When it comes to choosing a trading platform, traders often find themselves comparing brokers to see which offers the best services, tools, and experience. Today, we’ll take a closer look at Quotex vs Olymp Trade, two well-known brokers in the online trading world. If you’re wondering which one is right for you, you’re in the right place.
In this article, we’ll compare Quotex and Olymp Trade in terms of features, fees, platform usability, and more. Before we jump into our full review, let’s take a quick look at the comparison table to help you quickly assess the differences between the two brokers:
| Feature | Quotex | Olymp Trade |
|---|---|---|
| Founded | 2020 | 2014 |
| Regulation | IFMRRC (not widely recognized) | FinaCom (International Financial Commission) |
| Trading Instruments | Digital options, Forex, Commodities | Forex, Options, Commodities, Cryptocurrencies, Stocks |
| User Interface | Simple and user-friendly | Clean, but more complex |
| Trading Fees | No commissions (uses spreads) | Commissions on Forex trades |
| Mobile App | Yes (iOS and Android) | Yes (iOS and Android) |
| Educational Resources | Limited | Extensive: Webinars, tutorials, articles |
| Customer Support | 24/7 Live chat, email, phone | 24/7 Live chat, email, phone, social media |
| Demo Account | Yes | Yes |
| Minimum Deposit | $10 | $10 |
| Available Assets | 100+ | 80+ |
| Charting Tools | Basic, simple indicators | Advanced with multiple indicators |
| VIP Account | No | Yes (Offers lower fees) |
| Best For | Beginners & digital options traders | Versatile traders seeking more assets |
Overview of Quotex and Olymp Trade
Quotex
Quotex is a relatively new trading platform but has gained attention for its simplicity and innovative approach. It focuses mainly on digital options and provides a user-friendly interface that allows beginners and experienced traders to feel at home.
Olymp Trade
Olymp Trade is a more established name in the trading industry. Launched in 2014, Olymp Trade offers a wide range of assets, including Forex, stocks, commodities, and cryptocurrencies. It’s known for its robust platform and strong educational resources.
Platform Interface & Usability
Quotex
Quotex’s platform is sleek, fast, and extremely user-friendly. Whether you’re a new trader or a seasoned one, you’ll find it simple to navigate. The charts are intuitive and customizable, allowing users to switch between different time frames and indicators easily. One of its strongest points is the smooth execution of trades.
Olymp Trade
Olymp Trade also offers a well-designed platform, but it stands out for its versatility. It supports multiple trading instruments (including options and Forex), and its user interface is equally clean and easy to use. However, the platform might be slightly more overwhelming for complete beginners due to the variety of features and tools it offers.
Available Assets
Quotex
Quotex focuses mostly on digital options, and traders can choose from a wide range of assets, including Forex, commodities, stocks, and indices. However, if you’re more interested in other forms of trading, like Forex or CFDs, you might find the options on Quotex slightly limited.
Olymp Trade
Olymp Trade provides a broader selection of assets. You can trade options, Forex, commodities, cryptocurrencies, and more. This makes it a great platform for traders who want to diversify their portfolios and explore different markets.
Trading Features and Tools
Quotex
Quotex is perfect for traders who prefer to keep things simple. It offers basic but powerful tools for technical analysis, including a range of indicators such as moving averages, RSI, and Bollinger Bands. While it doesn’t offer advanced charting tools or complex trading strategies, its simplicity is its strength for many traders.
Olymp Trade
Olymp Trade, on the other hand, provides a more comprehensive range of tools for both technical and fundamental analysis. There are multiple timeframes, indicators, and chart types to choose from. Olymp Trade also features a demo account, which is great for beginners to practice their strategies without risking real money.
Fees and Commissions
Quotex
Quotex operates with a transparent pricing model. There are no hidden fees, and it doesn’t charge a commission on trades. However, the platform makes money through spreads, which are relatively competitive compared to other brokers.
Olymp Trade
Olymp Trade also offers competitive fees, but it charges a commission on Forex trades. The commissions are relatively low, and the platform is known for its transparency regarding costs. Additionally, Olymp Trade offers a VIP account that reduces fees for high-volume traders.
Customer Support
Quotex
Quotex provides 24/7 customer support via live chat, email, and phone. While the support is generally responsive, it’s still relatively new in the industry, and some users have reported that responses can sometimes be slow.
Olymp Trade
Olymp Trade is known for its excellent customer service. It offers 24/7 support via live chat, email, phone, and social media. The broker also provides a wealth of educational materials to help users understand the platform and improve their trading strategies.
Regulation and Trustworthiness
Quotex
Quotex is relatively new, and while it claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC), it’s important to note that this regulatory body isn’t as well-known or stringent as others, like the FCA or CySEC.
Olymp Trade
Olymp Trade is a well-established broker and is regulated by the International Financial Commission (FinaCom). While it doesn’t have regulation from major bodies like the FCA, its membership in FinaCom provides traders with some level of security, as they can access compensation in case of disputes.
Mobile Trading
Quotex
Quotex offers a well-optimized mobile app available for both iOS and Android. The mobile experience is almost identical to the desktop version, ensuring that traders can access the markets on the go without sacrificing functionality.
Olymp Trade
Olymp Trade also has a robust mobile app, which is highly rated by users. It offers all the same features as the desktop version, including advanced charting tools, indicators, and trading instruments. This makes it a strong contender for traders who prefer trading on their smartphones or tablets.
Educational Resources
Quotex
Quotex offers limited educational resources. There are a few articles and guides for beginners, but overall, it doesn’t offer as many learning tools as its competitors. This could be a drawback for novice traders looking for in-depth guidance.
Olymp Trade
Olymp Trade excels in this area. It provides an extensive range of educational materials, including webinars, tutorials, articles, and even one-on-one coaching for VIP members. This makes it a great choice for beginners who want to improve their trading skills.
Pros and Cons of Quotex and Olymp Trade
Quotex Pros
- User-friendly interface
- Fast trade execution
- No hidden fees or commissions
- Great for digital options trading
Quotex Cons
- Limited asset classes
- Fewer educational resources
- Newer broker with less industry trust
Olymp Trade Pros
- Wide variety of assets
- Strong educational tools
- Good customer support
- Flexible trading options (Forex, options, etc.)
Olymp Trade Cons
- Commissions on Forex trades
- Interface can be overwhelming for beginners
Final Verdict
When deciding between Quotex vs Olymp Trade, it ultimately depends on your trading needs.
- If you’re looking for a simple, beginner-friendly platform with a focus on digital options, Quotex may be the right choice for you.
- On the other hand, if you want more trading options, a wider variety of assets, and advanced tools, Olymp Trade offers a more comprehensive trading experience.
Both brokers have their strengths, so consider what matters most to you—whether it’s the simplicity of use or the range of trading options.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.