In this Olymp Trade review Singapore, I’m going to share my personal experience with Olymp Trade, one of the most popular binary options providers on the internet today.
If you want to know more about what kind of service they offer and if it’s worth your time or not – keep reading!
What is Olymp Trade Singapore?
Olymp Trade Singapore has been handling online trading since 2014.
And ever since, the broker has transformed the industry and given us an opportunity to make a living online through fixed-time trades in Singapore.
This is a type of trade where you simply predict where the market is going to be after a specific time has passed.
And if your prediction is correct, you make a profit.
Olymp Trade Singapore has its headquarters in St. Vincent and the Grenadines.
Olymp Trade Review in Singapore: Is Olymp Trade regulated?
Yes, Olymp Trade Singapore is monitored and licensed by International Financial Commission.
IFC is a pretty respected organization within the finance industry across the world.
This means one thing;
It is legal to trade on Olymp Trade and your capital is safe.
Olymp Trade Review Singapore: Size of the customer base
At the time of writing this Olymp Trade review Singapore, the broker has over 23 million active traders.
These traders carry out over $131 million worth monthly.
Additionally, Olymp Trades draws most of its users from South America.
This doesn’t mean you cannot use Olymp Trade if you are not from South America.
In fact, Olymp Trade accept traders from anywhere in the world, except the following countries;
- United States
- New Zealand
- Canada among other countries.
Either way, first make sure Olymp Trade Singapore accepts traders from your country before opening an account.
Quick overview of Olymp Trade Singapore
I didn’t trade for too long as I wanted to be able to give an accurate review without having had enough time invested in this type of investment strategy (it would have been unfair).
However, I was blown away by how easy their platform is designed and how streamlined everything is so that anyone can use it easily from start to finish.
That might sound like a cliché statement, but I don’t think it is.
All of the different aspects of trading are streamlined so that you can go from signing up to start using their platform as quickly and easily as possible – no matter your background or experience level with binary options investment strategies.
The only downside I see to this type of service is that there’s not much variety in terms of what types of trades you’re able to make (e.g.: stocks, forex).
However, if you know exactly which kind(s) you want to trade then Olymp Trade will be perfect for your needs!
First things first;
Is Olymp trade legal in Singapore?
Yes, it is legal to trade on Olymp Trade in Singapore. You can easily register on the site to start trading binary options with a minimum deposit of $10 USD or S$13.51 through your credit card or wire transfer (both free).
Depending on the type of your account, you can deposit from as low as $10 and places from $1 per trade.
Is trading in Olymp Trade Safe?
Olymp Trade Review Singapore: Deposit and trade size
What is the minimum deposit on Olymp Trade Singapore?
With just $10, you can start trading on the platform.
How about trade size?
Well, Olymp Trade Singapore has one of the lowest minimum trade sizes, $1 per trade.
This means that with the lowest deposit amount of $10 and a trade size of $1, anyone can start trading on Olymp Trade.
Olymp Trade Review Singapore: Trading styles and Payout
On this platform, you have access to two classic trading formats and time.
- Classic trading format – with this trading style, your job is to pick a strike price and choose either up (buy) or down (sell). This style of trading offers an 82% payout rate.
- Time format – this is known as Fixed Time Trades (FTT) on Olymp Trade Singapore. Here, the closing value of the market is compared to its opening value after the expiry period. If your prediction is correct, you stand a chance to make up to 92% profit of your trade amount.
Olymp Trade Review Singapore: Types of trading accounts
Olymp Trade Singapore has two types of trading accounts, regular and VIP.
- Demo account – you get free $10,000 virtual funds to use in practice trading.
- Regular account – has a $10 minimum deposit requirement and up to 82% payout rate. Moreover, the lowest trade size stands at $1 and not more than $2000 per trade.
- VIP Olymp Trade – requires a $2000 minimum deposit and offers a 92% payout rate. Inside, you can place a max of $5000 per trade. Additionally, you get access to consultants and personalized trading training among other VIP treatments.
Olymp Trade Review Singapore: Number of available financial markets
The broker gives you access to over 80 markets.
They range from;
- Fixed Time Trades
- Crypto among others.
As you can guess, it is almost impossible to miss the market you want within Olymp Trade.
