Owned by Smartex International Ltd and Frandom Holding Ltd and based in Nicosia in Cyprus, Olymp Trade is a binary options broker than it aimed squarely at the Russian market. They are regulated and registered with the Russian Financial Market Relations Regulation Centre and are a relatively recent addition to the online binary options broker market, having only been established in 2014. If you are looking for a new binary options broker to suit your needs, you can find all the information that you need to know about Olymp Trade in this binary options broker review so that you can make an informed decision as to whether they are a good fit with your requirements.
Olymp Trade Account Types and Trading Options
The Olymp Trade Standard trading account requires investors to place a minimum deposit of either 10 Euros, $10 or 350 RUB in order to open an account. This account type includes the use of a range of useful resources and trading materials. There is only one account type available through this provider, although there is the opportunity of trying out the platform with a Demo Account which comes pre-loaded with 10,000 virtual RUB currency in order for potential traders to evaluate the trading platform and try out their skills before investing any actual funds.
Olymp Trade only offer the Call/Put binary options trades, with potential payouts of up to 80%. Early trade cancellations are permitted in order to limit risk. There are a limited number of commodities and currencies available for trading through this broker however more are likely to be added in the future. Currently, investors can trade in commodities such as silver and gold as well as eleven different currency pairs including popular options such as USD/JPY and EUR/USD. A minimum amount of just $1 is required to trade and therefore this is a good choice of broker for novice investors who are looking for minimal risk until they feel more comfortable with the binary options trading market.
Olymp Trade Trading Platform and Trading Resources
The Olymp Trade trading platform is user friendly and simple enough for even beginners to get to grips with. There are plenty of educational resources for novices to use in order to gain a greater understanding of how binary options trading works, including the free eBook produced by the broker. There are also free interactive webinars ad tutorials to enhance traders’ knowledge of the binary options trading process. There is also a section of the site where investors are able to obtain the latest financial market news. A glossary of useful terms and a handy Frequently Asked Questions section is also provided to keep investors informed and to answer any basic questions without the need to contact the customer support team. The Olymp Trade trading platform requires no downloads and therefore eliminates the need for memory intensive software to be stored on a PC. Traders who prefer to check their assets while on the move can also access the trading platform through their mobile devices with apps having been developed by this broker for both Apple and Android systems to facilitate trading on the go.
Olymp Trade Customer Support and Deposit and Withdrawal Options
Investors who choose Olymp Trade as their broker of choice are able to access the technical customer support services free of charge 24 hours a day, 7 days a week. There are several options available in order to suit the preferences of a wide range of customers when it comes to contacting the support team. It is possible to use the telephone helpline, with several numbers available for use included dedicated numbers for general and for financial enquiries. There is a support email address provided and for those who need a more rapid and urgent response, there is even an online chat facility. Olymp Trade also have links through social media including a dedicated YouTube channel and a Facebook profile.
When it comes to withdrawals, a minimum amount has been put in place of just $10. Requests for withdrawals of funds are processed within a one to five day period and all proceeds of accounts are returned in the same method by which they were deposited into the trading account. There are numerous methods available for withdrawal and deposit of funds including traditional options like Credit and Debit cards and bank wire transfers as well as popular electronic methods such as Neteller, Yandex and Contact 24. The minimum amount for deposits is either 10 Euros, $10 or 350 Roubles depending on the currency selected for the account, and minimum trade values are low at just $1, 1 Euro or RUB 30. There are maximum trade amounts to be observed also, of $200, 200 Euros or 10,000 RUB. There is no commission charged on any deposit or withdrawal of funds but traders are required to verify their address and identity details with Olymp Trade before making a withdrawal for reasons of security.
Overall, there are some advantages to choosing Olymp Trade as your binary options broker, especially if you are a newcomer to binary options trading, as the minimum deposit amount and minimum trade amounts are so low. However, those with more experience in the markets may not be as satisfied with this broker as the choices of trade types and assets are quite limited and there are also quite low limits on maximum trade amounts.