Olive Markets Forex Broker is an online Forex broker that offers financial services to traders from all around the globe. They have a team of over 150 financial consultants, with over 250 staff members that provide support to clients. According to their website, this broker has been accredited as a zero-risk and provides secure investment funding along with great customer service satisfaction.
We decided to re-check all these facts and find out whether Olive Markets is actually what it claims to be. The first and most important aspect while evaluating the trustworthiness of Forex brokers is the license. The good news is that this company actually owns a license, but the license is from GLOFSA, which is not a top-tier regulator.
Moving on to other things, the leverage at Olive Markets is up to 1:300, while spreads start from 0.3 pips on EUR/USD. The spreads can be considered pretty competitive compared to other brokerage companies. Customers have the ability to trade with the powerful trading platform – MetaTrader 4, which is the most used platform for investors of all levels, from beginner to professional.
The reason behind this fact is that MT4 allows traders to have their own personal charts with the opportunity to use over 50 analysis tools. MetaTrader can be downloaded on several devices such as PC, Android, or IOS, which gives you the ability to trade from any place, at any time. Having this platform available is definitely a big plus, but let’s also review other important things.
The minimum deposit requirement is $100, and Olive Markets FX Brokerage has plenty of bonuses for you to add extra value to your current bankroll. If you decide to sign up for this website, you can choose from 3 types of accounts including Silver, Gold, and VIP. Each of these gives you the ability to trade Forex, Commodities, Shares, Indices, and Cryptocurrencies.
We believe that when you trade online, you might have some trouble with the process that needs additional help. That’s why the presence of customer support is super important, however, the live chat option is only available for weekdays. Customers can either call on their phone number or send an email. Finding a live chat option was a little tricky and we were not able to do it until we did not read that it was available at the bottom-right corner of their page.
The safety and security of Olive Markets
We can say that Olive Markets is a legit Forex broker, as it owns a license. However, the license is from GLOFSA (also known as Global Financial Services Authority), which is not among the top-tier regulatory agencies. Although the broker is licensed and regulated, the services that it offers still might not be as trustworthy as the regulatory agency is not among the best-known agencies around the world.
It is always better to trade with Forex brokers that own licenses from top-tier regulatory bodies around the world.
Olive Markets Fees and spreads
The leverage offered by this broker is up to 1:300 which is a little above the industry’s average but can help you make 300x higher investments with a lot less capital. However, it should be noted that the leverage is very high, specifically for beginners, as it can drastically increase the risks of Forex trading. The good thing is that the leverage is compensated by low spreads, which are highly competitive and differ depending on which type of account you decide to use. For the VIP, it is 0.3 pips, while gold and silver offer 0.7 and 1.0.
Olive Markets Accounts, deposits, and withdrawals
We can all agree that being regulated and having a decent license is a very big plus, but this is not everything. You must be very careful before you choose your Forex broker, as there are a lot of things that one should keep in mind. That’s why we decided to provide you with further information on trading features offered by Olive Markets, so you will make your decision based on all the important indicators.
Account Types
As we already mentioned earlier in this Olive Markets Review, the traders of Olive Market have the possibility to choose from 3 different types of accounts, including silver, gold, and VIP. Each of them comes with its own specifications and requirements, for instance, they have different amounts of spreads, as well as minimum deposits, and minimum trade size. The website also has a demo account option available, which means that you can easily test out its services for free, without actually risking any of your financial assets. In order to open an account, you have to follow simple steps, verify your identity, and upload the required documentation. After that, it is possible to start trading with your favorite assets.
Customers can either fund their accounts via bank transfer, credit card, or cryptocurrency. You can fund your account via several digital coins including Bitcoin, Litecoin, Ethereum, and Ripple. It is also possible to use other cryptos, you just need to contact their customer support representative, who will help you right away.
Bonuses
Bonuses are not very common for Forex brokerage companies, as the majority of regulations restrict them from attracting new customers through promo codes. We were surprised to discover that Olive Markets has quite a rich bonuses section, including welcome bonuses, crypto bonuses, account transfers, and referrals. The information about bonuses is not available straight away unless you decide to click on the “apply now” button, which is strange. The standard welcome offer is a 15 % bonus for newcomers and is available for all types of accounts. Moreover, if you decide to fund your account with digital coins, you will have the ability to earn a 5% extra bonus on all investments.
However, this is not all. You can easily invite a friend to Olive Markets and enjoy a $100 bonus, while your friend gets a 15% bonus too. These promotional offers look quite generous, however, all of them come with their terms and conditions, and we advise you to read them before applying for any of these offers.
All in all, we can say that Olive Markets has some good trading features – their spreads and leverages look pretty attractive, however, the leverage might not benefit experienced traders. The minimum deposit is normal and there are bonuses available. However, the website is pretty poor in providing clients with valuable information, some of them are hidden in places, and you can’t get the details until you decide to sign up, which is uncomfortable. From what we’ve seen, there are a lot of other platforms offering better conditions to their clients, so it might be a good idea for you to visit them as well.
Deposits and Withdrawals
Deposits and withdrawals are instant with Olive Markets, a unique selling point of this broker. This is not a common occurrence in the Forex brokerage business, as usually the withdrawals are processed within 2-3 business days. Offering instant withdrawals or as fast as the blockchain can approve is a huge advantage for this broker.
There are three methods for deposits and withdrawals including bank transfers, bitcoin, and Visa/MasterCard.
Olive Markets Trading assets and features
Forex pairs, commodities, shares CFDs, indices, and cryptos are all offered by the Olive Markets. The total offered Forex pairs are 52 and the maximum possible leverage is 1:300. Commodities have a leverage of 1:100 and traders can trade Gold, Oil, Silver, Agricultural Products, and other commodities. The maximum leverage for trading shares is lower compared to previous assets and is set to 1:10. For shares trading 1:10 is pretty impressive leverage as many other brokers offer much lower leverage for stock CFDs trading. Stocks from 50 major companies can be traded including Alibaba, Apple, Microsoft, Google, and Tesla. 12 global indices are available with a maximum leverage of 1:100. Cryptos are relatively young and popular trading instruments and Olive Markets offers leverage of up to 1:5 which is standard leverage in the industry for cryptos.
Olive Markets Customer Support Review
There are only three ways of contacting Olive Markets support: email, phone call, or visiting the physical offices. It would be extremely hard to visit the broker when you are living in another country leaving us effectively two ways of contacting the broker. The phone call is not cheap and the only reliable remaining option is email support. Email support takes some time and makes the process lengthy and inconvenient. The lack of live chat makes it very inefficient to contact Olive Markets. We hope the broker addresses this issue in the near future.
Education at Olive Markets
Currently, the broker does not provide traders with any kind of education or trading tools. This may seem disadvantageous for some newbies who are trying to make sense of Forex markets.
Should you consider Olive Markets?
Finally, Olive Markets is a potentially good Forex broker, as it is licensed, but, it should also be noted that the license does not come from a top-tier regulator. Also, having a license alone does not mean much if you can not get a good trading experience. We think that some of their trading features might need a little improvement, as well as the website itself that fails to be informative – it is not possible to find the information you’re looking for easily. For now, we believe that there are a lot of other Forex broker companies that have more valuable and extra features, that might be worth your time and attention.
FAQ on Olive Markets
Is Olive Markets legit?
Which assets can I trade on Olive Markets?
