Olymp Trade Review 2022 Edition | Scam or Legit Broker?

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If you are reading this post then chances are; you are new to trading, you have heard, read, or watched videos about Olymp Trade, and now, you are doing your research to decide if indeed this is the best broker to trade with in 2022.

Tell you what, if that first paragraph describes you then you are in luck.

There isn’t yet an in-depth review on the internet for Olymp Trade for 2022. 

I mean, this is probably going to be your go-to resource for Olymp Trade for years to come.

What to Expect on the Olymp Trade review 2022 guide.

To make sure we don’t leave any important information about this broker out, I will split this review into three parts.

In the first part, we will try to understand the Olymp Trade product.

In the second part, we will try to find out if Olymp Trade offers in-house security for traders who choose them.

Lastly, we will try to answer this question.

How secure is your money if you decide to trade with Olymp Trade?

The objective of this Olymp Trade 2022 review.

If you read this post to the end you should have a clear understanding of if Olymp Trade is the broker that you’re looking for

So make sure you don’t skip a word.

#Part1 of the Olymp Trade review

What is Olymp Trade?

Olymp Trade is an international trading platform launched back in 2014.

If you do the math you will notice that Olymp Trade is almost clocking 9 years in business.

So, what are the odds that: –

1. Olymp Trade is a fake broker?
2. What are the odds that Olymp Trade is a scam?
3. What are the odds that Olymp Trade is genuine?
4. And What are the odds that Olymp Trade is legit?

Having been in the industry for that long only means one thing.

We will have a good amount of data to look back on.

And hence a good chance that we will give it the fair verdict that it deserves.

How Olymp Trade Works.

Olymp trade allows you to make a prediction of the future price of assets.

For example, EUR/USD is an asset in Olymp Trade. 

Should you make a prediction on this asset and your prediction ends up right, you get to earn profits on the specified rates of returns.

More on Olymp Trade rate of returns later in this post. Keep reading.

The Olymp Trade Platform.

Now, Olymp Trade has two different platforms where traders/investors can make these predictions.

1. Olymp Trade Forex platform.
2. Olymp Trade Fixed Time Trade Platform (FTT).

Anyone can trade with Olymp Trade FTT and Olymp Trade FOREX accounts on the platform.

These accounts are separated and have different interfaces.

You can switch from one account to the other after creating an account or logging in.

While an Olymp Trade FTT account is used to make two types of fixed time trade deals:

1. Based on the trade duration (from 1 minute to several hours)
2. And on the expiration time (from 1 minute);

The Olymp Trade Forex platform is only used to open long positions (hoping the price will go up) or short positions (hoping the price will go down) from the current price with unlimited duration of the trade.

When using the Olymp Trade Forex platform there is no spread (the difference between the buy and sell prices).

However, there is a brokerage fee that one has to pay when executing trades or holding them until the next day.

More About The Olymp Trade FTT Platform (Olymp Trade 2022 Review).

First things first, Fixed Time Trading is not like your regular forex or stock trading.

As a matter of fact, it’s closer to gambling than regular trading which involves the buying and selling of underlying assets, setting take profit and stop-loss levels among other Forex trading parameters.

Right off the bat, we don’t recommend alternative trading over standard trading and you will understand why by the time you come to the end of this post.

Before you start worrying though, take a deep breath.

Why?

Because from this part on, I will go deep to explain to you how FTT trading works with real-life examples and that should shake things up a bit.

How to Trade Fixed Time Trades in Olymp Trade.

As hinted earlier, when trading FTT you make a bet on how the price will move.

Press the UP/CALL/GREEN button if you think the price of the asset you are trading will increase in value from the current price.

And, press the DOWN/PUT/RED button if your prediction in Olymp Trade FTT is that prices will decrease.

How do I mean?

See the image examples below to understand how FTT trading works.

Before pressing either the Green/Up/Call button or the RED/Down/Put button, you might want to change one or two parameters on your charts.

For example, instead of using the area chart as shown on my image above, you might want to change that to depict a different chart.

Say the Japanese candlestick chart which is known to give better visibility of previous price movements.

You can perform this action as shown in the gif below.

The next thing that you may want to change on the chart is both the chart time frame and trade duration.

See the image below to identify where to change the two.

