Olymp Trade Review in Kenya: In-depth Guide
Olymp Trade is an online trading platform that allows users to trade currencies, commodities, stocks, and indices.
The platform, which was launched in 2014, has grown rapidly in popularity in Kenya due to its user-friendly interface, low minimum deposits, and availability of trading tools.
This article provides a comprehensive review of Olymp Trade for Kenyan traders looking to use the platform.
We’ll cover key aspects including the types of trades offered, minimum deposits, fees and commissions, platforms and tools, regulation and security, and customer support.
By the end, you’ll have all the information you need to determine if Olymp Trade is the right broker for your online trading needs.
Types of Trades Offered on Olymp Trade in Kenya
One of the biggest advantages of Olymp Trade for Kenyan traders is the variety of assets available to trade. The platform offers:
- Currency pairs – Major, minor, and exotic currency pairs including EUR/USD, GBP/USD, USD/JPY, USD/ZAR, and more.
- Commodities – Gold, silver, oil, gas, corn, coffee, and other commodities.
- Stocks – Major companies from around the world such as Apple, Tesla, Amazon, and Alibaba.
- Indices – Key global stock indices like S&P 500, NASDAQ, FTSE 100, NIKKEI 225, MOEX, and more.
The variety gives traders diverse trading opportunities based on their analysis, risk appetite, and market conditions.
Both short and long-term trades are available.
In addition, Olymp Trade offers these main trade types:
- Fixed Time Trades (FTT) – Predict whether the market will be higher or lower than the entry price after a selected timeframe.
- Forex – You can trade forex in Kenya on Olymp Trade platform
- Stocks – And that includes also stocks.
These options allow for trading strategies like trend following, range trading, and breakout approaches. The expiry times available range from 60 seconds to 23 hours, accommodating scalpers to position traders.
For each instrument, Olymp Trade in Kenya provides historical data, price charts, volatility stats, trading hours, and liquidity measurements.
This empowers traders to conduct technical and fundamental analysis before opening any position.
Olymp Trade Minimum Deposits and Account Options
One of the biggest advantages of Olymp Trade for beginner traders in Kenya is the low minimum deposit requirement.
To open a starter account, only a deposit of $10 (KES 1,487.75) is required.
This enables traders to start with a small amount as they build their skills and portfolio.
The minimum transaction sizes are also low, with options starting from just KES 100 per trade. This allows managing risk properly even with a small trading account balance.
For more experienced traders with larger balances, Olymp Trade offers two more additional account tiers:
- Advanced Status: Traders can upgrade to this status by making a deposit or working their way up the Trader’s Way. It offers 6 assets with increased rate of return up to 89%, up to 10% commission discount, high priority funds withdrawal, a maximum trade amount of $4,000, and up to 50 open positions.
- Expert Status: Traders can upgrade to this status by making a one-time deposit of more than $2,000 or its equivalent in another currency. It offers 50+ technical indicators, up to 93% rate of return, up to 20% commission discount, top priority funds withdrawal, a maximum trade amount of $5,000, and up to 100 open positions.
The multiple tiers allow traders to access extra services and rewards as their account grows.
Switching between the tiers is seamless and based solely on your balance.
Additional account management features include:
- Demo accounts with virtual funds for risk-free practice.
- Stop loss and take profit orders to automatically exit positions.
- Negative balance protection ensuring you won’t lose more than your balance.
- No withdrawal or account inactivity fees.
For Kenyan traders, deposits and withdrawals can be easily made via M-PESA, credit cards, Neteller, Skrill, Bitcoin, and bank wire transfer.
The processing is quick in most cases.
Read also: How to Deposit Money to Olymp Trade Using MPESA
Olymp Trade Trading Platforms and Tools
Olymp Trade offers a cutting-edge proprietary web-based platform tailored for beginner traders, along with apps for Android and iOS mobile devices.
