Carribean-based broker OlympTrade has been around since 2014 and will give you access to two different trading platforms: the proprietary trading platform and the well-known third-party platform MetaTrader 4 (MT4)
With this broker, you can use fixed time trades (binary options) to speculate on underlying assets such as forex, cryptocurrency, stocks, indices, commodities – and even exchange-traded funds (ETFs). The assortment of underlying assets here is both larger and more varied than what the average binary options broker has to offer.
Leverage is available for certain trade types, but you will not have any Negative Account Balance Protection.
The smallest possible deposit is $10 and the smallest possible trade is $1. The only possible account currency is USD, which can open you up to additional currency risk if USD is not your native currency.
Contracts for Difference (CFDs) are not available from this broker.
OlympTrade is owned and operated by Saledo Global LLC, a company based in St. Vincent and the Grenadines.
As a trader with this broker, your expirence points and deposited amounts will impact your status score, and as your score gets higher, new perks can become available to you.
The trading platforms
You will have access to two different platforms:
- The OlympTrade proprietary platform
- The third-party platform MetaTrader 4 (MT4)
Both are high-quality platforms, but the MT4 caters more to advanced traders who wish to use complex technical analysis tools. Also, only the MT4 supports Expert Advisors (EAs) – a type of trading bots utilized for automated trading.
The OlympTrade platform can only be opened in the browser window, while the MT4 is available for both browser trading (the MT4 WebTrader) and as a downloadable software package that you install on your computer.
Mobile apps are available for both iOS and Android.
You can check out both platforms and do play-money trades on them if you open a free OlympTrade Demo Account. The account comes filled with $10,000 in play-money so you can get a good feel for how it is to trade using these platforms. If you run out of play-money, just ask the OlympTrade customer support for a top-up.
Examples of available underlying asset types:
- Cryptocurrency, e.g. BTC, ETH, LTC. and DASH.
- Exchange-traded funds (EFTs)
In total, over 300 different underlying assets are available for speculation.
Payouts on binary options and similar products
The contracts that have the highest payout here will pay out 90%.
For a majority of the contracts, the expiry time can be set from 5 seconds to 1 month. There are also some contracts that are avaialble with even longer lifespans.
Is copy trading available on this platform?
No, it is not.
Is social trading available on this platform?
No, it is not.
Can I use this broker for CFD trading?
No, Contracts for Difference (CFDs) are not available here.
Are Ladder binary options available here?
Are Boundary binary options available here?
Is leverage available here?
Yes, leverage is available for certain types of trades.
You will not get Negative Account Balance Protection.
Are speciality accounts available here?
You can open a Muslim / Islamic / Halal / Sharia Account with this broker.
Other speciality accounts are not available.
Indian Demat Account: No
DMA Account: No
ECN Account: No
STP Account: No
LAMM Account: No
MAM Account: No
PAMM Account: No
Deposits & Withdrawals
The minimum deposit is $10.
The minimum withdrawal is $10.
A withdrawal request is typically processed in 2-5 business days.
This broker accepts many different transaction methods, so most traders should be able to find something suitable for them.
Examples of accepted transaction methods:
- Certain debit/credit cards
- Bitcoin Payments
- Bank wire
- Doku Wallet
- Yandex Money
- Perfect Money
Phone support is available 24/7 which is a big plus for traders who prefer phone support over live chat and email. You will need to make a call to Malta, which can be pricy. The phone number is + (356) 2034 1634.
The live chat support makes it possible to get help in real-time without making a phone call. Live chat support is available on the OlympTrade web site, so you can reach it even if you are having trouble logging into the platform.
To reach the support department through email, send you message to email@example.com.
Ownership and regulation
OlympTrade is owned and operated by Saledo Global LLC, a company based in St. Vincent and the Grenadines. This is a small island country in the Caribbean and it has not banned the sale and distribution of binary options and similar products to non-professional traders.
Company address: Saledo Global LLC, First Floor, First St. Vincent Bank Ltd Building, P.O. Box 1574, James Street, Kingstown, St. Vincent & the Grenadines.
St. Vincent & the Grenadines does not require online brokers to provide non-professional clients with Negative Account Balance Protection.
Agents in Europe
OlympTrade has agents in Europe, but that does not make them a European-based broker. If you want the type of consumer protection offered by the European Union and its membership states, this is not the right broker for you.
OlympTrade´s agent in Cyprus isWallfort Limited, a company based in Limassol, Cyprus.
OlympTrade´s agent in Malta is Visepoint Limited, a company based in Victoria, Malta.
Miscellaneous information about OlympTrade
- OlympTrade arranges trading tournaments for real-money traders. Different leages are available for different experience levels.
- OlympTrade does not offer Virtual Private Server (VPS) hosting.
- OlympTrade is not a Market Maker
- P2P trading is not available here.