Our test result: Based on our test, the Olympus Markets is definitely not a scam. Read this review if you want to find out the information you need on how to use this broker and what is the best auto trading robot you can use to access Olympus Markets.
Olympus Markets is currently one of the main robot brokers out there. Finding legit information online when it comes to this broker can be a challenge because the broker reviews available have contrasting views of the platform. That is why we decided to test it ourselves and found that it is actually a completely legit broker that you can make significant profits on. We also found that the best way to earn money on it is through Bitcoin Trader, an auto trading robot.
Read on if you would like to know more about the broker’s fees, account types, withdrawals, deposits, how to trade on it through Bitcoin Trader and much more.
What is Olympus Markets?
Olympus Markets is a robot broker currently owned and operated by Next Trade Ltd, registered at 1276, Port Vila, Vanuatu. According to the website, Olympus is a broker designed to “satisfy your trading appetite” and claims to be using the top trading platform in the industry, Olympus Trader. The broker also states that thanks to the expertise of the Olympus team, providing strategic and professional services, you will be making money through the platform. Even though we agree that you can make money by trading on Olympus Markets, if you are not an experienced trader, then it is not as simple as it seems. That’s because brokers like Olympus Markets or Ashford Investments are not auto trading robots like Bitcoin Trader or Bitcoin Revolution.
The problem with online brokers is that they do not offer an auto trading option so you have no support while placing trades. Auto trading robots instead, are based on complex algorithms that allow the system to analyse the market in second and place trades accordingly, in complete automation. In order to function, crypto bots connect to robot brokers and place trades through them. We have tested many crypto bots and robot brokers and you can find an overview of some of the best ones on our bitcoin robot page. Olympus Markets is one of the robots we tested and we found it to be absolutely legit. However, the best way to trade on it if you are a beginner is through Bitcoin Trader.
By accessing Olympus Markets via Bitcoin Trader, you will have access to a wide variety of assets, including forex, commodities, CFDs, stocks, indices and more. There is also no need for you to worry about safety matters. Olympus Markets is a very transparent platform and completely honest about the risks of crypto trading, which is a quality we value very highly when reviewing trading platforms. According to the website in fact, the broker was awarded “best platform for transparency” in 2018. So yes, crypto trading is a risky activity, but the best way to limit these risks is by trading on secure platforms and we believe that Olympus Markets is one of them.
Click here if you want to trade on Olympus Markets via Bitcoin Trader.
Olympus Markets Regulations
We were not able to find out whether Olympus Markets is a regulated broker. The website does not mention anything about an agency or organisation monitoring the broker’s operations. However, the role of regulatory agencies is to ensure that brokers protect customers from loss of funds as much as possible. Olympus Markets does that efficiently no matter what its regulatory status is.
Is Olympus Markets Legit or Scam?
Our test has revealed that Olympus Markets is a completely legit platform. Several aspects of the platform show that there are efforts aimed at protecting users from the risks of crypto trading. WE have already mentioned risk disclaimers, but the website also provides an education centre with informative resources that all Olympus account holders can access and use to improve their investment strategies or their knowledge of the cryptocurrency world.
We must stress though, that if you are an inexperienced trader, trading on Olympus Markets directly might not be a good idea. Experienced users already have an investment strategy, they know how to do the appropriate research and can interpret market changes to make the right investments. If you have not yet developed enough experience to do that, the best thing to do is to trade on Olympus through an auto trading robot. We will get back to this later on in the review. For now, we will get into more detail into some of the features provided by this broker, starting from the variety of asset it has to offer.
According to the website, Olympus Markets offers over 200 assets you can choose from. That is a great variety of products, which is definitely good for traders who like to explore their options. The broker offers CFDs, forex, currency pairs indices and commodities. Amongst the currency pairs we saw BTC/EUR, GBP/USD, USD/CAD, USD/EUR and more. The stocks on offer include big names such as Netflix, Facebook, Apple, Amazon and so on. You can also choose to trade with commodities like oil, gold and silver or indices such as Nasdaq.
Two of the most popular trading platforms that most reliable robot brokers use to support trades are MetaTrader4 and WebTrader. More than 80% of brokers uses them because they are well-reputed, user-friendly and efficient. Olympus Markets however, does not use any of these platforms. Instead, it uses its own web trading interface called Olympus Trader. We tried the platform while testing the broker and we found it to be very similar to MT4 and WebTrader in terms of design and functions. On the left side you have the list of assets, on the right you have the trading chart with details on the asset you select and at the bottom you have your trading history.
How to trade on Olympus Markets through Bitcoin Trader (recommended)
How to sign up on Olympus Markets directly (not recommended)
If you do not want to trade on Olympus Markets through Bitcoin Trader, you may open an account on the robot broker directly. However, we strongly advise not to do so, particularly because it would mean giving up the advantage of auto trading. Brokers like this one are safe and reliable platforms to place trades on, but they do not do the research and place profitable trades for you. The only software capable of doing that are auto trading robots. Bitcoin Trader in particular, has an accuracy of over 90%, which means that out of 10 trades will be profitable. Crypto bots like this one connect to brokers like Olympus in order to function so you can still use Olympus as an investment platform but to have the option to auto trade you have to sign up on Bitcoin Trader first. To do that, all you have to do is click here.
