Expert traders at BinaryOptionsExpert.net have praised Olymp Trade in their review of the trading platform, which was launched in 2014 and is designed to service worldwide traders.
With an impressive overall rating of 4.8 stars, the review comprises seven sections: Accounts, Trades, Bonuses, Mobile, Banking, Features and Support, with Olymp Trade scoring between 4.4-5.0 stars throughout.
Read on to hear what experts regard as the standout advantages of the platform, alongside any drawbacks that potential traders should be aware of.
1] The Good Points:
Olymp Trade’s suitability for beginners is highlighted in the Trade Types and Payouts category, earning 4.7 stars, with a minimum deposit of $10 and only being able to trade in High/Low Options making it a great choice for inexperienced traders.
Despite Accounts receiving the lowest rating of 4.4 stars, Olymp Trade’s Demo Account is praised for its suitability for beginners, whilst the Standard Account only requires a $10 deposit to give access to a $10,000 Demo Account.
Experts also have high praise for Olymp Trade’s Mobile Trading capabilities, awarding 4.8 stars for their responsive mobile platform, with apps for Android and iOS devices.
Olymp Trade scores particularly highly within Deposits and Withdrawals, gaining a perfect 5 stars. The $10 deposit required to open an account highlights the platform’s accessibility, whilst Customer Support is awarded 5 stars for its robust support system, comprising of email, telephone and live chat in many different languages.
When it comes to Special Features, Olymp Trade is awarded a commendable 4.9 stars. However, special features are geared towards inexperienced traders seeking a low risk introduction into binary options, with the demo account including $10,000 of virtual money being a great tool for beginners to practice trading before risking their own cash.
2] The Not So Good Points:
Despite receiving plenty of praise, experts highlighted several drawbacks for prospective traders to consider. Olymp Trade do not offer the usual welcome bonuses seen on other platforms, presumably due to the platform’s low entry level.
Whilst this makes it a great tool for beginners and earns it a 4.8-star rating in the Bonuses category, making money quickly on Olymp Trade would be challenging unless trading with higher stakes.
Account Types scored the lowest rating, 4.4. stars, with Olymp Trade not offering the range of assets that other brokers do, which coupled with their low level of entry means that it is unlikely to attract bigger players. As an entry level platform, there are just Standard and Demo account options available.
Equally, Olymp Trade is rated 4.7 stars for Trade Types and Payouts, due to not being the most competitive broker in terms of profitability, with payouts of up to 80%.
Olymp Trade only offer one type of trade, the basic Call/Put or High/Low trade, which coupled with the limited account assets makes it restrictive for experienced traders, coupled with the fact that Olymp Trade does not accept American traders.
Overall, it is fair to say that experts rate Olymp Trade pretty good, particularly for beginners, praising its mobile capabilities and accessibility, with a $10 deposit and $1 trades, alongside the availability of customer support.
Whilst minimal assets and limited account options may not be suitable for advanced traders, its suitability for novices seeking to learn and gain experience is evident.
Olymp Trade are also a member of the Financial commission, which is only awarded to proven honest and reliable brokers.