Olymp Trade is an online trading platform and an international broker. This is a rapidly growing financial firm that has been in business since 2014.
Although the broker works with clients from all around the world, why does Olymp Trade not accept clients from the United States? The page Olymp Trade USA can assist you in comprehending the situation. Let’s get one thing straight.
To be clear, US residents can use the VPN to signup on the Olymp Trade site. You can also trade on a demo account by changing your IP address, but when it comes to topping up your balance, you may run into issues.
You will be unable to make a deposit, or the Olymp Trade team will ban your payment. If you are still able to make a deposit, then your account will get declassified during documentation and account verification.
Want to make quick money on Olymp Trade but aren’t sure if it is legal in the US? We completely understand this. That’s why we have compiled a complete guide for you and our fellow traders on- Is Olymp Trade legal in the USA or not?
Olymp Trade USA: Regulations
What you will read in this Post
OlympTrade is a member of the International Financial Commission (IFC). It’s an indicator of a company’s financial stability as well as a high level of client trust. What are the benefits of the IFC?
In the event of a broker’s failure or other illegal activities, the commission compensates up to $20,000.
- Assistance from A Lawyer
You have the right to seek expert legal assistance from the commission in any problems with the broker, including legal procedures.
Because the broker is a member of the IFC, all of the materials needed for trader training and advancement are freely available on the broker’s website.
Financial regulations in the United States
The CFTC and the NFA are the financial regulators ensuring that binary options trading are legal in the United States. According to them, if a binary broker platform like Pocket Options does not follow the rules, it will be subjected to harsh penalties and eventually banned.
Customers are connected to a counterparty, and customers’ accounts are maintained on their behalf. These members undertake currency transactions with customers but do not act as counterparties. Thus they are subject to anti-fraud, ethical conduct, and supervisory requirements.
Participants who manage forex accounts on behalf of clients or offer forex pools must additionally provide prospective clients and pool participants with a disclosure document. Prior to use, the traders must register with the NFA.
Is Olymp Trade legal in the USA?
So, why is it challenging for residents of the United States to sign up for the platform and trade on it? It all comes down to regulations.
Brokers who wish to work with investors from this country must meet specific conditions. There are a lot of them, but in general, you’ll need a certain license and a lot of US offices.
The business must also be registered in the United States, and as previously stated, Olymp Trade is registered in Seychelles. As a result, accepting clients from the US domain is prohibited. Unfortunately, that’s the answer.
If you wish to trade on the Forex market, look for regulated brokers in your country. On this page, you’ll find Forex brokers.
Finally, here is a small tip from us, if a trader is a US citizen, he should not circumvent the system. The account will be blocked sooner or later by the Olymp Trade security service. The platform will reset all of his earnings to zero if the user doesn’t act quickly.
How can I log in from the United States?
Is it possible to access Olymp Trade USA? Yes. The corporation does not prohibit IPS from the United States. On the other hand, Olymp Trade does not allow US traders to trade due to legal concerns.
Is it possible for me to use VPN servers or VPS services?
No. After verifying ownership through an ID check, the platform continues to prohibit such accounts. Take a look at the detailed guide on getting started on the forum.
Account options in Olymp Trade
Users can choose between two sorts of ‘real’ accounts after checking out the trial account. The following are some of them:
- Basic Account
A minimum deposit of $10 is required to create a standard account. Investors can trade for as little as $1 and as much as $2,000. The minimum withdrawal amount is $10, and there are no limits on how much you can withdraw. Spreads on the regular account are typically about 1.1 pips.
- VIP Account
To start with a VIP account, the traders need to pay $2000. In comparison to the capabilities accessible on a basic account, these account kinds provide some additional perks.
VIP account users can make trades for up to $5,000 and have access to a VIP consultant. These advisors are seasoned financial analysts who can help you decide which transactions to complete. VIP account members get access to additional training resources that regular account holders do not.
While more account kinds would be helpful, most users should find something to work with by selecting between a standard or VIP account.
Olymp Trade provides a free trial account for users to try out its platform. This allows customers to test whether the platform is right for them before investing real money.
Each demo account is pre-loaded with a $10,000 virtual money amount.
This trial account is beneficial since it allows newbies to learn how to trade while also allowing experienced traders to study Olymp Trade and understand how the interface operates.
The advantage of using a demo version is that you will access all the features one gets in a paid subscription. Users merely register with an email address to activate a demo account. They will not be required to show any proof of identity until they choose to register for a premium account.
Is Olymp Trade trustworthy?
The fact that Olymp Trade is licensed by FinaCom demonstrates how far the broker has gone to earn the trust of its clients.
We discovered a claim by one of the broker’s support personnel that they had already sought CySEC accreditation during our research. However, there has been no mention of being regulated by one of the more well-known authorities so far.
This does not, however, imply that the broker is untrustworthy. FinaCom’s rules and policies are as stringent as those of well-known authorities. Traders can seek legal help from this authority if they have a disagreement with a broker who is registered with them.