And of course, you will not be able to trade and make profits if you don’t set your trade amount.

How much do you want to stake on your first trade? $100?

See the image below to learn how to set that parameter.

In case you just joined Olymp Trade with a link on this post and you want to place your first trade, the information above is enough to help you meet that objective.

For example, if you check my Olymp Trade account balance above, you will notice that it has grown from just $10,000 (which is the amount credited) to a new Olymp Trade account to now over Đ328,148.00 in demo account balance.

For me to soar that high, it means that when I traded UP or pressed the green button on Olymp Trade, the price did go in my favor almost doubling my investment each time.

And when I pressed the red button, the price moved in my favor again.

That’s almost like it. How FTT trading works.

Just like I’d warned you before, it’s totally different from standard trading.

One major advantage on FTT though, all you need when trading FTT assets is an increase/decrease in price and you get your profits.

It doesn’t matter how big or small the decrease or increase is.

It can be as small and insignificant as just one pip and you’re still making money.

In short, Olymp Frade FTT focuses on short-term trades.

Positions opened on the Olymp Trade FTT platform can be held for as short as one minute or up to 23 hours.

The Olymp Trade platform also allows traders to choose a specific expiration time giving users more control over their trade.

So essentially Olymp Trade is a platform that heavily favors day trading which simply means, opening and closing trades within the same day.

#Part2 of the Olymp Trade 2022 review.

Understanding the Olymp Trade business.

A quick glance at the Olymp Trade website shows that it has more than 60 million users.

A strong presence in 102 countries.

Around 170 million in turnover last month and about $1 million transactions daily.

Some very impressive numbers there for an FTT trading platform, right?

On the surface, everything looks great.

Unlike you’d see in any other FTT broker, Olymp Trade stats are impressive.

But, should they get you excited?

At least not until you read this second part of my review.

Ensure you savor every word.

Otherwise, you will make your account opening decision based on what Olymp Trade what’s you to believe.

Which is;

We are legit, people trade with us, and you should too.

Which by the way, if you’re looking for a change from regular trading; say somewhat less complicated for beginners then in my opinion, this is it.

That sentence isn’t a call to open an account with Olymp Trade though.

Not yet.

Before we get to the account opening process, let’s dig deeper to find out what else is beautiful or ugly about Olymp Trade.

Let’s try to answer this question before deciding if to open an account at Olymp Trade or not.

Why should you guys invest your hard-earned money on the Olymp Trade platform?

Let’s start with the most obvious thing that will make you want to click this link to install the Olymp Trade mobile app.

1. Olymp Trade has the best mobile trading app for 2021.

This isn’t just another stupid swear.

Olymp Trade really has the best mobile trading app for FTT.

FYI, it was voted the best mobile trading app in 2021.

And much as there are very many other mobile trading apps similar to Olymp Trade, none beats this platform in design, simplicity, and other mobile trading features.

If you ask me, Olymp Trade really is a top-notch IT product.

Try it today and you will be surprised at how easy it is to use and trade with.

I bet you $10 that after you’ve downloaded the app and tried trading with it, you will not want to install another mobile trading app on your phone.

2. Olymp Trade now has more assets to trade.

Because Olymp Trade is a financial product, you’d expect it to be serious and complicated.

But, just as we have learned in the previous subheading, this simplicity is an advantage to beginning traders and not in any way a show of weakness on the broker’s side.

Another thing that any trader will obviously appreciate is a good number of technical analysis tools to make trading easy. Which Olymp Trade has by the way.

But what’s the benefit of having so many trading tools if there are no assets to trade.

Speaking of assets, do you remember the time when Olymp Trade only had 80 assets to choose from?

Now it has more.

It has more currency pairs, more cryptocurrencies, enough indices, and a handful of stocks to trade 24/7.

Have I also mentioned that Olymp Trade now has some OTC pairs and composite indices that can be traded even during the weekend?

Before you get too excited though, know that these assets mentioned are Fixed Time Trade (FTT) assets and not the obvious underlying assets you’d find trading Forex.

3. Olymp Trade Knowledge base.

Olymp Trade has a well-organized educational section with lots of content for both inexperienced and seasoned traders.

