Online brokers were gaining popularity after the year 2000. Some did not last new regulations that governments were introducing. Some have been fraudulent platforms that were just waiting for people’s deposits and then closing businesses.
These factors make you wonder who you should trust to invest money with. Olymp Trade is a very popular broker that has been working for several years now. Does it mean it is a legitimate online broker? Read the article to get the answer.
Key Takeaways🔑
| →Olymp Trade is a legitimate online broker offering a range of financial instruments. |
| →It is regulated by The Financial Commission, ensuring customer deposits are separate from operating funds. |
| →Despite some complaints, the platform has a solid reputation and is trusted by traders worldwide. |
Contents
The Olymp Trade platform overview
Olymp Trade is an online broker that offers many different financial instruments like financial derivatives, currency pairs, cryptocurrencies, or commodities. The platform is accessible from many various regions of the world with the biggest traffic from Asia and South America. The company can boast many awards. They are constantly developing and introducing new helpful features.
Many beginning traders would like to know is it possible to make money with Olymp Trade. The answer is yes, it is, but there is never a guarantee.
Trading always involves a certain amount of risk and many traders will end up losing money. But there are always those who really do make money on the platform. They achieve this thanks to countless hours spending on learning how the markets work, practicing different strategies, and maintaining psychological balance.
Olymp Trade as a legitimate broker
The simplest way to establish the position of the website of your interest is to use third party websites. I actually used a SimilarWeb to check the Olymp Trade position. Taking 60th place gives quite a solid reputation among other financial and investment institutions.
The next thing I investigated was how traffic is distributed around the world. The results are satisfactory. The traders come to the Olymp Trade platform from more than 250 different countries. Some are just visitors, not real traders, but it is safe to assume that the majority come to the site to make trading transactions. Another thing that can be concluded from the above results is that traders from all over the world trust Olymp Trade. The biggest traffic is from India, Brasil, and Ukraine, but there is no country which gains over 20% of all visitors.
The Financial Commission fully regulates Olymp Trade
Olymp Trade was created in 2014 and has obtained a license from the Financial Commission in 2016. This is a company who supervises financial institutions that process deposits from customers.
Being a member of the Financial Commission is an assurance for Olymp Trade’s customers that their deposits are separate from Olymp Trade operating funds. Furthermore, it guarantees a compensation fund in case of the Olymp Trade bankruptcy. Traders can receive a refund of up to $20.000. However, it is always recommended to try to resolve any problem with the Olymp Trade support team first.
Olymp Trade development
Olymp Trade was established in 2014 as a broker of many different derivative securities. From that time the company introduced many other financial instruments like CFDs, currencies, indices, stocks, and cryptocurrencies.
During this time there were added helpful and commonly used tools and indicators. Trading using them is much simpler.
Other improvements include accessibility from desktop and mobile apps. There is also a VIP account that maximizes the trading potential.
Trading technology is constantly advancing. The trade executions are audited externally by VerifyMyTrade company. The platform is user-friendly and has gained worldwide popularity.
Complaints against Olymp Trade
Naturally, complaints will appear over the years. Olymp Trade receives some complaints as well. The most often one I have found during my investigation was about delays in withdrawals.
In fact, numerous online platforms have a similar problem. But the good news is that nobody reported that the company failed to repay the funds.
Pros and Cons of Using Olymp Trade😀😔
Pros:
- Accessible from various regions globally, with a large user base from Asia and South America.
- Offers a range of financial instruments, including derivatives, currencies, and cryptocurrencies.
- Regulated by The Financial Commission, offering security to users’ deposits.
Cons:
- Some users have reported delays in withdrawal processing.
- The risk of trading losses is inherent, like all trading platforms.
Comparison: Olymp Trade vs. Traditional Brokers
| Olymp Trade | Traditional Brokers |
|---|---|
| Accessible from various regions globally. | Accessibility can be region-specific. |
| Regulated by The Financial Commission. | Regulated by national/international financial authorities. |
Final words
Generally speaking, Olymp Trade is a legitimate online broker. The platform is under constant development, and it proved its worth. This is why it has become so popular around the world. Traders have the possibility to make money in different markets. And there is a free demo account where you can practice as much as you need. You will learn how the platform functions and then you may always return to your demo account to try new indicators or strategies.
Wish you a good day!
FAQs
- Q: Is Olymp Trade a reliable trading platform? A: Yes, Olymp Trade is a reliable and regulated trading platform that has been operating since 2014.
- Q: What kind of financial instruments can I trade on Olymp Trade? A: You can trade a variety of financial instruments, including derivatives, currencies, and cryptocurrencies.
- Q: How is Olymp Trade regulated? A: Olymp Trade is regulated by The Financial Commission, which ensures the security of customer deposits separate from operating funds.
- Q: Are there any common complaints against Olymp Trade? A: Some users have reported delays in the withdrawal process, but no reports indicate failure to repay funds.
- Q: What kind of user support does Olymp Trade provide? A: Olymp Trade has a support team to help resolve issues. It’s always recommended to try to resolve any problems with the Olymp Trade support team first.