Web Platform
The Olymp Trade web platform in Kenya provides a seamless experience with an intuitive user interface, real-time quotes, fast trade execution, and advanced charting. Key features include:
- Asset Scanner – Scan for trading opportunities across multiple assets based on technical indicators and oscillators.
- Trend Lines – Draw support, resistance, and trend lines on charts.
- Technical Indicators – Over 20 indicators like moving averages, MACD, RSI, stochastic, bollinger bands, and more.
- Chart Types – Line, candlestick, hollow candlestick, Heiken Ashi, bars, and area charts.
- Timeframes – Ranging from 1 minute to 1 month, allowing analysis of short and long-term price action.
- Risk Management – Stop loss and take profit to automatically exit trades at predetermined levels.
- Trading History – Complete log of your trading activity, results, and account balance.
Mobile Apps
Olymp Trade’s mobile apps provide full access to the platforms, analysis tools, and entire asset catalog on iOS and Android devices.
This allows managing ongoing trades, opening new positions, and conducting research on the go.
Key features mirror the web platform, including real-time pricing, charting, technical analysis, and order management tools.
The apps also support biometric logins for added security.
Between the web and mobile options, Olymp Trade provides a seamless omnichannel experience catered towards modern traders.
Olymp Trade Regulation and Security
An important aspect for Kenyan traders is whether a broker is properly regulated and follows security best practices. Here is an overview of Olymp Trade’s policies:
- Regulated in St. Vincent and the Grenadines – Olymp Trade is registered and regulated by the Financial Services Authority (FSA) in St. Vincent and the Grenadines under registration number 24787 IBC 2018.
- Segregated accounts – User funds are kept segregated from company funds for extra protection in the event of insolvency.
- Secure socket layer (SSL) encryption – The website and apps use SSL encryption to protect your data including personal and financial information.
- Compliance standards – Olymp Trade adheres to international Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
- Negative balance protection – Risk management systems prevent account balances from going negative by restricting potential losses to your deposited capital.
- Data privacy – Strict policies are in place for collecting, processing, and securing users’ private data.
- Regular audits – Independent audits are conducted regularly to ensure regulatory compliance and platform integrity.
While Olymp Trade does not have an office or subsidiary in Kenya, it accepts Kenyan clients. All trading accounts and activities are bound by St. Vincent and the Grenadines regulations.
Olymp Trade Customer Support
Olymp Trade focuses heavily on customer support and provides Kenyan traders with various options:
- 24/7 live chat – Get instant access to support agents through the chat widget on the website and in the mobile apps. Agents are available 24 hours a day, 7 days a week.
- Phone support – A Kenyan toll-free number is provided on the website for phone assistance from agents.
- Email support – Submit queries or questions to the support team via email and receive responses within 24 hours.
- Comprehensive FAQ – The FAQ page covers a wide range of common questions on deposits, withdrawals, trading, the platform, and account management.
- Beginner’s Guide – Olymp Trade provides an in-depth introduction, tutorial, and glossary to explain key concepts for new traders.
- Video tutorials – Short video walkthroughs demonstrate how to use the platform, conduct analysis, and execute various trades.
- Daily market reviews – Get free daily trading signals, market news, and commentary from Olymp Trade analysts.
- Webinars – Free educational webinars are held for beginner and experienced traders.
- VIP account managers – Get 1-on-1 support and guidance from a dedicated account manager if you qualify for the VIP account tier.
In my experience, the customer support team is very responsive across the various channels and provides helpful guidance.
The breadth of learning resources is excellent for building your trading knowledge over time.
Key Takeaways
- Olymp Trade offers trading on currencies, commodities, stocks, and indices with multiple order types.
- Minimum deposits are only KES 1000 with minimum trades from KES 100, making it accessible for beginner traders.
- The web and mobile platforms provide advanced charting, technical analysis, risk management, and educational features.
- Olymp Trade follows regulatory standards for security and consumer protection.
- Kenyan traders can get assistance through live chat, phone, email, an FAQ, and a suite of learning resources.
Read also: Top Binary Options Brokers with MPESA