Olymp Trade, which was founded in 2014, is one of the trading platforms which is famous for supporting the clients’ safety. That’s why it was announced as the Best Customer Support Broker in 2019 and 2020. It means that the regulation of this broker is highly noticeable that the International Financial Commission has accepted Olymp Trade as one of its registered members. As a result, this broker has got the Verify My Trade Certification because of its rapidity and accurateness. Safety of Olymp Trade is also signified through the € 20,000 insurance that it consider for each of your trade.
In the following paragraphs, you are going to read more about this trading platform and its safety. Note that in the realm of trading there is always the danger of fraud, tricky activities, and some kind of illegal withdrawals. So, you must do your best to choose the safest trading platform which not only brings you huge profits but also guard you against such risks.
Table of Contents
Safety of Olymp Trade Accounts
The first thing that you want to know as a trader is the security measures of the trading platform. You can be sure about the safety of Olymp Trade; because, its accounts are protected by KYC protocols. It is also equipped with limits and scam protection which is extraordinary for trading platforms.
However, if you want to check the safety of Olymp Trade by yourself, you can try the KYC process. KYC is a verification process that proves to you that the trading platform is safe enough to invest your money and time on it. You can use this process for analyzing different trading platforms. You just need to pay money and go through the process. KYC helps you examine the identity of trading platforms and provide account information for the clients to decide about the appropriateness of the platform.
Safety of Withdrawals in Olymp Trade
To be sure about the safety of the withdrawals in Olymp Trade, you need to verify the withdrawal funds in your account. Note that all successful traders, never forget the importance of verification. Because the major role of verification is providing safety. When it comes to verification, it means that you must check both sides of trade which include both broker and trader benefits.
Note that, the verification process is important because of becoming sure about the safety of the money that you enter in a trade and get from that trade. At the end of the verification checking, you need to achieve some proofs which contain certainty about the address, payment, and confirmation of the Origin of Funds
All in all, consider the fact that the withdrawals must be processed within 1 to 4 business days. Consider the fact that this time depends on the proficiency of the traders as well. In other words, being a beginner, advanced, and the expert trader is always important in withdrawals issues. Because each of these traders has access to the trading tools which is specific to their types. So, remember the fact that in examining the safety of Olymp Trade, you must go for withdrawal verification.
Limits and Security
The safety of Olymp Trade principles includes some limits which guarantee the safety of traders’ funds. The first limit that this platform considers is the time that it doesn’t allow the traders to trade above a specific amount. In other words, it is a whole limit on an account. The next limit is on a specific asset or group of assets. Therefore, you have a limitation on the deals with more than a specific value that the Olymp trade has considered.
The third limit of Olymp Trade for the sake of traders is the limitation on a certain kind of trade. And the last limit is on trading volume which is announced by the Olymp Trade. Although all of these limitations are for the sake of safety and security, sometimes you need to avoid them. Because the trading market is not predictable at all. So, the Olymp Trade has provided some tips for avoiding such limits which include:
- Check your account verification
- Do not be greedy about bonus programs
- For keeping the balance, go got small trades
- Never go for multiple accounts.
One of the best features of Olymp Trade is Two-Factor-Authentication (2FA). By this feature, this platform gives you more certainty about your safety. You are free to use this factor of Olymp Trade and if you enable it, there is only one difference. For entering your account you need to head for entering two passwords: the one that you have chosen for your account and the one that Olymp Trade assigns for you. The second password isn’t fixed and each time after entering the first one, you receive a code through SMS. Thus, your log-in process becomes more secure and it would be difficult for hackers to enter your account.
Avoid Scammers by Olymp Trade
According to many experts, the primary risk of online trading is the danger of being hacked. Usually, when an online platform becomes a source of income, scammers and hackers are looking for a chance to put you in trouble. Hopefully, Olymp Trade has introduced some tips and rules to help you avoid scams. It would be a good idea to go through these tips and take them seriously.
- Always remember the fact that you must not give your money to any online platform except for Olymp Trade. Your deal must be done only on a real trading platform, not the other ones such as Telegram, WhatsApp, Twitter, etc.
- Never trust any person for investing your money. A successful trader is a person who invests their money themselves.
- Do not go for some persuasive suggestion with simple conditions. For instance, you might receive some offers that promise you huge profits out of small transactions. Remember that, “get rich quick” never come true in real markets and trading.
- One of the strict rules of Olymp Trade is not sharing your personal information with any other traders.
- You might receive messages from people who claim that they are one of the Olymp Trade staff. They might ask for your log-in information that you must not give to them. Because such requests are against Olymp Trade policies. Keep this fact in your mind that the staff of Olymp Trade is not allowed to ask for such information or money.
The Bottom Line
Based on many reviews about Olymp Trade, this trading platform is safe. As a follower of KYC protocols, it is considered a standard broker. Therefore, this broker does its best to provide the safest conditions for traders. That’s why they have several security rules for different aspects of trading including the safety of trading accounts, withdrawals’ security, Two-Factor-Authentication, and providing tips and rules for avoiding scams. So, you can trust on Safety of Olymp Trade and decide to choose it or not.