Overview of Olympus
Olympus, based in Vanuatu for 5-10 years, offers Forex and CFD trading. With three account options and a $100 minimum deposit, it can be appealing to various traders. Maximum leverage is 1:200, and spreads start at 0.8 pips.
The platform supports MetaTrader 4 and WebTrader and provides a demo account for practice. Customer support is available through phone, email, Twitter, and Facebook.
Olympus emphasizes education with a glossary, market analysis, and videos. While unregulated, it provides flexibility in funding through various methods.
Regulatory Status
Olympus operates as an unregulated trading platform. Regulatory oversight often ensures the segregation of client funds from operational funds. In unregulated settings, there is a higher risk of mismanagement of client funds, potentially leading to financial losses.
Pros and Cons
Overall Pros of Olympus:
Multiple Account Types: Olympus provides a range of account types, geared to traders with different experience levels and preferences.
Generous Leverage: The availability of a maximum leverage of 1:200 allows traders to control larger positions with a relatively smaller amount of capital.
Multiple Payment Options: Olympus supports various payment methods, including bank transfers, credit/debit cards, Skrill, Neteller, and PayPal, offering flexibility for deposit and withdrawal transactions.
Competitive Spreads: The platform offers competitive spreads, starting from as low as 0.8 pips for Professional Accounts, potentially reducing trading costs.
Multiple Educational Resources: Olympus provides educational resources such as a glossary of terms, market analysis, and videos, supporting traders in enhancing their knowledge and skills.
Overall Cons of Olympus:
Unregulated Status: Being unregulated poses inherent risks, including limited investor protection, potential for fraudulent activities, and absence of oversight.
Withdrawal Fees: Some withdrawal methods on Olympus incur fees, such as $25 for bank transfers and varying percentages for e-wallets, impacting the cost of fund withdrawals.
Deposit Fees for Some Methods: While certain payment methods have no deposit fees, others, like PayPal, may incur fees ranging from 0% to 4.9%, influencing the cost of deposits.
Variable Transaction Fees: The variable nature of deposit and withdrawal fees across different methods can make it challenging for traders to predict and plan transaction costs accurately.
Processing Time for Withdrawals: Withdrawals, especially through PayPal, may take 2-5 business days, which could be considered a longer waiting period for traders.
Market Instruments
Forex (Foreign Exchange): Olympus provides access to the Forex market, offering a range of currency pairs for trading. Traders can engage in the buying and selling of major, minor, and exotic currency pairs. The Forex market is the largest and most liquid financial market globally, allowing traders on Olympus to participate in currency trading with the potential to capitalize on exchange rate fluctuations. The availability of various currency pairs enables traders to diversify their portfolios and take advantage of different economic and geopolitical factors influencing currency values.
CFDs (Contracts for Difference): Olympus expands its market offerings by including Contracts for Difference (CFDs). CFDs allow traders to speculate on the price movements of various financial instruments without owning the underlying assets. Traders can access CFDs on indices, commodities, stocks, and other assets. The inclusion of CFDs provides flexibility for traders to explore different markets and trade a variety of instruments within a single platform. CFD trading on Olympus allows for both long (buy) and short (sell) positions, enabling traders to potentially profit from both rising and falling markets.
Account Types
Olympus offers a range of account types to accommodate the needs and preferences of traders.
The Standard Account requires a minimum deposit of $100, featuring spreads of 1.8 pips and a maximum leverage of 1:30.
For those seeking enhanced trading conditions, the Advanced Account, with a minimum deposit of $500, offers tighter spreads at 1.2 pips and a maximum leverage of 1:50.
The Professional Account, requiring a minimum deposit of $10,000, presents the most favourable trading environment with spreads as low as 0.8 pips and a maximum leverage of 1:200.
How to Open an Account？
Opening an account with Olympus is a straightforward process that can be completed online in minutes. Here's a breakdown of the steps involved:
Choose your account type: Olympus offers three account types, each tailored to different experience levels and trading needs.
Visit the Olympus website and click “Open Account.”
Fill out the online application form: The form will request your personal information, financial details, and trading experience. Be sure to have your identification documents (passport or ID card) and proof of address handy for uploading.
Fund your account: Olympus offers various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Choose your preferred method and follow the instructions to complete the deposit.
Verify your account: Once your account is funded, you'll need to verify your identity and address. This typically involves submitting scanned copies of your ID documents and proof of address.
Start trading: Once your account is verified, you're ready to explore the Olympus trading platform and start making trades.
Leverage
The availability of a maximum leverage of 1:200 on Olympus presents a notable advantage for traders seeking amplified trading positions. A leverage of 1:200 allows traders to control a larger position size with a relatively smaller amount of capital, potentially magnifying both profits and losses.
This increased leverage provides an opportunity for traders to diversify their trading strategies, capitalize on market opportunities, and potentially enhance returns.
