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Olymp Trade Review: Is Olymptrade.com Scam?

Olymp Trade Review: Is Olymptrade.com Scam?

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Our focus today is on a binary options broker called Olymptrade. Olymp Trade has been around since 2014, and are operating out of Cyprus, although registered with FMRRC in Russia. In addition to this, the broker holds a certificate with the Financial Commission.

This broker claims to offer a reliable and cutting-edge trading platform for both newbies and experienced traders. They also run a proprietary trading system which they claim was created by their top programmers. It is known as Olymp Trade.

As at the time of writing this review, Olymp Trade claimed that it had over 6,000 active customers and that they had paid out over 3 million US dollars so far.

The company does not state upfront what the minimum investment is for one to start using their platform. However, if you dig deeper, you will find out that Olymp Trade is offering a live trading account for as low as $10.

The amount of bet that you can place on a contract is $0.5.

As a newbie, Olymp Trade will recommend that you open a demo account with them first. These accounts can be used to trade both currency pairs and commodities too.

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In addition to this, Olymp Trade has a vast array of interactive learning materials.as well as analytical tools which they claim were developed by their top traders.

Olymptrade training material

Of course all the features highlighted on the sales page of this broker are quite attractive. After all, if you can practice with a demo account, you can perfect your strategy before switching to a live trading environment. Nothing to lose!

Well, this review will tackle this broker from all angles, starting from the features which they offer going down to customer feedback.

But first, if you’re looking for binary options robots that work, check out this list.

Olymp Trade Review

In the first place, Olymp Trade is infamous for having produced a robot that disappointed traders. That robot is no longer used by investors in the binary options niche, although some ignorant traders still use Olymp Trade broker to conduct their trading activities.

This broker announces that they offer the services of professional consultants to their traders. These professionals are supposed to develop a trading plan for their customers and even provide them with trading signals.

We believe that these are the same people who created the so-called Olymp Trade software which disappointed traders.

In our opinion, things haven’t changed. So you will still get a raw deal from these guys anyway.

Re-quotes and order execution

Most brokers do not admit when they have re-quotes and delayed order executions. This is because most of them conduct bucket-shop operations on the internet. They always make it harder for you to win trades. And even if you outsmart them, they will never process your withdrawal request.

That seems to be the order of the day at Olymp Trade brokerage firm. Some customers have reported this awful experience with the broker.

We presume that those are the only customers who beat this broker in his own game, hence their withdrawal requests were not honored. The rest lost, so they never even attempted to place a withdrawal request.

While the customer support is always quick to respond to complaints and queries raised by customers, they don’t seem to address the problems of every trader on this platform.

In this particular case where customers complained of re-quotes and delayed order execution, this broker responded by saying that it was due to market liquidity issues.

But as far as our experience is concerned, most brokers manipulate orders intentionally at various times of the day. Even registered ones do this kind of thing.

So while some traders say that this broker is honest and transparent in their operations, we do not think that this is the case.

Broker bonus

While a bonus is always a godsend when you don’t have sufficient funds for trading, this can also be trouble in disguise.

Again, we received a complaint from one trader who claimed to be a customer of this broker.

Olymp Trade reviews

In this case, one of the Olymp Trade managers called him and explained that if he deposited $50, the brokerage firm would top up the amount with an extra $300. This would mean trading with $350.

On top of that, this manager promised low spreads and great educational materials for those who want to learn and get on the fast track to making profits. This sounded great to him, so he made a deposit of $50 and he received the promised bonus. So far, so good!

However, Olymp Trade blocked all his trades, claiming that he had to top up an additional $100 in order to have access to these trades. That was a surprise and a bombshell because the manager did not explain it upfront.

This customer did not take these tell tale warnings seriously, so he replenished his account with an additional $100 as requested. Trades were opened. But instead, this customer spent some time on their ”great educational program” before trading the EURUSD for a good profit.

His account now had a profit of $150. Unfortunately, when he requested for a withdrawal of $100, his account was blocked. Olymp trade wanted him to add another $500 before any withdrawal could be made. That’s when it occurred to him that Olymp Trade is a scam broker.

Now, there are several other complaints that we have received and also seen on the internet as well. While positive reviews do exist here and there, verifying the authenticity of these positive reviews is quite difficult.

However, this particular customer’s experience shows an element of dishonesty from the part of Olymp Trader. It is actually surprising that this broker is operating with impunity and regulators are doing nothing about it.

A word of caution

Olymp Trade isn’t the only broker offering bonuses. Most (if not all) brokers offer some form of incentive in the name of a bonus.

The problem is that bonuses often come with restrictions. So the moment you accept their terms and conditions, you are denied the freedom to withdraw your money until those conditions are met.

