There has been increased speculation on the legitimacy of Olymp Trade Brazil. Understandably, as an options trading platform that is registered outside the confines of the established and best known regulatory bodies, it’s an easy question to have.
This article will explore more about this Olymp Trade and answer your burning questions around whether Olymp Trade is a scam or not.
But first, let’s look at what Olymp Trade.
What is Olymp Trade?
Launched in 2014, Olymp Trade is a trading platform that is increasingly becoming popular with new as well as experienced traders. Through their platform, traders can utilize various instruments to access the markets of their choice.
With a solid offering of different types of asset, Olymp Trade is a one-stop hub for trading.
Compete with easy to understand tools and easy to follow resources, Olymp Trade will allow you to set options for various assets including currency pairs, stocks, indices, cryptos, commodities, just to name a few.
Is Olymp Trade Reliable or Fraud?
If you’ve searched the web for Olymp Trade review, you’ve probably come across a few that trigger skepticism.
The good news is Olymp Trade is a member of International Financial Commission (FinaCom). FinaCom membership effectively insurers traders on the platform by providing them protection from fraudulent activities on the part of the broker.
According to FinaCom, they act as a third party intermediary between and Olymp Trader if a trader feels they have been cheated or scammed by platform.
Now, in case of a dispute between the broker and the trader is resolved in favor of the trader, FinaCom will provide for the traders’ protection by its fund for up to $20,000 per case.
Achieving such a designation and being a member of the FinaCom, clearly demonstrates the high level of quality and service and professionalism towards customer protection.
From an objective view, however, the real question is whether FinaCom can provide clients with safety similar to what mainstream providers such as CySEC can provide, but that is not to mean Olymp Trade is a scam.
Again, FinaCom attests to the fact that it’s not regulated or registered as an EDR body in the jurisdiction, but it goes further to state that transparency, swiftness, and education are its core paramount values. When contacted on matters on regulation, FinaCom claims they’ve applied for a license at CySEC, which is a good thing and we shall update you here once they do.
Should I Open an Account with Olymp Trade?
Now moving to the unique and proprietary Olymp Trade platform, you will start by opening a demo account that will allow you to test-drive the system without having to risk your hard earned capital.
Here, the Olymp Trade demo account is set up with $10,000 virtual money, with the minimum trade size being at $1. This is to mean that you can do up to 10,000 trades for practicing purposes before running out of the virtual cash.
Once you mastered using the demo account, you have a few options to look at when opening a live account.
The first option is a simple live trading account. The simple live account is the standard account, which anyone can join, provided you deposit $10. Beyond the low entry requirement, another benefit of using an Olymp Trade standard account is you can trade for as little as $1, and you will have the opportunity of taking advantages of returns of up to 82%, which is quite a competitive offering.
More to this, this standard account offers a respectable maximum trade amounts at $2000, allowing you to trade freely.
The second option, which is a step-up from the standard account is the VIP account. Though a VIP membership will require a higher deposit of $2,000, the account comes with a slew of exclusive offers ranging from increased profits with the rate of return getting boosted to a whopping 92% to the maximum trade amount at a high of $5,000.
While both the accounts will provide you access to all the available assets, educational materials and analytic tools, the VIP account, which we recommend has an extensive range of features including the availability of risk-free trades to personal consultants and private webinars
What Else Should I Know About Olymp Trade?
Payouts and withdrawals are generally easy and simple, with the withdrawals getting completed within three days.
Olymp Trade offers an intuitive, easy to use and understand interface that will make the entire trading process more enjoyable.
What’s more? This platform has excellent customer care, and it offers educational resources. The methods used for education on this platform include webinars, videos, and one-on-one consultations.
Is Olymp Trade a Scam?
Though there is a minimum withdrawal limit of $10, Olymp Trade does not have a maximum withdrawal limit. With a scam, traders would not have received their monies, or they would have been charge exorbitantly fees to reduce their payouts drastically.
Again, with more than 25,000 traders using the platform daily, and with a monthly turnover of $171 million, it goes to show that Olymp Trade is a huge and trusted company in this space.
This is not even mentioning that the broker has a gamut of awards in their cabinet, with the latest one being “Best Options Trading Platform” Le Fonti 2018.
All this considered, Olymp Trade is a grade A broker with a proven track record.