Olymp Trade vs Quotex: Which is the Best?
The world of online trading is filled with platforms competing for your attention.
Two popular options are Olymp Trade and Quotex.
Both give you access to various assets, like forex, stocks, commodities, and cryptocurrencies, but they have different features, fees, and overall trading experiences.
This article provides a detailed comparison of each platform, helping you decide which one is right for your trading needs.
Table of Contents
Company Background and Regulation
Olymp Trade, established in 2014, has become a major player in online trading, with over 100 million users in 130 countries.
Based in St. Vincent and the Grenadines, the company is licensed by the Vanuatu Financial Services Commission.
Olymp Trade focuses on making trading easy, especially for beginners, with low minimum deposits and a user-friendly interface.
Quotex, a newer platform, was founded in 2019.
Registered in Seychelles and regulated by the International Financial Market Relations Regulation Centre (IFMRRC), Quotex aims to provide a fast and intuitive platform for trading binary options, though it also offers digital options.
The company is proud of its team, which has over 200 years of combined experience in finance.
Available Assets
Both platforms offer a variety of assets, but their specific offerings and focus areas differ.
Olymp Trade provides access to over 250 assets, including:
- Currencies: Major, minor, and exotic currency pairs.
- Stocks: Blue-chip stocks from leading companies.
- Metals: Gold, silver, and other precious metals.
- Indices: Major stock market indices like the S&P 500 and Dow Jones.
- Commodities: Oil, natural gas, and agricultural products.
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.
- ETFs: Exchange-traded funds.
- Composites: Indexes that track a basket of assets.
- OTC: Over-the-counter assets, which are securities traded directly between two parties, rather than on a centralized exchange.
Quotex offers a diverse range of assets, including:
- Currency pairs: A wide selection of major and minor currency pairs.
- Cryptocurrencies: Popular cryptocurrencies like Bitcoin and Ethereum.
- Commodities: Oil, gold, and other commodities.
- Indices: Major global stock indices.
To give you a better idea of the specific assets available, here are some examples from Olymp Trade:
- Stocks: You can trade popular stocks like Apple, Amazon, and Alibaba.
- Cryptocurrencies: Olymp Trade offers a variety of cryptocurrencies, including Bitcoin, Bitcoin Cash, and Binance Coin.
- Indices: You can trade indices like the Arabian General Index, the Aromatic Thai Index, and the Asia Composite Index.
- Commodities: Olymp Trade offers commodities like Brent crude oil and copper.
Quotex offers a range of assets, including currency pairs, cryptocurrencies, commodities, and indices.
Trading Platforms
Olymp Trade has its own trading platform designed for ease of use and accessibility.
The platform is available on desktop, web, and mobile (Android and iOS) . Key features include:
- User-friendly interface: Intuitive design for easy navigation.
- Advanced charting tools: A variety of technical indicators and charting options.
- Trade Analytics: Track your trading success and get personalized tips.
- Multiple trading modes: Fixed Time Trades, Forex, and Stocks. This allows traders to choose the mode that best suits their trading style and risk tolerance. Fixed Time Trades offer short-term trades with fixed expiry times, while Forex trading allows for more traditional currency trading. Stocks mode enables traders to invest in individual company stocks.
- Quickler: Fast-paced trading with five-second trades.
- Demo account: Practice trading with virtual funds.
- Marketplace: This feature provides access to industry tools and support, enhancing the trading experience.
Quotex also provides a proprietary platform with a focus on speed and simplicity. The platform is available on web and mobile (Android). Notable features include:
- Clean and intuitive interface: Easy to navigate and understand.
- Advanced charting and analysis tools: A range of indicators and drawing tools.
- Automated trading: Use trading bots to automate your strategies.
- Social trading: Copy trades of successful traders.
- Demo account: Practice trading with virtual funds.
Account Types, Minimum Deposits, and Fees
Olymp Trade offers three account statuses: Starter, Advanced, and Expert . Each status comes with different benefits and features.
For example, higher statuses offer increased profitability rates, commission discounts, and priority withdrawals .
This tiered system allows traders to unlock more benefits as they increase their deposit and gain experience on the platform.
The minimum deposit for a Starter account is $10 , and the minimum trade amount is $1 .
Olymp Trade generally does not charge deposit or withdrawal fees .
However, an inactivity fee of $10 may apply if the account remains inactive for 180 days .
Olymp Trade offers two main account types: ECN and Standard . The ECN account has tighter spreads but charges a commission per trade, while the Standard account has wider spreads but no commission.
Quotex has a single account type with a minimum deposit of $10 .