Other than the materials for learning how to trade, Olymp Trade, Olymp Trade also has ready-made strategies and frequent webinars for traders who just want to start and go.

Both the strategies, webinars, and the entire knowledge base is well organized and beautifully presented to sync with the platform.

Just like the platform itself, it feels easy to use the Olymp Trade knowledge base.

In case you are already an Olymp Trade app user, just click on the help button on either the app or the platform and hop on the “Help with trades” section to begin learning how to trade and more.

Using the Olymp Trade app is just as easy as using the Facebook Messenger app.

Anyone can do it without any further help.

4. Olymp Trade Trading Accounts.

Should you want to start trading with Olymp Trade, which account type should you go for? And why?

At Olymp Trade you have a choice of two different platforms. 

The first platform is for trading forex while the other is for trading FTT.

Both platforms can be found on either of the 3 Olymp Trade accounts. Namely: –

1. Olymp Trade Demo Account.
2. Olymp Trade Standard Account.
3. And VIP Account.

When you open a new account you are automatically served with a demo account that has $10,000 for trading practice.

Later, you can choose between using a standard account or a VIP account to open at any point when you decide to switch to a real account.

To activate a standard account in Olymp Trade, you’ll need to deposit $10 or a different currency depending on where you’re from.

The minimum amount for withdrawal is also $10 on a standard account and there is no maximum limit for withdrawal.

Olymp Trade 2022 Review – VIP Account.

For a VIP account, the minimum deposit necessary is $2,000, and just like in the standard account, the minimum trade amount is $1 and the minimum trade amount is $5,000.

Other than faster withdrawals, if you are a VIP member, your account will get a number of perks.

For example, you get the assistance of a VIP consultant when you need help, you get a higher yield on open trades and you’re given access to leading financial analysts.

And that’s not all, you also get an increased rate of return.

For example, if you bet $100 that an FTT asset will increase in value, if your prediction is correct you get $192 that’s 10% more than a standard account which gets a maximum ROR of 82%.

5. Olymp Trade Deposit Methods.

You can fund your Olymp Trade account with your credit and debit cards.

But if you are not a fan of those methods, you can try bank wire transfers, skrill, cryptos like Bitcoin and Ethereum, Mpesa, Advcash among other payment methods.

6. Olymp Trade Mobile Apps.

Last but not least, the Olymp Trade mobile platform offers mobile apps for both Android and iOS.

If you are worried that the App will be different from the web browser, then you will get some relief learning that there are more similarities between the mobile and the desktop versions of the platform than there are any differences.

Everything that you will find on the Olymp Trade desktop version is available on the mobile version.

#Part 3 of the Olymp Trade 2022 review.

Olymp Trade Security.

Now, this is the game-changer. The make-or-break stuff.

This is the part where you get the opportunity to decide for yourself if it is really worth it to trade with Olymp Trade.

Some of the questions that you might want to ask in this section are: –

• Is Olymp Trade safe?
• Can Olymp Trade be trusted?
• Is Olymp Trade legal?
• Can I earn from Olymp Trade?
• Is Olymp Trade a trusted broker?
• Can Olymp Trade be used in my Country? (India, Kenya, Mexico, Colombia, Saudi Arabia, UK, the USA, you name it…
• Can Olymp Trade make me rich?
• Who owns Olymp Trade?
• Where is Olymp Trade located?
• Can I make money everyday from Olymp Trade?

Answering these questions may help us unmask the platform to help determine if indeed Olymp Trade is the Olympic champion of all brokers of 2021 or if it is a scam.

Olymp Trade 2022 Review – The Olymp Trade Brand.

The first thing which you will notice when you withdraw money from Olymp Trade is that Olymp trade processes withdrawals from a company called Saledo Global LLC which is registered in Saint Vincent and the grenadines.

Now, if you studied business as I did, then you’d know the difference between a company name and a brand name.

Saledo Global LLC is the company name behind the Olymp Trade brand. It’s just like Unilever is the company name behind OMO.

Makes sense? If you understood that, then the two names should not cause any alarm.

If anything should raise your eyebrows though, then it is the place where Olymp Trade is registered.

Saint Vincent and the grenadines.

This is not a place where reputable brokers set up shop.

I mean, the country or other island is notorious for its pretty much absent requirements of regulations.

