When looking to break into the trading scene, one of the most crucial considerations is the platform you intend to use. The rapid advancements in technology over the last few years has allowed many brokers to join the trading market. Although this is seemingly good news to traders, many have found it hard to pick the perfect trading platform for themselves. Given how many trading brokers there are in the industry, beginners tend to have a hard time choosing the perfect one. Nevertheless, taking a closer look at some of the most popular trading platforms will go a long way in making a decision.
When it comes to trading brokers, very few can compare to Olymp Trade. The platform has been in operation for close to a decade and continues to provide exemplary services to its clients. Olymp Trade offers trading on a wide range of assets including, currency pairs, commodities, stocks, indices, and cryptocurrency. The platform has more than 25,000 active clients from all over the world. Moreover, thanks to the excellent services Olymp trade provides, it has won several accolades and awards over the years. Some of the most notable recognition the company has received include, The Fastest Growing Broker in 2016 at ShowFx World and Best Financial Broker at CPA Life Awards in 2017.
Even so, you can’t just pick a financial broker based on the awards that it has won. For you to find the perfect trading platform, you’ll need to see whether it can cater to all your trading needs. Here is an in-depth look at Olymp Trade for you to ascertain whether it fits your trading style.
Jurisdictions and Availability
Olymp Trade is an international trading broker registered to provide a trading platform for commodities in multiple countries. However, this doesn’t mean that people from anywhere in the world can trade on the platform. Due to government regulations in various countries, Olymp trade can only provide its services to traders from specific countries including, Brazil, Egypt, Indonesia, Singapore, Kenya, South Africa, Thailand, Philippines, Vietnam, Nigeria, and Sri Lanka. Unfortunately, the platform doesn’t support traders from Canada, United States, Japan, Europe, Australia, Russia, and Israel. To cater to this diverse international clientele, Olymp Trade supports several languages such as Spanish, English, Indonesian, Arabic, Chinese, and more.
Types of Account
There are a few different types of accounts that traders can open on Olymp Trade.
For novice traders, it would be wise to kick things off with a free demo account. Upon registering, traders get 10,000 free coins that they can use to test their proficiency. Apart from beginners, the more seasoned traders can use demo accounts to get over the learning curve.
A standard account is the basic type of account offered by Olymp Trade. The minimum deposit to open a Standard Account is 10 dollars. With this type of account, investors can trade anything between one and 2,000 dollars. Investors with this type of account can only make a single withdrawal per day of not less than 10 dollars.
The minimum deposit to open a VIP account on Olymp Trade is 2,000 dollars. Despite paying a large minimum deposit, investors with VIP accounts have several additional benefits. Traders who open these accounts get access to experienced financial consultants to help them make the most out of their investments. Also, VIP account holders have a higher maximum trade amount of 5,000 dollars.
Drawbacks of Using Olymp Trade
Though not many, there are a few shortcomings from trading with Olymp Trade. Firstly, although Olymp Trade is an international trading platform, there are lots of countries that have aren’t included due to various reasons. Another major drawback of trading on this platform is the risk of dubious regulations. Although Olymp Trade is a member of the Financial Commission, there are concerns that the regulator has only been around for a few years.
Olymp Trade is one of the most popular trading platforms in the world. Although the company isn’t perfect, there are lots of benefits that come with using it.