Olymp Trade Review: In this article, I will analyze the Olymp Trade trading platform. Why you should consider/should not consider choosing Olymp Trade. When selecting a trading platform for yourself, you undoubtedly have to consider various factors, such as reliability, withdrawal speed, interface design, and more.
Even different trading strategies may be suitable for different platforms. In this Olymp Trade review, I will provide an honest evaluation based on my experience using Olymp Trade and other trading platforms.
Olymp Trade Review – Advantages and Disadvantages of Olymp Trade
Timely Payments
Operating since 2014, Olymp Trade has not experienced any significant scandals to date. All investors confirm smooth withdrawal processes from the platform.
Exceptions may include cases where investors use international cards (Visa/Mastercard) for transactions, resulting in longer withdrawal times compared to those using domestic cards.
The delayed withdrawal issue with international cards is a widely shared experience among experienced traders.
To avoid delayed withdrawals, it is recommended to use domestic cards with internet banking connectivity or e-wallets. The Olymp Trade review highlights the platform as reliable and trustworthy in terms of payment.
Additionally, it advises against using Visa or Mastercard for trading on Olymp Trade or other platforms, as international transactions may incur longer processing times and higher fees from banks.
International Presence
Olymp Trade attracts a diverse customer base from various countries and invests in tailored market approaches for each nation.
With customer support teams and investment guides available in corresponding languages for countries such as Vietnam, Malaysia, Turkey, Indonesia, Thailand, China, and more, Olymp Trade's global reach provides reassurance for investors compared to platforms operated solely by individuals targeting the Vietnamese market.
FinaCom Certification
Olymp Trade is certified by Finacom, an organization specializing in resolving disputes between forex trading platforms, cryptocurrency exchanges, and blockchain entities.
In case of disputes or dissatisfaction with Olymp Trade's resolution of issues or transaction results, users can file a complaint with Finacom.
If Olymp Trade engages in any dishonest practices with customers, they are liable to compensate the affected party up to $20,000. More information about Finacom can be found on their website.
Notably, in a recent incident within the Olymp Trade Vietnam community, a customer had their account locked for using a trading robot. After filing a complaint with Finacom, the organization assisted in resolving the issue and reopening the account.
With Finacom acting as a third party to settle disputes and protect users' rights, traders can have greater confidence when engaging with Olymp Trade.
Postponing Identity Verification
At other trading platforms, customers often need to verify their identity immediately upon opening an account or confirm their identity before making their first withdrawal.
For those who are just exploring or testing the trading waters without committing long-term to Forex, identity verification can be time-consuming and inconvenient. However, at Olymp Trade, only a small group of customers is required to verify their identity.
Customers only need to go through the identity verification process when they receive a notification request from Olymp Trade. Other customers who do not receive such notification emails can trade and withdraw funds normally.
New customers at Olymp Trade typically do not need to verify their identity right away. They can withdraw funds or use virtual accounts, including demo accounts, without restrictions.
For those planning to practice with a demo account first before engaging in live trading, Olymp Trade is a suitable choice.
For more information, check out the Olymp Trade review video on resistance levels, support levels, and trendlines.
Olymp Trade Review: User-Friendly Interface
Olymp Trade Review: User-Friendly Interface
Depending on individual preferences, one may favor the interface of a particular trading platform. In my opinion, while writing this Olymp Trade review, I find Olymp Trade to have a significant advantage in terms of a beautifully designed and user-friendly interface, encompassing both the mobile app and the web interface.
The Olymp Trade interface features attractive colors, easily readable candlesticks, and a user-friendly layout for opening trades. When trading on a mobile device, Olymp Trade is a platform worth considering.
Support for Various Types of Trading: Forex and Fixed Time Trades
Unlike other trading platforms, at Olymp Trade, you have the flexibility to engage in either Fixed Time Trades or Forex trading based on your personal preferences.
Olymp Trade Review: Vietnamese Language Support
The Olymp Trade website is available in various languages, including Vietnamese. You can access instructional materials, webinars, or news specifically tailored for Vietnamese users.
Additionally, if you have questions about trading and need support, you can contact Vietnamese support staff or the Vietnamese hotline at Olymp Trade. Despite being an international trading platform, non-English speakers, particularly those who are not fluent in English, can still use Olymp Trade without language barriers.
Olymp Trade Review: Drawbacks of the Olymp Trade Trading Platform.
Limitations on Trading with Some Fixed Time Trade Accounts.
For those who choose to trade Fixed Time Trade on Olymp Trade, 2% of the total Fixed Time Trade customers may face trading restrictions. This is because they have engaged in high-risk trading, such as opening too many trades in a day, trading with high amounts compared to their balance, or employing multi-level Martingale strategies.
As Fixed Time Trade is generally perceived as a high-risk investment, and some even liken short-term trading to gambling due to its 50/50 nature, where you choose whether the price will rise or fall within a set time. Some European countries have banned Fixed Time Trade due to concerns about its risk-taking nature.
Therefore, Olymp Trade believes it is necessary to limit customers engaging in high-risk trading to ensure a fair market and prevent too many customers from experiencing significant losses.
Typically, you can trade without restrictions. In case you fall into the 2% of customers facing limitations, you just need to wait a few days, let the trades settle, and these restrictions will be automatically lifted.
Olymp Trade Review: Forex trading accounts at Olymp Trade are not subject to trading restrictions.
Summary
Olymp Trade review portrays it as a reliable and worthwhile investment platform. However, the Olymp Trade platform still has some drawbacks, especially in the area of fixed-time trading. If you engage in Fixed Time Trade, it's important to be aware of these limitations to adjust your trading strategy accordingly.
Olymp Trade processes payments quickly, with an average payout time of 1-2 business days. If you still have any questions about the Olymp Trade review, feel free to leave your inquiries in the comment section.
