer when favorable major events occur. However, the forex trade platforms now put caps on variable spreads to minimize losses for traders.

Trading platforms on the site

There are a small number of trading platforms, with only one option that you can use the Put/Call binary option.

Put/Call binary options – also known as depreciation or appreciation on the glossary. It involves predicting the direction of the underlying assets, and the payouts can reach up to 80%. The option also allows you to cancel your trades early, though the money you get after canceling the transaction is dependent on the period.

According to the OlympTrade platform, there is the implementation of a Proprietary platform, which gives the opportunity of underlying assets you can use in trade. You can also trade with the standard low and high options.

The platform itself is easy to trade with, since the interface has a menu on its upper part, and a vertical positioning of prices. You can choose the visibility of the platform that you want, either to look as a line or bar graph.

The interface also allows you to choose the time you prefer, so you can change the appearance of the platform according to your preferences. In addition to this, you can choose the technical option that imposes the line dictator.

Account types present on the site

The platform aims to work with entry-level traders that want to work in the binary options market, so you will not find options that brokers with experience are used to seeing.

This means that even the accounts present on the site are fewer than usual, with only two choices available. These are the standard and demo accounts, and they are easy to register for as long as you do not live in the US or have an American ISP address.

Standard account – you only require $10 to open an account. Once you register, you get access to a $10,000 demo account.

Demo account – this is good for people that want to begin getting used to the platform, or are getting started with binary options trading. You only need to register then use the account immediately.

Deposit and withdrawal options

You need to contribute a minimal deposit of 10 USD or EUR for you to begin trading. Deposits can be through several methods, which include credit and debit cards, Bank wire, Contact 24, Neteller, Yandex, as well as other options.

There is a problem with the clarification of withdrawal options, however; and this makes it a deal breaker for many traders.

The process of withdrawal involves the following process:

Submitting a request for withdrawal in the dashboard of the website

Select the ‘withdrawal’ option, and select one of the methods you prefer

Indicate the amount you want to withdraw and submit the request.

The time it takes for your request to go through is theoretically 24 hours, but the reality is longer than that. This gets even trickier because it only applies to working days. If you use your credit card, you can get the money within two days, and this is usually the fastest option.

You can use the following methods for withdrawal: Skrill, Yandex, QIWI, Neteller, FasaPay, Webmoney, or your credit card. The other problem is the platform does not specify the regions of the world that you can use bank transfer.

Commission and bonuses

Even with the limited options on the platform, they do offer good returns on your trading investments. You can earn up to 80% in returns after trades on the platform.

However, on the platform offers, as they do not offer much that can encourage people to trade with them.

Customer support

There is not much difference when it comes to the customer service of Olymp Trade in relation to other broker platforms. Our research concludes that you reach them through various channels, and their service is satisfactory as well.

The site has several languages that it uses, and these are Russian, English, Turkish, Hindi, Portuguese, Indonesian, and Spanish.

You can reach the company customer service through email and telephone.

Phone number: +357 25030996

You have the option of creating a demo account

Good customer support

The trading education is comprehensive

Has a very low minimum deposit

The trading incentives are risk-free

You cannot choose among many account options

There are few trade types to choose from

It lacks extensive regulation

The assets you can trade in are limited

Conclusion

You can open an account with Olymp Trade, then you can change between the real and demo accounts. The minimum trading size of the demo account is $1 and maximum is $10,000. The good thing about it is the virtual tools, information access and advancing information that the chart and site provides, making this platform a lighter version of MT4.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

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+++Top Broker 2020 SA+++

General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose. For more infomation, read our disclaimer.

Background Of OlympTrade Broker

If you regularly read fixed time trading brokers’ articles, you may have come across a company called Olymptrade Broker. This company was established in 2020.

This broker is available to traders from South Africa, India, Indonesia, Brazil, Thailand, Vietnam, Spain, Turkey, Russia and Malaysia. OlympTrade is a registered broker. Regulated and Reliability and security is vital. Olymp Trade is an “A” member of the international Financial Commission (Finacom), an independent organization that provides and guarantees protection of traders’ rights. Specifically, if a broker acts unlawfully, the Commission reimburses the trader up to $20,000 from its Compensation Fund. That’s not a South African regulator, but so far Olymptrade is delivering. More so globally.

General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.”

How to Start with OlympTrade Broker

If you’re new to fixed time trading. Olymptrade broker offers a free demo account. Along with video tutorials, webinars and the latest financial news, rookie traders can test their skills until they’re ready to start investing with their own money.

More good news is that fixed time trading brokers with $10 minimum deposit can start trading right away. A trade costs you as little as $1. Although you’re limited to call/put trades. However it’s possible that Olymp Trade will introduce more fixed time trades in the future.

Trading on the Olymp Trade broker fixed time trading platform is fast and simple. You can cancel a trade at any time but this may affect your final profit. Olymp Trade also has a fixed time trading broker mobile app. This makes Olymp Trade ideal for those who want to trade from their smartphones and tablets. The app works on iOS and Android platforms. So no matter which operating system you use, you won’t have any problems downloading it to your devices. It’s clear that Olymp Trade has thought of ways to make fixed time trading as convenient as possible.

Deposits and Withdrawals

You can make a deposit in any of the following ways:
✓ E-wallets: Qiwi, Webmoney, Epayments, Neteller, Skrill, Yandex.Money, and Bitcoin;
✓ Visa or Mastercard bank cards.
✓ Boleto (valid for Brazil)

You can also withdraw money through the same payment systems.
Important: you can make a withdrawal only to the same e-wallet/card that you used to make a deposit.
This rules enables the broker to guarantee payment security and protect traders’ funds from fraud.
The maximum withdrawal time is 3 business days, but the broker tries to process traders’ requests as
quickly as possible. Holders of standard accounts therefore get their money on average within 1 day; VIP
trades, in a few hours after submitting a request.

Terms and Conditions

Before you sign up for any kind of fixed time trading provider it is essential that you read the terms and conditions. Without going into too much detail, there are three important facts you should be aware if you’re thinking about using OlympTrade Broker:

  • Users must be 18 years or older.
  • Traders from the USA and Japan may not use Olymp Trade.
  • Services rendered by OlympTrade are subject to the laws of the Seychelles.

Beyond that, the terms and conditions are standard to those offered by other leading online binary trading platforms. Lastly trading is risky especially binary and you can lose all capital. Don’t be fooled of promises and guarantees know what you getting into!

Whats Awesome about OlympTrade Broker

So the advantages of using Olymp Trade include a low cost entry to the world of fixed time trading coupled with a free demo account and great, friendly Support for new traders. In addition the trading platform is simple and easy to trade on with the necessary tools and charting.

However some disadvantages are that American traders can’t make use of Olymp Trade. Experienced traders may be disappointed that fixed time trades are somewhat limited, however they are always improving.

Apart from that, Olymp Trade Broker offers ordinary people from all walks of life the opportunity to increase their wealth by trading online, even with limited financial knowledge. So Start trading with the free demo from Olymp Trade Broker today.

traders can lose all capital

To Summarize Olymp Trade

  • Regulation of the Financial Commission (FINACOM).
  • The minimum deposit amount is 10$/10€.
  • The minimum trade amount 1$/1€.
  • No fees for deposit or withdrawal.
  • Free education: strategies, webinars and courses.
Best Binary Options Brokers 2020:
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    Top Binary Options Broker 2020!
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    Free Demo Account!
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  • BINOMO
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    Only For Experienced Traders.

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