The platform does not charge deposit or withdrawal fees . Importantly, Quotex does not charge commissions on trades, making it a cost-effective option for traders .
Customer Support and Educational Resources
Olymp Trade provides comprehensive customer support through various channels, including:
- 24/7 live chat: Instant support for urgent queries.
- Email: Detailed responses to complex issues.
- Phone hotline: Direct contact with support agents.
- FAQ section: Answers to common questions.
- Help Center: A knowledge base with articles and tutorials.
Olymp Trade also offers a range of educational resources, such as:
- Demo account: Practice trading with virtual funds.
- Video tutorials: Step-by-step guides on various trading topics.
- Webinars: Live sessions with trading experts.
- Trading strategies: Ready-to-use strategies for different markets.
- Educational articles: In-depth articles on trading concepts and strategies.
- Olymp Trade blog: Regularly updated blog with trading tips and insights.
- Country-specific YouTube channels: Olymp Trade offers dedicated YouTube channels for different countries, providing localized support and education in various languages.
Quotex offers 24/7 customer support through :
- Live chat: Instant support for any queries.
- Email: Detailed responses to complex issues.
- Phone: Direct contact with support agents.
Quotex also provides educational resources, including:
- Demo account: Practice trading with virtual funds.
- Quotex Academy: Online training courses with video lessons.
- Educational articles: Articles covering various trading strategies and market analyses.
- Community forums: A platform for traders to discuss strategies and share experiences.
Reviews and Comparisons
Several reputable sources have reviewed and compared Olymp Trade and Quotex.
Daytrading.com highlights Quotex as an excellent choice for short-term binary trading, praising its user-friendly platform and high payouts.
However, they note the lack of regulatory oversight and limited educational resources as potential drawbacks.
The same source describes Olymp Trade as a good option for beginners, particularly due to its user-friendly platform and 24/7 customer support.
However, they point out that the range of day trading tools may be limited compared to competitors.
Reviews on Trustpilot indicate that Olymp Trade has a generally positive reputation, with users praising its user-friendly interface, reliability, and customer support.
Some negative reviews mention issues with withdrawals and customer support, but these are relatively rare.
Eseta.org.za, a website that reviews brokers, raises concerns about Quotex’s lack of regulation and potential for unfair trading conditions.
They recommend Olymp Trade as a safer alternative.
Strengths and Weaknesses
| Feature | Olymp Trade | Quotex |
|---|---|---|
| Regulation | Regulated by VFSC | Regulated by IFMRRC |
| Platform | User-friendly, feature-rich, multiple trading modes | Fast and intuitive, with social trading, focuses on binary options |
| Assets | Wider variety of assets | Focus on binary options, decent selection of assets |
| Fees | No deposit or withdrawal fees, inactivity fee may apply | No deposit or withdrawal fees, no commissions on trades |
| Educational Resources | Comprehensive resources, including blog and webinars | Limited resources, with a focus on online courses |
| Customer Support | Multiple channels, including phone and email | 24/7 support via live chat, email, and phone |
Olymp Trade’s strengths:
- Wider range of assets: Offers a more diverse selection of trading instruments.
- Comprehensive educational resources: Provides a variety of learning materials for traders of all levels.
- Strong customer support: Offers multiple support channels for quick assistance.
- Tiered account system: Rewards traders with more benefits as they progress.
Olymp Trade’s weaknesses:
- Limited platform options: Only offers a proprietary platform.
- Inactivity fee: Charges an inactivity fee for dormant accounts.
Quotex’s strengths:
- Fast and intuitive platform: Provides a streamlined trading experience.
- Social trading: Allows traders to copy trades of successful traders.
- No inactivity fee: No charges for dormant accounts.
- No commissions on trades: Offers a cost-effective trading environment.
Quotex’s weaknesses:
- Limited asset selection: Primarily focuses on binary options.
- Fewer educational resources: Offers a limited range of learning materials.
- Regulation concerns: Regulated by IFMRRC, which may not offer the same level of investor protection as some other regulators.
Conclusion
Olymp Trade and Quotex each have unique features and cater to different traders. Olymp Trade is a good option for those who want a wide range of assets and comprehensive educational resources.
Quotex is better for those who prefer a fast and intuitive platform with social trading.
The best platform for you depends on your trading style, preferences, and experience.
For beginners, Quotex might be more suitable due to its intuitive interface and lower minimum deposit.
Experienced traders might prefer Olymp Trade for its wider range of assets and advanced charting tools.
Ultimately, the choice depends on your individual needs and priorities as a trader.
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