Trading Platform
MetaTrader 4 (MT4): Olympus offers the widely acclaimed MetaTrader 4 (MT4) as one of its primary trading platforms. MT4 is renowned for its user-friendly interface, advanced charting tools, and automated trading capabilities through Expert Advisors (EAs). Traders on Olympus can benefit from real-time market analysis, a variety of technical indicators, and the ability to execute trades. The platform supports a wide range of order types for novice and experienced traders. MT4's reliability and versatility make it a preferred choice for many in the trading community.
WebTrader: Olympus provides traders with the flexibility of accessing the financial markets through WebTrader. This web-based platform eliminates the need for downloads or installations, allowing traders to log in from any web browser. WebTrader offers a user-friendly interface with intuitive navigation, making it accessible for traders on various devices. Traders can execute trades, manage accounts, and access market analysis tools directly through their web browser. The convenience of WebTrader is particularly beneficial for those who prefer a streamlined and accessible trading experience without the need for a dedicated software installation.
Deposit & Withdrawal
Olympus offers a variety of payment methods with associated fees and processing times to facilitate deposits and withdrawals for its traders.
For Bank transfers, a fixed deposit fee is in place, and withdrawals incur a fee of $25, with processing times ranging from 1 to 5 business days.
Credit/debit card transactions involve no deposit fees, and withdrawals are not applicable, ensuring a relatively quick process, typically instant to 3 business days.
Skrill and Neteller, popular e-wallet options, have deposit fees ranging from 0% to 3.99%, and withdrawal fees between 5.5% to 10%, with processing times of 1 to 2 business days.
PayPal transactions may incur deposit fees ranging from 0% to 4.9%, and withdrawal fees between 0.5% to 4.5%, with processing times extending from 2 to 5 business days.
Customer Support
Phone Support (Russian +74992131726 and German +60392121729): Olympus ensures multilingual support through phone channels, offering assistance in both Russian and German. Traders can directly communicate with customer support representatives, providing a personalized and efficient means of resolving queries, seeking guidance, or addressing issues. The inclusion of multiple language options demonstrates Olympus's claims to satisfy different user bases and enhance accessibility for international traders.
Email Support (support@olympusmarkets.com): Olympus provides a dedicated email support channel (support@olympusmarkets.com) for users to reach out with inquiries or requests. This asynchronous communication method allows traders to convey detailed information, attach relevant documents, and receive comprehensive responses. Email support serves as a formal and documented communication channel, facilitating the resolution of more complex issues or the provision of detailed information.
Twitter: Olympus engages with its community through Twitter, providing a real-time and interactive platform for communication. Traders can follow Olympus's official Twitter account for updates, announcements, and direct messaging. Twitter support enhances transparency and responsiveness, allowing for quick exchanges and sharing of important information in a concise format.
Facebook: The presence of Olympus on Facebook extends customer support to a popular social media platform. Traders can connect with Olympus through Facebook for updates, community engagement, and messaging. Facebook support offers an additional channel for communication.
Educational Resources
Olympus extends a robust array of educational resources to empower its users:
Glossary of Terms: Olympus provides a comprehensive glossary of terms to enhance traders' understanding of the financial markets. This resource serves as a valuable reference, offering clear definitions and explanations of key terms, jargon, and concepts commonly used in trading. Traders, especially those new to the markets, can leverage the glossary to build a solid foundation of financial knowledge and navigate the complexities of trading terminology.
Market Analysis: Olympus offers market analysis as part of its educational resources, providing traders with insights into current market trends, price movements, and potential opportunities. The analysis may include fundamental and technical perspectives, helping traders make informed decisions based on a deeper understanding of market dynamics. Regular updates on market conditions empower traders to stay abreast of developments and adjust their strategies accordingly.
Educational Videos: Olympus enriches its educational offerings with videos that cover a range of topics, from basic trading concepts to advanced strategies. These videos offer a visual and interactive learning experience, making complex ideas more accessible. Traders can benefit from tutorials, walkthroughs of trading platforms, and insights shared by experienced professionals.
Conclusion
Olympus offers flexible accounts, good leverage, and various payment choices. It's user-friendly with helpful educational resources. However, being unregulated brings risks, and there are fees for some transactions.
If you seek flexibility and competitive features, Olympus may suit you. Yet, be cautious due to the lack of regulatory oversight. Understand the platform's advantages and drawbacks to make informed decisions in your trading journey.
FAQs
Q: What financial instruments can I trade with Olympus？
A: Olympus supports trading in Forex and CFDs.
Q: What types of accounts does Olympus offer？
A: Olympus offers Standard, Advanced, and Professional accounts.
Q: What is the minimum deposit required for Olympus？
A: The minimum deposit on Olympus is $100.
Q: What is the maximum leverage available on Olympus？
A: The maximum leverage on Olympus is 1:500.
Q: What are the spreads like on Olympus？
A: Spreads on Olympus start from 0.8 pips.
Q: Which trading platforms are supported by Olympus？
A: Olympus supports MetaTrader 4 and WebTrader.
Q: Does Olympus offer a demo account？
A: Yes, Olympus provides a demo account for practice.
2023-12-28 18:25
