The simplicity of binary options trading has made people think it’s an easy trading market. But this market is quite complicated, which many people don’t realize until they lose their money.
The entire concept of binary options trading is based on speculations. As a trader, you have to predict whether the price of an asset will increase or decrease before it reaches the expiry time.
What you will read in this Post
More about Binary Options trading
Without proper knowledge and correct trading tools, one cannot speculate the price movement, which further results in losing the trade. Since binary option is an all-or-nothing market, losing trade means losing all the money.
So you see, binary options trading is risky. But then, this platform helps in earning a massive amount of profitability. Thus, entering the market makes sense.
If you also think this way and want to enter the binary options market, you should take the help of some trusted platform, like Olymp Trade.
Before registering with Olymp Trade, you need to know its pros, cons, payment method, and additional features. Also, it’s essential to find out whether this platform can be trusted or not.
This post answers all the essential questions and give you a intense Olymp Trade app review.
What is Olymp Trade?
Olymp Trade is one of the most popular trading platforms that has been in operation since 2014. It has more than 25,000 clients throughout the world from Malaysia, Brazil, Indonesia, India or Nigeria. It is a fully legal and regulated company by the International Finance Commission since 2016. It also has a responsive mobile platform that you can use for making quick trades.
Like Olymp Trade, various other trading brokers are also regulated by the International Finance Commission. But the difference here is that this one is regulated with category A. That means Olymp Trade is much more reliable, trustworthy, and safe than others.
If any trading broker is a category A verified, that means the Financial Commission guarantees compensation of up to 20,000€. The traders get this compensation if some mistake happens. Also, compensation is offered if either the bank or broker goes bankrupt.
Talking about the awards and recognition, Olymp Trade has picked up several awards, which includes:
- Best Options Trading Platform at Le Fonti 2016
- Best Financial Broker at the CPA Life Awards 2017
- Fastest Growing Broker at ShowFx World 2016
- Best Options Broker at the Forex Expo 2017
In addition to these recognitions, this mobile app has an easy user interface, unique features, and excellent customer service. These things make Olymp Trade a unique trading app ideal for beginners and professionals.
One can easily navigate this trading broker as it is organized and has clear features, which perfectly eliminates every possibility of confusion. You can check the website of this trading app either via the desktop application or smartphone.
One impressive thing about Olymp Trade is that its website is not misleading. It shows the users what they want. That means, through this app, you can track your trades and make a successful move.
How to use the mobile App?
If you like Olymp trade, you can download its mobile app so that you can make trades anytime and anywhere. The app is available for both Android and iOS users.
Visit the Google Play app store or Apple App Store. Then find “Olymp Trade – Online Trading App.” Download it and start the registration process.
To complete the registration, you are required to enter your email id. Then create a strong password. After that, you are required to select a currency (USD or EUR) and the payment mode through which you want to make deposits. So you see, registering is simple.
This way, you can start making actual trades from the Olymp Trade mobile app. If you are logging from a new device or location, you must open the mobile app, choose the login form, enter your username and password. Then you will receive an SMS code, which you can enter to start trading.
Olymp Trade does not charge a heavy fee. But it asks you to pay a fixed rate overnight fee of around 15% of the total invested amount. Traders are not charged the account maintenance fees and custodial fees.
But this trading broker wants you to pay inactivity fees if you have not traded binary options via it in the last 180 days. The usual inactivity fees start from $10 per month. However, Olymp Trade can close your trading account if you don’t have sufficient funds and have not used the account in the last few months.
Also, if you are trading binary options through forex mode, you would have to pay a small fee per trade. This charge varies depending on the specification conditions, current market situation, trade amount, and multiplier.
Lately, binary options brokers have started offering leverage as it decreases the chance of losing a trade. Olymp Trade also offers leverage, and it depends on the type of trade you choose.
Generally, this trading app promises excellent leverage of 1:400. Here, for the most popular pair, i.e., EURUSD, the leverage is set to be around 1.30. On the other hand, minor currency pairs, including USDSCD, EURNOK, NZDUSD, and others, have leverage of 1.20.
As far as payment methods are concerned, this app uses easily accessible methods so that traders can quickly deposit and withdraw money without any hassle.
When depositing the money using any payment method, remember that withdrawal is possible only via that method. It is, in fact, a common practice in binary options trading, which limits the chances of money laundering.
Possible deposit methods that Olymp Trade accept includes:
- Bank transfer
- Credit/debit card
As you have noticed, this trading broker accepts almost all payment methods, ranging from cards, e-wallet, and bitcoins to banks. Besides bank transfers, other payments are processed quickly.
For depositing the money to the trading app, you are not required to pay any fees. But the bank might charge you for transferring the money.
Olymp Trade highly encourages people to withdraw money using the same method they have used to make deposits. The best thing about withdrawals is that they are processed the same day. But for bank transfers, this trading app requires you to wait for a couple of days.
Olymp Trade offers a demo account, which loud and clearly says that it’s a reliable app that you can trust. Traders can use the demo account feature to get used to this trading broker.
It further allows them to better understand the trading market and the app. With this advantage, the possibility of losing money in the market reduces.
