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Olymp Trade reviews (olymptrade.com)

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  • #31
    AHAHAHH, that’s funny. Yeap, you are right. Maybe it’s time to accept the fact that all brokers offer more or less same trading conditions, charge same commissions but name them differently to create an illusion of choice. I’ll better focus on my trading performance.

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    • #32
      Good point! Focusing on a trading strategy and trading performance is the best investment of time and effort. However, I also need to mention here that there can be a number of other reasons why brokers offer unbelievable payout rates apart from unfulfillable conditions for getting those. The first thing that comes to mind: its a trap. They can offer 95 or even 99% simply because they don’t care - they don’t plan to allow you your profits anyway. So this is when we must check out whether such brokerages have any regulations. The most important reason why I chose Olymp is that it’s regulated with FinaCom - an analogue of CySec which is supposed to do broker’s appraisal. It is obliged to pay out up to 20K to traders who have lost their money due to scam conducted by a brokerage that is registered with FinaCOM.

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      • #33
        Good to know. I didn’t even know Olymp is a member of FinaCOM. I hope though I’ll never have to complain to this organization. I’d rather keep making money with Olymp little by little and keep withdrawing the profits safely.

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        • #34
          Good point! Focusing on a trading strategy and trading performance is the best investment of time and effort. However, I also need to mention here that there can be a number of other reasons why brokers offer unbelievable payout rates apart from unfulfillable conditions for getting those. The first thing that comes to mind: its a trap. They can offer 95 or even 99% simply because they don’t care - they don’t plan to allow you your profits anyway. So this is when we must check out whether such brokerages have any regulations. The most important reason why I chose Olymp is that it’s regulated with FinaCom - an analogue of CySec which is supposed to do broker’s appraisal. It is obliged to pay out up to 20K to traders who have lost their money due to scam conducted by a brokerage that is registered with FinaCOM.
          Don’t you guys think that no spreads approach of Olymp (at least the website says there are no spreads - not sure if it’s true) is a trap too? Who in a world would let you trade and don’t get the profit. Sorry if I missed some info, didn’t read the whole thread
          Last edited by Agajurus; 03-16-2020, 04:49 PM.

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          • #35
            If there were neither spread nor commission that would have been really suspicious. But Olymp - just like hundreds of other brokerages - uses either spread or commission approach. The good thing about Olymp in particular regarding this matter is:
            they give a choice
            they don’t apply hidden fees (i.e withdrawal fees, maintenance fee, etc)
            If has not always been like that. They’ve introduces spreads VS commissions this year only.

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            • #36
              Thank you, I got the idea, yeah, this sounds good enough to consider the brokerage. But I don’t see where one can switch from one type of an account to another. Thank you in advance for the advice!

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              • #37
                The commission approach will depend on a trading platform you prefer here. Search Olymp Trade + MT4 to find the link to register for Metatrader platform trading account. There you will be offered to apply for either ECN or Standard account. With ECN they will have zero spreads but commission, but for standard they have spreads and no commissions.

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                • #38
                  Keep in mind MT4 is only for forex trading. You won’t be able to trade options there, which is a great disadvantage of MT4 in my opinion. Olymp has always been known to be options and forex, not just a forex company. SO if you are interested in both - better simply register a regular account with no connection to MT4. You will have to settle for commission and zero spread approach in this case, but I don’t think anyone would consider it to be a problem. If you don’t scalp in 15 seconds timeframes, you won’t see much difference anyway.

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