The process of choosing a trading platform needs to be thorough. Among other things, we look at their fees, user support, educational materials and regulation. We can never entrust our investments to the care of a platform with a dubious reputation, can we?
So the question we get asked the most is: “Is this platform reliable?”. In our review, we will present some points that show whether the Olymp Trade platform is reliable or not, such as information about its regulation, security system for deposits and redemptions, and general reputation.
Is it safe to invest in Olymp Trade?
Olymp Trade has four trading channels: the web browser version, the desktop app version, the Android and iOS app, and the MetaTrader 4 platform.
According to Olymp Trade, the functionalities available for trading on these channels are practically the same. However, the platform clarifies that the desktop version, in addition to being faster than the web browser version, offers greater security.
For apps that can be downloaded from both Google Play (for Android) and the App Store (for iOS), the user must create a registration form with the following data:
- name
- telephone
- password
- choice of currency
The account creation process at Olymp Trade is similar to that of other trading platforms, as is its security system, guaranteed by two-factor authentication methods, verification of identity and proof of payment, and trading limits.
What is the minimum deposit at Olymp Trade?
On July 1, 2020, the Olymp Trade platform established some changes for customers in Brazil regarding the minimum deposit and withdrawals. More specifically, Olymp Trade determined that for both withdrawals and deposits, the minimum amount would be R$50. Previously, the minimum amount was R$20. However, the dollar amount has not changed: $10.
According to Olymp Trade, the increase in the limit in Brazilian currency “favors the reduction of the share of commissions associated with deposits and withdrawals”. The consequence, according to the platform, is “an increase in the number of trading opportunities”.
It’s important to remember that when opening an Olymp Trade account, the user will have access to a demo version. As with traditional investment brokers or the Forex market, opening a demo account is an excellent way to get used to the way the trading platform works (in this case, MetaTrader 4).
Finally, it’s worth remembering that you can use the following payment methods to make your deposit: bank transfer, Bitcoins, boleto, Visa / Mastercard, Skrill, WebMoney, Neteller and AstroPay card.
Can Olymp Trade’s regulations be trusted?
So far, we have presented information on how users can register with Olymp Trade, the platform’s security system, minimum deposit and withdrawal amounts, and payment methods. However, a reputable trading platform needs to be well regulated. So, can we say that Olymp Trade‘s regulation is reliable?
Operational since 2014, Olymp Trade became a member of the International Finance Commission in 2016. The trading platform’s website displays a certificate attesting to its membership of the Commission. As explained on the website, the certificate demonstrates the “continuous high quality” of the services provided.
There is one detail, no less important, that comes up when we talk about regulation. The Olymp Trade platform guarantees monetary compensation of up to €20,000, details of which can be found on this page of the International Financial Commission.
In fact, we see that Olymp Trade collects important recognitions, listed on its websitesite, such as best trading platform, best customer support, and best investment broker. Most recently, in October 2021, Olymp Trade received the award for best mobile trading platform, from World Finance.
Still on the subject of reputation reliability, some broker analysts claim that although Olymp Trade is a member of the International Financial Commission, it cannot be said to be properly regulated. For these analysts, only brokers regulated by CySEC, FCA or ASIC can be considered highly reliable regulated brokers. In other words, the regulation of the International Financial Commission, according to these analysts, would not measure up to that offered by ASIC, FCA and CySEC.
Where is Olymp Trade based?
We found that Olymp Trade is managed by Saledo Global LLC, based in St. Vincent and the Grenadines, a territory in the southern Caribbean. Saledo Global LLC, on its seu site, states that it has an A rating from the International Finance Commission.
On another website, we saw that Saledo Global LLC, the manager of Olymp Trade, has a compliance certificate issued by the International Financial Market Relations Regulation Center (IFMRRC), an entity that regulates the quality of services of brokers, such as cryptocurrency brokers.
Is it worth investing in Olymp Trade? Is it a reliable broker?
Olymp Trade offers its users the financial instruments that are generally offered by international brokers: shares, index funds, cryptocurrencies, precious metals, ETFs, currency pairs (Forex market) and commodities.
Like other international brokers, Olymp Trade is easy to use, has different ways of accessing the investment platform, offers various payment methods and has a considerably low deposit amount (although, in Brazilian currency, this amount increased in 2020).
In addition, the Olymp Trade broker has a security system that matches the systems of the world’s largest brokers. On the other hand, its regulation is contested by some analysts, as it is not issued by entities such as CySec, ASIC or FCA, traditionally known for being the world’s largest brokerage regulators.
In any case, since 2014 Olymp Trade has shown that its services are of the highest quality. The awards it has received over the last few years are no mere detail. So, if you’re a first-time user, use the Olymp Trade demo account to get used to how the trading platform works. It’s also worth checking out the broker’s blog, which features news and educational materials for investors.