Each demo account comes with $1000 dummy money and quite a few trading tools. You can use them to understand the nature of this app and market. After entering your email address and completing the registration, you can access the demo account.
Deals and promotions
Olymp Trade offers quite a few deals and offers, but it does not say much about the withdrawal conditions.
Not disclosing the service agreement can cause issues to certain traders. For instance, traders of the EU cannot use trading bonuses. So, before starting your trading journey, you need to know whether or not your region permits you to use deals and promotions.
This trading app regularly offers new bonuses of up to 50% for traders. If you sign up for these bonuses as a new trader, you can receive around a 50% bonus on top of the initial deposit.
But before you plan on using the bonus and promo codes, you need to thoroughly read the terms and conditions.
At Olymp Trade, you can access different account types, i.e., Standard and VIP accounts. Both these accounts offer different features and are designed for different traders. So, depending on your needs, you can choose one.
To get access to this account type, you need to make a small deposit of $10. This account type is perfect for beginners or traders who do not want to build a profession in binary options trading.
With a Standard account type, you can trade at a minimum of $1. The maximum you can go is $2000. Moving further, this account lets you withdraw a minimum of $10, and there is no maximum withdrawal amount. Lastly, this account offers spreads in the region of 1.1 pips.
If you want to become a professional trader or have bigger trading goals, you can choose a VIP account. To use this account, you need to pay $2000. By depositing this amount, you can access premium features, including VIP consultants.
The VIP consultants are professional financial analysts who give expert advice on which trade to make. In addition, VIP account holders also get access to extra trading tools that can help them make better trading moves.
A VIP account permits trade to make a maximum investment of $5000. So, if you are a passionate trader and are impressed by the features offered by a VIP account, you should become a VIP account holder.
Olymp Trade features
Olymp Trade is an excellent trading app recommended for beginners and experts. It offers some amazing features that make binary options trading easy and quick. Below are a few of them.
Wide range of assets
Unlike other trading apps, Olymp Trade does not offer limited assets. In fact, it offers a variety of assets, including commodities, stocks of major companies, currency pairs, and indices.
A wide range of assets allows traders to choose a familiar asset. But if you are not familiar with any asset, you can choose one with a low volatility rate. This way, the chances of losing money due to rapid price movement reduces.
Another highlight of Olymp Trade is the extensive training. This app gives access to a demo account to every user. The demo account comes with dummy money that can be used for making demo trades.
Besides this, Olymp Trade also offers educational added value and support in the form of an economic calendar, analyst help, and webinar sessions. Also, this broker offers a variety of trading tools.
Low minimum deposit
An interesting thing about Olymp Trade is its low deposit fees. By depositing $10, you can use the Standard account type to enter the options trading market.
The low deposit amount allows each person to invest in the binary options market. Also, the minimum withdrawal amount of $10. That means you can assess your fund anytime and anywhere.
Lastly, the Olymp Trade app has a user-friendly interface that does not confuse traders. It gives freedom to users to trade from anywhere, via any device, mobile, or desktop.
Benefits of Olymp Trade
Olymp Trade is an impressive trading app that allows traders to invest in a wide range of assets. Also, it has maintained a solid community of long-term clients by offering them attractive trading opportunities.
Below are some benefits of this trading app that shows why one must consider it.
Benefits of Olymp Trade app
- This trading app offers attractive spreads
- It promises to give the leverage of up to 1:400
- Traders get MT4 support
- It offers different withdrawal and deposit methods to traders so that they can quickly start trading
- Traders get support in multiple languages
- The minimum deposit amount is relatively low
- It has a better user interface that makes it easy for traders to understand the app
- The user-friendly mobile app platform allows users to make trades quickly
- You get an opportunity to choose from around 77 assets
Drawbacks of Olymp Trade
Olymp Trade has a few drawbacks that you must know about before registering yourself with it.
Drawbacks of Olymp Trade app
- Traders with a non-verified account can face an issue while withdrawing the money
- This trading app offers only two types of accounts, i.e., standard and VIP
- Some of its regulations are dubious, which can become a matter of concern
- While the app offers attractive bonuses, its terms and conditions are not clear
Despite these drawbacks, if you want to trade via Olymp Trade, you can do a few things. You can start by verifying your trading account. And if the limited account type is an issue, you can note down your trading needs. Then make small trades to meet those goals via any two accounts.
Similarly, you can avoid the bonus drawback by not abusing the program. Before making a move, read all the details carefully. Lastly, you should avoid creating multiple trading profiles as it can result in confusion.
Conclusion: Olymp Trade app review
Is Olymp Trade a safe app to start binary options trading with? Yes, it is, and you can trust it without any second thought.
This top-rated trading broker has a simple interface that makes trading as easy as it can be. Also, the helpful educational content, features, and competitive spreads make this trading app even more reliable.
Keeping aside the regulation issue and a few other drawbacks, Olymp Trade is definitely a trustworthy app ideal for experienced and new traders. You can further increase your chances of winning trade by using a detailed strategy created via offered tools. If you want to get more into the trading platform, have a look at our tips & tricks.