Olymp Trade Review Singapore: Depositing process
In order to start trading, you need to deposit funds in your account.
Fortunately, Olymp Trade Singapore accept several deposit methods which include;
- E-wallets such as Skrill
- Bank cards including credit cards
- Mobile money
The depositing process is smooth and straightforward.
The broker is constantly adding new payment methods.
Now, once you have deposited funds, the transfer typically takes a couple of minutes to days to reflect on your trading account, depending on the deposit method you used.
Olymp Trade Review Singapore: Withdrawal process
After you have made money trading online in Olymp Trade Singapore, how fast can you get your money?
Well, this can take a few hours and up to 5 business days depending on your type of trading account and method of withdrawal.
If you have an Olymp Trade Singapore VIP account, you will enjoy priority withdrawals.
Here, your winnings will be in your bank account within 24 hours.
You can withdraw from as low as $10 from Olymp Trade in Singapore and it takes up to 24 hours for your withdrawal request to be processed.
And before you make that request, you first have to get your trading account verified. Do this by providing your address and identity proof.
This is done by the broker in accordance with international laws to prevent fraud and money laundering.
Olymp Trade Review Singapore: Accessibility
Trading online is one of the best ways to make money online in Singapore.
Because no matter where you are, you can be trading.
You can access Olymp Trade Singapore either through your laptop or phone.
- For your laptop, download the desktop app here.
- If you are using Android, download the app here.
- For iPhone users, check the iOS app here.
Whether you are using Olymp Trade desktop or mobile app, they all come with a wide range of technical analysis tools and several types of market charts.
Olymp Trade Review Singapore: Trade period
The time period is simply how long the trade or opened position lasts before you make your money.
Luckily, Olymp Trade Singapore has the fastest trade time of 1 minute.
That means it takes only 60 seconds to make money on Olymp Trade.
While this may sound awesome (since you can make money fast), it is a recipe for disaster.
Because you can lose money in those 60 seconds.
As such, consider using other time frames and only place 1 min trades once you have perfected your craft.
Olymp Trade Review Singapore: Customer service response
At some point in your trading career, you will run into issues.
And when that happens, you need quick and reliable customer support.
Lucky for you, Olymp Trade Singapore has agents that are quick to respond, and more than willing to help solve your problem.
Additionally, Olymp Trade has in-built chat tools that include social forums.
And as a beginner, you can use a lot of advice and help from the established traders.
You can learn from their mistakes and even copy their trading strategies.
How to start trading on Olymp Trade Singapore
To trading on Olymp Trade Singapore, you need to create an account.
Use the form below
Go register here.
Go ahead and click on Start Trading (it is free).
Alternatively, you can use the Registration button (top right corner).
Provide your email and password. Make sure the email is valid because you will need to verify it.
Alternatively, you can use either Apple, Facebook, or your Google account.
Remember to pick your currency and verify you are over 18.
Get started here
Can we really earn money from Olymp trade Singapore?
The answer to the first question is a resounding yes. Olymp Trade Singapore has been around for many years, and they have never done anything nefarious with any of their client’s accounts.
There are some risks in day trading that you should be aware of before getting started, but with their trading guides, tutorials, and demo account, your winning rate is increased tremendously.
Besides, the site was created by people who know all too well what it takes to succeed in today’s world economy: forex traders, tech geeks, and business geniuses alike!
Olymp Trade Singapore Pros and Cons
- Excellent education section
- Easy to use platform with lots of signals and news feeds
- As well as big daily payouts upwards of 96%
- Precise trading conditions considered for beginners through advanced traders
- Does not support MT4 and MT5 platforms in Singapore
- You cannot use automated trading
The best way to trade on this platform, if you’re new at binary brokers and want to test things out first, would be through their Demo Account – where there are no limits and no real risk.
There’s also an excellent education section covering everything you need to know about binary trading, including how the different types of trades work and what’s involved in setting up an account.
They don’t support automated trading though.
But on the plus side, there are no restrictions on demo accounts so it can be a good way to try out your skills before investing any serious money!
For us, this broker has all the right features for a beginner through to an advanced trader: excellent education section, easy-to-use platform with lots of signals & newsfeeds as well as big daily payouts (upwards of 96%).
Use the form below to get started.