Which is Better Etoro vs Olymp Trade

Posted by: Freddie NorthMarch 10, 2021 Updated: March 10, 2021

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Parts of Which is Better Etoro vs Olymp Trade
 

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Today’s comparison focuses on Etoro vs Olymp Trade. Knowing the best online platform is not always straightforward; each has its strengths and weaknesses. Etoro offers many financial instruments, allows copy trading, and works in some US states. But the high initial deposit amount discourages many beginner traders. Olymp Trade only requires a $10 initial deposit but lacks as many financial markets as eToro. Read on for the full comparison review.

Getting to Know eToro & Olymp Trade

eToro vs Olymp trade which is better
eToro bills itself as the largest social trading platform, serving users from 140 countries with over 2,000 financial markets. Find out more about trading eToro from our posOlymp Trade boasts of over 25 million user accounts and was the winner of the Best FX Trading platform in the Forex Expo 2020 and 2018 Awards. All you need to know about the Broker Olymp Trade can be read in the article.
EstablishedEstablished
2006 (14 years of market experience)2014 (6 years of market experience)
HeadquartersHeadquarters
Limassol, Cyprus, London, United Kingdom, Tel Aviv, IsraelLimassol, Cyprus 
Regulation and licensesRegulation and licenses
Cyprus Securities and Exchange Commission and the Financial Conduct Authority (UK)Financial Commission (FinaCom PLC)

Both global brokers share several similarities. They are regulated and have headquarters in Limassol, Cyprus. You can be assured that you are getting a safe online trading experience. 

Available Markets, Supported Countries, & Trading Platform

eToroOlymp Trade
Demo AccountDemo Account
YesYes Here
Halal Account:Halal Account:
YesYes
Copy TradingCopy Trading
YesNo 
Expert Advisors/RobotsExpert Advisors/Robots
Not AvailableAvailable
Available MarketsAvailable Markets
 Forex (52), Stocks (800+), Crypto (99), Commodities (46), ETFs (253), Indices (15) Forex (35), Stocks (17), Crypto (3), Commodities (3), ETF (4), Indices (7)
TechnologyTechnology
ProprietaryProprietary & MetaTrader 4
PlatformsPlatforms
Web, iOS, AndroidWeb, iOS, Android, macOS, Windows
Supported languagesSupported languages
2014

While eToro offers copy trading, Olymp Trade allows traders to use the MetaTrader 4 platform, and this means they can use expert advisors and a wide range of third-party trading tools. What’s more, Olymp Trade has an in-platform store that gives traders access to paid tools with 30-day monthly subscriptions. 

When it comes to supported countries, eToro accepts traders from the US, but they can’t trade certain markets. They also offer licensed brokerage services in Europe, UK, and Australia. On the other hand, Olymp Trade doesn’t accept clients from Canada, Europe, Israel, the USA, Australia, and Russia.

Initial Deposit Amount, Deposit & Withdrawal Fees

eToroOlymp Trade
Initial minimum depositInitial minimum deposit
$500 Bank Transfer, $1000 online payments (as of February 2021)$10 
Commission & Fees Commission & Fees 
Far variable spreadsFair variable spreads
Deposit and Withdrawal feesDeposit and Withdrawal fees
NoNo 
Non-trading fees.Non-trading fees.
$10 per month charge after 12 months of inactivity $10 monthly charge after 180 days of inactivity
Minimum TradeMinimum Trade
With leverage: Crypto $25, Stocks & ETFs $50, FX Pairs, Indices & Commodities $1,000$1
LeverageLeverage
Maximum leverage of x30 for major currency pairs  Up to x500 on major currency pairs 
Deposit and withdrawal optionsDeposit and withdrawal options
Bank cards, Paypal, Skrill, Bank Transfer, NetellerBank cards, JCB, China UnionPay, Neteller, Skrill, Perfect Money, WebMoney, Bitcoin, Tether, Ethereum

The minimum deposit required by eToro may be discouraging for new retail traders, and the platform has a history of raising its initial deposit amount from time-to-time. Olymp Trade, on the other hand, accepts a low initial deposit of $10 for most countries. In Thailand, it’s just $19. 

You should also consider the minimum trade-size on eToro. For instance, eToro only offers an x30 leverage of major currency pairs, and because the minimum trade size is $1,000, it implies that you must open a position with at least $33.33. Olymp Trade doesn’t have such restrictions, and the minimum trade size is $1 with a multiplier of up to x500.

Verdict 

So, which is better eToro vs Olymp Trade? If you’re looking for flexibility, Olymp Trade carries the day. It has a low initial deposit, higher leverage, low minimum trades, and supports MetaTrader 4. eToro accepts US (not all states), European, and UK customers, with more financial markets, and copy trading capabilities.

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