But, if at all Olymp Trade is as genuine as it goes, then you could argue that maybe.

Just maybe, they set shop in Saint Vincent and the grenadines because of low startup costs for Forex on the island.

Check this out – we started our Forex company at Saint Vincent and the grenadines because of its low setup costs.

A better way to justify operating in an offshore zone for multiple shady Forex and FTT brokers, right?

Whatever thought led to the decision of Olymp Trade setting shop here, it wasn’t the best for a Forex review.

Now I’m not saying that Olymp Trade is one of the shady brokers,

Not at all.

But, this is something we have to keep in mind when choosing a broker.

Where is its headquarters (Location)? Olymp Trade 2022 Review.

Answering that question goes a long way in helping you decide if to invest with a broker or not.

Other than questioning where a Forex company is located, you want to open an account and transfer a small amount of money to check: –

• The execution on a couple of small trades.
• Try withdrawing your money to see how fast the payout is.
• And to see how easy it is to use the platform.

If everything checks out, check for strict regulation, and only then, decide if you can trust your new broker.

Now, despite Olymp Trade being located in Saint Vincent and the grenadines, I have trusted it with my money a number of times, and never once has it disappointed me.

Quite frankly, I have used Olymp Trade for more than 3 years.

Made deposits and done successful withdrawals of huge amounts. 

I have withdrawn amounts as huge as $30,000 and $20,000 at a go and I received my money.

And just so you know, my withdrawals from Olymp Trade have been just as fast and seamless as my deposits.

Is Olymp Trade Regulated? Olymp Trade 2022 Review

The answer is, Yes and NO.

No, because Olymp Trade is not yest regulated by industry-standard authorities like: –

• Malta Financial Services Authority (MFSA) in Malta.
• Finanstilsynet (FSA) in Denmark,
• Comissão do Mercado de Valores Mobiliários (CMVM) in Portugal
• Autorité des Marchés Financiers (AMF) in France
• Comisión Nacional de Mercado de Valores (CNMV) in Spain
• Financial Market Authority (FMA) in Austria
• Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin) in Germany
• Swiss Financial Market Supervisory Authority (FINMA) in Switzerland
• Financial Conduct Authority (FCA). UK.
• National Futures Association (NFA) USA
• Commodity Futures Trading Commission (CFTC) USA
• Australian Securities & Investments Commission (ASIC) Australia
• Financial Sector Conduct Authority (FSCA) South Africa

which are the most reputable regulators on land.

And Yes, Olymp Trade is regulated because it is a member of the International Financial commission aka FInaCom. 

A well-respected organization no doubt but the fact that it is a self-regulatory organization that is entirely funded by its members makes FinaCom sort of a members club.

Is Olymp Trade a genuine broker? Olymp Trade 2022 Review.

Now let’s take a look at where Olymp trade is available.

Is it available in your country, no doubt?

Keep in mind though that while FTT is sometimes traded on presumed regulated exchanges like Olymp Trade, Iq Option, and the likes, they’re generally unregulated trading.

Perhaps the reason why they have been banned by regulators in many jurisdictions as a form of gambling.

For example, the European Securities and markets authority has banned retail FTT and ASIC) considers it a high-risk and unpredictable investment option.

Also, if you Google where Olymp Trade is not allowed, you will notice that some countries have been excluded from being able to use the app.

This is not by accident. It is by design.

These countries don’t trust FTT brokers and to that effect, won’t allow their citizens to invest in this form of trading. 

Fixed Time Trades are not supported in the United States, Australia, Canada, EU, UK, Japan, and Israel among other countries with strict Forex regulations.

On the brighter side, Olymp Trade works in India, Indonesia, Kenya, a number of the Arab world countries, North America, Africa, Asia, Latin America…

Is Olymp Trade accepted in your country? Try to install the app here to find out.

The Verdict.

All said Olymp Trade is an equal opportunity trading platform.

If you look around for more trading reviews you will notice mixed reactions about the trading platform but that’s not to say that Olymp Trade isn’t a good broker. 

As seen in our review, everything is super easy to understand and navigate and as a beginner, I can promise you that if you try it today you will most definitely love it.

Olymp Trade also has a good amount of educational content paired with simplicity which is definitely very helpful.

Frequently Asked Questions.

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