In the case of OlympTrade, naive customers are suffering due to lack of awareness. They do not read these terms and conditions. Besides, they do not know that they are dealing with a dishonest broker who is also a bucket shop.

By saying bucket shop, we mean that this broker is always manipulating price feeds to ensure that you will never win. They do not like it when you make money because they lose as a result. So that’s the essence of a bucket shop operation.

Our best advice for you

There are a lot of convincing signs that Olymp Trade is not an honest binary options broker. There is a lot of mixed reactions on the internet concerning people who claim to have used the service of this broker before. Some are recommending them while others are rebuking their style of doing business.

Whatever the case, we feel that this broker has a lot of things which they are hiding from their clients. It is only a matter of time before authorities will catch up with them. But this has to take the effort of several customers complaining to the registrar to have its license revoked.

Therefore, the bottom line here is that you should not trade with Olymp Trade broker. If their trading system failed terribly to the extent of being called a scam, you don’t expect things to change that much. This system is still run by the same dudes.

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52 Replies to “Olymp Trade Review: Is Olymptrade.com Scam?”

  1. I didn’t use to take options very seriously. But then I got an account with this broker. It was out of interest but after I traded for a couple of weeks, I got the first profit and withdrew it without a hitch. So after a while my deposit became three times as big as the initial one. In short, this broker gave me a totally new perspective on options.

  2. me cae raro pero muy raro que no acepta ningun pais europeo, ni canada ni america por que solo queda esperar en sus terminos todos estos paises no son confiables ??? que termino tan loco y ellos lo seran ???

  3. I think it’s a pretty reliable investment platform you can actually work with and not worry about your money. I’ve chosen Olymp Trade for now. Their conditions are kinda similar to other companies. But they are honest and transperent when it comes to money withdrawal. And it’s super important for me.

  4. It is a good platform for trading with a minimal deposit indeed. On a standard account the profitability percentage is quite high, up to 80%, with vip up to 90%, but for the vip account you need a considerable deposit, so for now I’m okay with the standard account. The payments are regular and no one interferes with your trading.

  5. Opero Forex en la Olymp Trade, y no me veo en otra plataforma, puedo hacer mis retiros sin ningún tipo de problema.

  6. I like the mobile version of olymp trade. I installed it on my iphone. There’s all the necessary information, charts are easily scaled, you can use tools too. If you get some time, you can trade while waiting for your children.

  7. olymp trade me parece un excelente broker de opciones binarias no he tenido ningún problema con los retiros.

  8. One can trade on news well on Olymp. Here’s an example, I’ve traded well with eur/usd pair on the news about the statistics of retail sales in the US. I got this piece of news through Olymp’s daily email newsletter. I receive them every day and try to keep them in mind all the time. This helps to navigate the a**ets and trends in time.

  9. Me enteré hace poco que olymp trade publica cada semana el informe «Ultimas noticias» con el panorama de todas las noticias económicas importantes de la semana que viene. No tienes que buscar por diferentes sitios web para encontrar la información. Todo está a mano y puedes prepararte y reflexionar diferentes opciones de las inversiones. Me parece que ya he mencionado pero repito que olymp e una plataforma buena para operar. Puedes probar diferentes estrategias del trading porque la suma mínima de la orden es sólo 1$. Quisiera tener más bonos pero gracias a olymp por lo que tiene

  10. I switched to Olymp Trade because of the convenient platform. Before that I tried trading in MT4 terminal. It’s very difficult and uncomfortable! I didn’t notice such difficulties in Olymp. The interface is very simple. After working on a demo account for a couple of weeks, I switch to the real one. No one makes me verify myself, but I guess they won’t let me withdraw profit unless I provide the scans of my docs. It’s mentioned in the rules. I really like the Olymp’s training programs. You see straight away that this broker is very friendly to the beginners in trading.

  11. In my opinion, the Expertoption broker is really good. At least, while I have no complaints about the broker’s work – everything works pretty well, and brings excellent money.

  12. Me gusta mucho negociar con esta aplicación. Yo estoy negociando con las
    candlesticks, y me ayuda bastante.

  13. Buenos días, yo descargué la app y tengo 2 dudas. ¿Puedo operar en Dólar? ¿Y
    después se quiero cambiar la monedo, es posible?

