Online Side Hustles

Olymp Trade South Africa Review: Is It Real or Fake?

Olymp Trade South Africa Review: Is It Real or Fake?

Olymp Trade is an online trading and investment platform that has gained significant popularity since its inception in 2014.

It offers a range of trading modes, including Fixed Time, FX, and Stocks, and provides access to over 80 instruments, such as shares, currencies, cryptocurrencies, commodities, and indices.

The platform caters to both professional and novice traders, offering a simple and user-friendly interface that is intuitive and equipped with essential trading tools.

With over 88 million trader accounts and 30 million monthly transactions, Olymp Trade has established itself as a key player in the online trading industry.

The International Financial Commission regulates it and has received several awards for its excellence, customer support, innovation, and mobile trading app.

What is Olymp Trade and How Does It Work?

What is Olymp Trade and How Does It Work?

Olymp Trade is an online trading and investment platform that allows users to trade a variety of assets in different modes.

It was founded in 2014 and has grown to become a leading platform with millions of traders worldwide.

The company offers more than 80 instruments, enabling traders to diversify their portfolios and explore various markets.

Olymp Trade’s user-friendly interface and extensive range of tools make it accessible to both beginners and experienced traders.

The platform provides essential resources and educational materials to help traders make informed decisions.

To start trading, users need to open an account, deposit funds, and select an asset to trade.

The platform offers essential tools and indicators for effective analysis, allowing traders to access multiple charts simultaneously.

Mobile trading is also available, providing convenience and flexibility for traders on the go.

Is Olymp Trade Legal in South Africa?

Yes, Olymp Trade is legal in South Africa. The country has no laws against trading via Olymp Trade or similar platforms.

The platform is regulated by the International Financial Commission (IFC), which further validates its legitimacy.

Additionally, Olymp Trade is a licensed and regulated broker by the Vanuatu Financial Services Commission.

As a category A member of the Financial Commission (FinaCom), the company is committed to providing high-quality services to its users.

Traders in South Africa can confidently use Olymp Trade, knowing that the platform adheres to regulations and offers a secure trading environment.

Olymp Trade South Africa: Safe or Scam?

Olymp Trade South Africa: Safe or Scam?

Olymp Trade is a legitimate and regulated online trading platform.

It provides professional and novice traders a secure and comfortable working environment.

The company’s membership in the Financial Commission (FinaCom) since 2016 reinforces its reliability and the high quality of its services.

As with any trading platform, there are risks involved, and traders should be cautious of potential scams and fraudulent activities.

However, Olymp Trade offers extensive resources and education to help traders avoid scams and practice safe trading.

The platform places emphasis on providing excellent customer support, which further enhances its credibility.

To ensure safe trading practices, traders should join verified Olymp Trade groups and forums, verify official Olymp Trade contacts before engaging, bookmark the official website, and avoid third-party trading bots.

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Olymp Trade Minimum Deposit

The minimum deposit amount required to start trading on Olymp Trade is $10 or €10.

This low minimum deposit makes the platform accessible to traders of all levels, including beginners who may want to start with a smaller investment.

Additionally, deposits of $30 or €30 and above qualify for bonuses, which can enhance trading resources and opportunities.

Olymp Trade provides multiple deposit methods, including bank transfer, credit cards, e-wallets, and cryptocurrencies.

The platform does not charge any fees for deposits, except for a 1% deposit fee when using Skrill.

The availability of various deposit options and the low minimum deposit amount make Olymp Trade a convenient and accessible platform for traders.

Olymp Trade Account Types

Olymp Trade offers two main account types for its users:

  1. Basic Account: The Basic Account is suitable for beginners who want to start trading with a low minimum deposit. It provides users with strategies, indicators, and educational materials to help them learn and improve their trading skills. The minimum deposit for the Basic Account is $10 or €10, and the minimum investment amount for any transaction is $1 or €1.
  2. VIP Account: The VIP Account is designed for experienced traders who want to take their trading to the next level. It offers additional features and benefits, such as higher payouts, personal account managers, and exclusive trading strategies. The minimum deposit for the VIP Account is $2,000 or €2,000.

These accounts also has inbuilt levels.

These levels are:

  • Starter Account
  • Advanced Account
  • Expert Account

In addition to these two account types, Olymp Trade also provides a demo account for users who want to practice trading without risking real money.

