Olymp Trade is one of the few online options brokers that can be said to be a real IQ Option competitor. Many new traders are torn between choosing wither platform.
This review will help you decide which between the two platforms is worth investing in. I'll compare both side by side based on key features that include the following:
- How long the broker has been operational
- The regulatory body monitoring the broker’s activities
- Active traders
- Account types offered
- Types of assets offered
- Returns on trades (options)
- Payment methods accepted
- Deposits and withdrawals
- Additional features
How long have Olymp Trade and IQ Option been operational?
OlympTrade was founded in 2014 and is located in Saint Vincent and the Grenadines. IQ Option on the other hand was launched in 2013 and is located in Cyprus.
Olymp Trade is regulated by the Financial Commission (FinaCom). This is an independent regulator based in Russia. IQ Option on the other hand is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Both regulators ensure that the broker's activities are in accordance with financial laws. They also handle disputes arising from broker malpractices.
According to the Olymp Trade website over 220000 traders transacted using real accounts over the month of February 2019. The platform also boasts over 25000 users trading on the platform daily. Their monthly trading volume exceeds $170 million.
IQ Option on the other hand boasts over 25 million users with a monthly trading volume exceeding $360 million.
Account types offered
Olymp Trade has two different accounts. One is for trading forex while the other is for trading options. In addition to these, the platform also offers standard and VIP accounts.
To open a standard account, you'll need a minimum deposit of $10. VIP accounts require a minimum deposit of $20000. The VIP account includes a personal consultant and higher returns for options traders. It also includes risk free trades.
IQ Option also has 2 accounts. The standard account requires a minimum deposit of $10. You can enter trades with as little as $1. IQ Option VIP accounts on the other hand require a minimum deposit of $1900 or a trading volume of $15000 over a three month period.
This account also includes a personal account manager, faster withdrawals and free trading eBooks. It's worth noting that VIP accounts aren't available to EU citizens.
Both platforms also offer demo accounts which are credited with $10000 virtual cash.
Types of assets
Olymp Trade offers options, forex, stocks, indices, cryptocurrencies and commodities. In total, there are about 80 different financial instruments.
IQ Option on the other hand has far more financial instruments. These include forex, options, ETFs, commodities, indices, cryptocurrencies and CFDs.
Returns on trades (options)
Olymp Trade offers returns ranging from 82% to 90% depending on the asset, volatility and account type.
IQ Option on the other hand offers returns ranging from 65% to 95%. The return also depends on the asset, volatility and account type.
Payment methods accepted
Currently, Olymp Trade only accepts 9 payment methods. These include debit/credit card and eWallets such as Skrill and Neteller. IQ Option on the other hand accepts over 20 different payment methods. In addition to those Olymp Trade accepts, IQ Option also accepts Jeton among others.
Deposits and withdrawals
Both platforms will process deposits within several minutes especially if you're using a bank card or eWallet. Olymp Trade also offers a deposit bonus which you can reject during the deposit process. The minimum deposit amount is $10.
Withdrawals are processed within 24 hours to 5 business days. For both platforms, VIP account holders will enjoy faster withdrawal processing.
Both platforms have a friendly and knowledgeable support team. Their support can be reached via phone, chat and email. They can also be reached via social media platforms such as Facebook.
Olymp Trade has two different trading interfaces; one for options and another for forex. The trading interfaces are intuitively designed and easy for beginners to get stared with. This broker also offers bonuses for deposits made.
However, you'll have to achieve a specific trading volume before you're able to withdraw the bonuses. This broker also offers risk free trades. That is, your trade amount is automatically refunded to your account should the trade lose.
IQ Option also has a well designed trading interface. Their interface is easy to navigate and includes dozens of technical indicators. This broker also offers custom features such as chats and support which allows you to interact with other traders. IQ Option also holds tournaments which allow traders to win cash prizes.
Both platforms also support early trade exits for options traders. For Olymp Trade, the refunded amount can be as high as 120% provided the trade was in the money. For IQ Option, the refund is termed profit after sale, this can be positive or negative depending on how the trade goes.
Both platforms are a good place for options traders to invest. Their $10 minimum deposit makes it easy to get started with a little investment. IQ Option offers more and better features including a higher return for options traders.
Have you traded on either or both of these platforms? Kindly share your experience in the comments section below.
Good luck in your trading!
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