  14. No estoy de acuerdo con la revista. Después de cargar la cuenta el broker ofrece un bono y este bono no influye a la retirada del dinero. Otra cosa es si las perdidas sobrepasan tu depósito, en este caso el broker no permite retirar el dinero del bono. Pero si vuelves lo perdido a cuenta de los bonos, podrás retirar todo el beneficio! Es el único broker con las condiciones tan chulas. Ademas me gusta el depósito pequeño. Eso permite tratar el trading como la diversión)) a veces nos encontramos con los amigos y apostamos todos juntos. Es muy divertido))

  15. If read this review before, I wouldn’t open the account in Olymp for sure. But I opened it earlier and must say that the real state of things is differ from the information in the article. E.g., actually Olymp bonuses depend on the amount of investment. Up to 20$ – no bonuses, up to 50 – a greeting 10% bonus, up to 100 – 20%, 200$ – 30% etc, up to 50% for VIP accounts (2,000$). Besides, bonuses don’t influence the withdrawal of client’s deposit. One pity fact is that when you withdraw – bonus is cleared.

  16. Estuve muy alegre de recibir mi primer beneficio. Después traté de retirar el dinero y no me lo dejaron sino exigieron un montón de los papeles. Como es posible, cuando pagas, nadie pide nada y cuando tratas de retirar en seguida tienes los problemas?? Empecé a buscar las opiniones en el internet, encontré muy diferentes, pero entendí lo más importante que la petición de la verificación es la cosa habitual. Después de aquel caso trato los problemas filosóficamente. Añado sobre el bono que lo pierdes cuando retiras el dinero. No es importante para los profesionales pero para los principiantes puede ser una sorpresa desagradable

  17. Yes, bonuses are removed at withdrawal, because this is a stimulating measure and if a trader doesn’t need it anymore, he doesn’t need the bonus as well. I think it’s logical. Bonuses corrupt, actually. The purpose of the bonus is in increasing the trading time, this is the last opportunity to go into the plus, if you are not a very skilled trader. And if you trade profitably, the bonus is of no use for the most part. It’s useful for leverage increase, of course, but this is a rather risky method and it’s unlikely to be used by successful traders.

  18. Olymp trade is trusted platform for option traders platform is reliable and work fast one can do trading on lot of trading instruments and my trading experience is good with Olymp trade i mostly trade gold crude and bitcoin

  19. The choice of Olymp Trade was obvious to me. Perhaps there are other brokers with similar conditions, but I haven’t met such. Well, where else can you get a bonus without conditions on profits withdrawal? And here there are no such conditions, you can immediately take the money. Trading is just a pleasure, the platform is pleasant, concise and easy to set, it’s quite simple to make orders on it. The only problem I had was with funds withdrawal, but as it turned out it didn’t concern the broker, there were difficulties with my bank.

    1. Hola Mari, puedes hablar con Olymp Trade a través del chat de Facebook, y también hay un grupo en Facebook con muchos comerciantes que pueden ayudarte. El secreto es estudiar y desarrollar una estrategia fuerte.

    1. Hola Nilton, el monto minimo para hacer negociaciones es 2 Dolares. Una cantidad muy baja que le permite negociar con éxito y duplicar sus ganancias. Le sugiero que estudie mucho antes de comenzar a negociar en la cuenta real. Además, entrene muy bien sus estrategias en la cuenta de demostración y cuando se sienta cómodo y seguro, puede comenzar con la cuenta real.

  20. Comencé a usar la plataforma porque mi amigo me dijo que era buena. Estoy usando la cuenta de demostración a más de un mes, pero todavía tengo muchas dudas para a***izar el gráfico. No siempre acierto la dirección que va a tomar, me pregunto cómo no voy a perder dinero en la cuenta real si continúa así. ¿Alguien me puede dar consejos o mandarme algún material que pueda ayudarme a mejorar mis estrategias?

    1. No se preocupe y utilice la cuenta de demostración cuánto tiempo usted necesita, le ayudará mucho a construir sus estrategias y entender mejor el mercado. Estudie bastante, todos los días, siempre que pueda, eso es muy importante. Las pérdidas forman parte del proceso de aprendizaje y, por desgracia, es imposible no tenerlas. Puedes consultar el material disponible en el sitio web de Olymp y también los videos en youtube, esto le ayudará mucho.

  21. Es un buen broker y en si me siento satisfecho. Tiene más de 20 criptomonedas, aunque solo opero con las 5 principales y cuando el porcentaje de ganancia en ellas es alto. Se puede operar en opciones binarias y CFD. El monto mínimo de depósito es de $10 y el monto mínimo de operación es de $1. El broker ofrece bonos del 10 al 50% del monto de la cuenta, y no impiden retirar dinero. En la cuenta demo se hacen torneos. Olymp tiene dos tipos de cuentas: la ordinaria y la VIP. Y me gustaria saber como hago para tener una cuenta VIP también?

