If we see then we can say that Olymp Trade is one of the few online options brokers which can be said that a real IQ Option competitor. Many new traders couldn’t decide between choosing these two platforms.
Keep reading to make your choice as this article contains a review that will help you decide between which of the two platforms are worth investing in. Here is the comparison 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
So, now the first question arises, how long have Olymp Trade and IQ Option been operational?
OlympTrade was founded in 2014 and is located in Saint Vincent and the Grenadines whereas IQ Option on the other hand was launched in 2013 and is located in Cyprus.
Olymp Trade is regulated by an independent regulator based in Russia which is the Financial Commission (FinaCom). On the other hand IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Both the regulators ensure that the broker’s activities are in accordance with financial laws also, they handle disputes arising from broker malpractices.
According to the Olymp Trade website, over the month of October 2019 more than 20000 traders transacted using real accounts. This platform also claims over 25000 users trading on the platform daily with monthly trading volume over $170 million.
On the other hand IQ Option claims over 25 million users with a monthly trading volume exceeding $360 million.
Account types offered
There are two different accounts of Olymp Trade where one is for forex trading and the other is for options trading. This platform also offers standard and VIP accounts.
If you want to open a standard account then you will need a minimum deposit of $10 and for the VIP account, you need to make a deposit of $20000 as it includes a personal consultant and higher returns for options traders with risk-free trades.
In standard accounts, you make a minimum deposit of $10 and can enter a trade with $1
On the other hand, VIP accounts 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. Note that VIP accounts aren’t available to EU citizens.
Both the platforms also offer demo accounts that are credited with $10000 virtual cash.
Types of assets
There are about 80 different financial instruments that Olymp Trade offers some of them are forex, stocks, indices, cryptocurrencies, and commodities.
On the other hand IQ Option has far more financial instruments which include forex, options, ETFs, commodities, indices, cryptocurrencies, and CFDs.
Returns on trades (options)
Olymp Trade offers returns that range from 82% to 90% which depends on the asset, volatility, and account type.
On the other hand, IQ Option offers returns ranging from 65% to 95%. The return also depends on the asset, volatility, and account type.
Payment methods accepted
Currently, Olymp Trade accepts only 9 payment methods which include debit/credit card and eWallets such as Skrill and Neteller. On the other hand, IQ Option accepts more than 20 different payment methods. In addition to those Olymp Trade accepts, IQ Option also accepts Jeton among others.
Deposits and withdrawals
Both the platform process deposits in several minutes especially if you’re using a bank card or eWallet. You also get a deposit bonus from Olymp Trade which you can reject during the deposit process. The minimum deposit amount is $10.
Withdrawals can only be made by the same account in which you made deposits. There are no withdrawal fees charged by both the platforms and The minimum withdrawal amount is also $10.
Withdrawals are processed within 24 hours to 5 business days for both platforms. VIP account holders will enjoy faster withdrawal processing.
You can access both the platform via a web browser, desktop apps (Windows and macOS) as well as smartphone apps (Android and iOS).
Both the platforms have a good and knowledgeable support team. You can access the support team via phone, chat, and email and also via social media platforms such as Facebook.
There are two different trading interfaces in Olymp Trade; one for options and another for forex. These trading interfaces are specially designed for the beginners to get started with and you are also offered bonus by the brokers for any deposits made.
If you want to withdraw your bonus then you have to achieve a specific trading volume. This broker also offers risk free trades, which means your trade amount is automatically refunded to your account should the trade lose.
IQ Option also provides a well-designed trading interface. they have an interface that is easy to navigate and includes dozens of technical indicators. It also offers custom features such as chats and support which allows you to interact with other traders.
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.
If we see then both the platforms are good for options traders to invest. Their minimum $10 deposit makes it easy to get started with a little investment.
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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