Olymp Trade’s accreditation in FinaCom is a good sign that company is a legitimate fixed-time trading broker. FinaCom provides legal support to traders who have a problem with a broker who is registered with them.
If their complaint is deemed to be valid, traders can get up to $20,000 from the Compensation Fund. As a trader, you must know that your money is safe and that you can get your money back if your broker goes bankrupt.
Olymp Trade also has a Client Resolutions Department that can help with conflicts. The broker will assist you.
Typically, team Olymp Trade responds within 24 hours and share instructions on how to resolve your problem. The broker permits you to file a complaint with FinaCom if you are not happy with their answer within 14 days.
We always advise you to begin trading with a fully registered broker because the danger of losing money is minimal.
How does trading on Olymp Trade USA work?
The trade is of the “all or nothing” kind. Whether the asset’s terminal worth is higher (UP) or lower (DOWN) than the strike price determines the outcome of each deal. This is seen in the diagram below.
Janet, a trader, predicts that Bitcoin’s value will jump in an hour. She goes to the Olymp Trade platform and places a $200 investment in a UP trade on Bitcoin with a 1-hour expiry time. The strike price on the medium when the trade is executed is $6,203.33, and the dealer pays out 75% if the outcome is correct.
Janet’s trade went right, and she received a payment of 75% of her $200 investment (i.e., $150). She will be paid $350, which includes her initial deposit and reward.
It’s really simple, and even a total newbie may start trading after familiarizing themselves with the software for a few minutes.
Is Olymp Trade really paying?
Yes, Olymp Trade pays its traders for real. There are many perks of trading on Olymp Trade. On Olymp Trade, you can trade a variety of assets, including bitcoin. Six asset types are used to categorize assets. The following are some of them:
- There are 35 currency pairs, including major, minor, and exotic currencies.
- You will also be able to trade the world’s top ten stock indices. The Dow Jones, S&P500, CAC40, DAX, Hang Seng, and Nikkei 225 are examples.
- Olymp Trade also offers 5 Exchange Traded Funds (ETFs) for trading.
- There are 13 blue-chip stocks on this list. Apple, Facebook, Starbucks, Coca-Cola, Google, Tesla, and IBM are among the equities traded. One can sell these assets at the same time as the host stock markets.
- Up to six commodities, including silver, gold, natural gas, and crude oil, can be traded.
- The last asset class on Olymp Trade has 12 cryptocurrencies.
- MetaTrader 4, one of the most well-known online trading systems in the market, is now supported by Olymp Trade.
On Olymp Trade, mobile trading is done in two ways. The first method is to trade utilizing a mobile device’s web-based interface.
Without downloading the Olymp Trade native software, users can enjoy an app view on their smartphone or tablet device.
The second option is to get the Olymp Trade smartphone app from the Google Play store (for Android) or the App Store (for iPhone and iPad).
Resources for traders
On this platform, one can assess about 171 resource materials to prepare themselves for the exciting adventures of trading.
There are 151 complimentary webinars and short articles explaining signs available. Additional articles explain the trade procedures, a beginner’s glossary, and a video lesson that walks you around the platform.
One can find all of this in the website’s “Education” section, which a newbie can see after logging in to the demo trading page in the navigation bar on the left side of the screen.
Each resource is offered as a chat window that may be accessed in a second browser to avoid interfering with the main site’s functions. A live chat function appears as users go, allowing them to ask questions as they go. These resources are excellent for both novice and intermediate traders.
There’s also an Analytics area with a free Economic Calendar (a list of upcoming news events that could affect asset prices), market sentiment-driven signals, and a market volatility program that predicts which stocks will be the most volatile at any given time.
The Analytics part will appeal to seasoned traders. Technical analysis is also done in-house.
How can you get in touch with Olymp Trade to resolve concerns or inquire about their product line? There are a variety of options open to you.
There is a Live Chat feature that allows you to communicate with an Olymp Trade agent right away. Click the circular question mark on the upper right of the platform interface or website to access the live chat function.
There is also an online contact form as well as a phone line that is available 24 hours a day, 7 days a week.
On Olymp Trade, the customer service is of a high standard. Not only are the responses quick, but the tone is also pleasant and helpful.
Olymp Trade also offers support to employees who participate in trading-related internet forums and provide solutions to some of the consumers’ questions concerning the company’s trading product.
Email: [email protected]
Click here for chat support.
To summarize our opinion of Olymp Trade, we believe that the issues that have plagued previous online trading platforms have been addressed by Olymp Trade. In addition, the firm has outperformed its competitors by providing high-quality trader education.
The broker OlympTrade is well-known in the United States, according to Google searches, and traders are interested in registering on the platform. Despite the fact that the broker works with a large number of nations, there is a list of countries with which it does not.
The following is a list of nations: Canada, Japan, the United Kingdom, Australia, Europe, Israel, and the United States.
The broker can also deal with countries like Indonesia or Singapore, where traders trade, deposit, and take earnings. However, the authorities in this nation frequently ban access to the broker’s primary domain, forcing traders to rely on a replica of the actual website or a trading application.