Olymp Trade is a well-known platform that offers several assets for trading. This platform was established in 2014 and had a mobile application with more than 50M installations.
This platform is regulated by the Financial Commission, which offers a reimbursement of up to $20,000 real money for any illegal acts. The money is sourced from the Compensation Fund.
Any individual can join Olymp Trade by depositing a small amount of $10. But it’s important to note that this platform does not offer its services in all countries. Keep reading to know the Olymp Trade available countries.
What you will read in this Post
Olymp Trade available countries:
Olymp Trade is a trusted platform but not everyone can trade through it. Below are some of the countries that are allowed and legal to trade through Olymp Trade:
- Hong Kong
- Saudi Arabia
- South Africa
- and many more
Basically, most countries in South America, Africa, and Asia are available
Olymp Trade banned countries:
Some countries have restrictions or too many regulatory requirements, so Olymp Trade can not offer its service there. Olymp Trade does not offer its services in the following countries:
- Commonwealth of Puerto Rico
- Czech Republic
- Democratic People’s Republic of Korea
- Federal Democratic Republic of Ethiopia
- Lebanese Republic
- New Zealand
- Republic of Congo
- Republic of Iraq
- Republic of Liberia
- Republic of Mali
- Republic of Sudan
- Republic of Zimbabwe
- Republic of the Union of Myanmar
- State of Libya
- The Federal Republic of Somalia
- The Islamic Republic of Iran
- The Republic of Mauritius
- The Republic of Yemen
- The Syrian Arab Republic
- The central African Republic
- The state of Eritrea
You must be wary before joining any of these countries. The broker refrains from providing the services to their residents. But, it also dissociates from any dependents of these countries.
So, suppose you are a country resident where the regulation is against this broker, or the broker itself refrains from providing the services.
It may be illegal for you to access the services in that situation. Other than that, you can legally access it from anywhere and on any device you like.
What makes Olymp Trade a legal and trusted broker?
As a trading platform, Olymp Trade could stand as your ideal choice for numerous causes. It is a rare broker that even participates in charitable activities. Illegal brokers doing such a stunt is surreal. Not just that, this broker is open to 194 countries and also offers localized services in their languages.
Only a legal broker can have such an expansive consumer reach. Already 60 million-plus accounts are currently functioning with Olymp Trade, with a trade turnover crossing $211 million. The monthly transaction of this broker is also proof of its legitimacy. Over 30 million dollars are under its monthly transaction records.
Lastly, to end all suspicions, we have two major pieces of evidence for this broker to prove its legal position.
It has regulation from the finest authority
Not just any agency, but the Fincom or the Financial Commission regulates Olymp Trade. This agency has been doing the regulation job for over 70 years, making it trustable. Moreover, the regulation status is visible through its freely accessible certificate. Only legal brokers have the conviction to do so.
Being under the FC has its additional benefits also. All the traders are eligible to take up any dispute with the authority. They even have access to free legal aid for that. So the entire expense shall not be over the shoulders of the client itself.
There is also a compensation fund for dispute relief. All the traders in connection with Olymp Trade are eligible for it, which is up to 20000 Euros. The funds serve as emergency funds that can compensate any trader who falls prey to the broker’s impractical behavior.
It clarifies all the legal information through various policies
When we visit the homepage of this broker, the legal information is not hidden from our view. Simply by going to the broker’s link, we can enter a new page full of different policies. We will find policies that range from AML and KYC (Know your customer) to privacy, trading transaction policies, etc. All the legal policies are available on one page itself for easy viewership. Such policies cover most of the aspects that a trader can ever encounter.
The trading transaction policy will ensure the legal validation of the transactions. It will ensure that any violation of the transaction clauses shall end in a legal claim. Moreover, other policies, such as AML and KYC ensure safety for traders by tackling money laundering and fraud traders, respectively.
It is not possible for any illegal broker to offer such in-detail norms and rules through legal policies. No illegitimate broker would want its business to stop or come under the scanner of legal authorities.
So, it is conclusive proof that Olymp Trade can offer its customers all of that because of j
Is Olymp Trade legal or not?
Olymp Trade is a binary options broker that can freely showcase its registration and license. St Vincent and Grenadines is the place where it has its registration put to the final form. However, that fact alone may not suffice for you to believe it’s legal.
In furtherance, this broker has a regulation certificate obtained from the Financial Commission. So, that would clear it for being legal in most countries in the world. But, not every country provides legal status the same way. They may have their own criteria, which a broker may or may not fulfill.
Some people may disagree with its legal status, as some countries are vague with their disclosures for this broker. However, with Olymp Trade, you can eliminate such doubts as it is a genuine and legal broker. We say it is legal because of various reasons that you are about to find here.
Is it illegal in some countries?
As a reputable broker, Olymp Trade is available to people all over the world. But certain countries may choose to stay away from trading as a whole. So they may make it illegal to execute trades, especially the most common ones like binary options.
A major argument for the same is its resemblance to gambling. Is Olymp Trade a gamble or not? We answer this question in the linked article.
For example, in Arab countries, binary trading and brokers are totally illegal as they consider them gambling. Since gambling is against Islamic teachings, they prohibit them as a whole, except for a few who can offer Islamic accounts.
Moreover, the legal status also comes as a by-product of the regulation that a broker can offer. Thus, certain countries that don’t consider FC regulation valid may also make it illegal to trade there. So, what is the way to know which countries have this restriction? The simplest way is to enter this query in the chatbox at the Olymp Trade platform.
Who should use Olymp Trade?
Olymp Trade is popular trading that is recommended for the usage of beginners. This platform offers several benefits for beginners, like access to a demo account and low minimum deposit fees.
After paying the deposit fees, an individual can start trading binary options with a minimum trade amount of $1. New traders can make low-risk trades to minimize the risk of losing money on Olymp Trade.
Olymp Trade top features
Here’s what makes Olymp Trade platform better than other binary options brokers.
Wide range of assets
Through Olymp Trade, you can trade major currency pairs, cryptocurrencies, commodities, and indices. You can also trade stocks of reputed companies like Microsoft, Apple, IBM, and more.
Low minimum deposit
Olymp Trade has a low minimum deposit rule so that anyone can try their luck in the binary options trading world. By depositing the amount, people can instantly start trading.
Like the deposit amount, the trading amount is also low, which is $1.
Lastly, Olymp Trade is a highly user-friendly platform. Its simple interface makes it easy for people to trade from anywhere. It’s compatible with desktops and mobile.
Conclusion: Olymp Trade is available in many countries
Overall, Olymp Trade is a better platform for traders to enter the binary options trading world. But it’s important to note that this platform does not offer its services in all countries.
If Olymp Trade operates in your country, you can get yourself registered with it by paying a small deposit amount of $10. Depending on your experience and interest, you can choose one of two account options, i.e., standard or VIP.