Olymp Trade is one binary broker that has been around for many years. In the early beginnings, it was even the top competitor to IQ Option. However, IQ Option still had the upper hand, because they had a more lightweight, less CPU-intensive interface, and was the first to have their own downloadable trading application. Since then, Olymp Trade has build their own charting functions, not needing to rely on Trading View, and has since offered much more functionality. They have also increased the means with which a trader can deposit very conveniently, regardless which part of the world they are in. But, is Olymp Trade still a good broker to use in 2023? Read on to find out!
When You “Win” in Demo, But Lose In Live?
Many scam brokers may employ various tactics to create the illusion of success in demo accounts while providing poor performance in live accounts. You can have the best possible trading approach, methods, risk management, mindset, etc, but you can STILL lose in binary options trading, if you encounter a broker that wants to “game” you.
Here are a few possible ways they could accomplish this:
- Manipulated Pricing: Scam brokers can manipulate the price feed in the demo account to ensure traders consistently make profitable trades. This creates a false sense of confidence and encourages traders to open live accounts. However, once traders switch to live accounts, the broker may manipulate the price feed differently, resulting in unfavorable trading conditions and increased losses.
- Order Execution Delays: In demo accounts, order executions may appear seamless and prompt. However, in live accounts, the scam broker may introduce significant delays or slippage, which can lead to missed trading opportunities or unfavorable trade executions. This can cause frustration and losses for traders. They will blame you for an unstable internet connection, but in reality, you had no issues with similar trading style even on their demo account!
- Artificially Inflated Demo Balances: Some scam brokers provide demo accounts with significantly larger virtual balances than would be realistic in a live trading environment. Traders may achieve substantial gains with these inflated balances, leading them to believe that similar profits can be made in the live account. However, once traders switch to the live account, they may find that their real funds are insufficient to replicate the same level of success.
- Restricted Withdrawals: Scam brokers often make it difficult for traders to withdraw their funds. They may impose high minimum withdrawal thresholds, delay processing requests, give trading bonuses that cannot be cancelled, or request additional documentation repeatedly. This tactic aims to frustrate traders and discourage them from withdrawing their money, effectively trapping their funds with the broker.
- Lack of Regulation: Scam brokers often operate without proper regulation or licensing from reputable financial authorities. This lack of oversight allows them to manipulate trading conditions, execute unfair practices, and avoid legal repercussions.
Is Olymp Trade A Scam Broker?
When I first tried Olymp Trade in earlier years, they were a good broker. However, when I tried them again in more recent times, while I was impressed with the speed at which funds could be deposited via QR code banking, and also impressed that they now offer various trade currency denominations to lower the minimum trade size as well, the delays on placing trades, and the price manipulations were just absolutely ridiculous. As a result, I DO NOT recommend this broker for live trading.
Shortly after writing this piece, I looked into Quora and found a Olymp Trade user describing the EXACT problem I was referring to. Have a look at these screenshots below!
Recommended Binary Options Brokers for 2023
It’s crucial to research and choose brokers that are well-regulated, have a good reputation in the industry, and offer transparent terms and conditions. Traders should also be cautious of brokers that promise unrealistic profits or use high-pressure sales tactics. Reading reviews from other traders and seeking advice from experienced investors can provide valuable insights into the reliability and trustworthiness of a broker.
The only Binary Option Brokers I would recommend at this point are:
These brokers have similar performance between Live and Demo accounts and are reliable for withdrawals. For your confidence, try them out in demo, make a small deposit, make some profit, try to withdraw before depositing more. Always remember to verify your accounts and address as needed early on to avoid delays in your requests!