The demo account is a valuable tool for both beginners and advanced traders to test new markets and strategies.

It comes with $10,000 virtual cash for practice and mimics the experience of a live trading account.

The demo account is free to use and helps users gain confidence and familiarity with the platform.

How to Open an Olymp Trade Account in South Africa – Step by Step

How to Open an Olymp Trade Account in South Africa - Step by Step

Opening an Olymp Trade account in South Africa is a straightforward process that can be completed in a few simple steps:

  1. Visit the Olymp Trade website or download the mobile app.
  2. Click on the “Registration” button on the top right of the screen.
  3. Enter your email address and a password, or sign up using your Facebook, Apple, or Google account.
  4. Complete the registration process by clicking “Register.”
  5. Verify your account by following the instructions sent to your email.
  6. Log in to your account using your username and password.
  7. Choose your preferred asset and start trading.

For users who want to practice trading without risking real money, Olymp Trade offers a demo account option during registration.

Selecting the demo account option gives you $10,000 virtual cash for practice.

Olymp Trade South Africa Demo Account

Olymp Trade South Africa Demo Account

The Olymp Trade demo account is a risk-free and informative introduction to trading.

It allows users to practice trading with virtual funds, gaining experience and confidence without the fear of losing real money.

The demo account comes with $10,000 virtual cash for practice and offers access to all the features and tools available on the live trading platform.

This allows users to explore various trading strategies, assets, and markets before making real investments.

The demo account is a valuable resource for both beginners and experienced traders who want to test new approaches or refine their skills.

As the demo account replicates a live trading account, traders have access to the same functions and options.

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It is an essential tool for traders to learn, practice, and improve their trading performance.

Olymp Trade Fees and Spreads

Olymp Trade does not charge spreads to traders.

Spreads refer to the difference between an asset’s buying and selling prices, and not charging spreads benefits traders by reducing trading costs.

Instead, Olymp Trade may charge commissions on certain account types.

The commission rates vary depending on the account type, with the Advanced Account having commissions of up to 13.5%, and the Expert Account having commissions of up to 20%.

The fees for conducting a Forex trade on Olymp Trade are determined by factors such as the transaction amount, multiplier, market situation, and specific requirements.

While Olymp Trade does not impose swap fees or overnight fees, traders need to stay informed about the latest fee structures and commissions, as they may change over time.

Olymp Trade Deposit Fees and Deposit Methods in South Africa

Olymp Trade Deposit Fees and Deposit Methods in South Africa

Olymp Trade offers multiple deposit methods for user convenience.

These include:

  • Credit/Debit Cards
  • Neteller
  • Skrill
  • Bitcoin
  • WebMoney
  • Fasapay
  • Bank Wire Transfer

The platform allows traders to easily deposit funds, providing flexibility and accessibility.

The minimum deposit amount for Olymp Trade South Africa is $10 or €10, which is significantly lower compared to many other trading platforms.

This low minimum deposit makes it attractive to traders who want to start with a small investment.

Additionally, deposits of $30 or €30 and above qualify for bonuses, enhancing trading resources and opportunities.

Olymp Trade aims to provide a seamless and efficient deposit process, and the absence of deposit fees (except for a 1% fee when using Skrill) contributes to a positive trading experience for users.

A Step-by-step guide to depositing the Olymp Trade minimum amount

Here is a step-by-step guide to depositing the minimum amount on Olymp Trade in South Africa:

  1. Visit the Olymp Trade website or open the mobile app.
  2. Log in to your account using your username and password.
  3. Once logged in, navigate to the “Deposit” section. This can usually be found in the user dashboard or sidebar menu.
  4. Choose a payment method from the available options. Olymp Trade offers various deposit methods, including bank transfer, credit card, e-wallets, and cryptocurrencies.
  5. Enter the deposit amount. The minimum deposit amount for Olymp Trade is $10 or €10.
  6. Fill in the required details for the chosen payment method. This may include card information, bank account details, or e-wallet credentials.
  7. Review the deposit details and ensure they are accurate.
  8. Confirm the deposit by clicking on the appropriate button or following the on-screen instructions.
  9. Wait for the deposit to be processed. The time it takes for the deposit to reflect in your Olymp Trade account may vary depending on the payment method chosen.

Note that while Olymp Trade does not charge any fees for deposits, there may be fees associated with certain payment methods. It’s advisable to check with your payment provider for any applicable fees.

