OlympTrade started trading in 2014 and is owned by Smartex International Ltd, which is registered with the Financial Commission. It has its HQ in St. Vincent and the Grenadines and also an address in Cyprus. The company is one of the newer binary options brokers who focus on quality products and the usability of its software platform. For new potential investors, there is the option to use an OlympTrade demo account, where you can test all the features. After registration, you will be given access to this facility with $10,000 virtual money, so that you can practice with 10,000 trades. The platform is packed with basic charts, tools, and indicators to help traders, and there is also a technical tab for more advanced tools. There are offers of bonuses for new traders and a VIP scheme where members have the benefit of a 90% payout, which is extremely tempting. Simply deposit $2000 to achieve VIP status, however, new traders only have to deposit 10$ minimum. Overall, the platform and education center is extremely well-designed but read on in this OlympTrade review, so see if this is a reputable place to spend your money.
Is OlympTrade A Scam? Is OlympTrade Regulated?
OlympTrade was accepted as a member of Finchem (Financial Commission) in 2016. However, they are not registered with CySEC, so it is unclear exactly how much protection traders are afforded. The company focusses on cryptocurrency trading and has options on over 60 leading digital currencies. They also offer trading in stock indices and a huge range of company stocks. Returns are set at 80%, with an increase to 90% on the VIP scheme, and there are no commissions. The company provides good customer support via live chat and email, and the general feedback online is positive, with no indication of any OlympTrade scam. Traders can benefit from One-click trading, and it is easy to switch from the Live mode to the Demo mode if you want to do further research. The platform has been developed by the company itself, so it is very responsive, and there are also iOS and Android apps available. This broker has many advantages, including a low minimum deposit, superb interactive education and analytics, and an easy to use the platform. However, there are some concerns that the company is not registered with CySEC yet. Therefore, be aware that there is a risk involved, and you would be better using one of the reputable stock brokers that are correctly regulated.
Alternatives To OlympTrade
OlympTrade certainly provides an interesting option for traders, especially beginners. However, if you have decided to look around for a regulated broker, then take a look at our IQ Option review. This broker also has their own, in-house platform with multiple trader benefits. It has options in Forex trading, CFDs, and many cryptocurrencies, and covers more than 178 countries. Alternatively, eToro has over 5 million users across 170 countries. The innovative platform includes networking activities and is also available on Android. It offers a huge range of trading options, a Trading Academy, eCourses, and webinars. Whichever broker you choose, ensure that you have thoroughly researched them to ensure you make a safe and secure choice.