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Score

1.18 /10
Danger

Olymp Trade

Vanuatu

1-2 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

https://olymptrade-qid.com

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Score

Regulatory Index0.00

Business Index4.44

Risk Management Index0.00

Software Index4.00

License Index0.00

Time Machine
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Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Warning: Low score, please stay away! 3
Previous Detection : 2024-12-27
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The VanuatuVFSC regulation (license number: 40131) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

Olymp Trade · Company summary
Olymp Trade Review Summary
Founded2022
Registered Country/RegionVanuatu
RegulationVFSC (Suspicious Clone)
Market Instruments190+, Forex, Stocks, Metals, Indices, Commodities, Cryptos, ETFs
Demo Account✅
Islamic Account✅
Leverage/
Spread/
Trading PlatformProprietary platform
Min Deposit$10
Customer SupportLive chat
Email: support-en@olymptrade.com
Social Media: Facebook, Instagram, Telegram, YouTube
Company Address: 1276, Govant Building, Kumul Highway, Port Vila, Republic of Vanuatu

Founded in 2022, Olymp Trade operates as an online trading platform based in Vanuatu. It claims to offer 190+ trading instruments, including Forex, Stocks, Metals, Indices, Commodities, Cryptos, and ETFs via the proprietary platform. Demo accounts are available and the minimum deposit requirement to open a live account is as low as $10.

Olymp Trade's homepage

Pros and Cons

ProsCons
Wide range of tradable productsSuspicious clone VFSC license
Demo accounts availableAccount opening fee charged for Islamic account
Multiple account typesLimited info on trading conditions
Various payment methodsNo MT4/5
Low minimum deposit
Live chat support

Is Olymp Trade Legit?

No. Olymp Trade claims to be regulated by the Vanuatu Financial Services Commission (VFSC), but its retail forex license (N.40131) is a suspicious clone.

Regulated CountryRegulated AuthorityRegulatory Status Regulated EntityLicense TypeLicense Number
Vanuatu
Vanuatu Financial Services Commission (VFSC)Suspicious CloneAollikus LimitedRetail Forex License40131
Suspicious Clone VFSC license

What Can I Trade on Olymp Trade?

Olymp Trade offers more than 190 tradable assets including Forex, Stocks, Metals, Indices, Commodities, Cryptos, and ETFs.

Trading AssetAvailable
forex✔
commodities✔
metals✔
indices✔
stocks✔
cryptocurrencies✔
ETFs✔
bonds❌
options❌
What Can I Trade on Olymp Trade?

Account Type

A free demo account and three types of live accounts, including STARTER, ADVANCED, and EXPERT, are available on Olymp Trade. However, these accounts were only given simple introductions without further details.

Account comparison

Olymp Trade also provides an Islamic account, sometimes known as a swap-free account. An account opening fee is charged when opening an Islamic account. And it promised no interest rates, swap charges or riba.

Swap-free account

Trading Platform

Olymp Trade offers a self-developed Olymptrade Trading Platform which is available on Desktop, Mobile, Web platforms.

Trading PlatformSupported Available Devices Suitable for
Proprietary platform✔Desktop, Mobile, Web/
MT5❌/Experienced traders
MT4❌/Beginners
Proprietary platform
Proprietary platform

Deposit and Withdrawal

Olymp Trade accepts deposit and withdrawal methods including Bank Cards, UnionPay, Binance Pay, Tether (USDT TRC20), Bitcoin, Ethereum, Dogecoin, Solana, XRP, DAI, Tether (USDT ERC20), Tether (USDT BEP20), BNB, TRX, NETELLER, and Skrill.

Payment icons

User Reviews

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User comment

2

Comments

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Prada baby
more than one year
Great environment, powerful mobile app, easy to deposit and withdraw, wide range of stocks, etc. It's excellent for short-term to mid-term trading, but not the best for long-term investment due to the holding fees.🕗
Great environment, powerful mobile app, easy to deposit and withdraw, wide range of stocks, etc. It's excellent for short-term to mid-term trading, but not the best for long-term investment due to the holding fees.🕗
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2024-07-19 16:32
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Jilljm
more than one year
Scam The biggest price manipulators. Please beware of this broker, as he convinces you to invest through him because they have a good marketing plan. However, it was a failed experience. I transferred my money to another broker that is stable and does not involve manipulation He is the worst broker
Scam The biggest price manipulators. Please beware of this broker, as he convinces you to invest through him because they have a good marketing plan. However, it was a failed experience. I transferred my money to another broker that is stable and does not involve manipulation He is the worst broker
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2024-04-17 12:16
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