With a sharp increase of interest in forex trading, many Indian investors observe it as a hobby more than a profession. The economic situation of the country has people desperately looking for better investment alternatives. They often find it in the form of online Forex and Options trading. To comprehend the complexities associated with forex, people need a guide and a trading platform which they can trust. Olymp Trade is an online options broker that attracts tens of thousands of traders regularly who trust its infrastructure and functionalities to trade binary options and forex. This Olymp Trade India review is meant for those individuals who are interested in forex trading in India using Olymp Trade.
Legal Information Regarding Olymp Trade
Only a handful of brokers can be trusted of being legally compliant with the legislation handed down by the world’s prominent regulatory agencies. Despite the competition, Olymp Trade has a separate fan base among Indian forex and options traders. Olymp Trade is presently owned by the company Saled Global LLC which is registered and authorised by St. Vincent & the Grenadines. This broker is a member of a uniquely independent and self-regulatory organisation based in Hong Kong that is known as FinaCom.
This organisation is responsible for handling external disputes and acts as a resolution body within the forex market. It is worth noting that FinaCom is not a legal agency that has clear ties with any government regulator. So, in case anything goes wrong, they are not capable of enforcement. Although they accept clients based in India, those who are interested should confirm Olymp Trade’s legality status on http://sebi.gov.in/.
Regulatory Concerns
Regulations play a critical role when it comes to choosing genuine forex and options brokers because the industry is regrettably full of scam companies. As mentioned earlier Olymp Trade is not associated with any government regulatory body. It officially joined FinaCom in the year 2016 when its parent company was Smartex International Ltd. This brokerage company offers its services in more than 134 countries to at least 25 million traders around the globe. These figures are encouraging but also unverified and that is why Indian traders are advised to find as much as they can find about Olymp Trade’s background information before doing business with them.
Details of regulations can be found on the Olymp Trade website.
Type of Broker and Unique Features
Olymp Trade is often seen as a fairly easy-to-use options and forex broker platform which comes with simple navigation, a user-friendly interface, tons of useful tools, and functionalities. It is an exemplary proprietary platform that offers trading experience on both web and mobile devices. Following are few unique features that new users can benefit from:
- Ease of use:
The best thing about Olymp Trade is its user-friendliness which is a significant contributing factor to its growing number of users worldwide. From signing up to withdrawing funds, every function is developed in a way that is easy for newcomers.
- Free Educational Content:
The official website gives access to a considerably extensive educational section for free. This section serves as a guide to those who are new to options and forex trading using an online brokerage company. You will find expertly-made strategies, video tutorials, and even webinars to learn tips and tricks to be on the winning side.
- Advanced tools:
The website version of Olymp Trade’s trading platform comes with multiple charts functionality that allows traders to keep an eye on two charts simultaneously. Positions handled by a single trader can be grouped by trading modes so that it is easier to manage.
- 24×7 Support:
For the past 6 years, Olymp Trade has provided several individuals with a comfortable and lucrative trading experience as one of the leading online brokers. They maintain a 24/7 client support department to help clients in Mumbai, and Malta.
- Quick Withdrawals:
Withdrawals from the platform usually take a lot less time but it is only possible if one has registered for an account with Olymp Trade.
- Promising Future:
Unlike most of its peers, Olymp Trade has an excellent track record and has been experiencing healthy growth in its user base. According to its blog section, this proprietary broker is slowly becoming popular in countries like India, Indonesia, etc.
Markets Available to Trade
A reliable online broker must also give people a chance to diversify their portfolio as much as possible so that earning potential increases. Once you sign up with Olymp Trade, you will be presented with a choice of several tradable markets listed on the website which are supported by its trading platform.
This collection includes:
- Currency Pairs
A good mix of major currency pairs like EUR/USD and GBP/JPY is available for both new and veteran forex enthusiasts.
- Commodities
Top-performing commodities like Brent and Natural Gas can be traded using Olymp Trade’s expertly made trading application.
- ETFs
Those who are inclined towards exchange-traded funds and their recently growing relevance can access MSCI Brazil 2x, NASDAQ Reversal 2x, and S&P 500 Volatility 1.5x.
- Crypto
Bitcoin and some leading altcoins like Litecoin and Ethereum are available for trading using the trading platform which gives a great opportunity to dip into crypto markets.
- Stocks
Several globally renowned companies like Apple, Amazon, AMD, BMW, Baidu, Disney, IBM, Google, Netflix, etc. are offered to the users of Olymp Trade.
- Indices
CAC 40, Dow Jones, Euro STOXX 50, Asia Composite Index, Europe Composite Index, and many other best-performing indices are available.
- Metals
Commonly traded metals like Gold, Silver, Platinum, and Copper are offered through Olymp Trade’s trading platform.
To check out all of the tradable assets visit the Olymp Trade website.
Types of accounts supported
Since the main goal of Olymp Trade is to keep its capabilities and the trading scenario as simple as possible, this broker offers a single type of account meant to be used by all kinds of traders who register. This one-for-all type of trading account comes with low commissions and maximum leverage of 1:500. The minimum size of trade supported on the trading platform is just $1. Although there is no further information or guidelines available regarding its account type, there is a demo account. This demo account does not require a deposit and can be used as a training model by any interested trader.
Open a demo account with Olymp Trade.
Minimum deposit, Spreads, and Costs
The minimum deposit for the single type of trading account supported by this broker is kept low and affordable which is $10. According to the support page, this value might vary for different countries but it is also mentioned that the system offers a deposit bonus to some users. Olymp Trade assures that it covers all commissions so that users can process withdrawals without having to be concerned about it.
Deposit/Withdrawal Time and Fees
In addition to the aforementioned costs, this broker is said to cover most commissions and costs. Users can head over to the deposit page and choose a payment method and load funds. There is said to be no limits and no delays when a deposit is made by customers using the following payment channels:
- UPI
- SBI
- RuPay
- Perfect Money
- Neteller
- Skrill
- HDFC Bank
- PhonePe
- ICICI Bank
- Globepay
- Bitcoin
- Tether
- Ethereum
- UnionPay
- Bank Transfer
- Bank Cards
- WebMoney
Usually, it does not take much to credit trading accounts but since it depends on the payment method you have chosen, the maximum time taken is around 2-5 business days. Per KYC/AML policy, Olymp Trade is liable to charge a customer who has not traded/deposited/withdrawn funds from the live account. In case of insufficient funds in the user account, then inactivity fees might wipe the entire account balance. To avoid these fees, customers must trade/deposit/withdraw at least once in 180 days.