If you are still convinced about trading on Olympus Markets directly, you can go on the official website and sign up. On the top right corner of the website you will see a “sign up” button. If you click on it you will see a registration form that will require you to type in your first name, last name, your country, phone number, email address and password. You will then be requested to confirm that you are over 18 years old and that you accept the Terms and Conditions. You can then access the deposit page to place funds into your account. At this point you will be able to start trading.
Olympus markets has five different account types. You will be able to choose between a Jade, Ruby, Emerald, Sapphire, and Diamond account. For the Jade account you are required to deposit at least $250 in order to access the trading platform. Normally, for each account upgrade, you will have to deposit larger amounts. However, the website does not provide information on how much the deposits for the upgrades are.
In general, each of the upgrades offers several advantages. If you have a basic account, you will have access to 40% of the welcome bonus, a leverage of 1:500, standard spreads, 24/6 customer support, a daily market overview, a daily analysis video, price alerts and the education centre. These are basic offers that apply for any account type. With a Ruby account, you will have access to all of the advantages of the Jade account plus a Junior dedicated manager to support you whilst trading. The advantages offered for an Emerald account are similar to the Ruby one but you have access to more convenient spreads and a senior dedicated account manager. With Sapphire and Diamond accounts, you will be able to get a VIP dedicated account manager, you will be advised on a trading strategy and you will have access to “gold” or “platinum” trading signals. With a Diamond account you will also have the option of one-on-one training with an expert.
The leverage offered on Olympus Markets goes up to 1:500 but it varies depending on the asset you select. Leverage is the debt a trader takes on towards the broker and uses it to buy an asset. Simply put, if the leverage goes up to 1:500, it means that for every $1 in your account, you can buy $500 worth of assets. Having access to such a high leverage gives you the opportunity to make large sums of money in little time. However, bear in mind that the higher the leverage, the higher your risks of losing part or all of your capital.
Commissions and Spreads
The website provides little information on spreads and commissions. We are not sure whether any commissions are present. Spreads vary depending on the selected asset and your account type but we are not certain of the extent of these changes. You might want to contact customer support about this. For a basic account though, the spread on EUR/USD is 3 pips and it seems to be fixed. Feel free to select on the asset you are interested in to view its spread.
Deposits and Withdrawals
Depositing or withdrawing money on Olympus Markets is very straight forward. The robot broker accepts a good variety of payment methods which demonstrates a willingness to satisfy the needs of customers. You can pay via credit or debit cards with VISA, MasterCard, American Express or Discover circuits. Alternatively, you will also be able to deposit funds with BitSend, Neteller, BPay. You can also make payments with bank transfers in several different currencies. However, we are not sure what are the currencies accepted so our suggestion would be to contact a member of staff if you are planning on depositing funds via bank transfer. This way, you can make sure that your preferred currency is accepted.
The official website does not mention anything about Olympus Markets mobile apps. We also searched Google Play and App Store, the two main virtual app shops for smart phones and iphones, and we were unable to find an app. However, the robot broker is web-based so you can definitely access if from your smart phone as long as you have an internet connection.
Education and Resources
The Olympus Markets website offers a great deal of educational resources to help you through your trading experience. With an account on Olympus, you will have access to a trading mentor, video tutorials, an economic calendar, informative webinars and e-Books. All of these resources are available for all kinds of trades, including beginners, advanced and professional users. The purpose of the education section is to protect you from the risks associated with crypto trading, so if you are new to the world of cryptocurrencies, we suggest having a look through the educational resources.
According to the website, there currently is a bonus on offer. When opening an account for the first time, after you’ve deposited your funds, you will have access to a $250 cash bonus. That means that if you deposit the minimum of $250 into your account, you will have $500 to use for trading. However, that is the case only if you have a Diamond account. With the Jade and Ruby accounts, you will only get 40% of the welcome bonus, 60% for the Emerald account and 80% for the Sapphire.
Bonuses and promotions usually vary and it very much depends on the broker. The welcome bonus will be in place for a limited time and may be replaced by a different offer in the future.
Customer support is available 24/6. You can contact a member of staff at any time six days a week and you can do so via phone to one of the office branches of the broker, located in Malaysia, Luxembourg and Russia. Alternatively, you can get in touch with them through the live chat or by filling in a support form.
To do that you will have to type in your full name, email address, phone number, select the topic of your concern and write your message. We tried to contact a member of staff during our test of the platform and they responded within a couple of hours. However, we contacted them during day time, so we are not sure whether they are as efficient when contacted during night time. We believe that an efficient customer service improves the reliability and trustworthiness of a robot broker and we were definitely positively impressed by the responsiveness of the support staff.
What makes Olympus Markets unique?
Like most robot brokers Olympus Markets does have some flaws. That is why we made a list of pros and cons to help you decide whether you want to trade on it or not.
More robots where you can access Olympus Markets
You can trade on Olympus through several crypto robots other than Bitcoin Trader.