Olymp Trade is one of the brokers that offer trading of cryptocurrencies. The company is based in Cyprus. The brokerage service was established in 2014 by Smartex International Ltd. There are more than 20,000 users of the platform currently and it encounters almost 32 million trades amounting to more than $148 million in a month. It supports 12 different international languages. It is regulated by the International Financial Commission with weak rules and guidelines towards swift response and transparency.
Olymp Trade offers a demo account for beginners to learn before trading real money. Apart from having resources that are beneficial to newbies, their demo account comes with $10,000 virtual money. There are only two types of live accounts on the platform Standard and VIP Accounts. While both accounts have access to all trading instruments and to all analysis tools, Standard account takes 80 percent maximum payout while VIP takes 92 percent. In addition, VIP account holders also enjoy certain exclusive privileges like having access to personal VIP consultant and private VIP webinars.
Olymp Trade offers several bonuses like welcome bonus and other promotional offers to attract new clients and retain existing ones. You can reach their customer support team through telephone calls, emails, and live chat. However, their support is not so helpful. A user once called to seek explanation about leverage and instead of the agent to explain, he sent some web page links to the user. Needless to say the links were not so helpful.
To deposit money, you can use any of the following methods â€“ Fasapay, Skrill, Neteller, Yandex Money, Qiwi, Webmoney, Visa, MasterCard and bank transfers. You can withdraw your money through the same methods. Usually, withdrawal requests are processed within 24 hours but the maximum withdrawal period is 5 business days. Although they don't support Meta Trader, their trading app is very effective and it is mobile-friendly so that players can access it on the go.
Support of cryptocurrencies
Only a few digital currencies are traded on the platform. Only Bitcoin and Ethereum are the digital coins that are traded on the platform for now. More digital currencies may be added in future.
- The broker supports cryptocurrencies.
- It offers demo account for newbies to practice.
- There is no limit to the amount you can withdraw.
- It offers multiple deposit and withdrawal options.
- The service supports 12 different languages.
- Their trading platform is easy to understand.
- No commissions involved.
- They offer up to 92% payout.
- VIP account holders are usually invited to webinars.
- It is regulated.
- Only Bitcoin and Ethereum are traded on the platform.
- You can only withdraw through the same method you used for deposit.
- Sometimes, support isn't helpful.
- There is a limited array of traded assets.
- It is not regulated by any of the known strict regulatory authorities.
- Live chat does not yield good response most times.
- 92% payout is applicable to only VIP accounts.
- Forex trading webinars are also enjoyed by only VIP account holders.
- Meta Trader is not supported by the brokerage service.
Although this broker has been paying winnings since it was established, not being regulated by CySEC even though it is based in Cyprus is something you should not overlook. This implies that you can try them out but don't fund your account with more money than you can lose. Most importantly, don't allow your money to accumulate in their account. Keep on withdrawing as you win.