Remember to only deposit funds that you can afford to risk and trade responsibly.

How to place your first trade on Olymp Trade

Here is a step-by-step guide to placing your first trade on Olymp Trade:

Register and verify your Olymp Trade account.

To do this, visit the Olymp Trade website and find the Registration button on the top right of the screen.

Register and verify your Olymp Trade account.

Once you click the button, it will expand and ask you to enter your email address and a password.

After putting this information in, click “Register” below to complete the process. Verify your account by following the instructions sent to your email.

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Deposit funds into your Olymp Trade account.

Deposit funds into your Olymp Trade account.

The minimum deposit amount for Olymp Trade is $10 or €10.

To make a deposit, choose the “Deposit” section in your Dashboard, choose the payment method, fill in the required details, and confirm the transaction.

Choose an asset to trade.

Choose an asset to trade.

Olymp Trade offers a variety of assets, including shares, currencies, cryptocurrencies, commodities, and indices.

You can select an asset by navigating to the Terminal tab and selecting the asset you want to trade.

Analyze the market and decide whether the asset price will go up or down.

Analyze the market and decide whether the asset price will go up or down.

Olymp Trade provides essential tools and indicators for effective analysis, and traders can access multiple charts simultaneously.

Decide how much to invest.

Decide how much to invest.

The minimum investment amount for any transaction is $1 or €1.

Choose the duration of the trade.

Decide how much to invest.

Olymp Trade offers Fixed Time Trades, which are a tool that is simple enough for beginners.

The duration of the trade can range from 1 minute to 23 hours and 59 minutes.

Press the corresponding button to open the trade.

Press the corresponding button to open the trade.

Once you have analyzed whether the asset price will go up or down, press the corresponding button to open the trade.

Wait for the trade to expire. The trade will automatically close at the end of the selected duration.

If your prediction was correct, you will receive a payout based on the asset and investment amount.

Wait for the trade to expire

If your prediction was incorrect, you will lose your investment amount.

Practicing trading on the Olymp Trade demo account is also recommended before investing real money.

Olymp Trade Pro and cons

Here are the pros and cons of Olymp Trade based on the search results:

Pros:

  • Regulated by FinaCom and the IFC
  • Low minimum deposit of $10 or €10
  • User-friendly interface and easy registration process
  • Offers a demo account for practice trading
  • Competitive spreads and leverages of up to 1:400
  • Multilingual support and availability of MT4
  • Many assets to choose from
  • User-friendly mobile app

Cons:

  • Fees charged per trade
  • Regulation lacking
  • Lengthy withdrawal of funds
  • No bonuses or investment programs for regular customers
  • No passive income opportunities

Olymp Trade is a reliable and user-friendly trading platform offering competitive spreads and leverages.

However, some drawbacks exist, such as fees charged per trade and the lack of bonuses or investment programs for regular customers.

Additionally, some users have reported lengthy withdrawal times.

Nonetheless, Olymp Trade is a popular choice for both novice and seasoned traders alike, and its user-friendly interface and demo account options make it an attractive option for those looking to start trading.

Conclusion

Olymp Trade is a legitimate and regulated online trading platform that provides an accessible and secure environment for traders of all levels.

Its user-friendly interface, extensive range of tools and features, and low minimum deposit make it an attractive choice for both beginners and experienced traders.

With millions of trader accounts and growing transactions, Olymp Trade has established itself as a reputable player in the online trading industry.

Traders in South Africa can confidently use Olymp Trade, knowing that the platform is legal, safe, and committed to providing high-quality services.

The availability of a demo account further enhances the platform’s appeal, allowing users to practice trading without risking real money.

As with any trading platform, traders must exercise caution, avoid potential scams, and adhere to safe trading practices.

Overall, Olymp Trade offers a reliable and rewarding trading experience, making it a viable option for those looking to explore the world of online trading.

Happy trading!

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About the author

Kevin is a location independent freelancer, blogger, and side hustler located in South Africa. Originally from Kenya, he worked as a digital marketing developer for 5 years before making the leap to full-time freelancing.

Kevin has been featured in publications like Entrepreneur Magazine and The South African for his work promoting freelancing and side hustles in South Africa. When he's not working with clients or updating Freelancian, you can find him exploring new destinations as a digital nomad.

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