  22. Me gustó el análisis de este sitio, muy completo y aclarar muchas dudas que son comunes a todos los que están empezando, así como yo. Estoy haciendo pruebas en la cuenta de demostración y me dedico a los estudios, y siento que pronto voy a poder empezar a usar la cuenta real. La cuenta demo ya tiene un valor disponible para negociar, pero ¿cómo es en la cuenta real? ¿Tiene un valor disponible allí para la primera negociación, o tengo que hacer el depósito mismo?

  23. I think Olymp is just a great broker. I’ve been trading here for 6 months, so far I have no complaints. Of course, if you want, there is always something to complain about, but if you read the working conditions carefully most of the questions disappear. And if they remain, support will always help, it’s very efficient here. I once got in a trouble. I have myself to blame for this, I didn’t look at the calendar present here. It’s a good thing that I didn’t lose a lot, I always have stops set, you don’t have to worry about them on this platform.

    1. Hola Paul, estoy de acuerdo contigo! ¡Es un excelente corredor y cuando lo perdemos es culpa nuestra! Mientras leamos las políticas y entendamos cómo funcionan las plataformas, no tendremos problemas ni preguntas. Tener paradas establecidas es muy importante para tener exito en la plataforma. Estudiar también es una buena manera. Yo también no tengo nadie que queja***.

  24. me gusta en Olymp Trade tiene muchos mnateriales did?cticos, adem?s est? muy claro y comprensible. eso ayuda mucho a operar con exito y hay cuenta demo para probar diferentes estrategias del trading. De este modo elijo para m? la combinaci?n necesaria de los indicadores y la cantidad de mis ordenes exitosas es de unos 60%. Me parece que no est? nada mal. Con este broker puedes usar los bonos absolutamente gratis. Claro que el mismo bono no te regala nadie pero el beneficio de su uso puedes retirar a la vez

  25. me gusta en Olymp Trade tiene muchos mnateriales did?cticos, adem?s est? muy claro y comprensible. eso ayuda mucho a operar con exito y hay cuenta demo para probar diferentes estrategias del trading. De este modo elijo para m? la combinaci?n necesaria de los indicadores y la cantidad de mis ordenes exitosas es de unos 60%. Me parece que no est? nada mal. Con este broker puedes usar los bonos absolutamente gratis. Claro que el mismo bono no te regala nadie pero el beneficio de su uso puedes retirar a la vez

  26. Para el trading de calidad necesitas la preparación teorética y práctica. Para obtener los conocimientos no tienes que buscar la información en las páginas ajenas. El broker Olymp Trade da a sus clientes la posibilidad de abrir gratuitamente la cuenta demo y pasar todo el curso de la educación. Esto ayuda a elegir bien el activo y formalizar la order, pronosticar el crecimiento/la caída del precio, indicar el volumen, Stop Loss, take Profit y muchas otras cosas.

  27. Interesting! The review was updated in September, but the author didn’t bother to check the soundness of his judgments. Olymp Trade doesn’t force people to work off bonuses and doesn’t impose any restrictions on their use. Actually, the w*** “restrictions” is diametrically opposed to the current state of affairs. The Olymp trade bonuses help to get out of the negative amount and, if you make some real money with them, this profit can be withdrawn without any problems at all.

  28. I read the review, then comments, and then I got acquainted with the platform purely because I wondered why the admins dislike it so much. And I liked the platform! It’s indeed very simple, but functional. For the sake of simplicity, not all the terms are clear, for example, switching the expiration of some a**ets. I have to contact support where they warn me that for AAPL, NINTENDO_JP, KO, LTC expiration is at least 15 minutes. I am for long time frames. The longer the time frame, the better the predictability and the influence of random factors, so I don’t feel much discontent.

  29. Aku baca satu persatu komen dlm ni xde la yg benar2 ma***ia smuanya guna robot yg cuba mempengaruhi org bahawa olymptrande tu adalah bagus..kita boleh tgok cara komen dan bhasa yg digunakan adalah bahasa AI yakna bahasa robot..so aku anggap ini adalah satu penipuan yg sgt besar. .

  30. Aku baca satu persatu komen dlm ni xde la yg benar2 ma***ia smuanya guna robot yg cuba mempengaruhi org bahawa olymptrande tu adalah bagus..kita boleh tgok cara komen dan bhasa yg digunakan adalah bahasa AI yakna bahasa robot..so aku anggap ini adalah satu penipuan yg sgt besar. .terima kasih

  31. Olymp Trade is honestly the most innovative platform – during 5 years, that the company provides service, they did a huge job. And the process goes continuously, constantly they invent new tricks, the platform is getting better, the list of a**ets is growing – in general, it’s clear that the company is not going to lose their leaders position.

  32. Well, all brokers have ups and downs, and it is normal – as in any other business sphere, but in my opinion still more worthy broker for today is not present, the company actively develops, improves services and deduces money without problems – it completely satisfies me.

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