There are many kinds of commissions and fees in the world of finance, and brokerages are no exception. They can charge clients on literally any step they take.
That’s why soft policy on fees and their small amount is one of the benefits of Olymp Trade. In this FAQ article, we will tell you about most common types of commission and which of them users have to pay when trading on our platform.
Deposit and withdrawal fees
This kind of fee traders face most often. For example, some brokerages charge about $50 for transferring money from the customer’s bank account. Such a hard policy makes trading unprofitable if a trader’s deposit is less than several thousand dollars.
Olymp Trade is one of the few companies that does not charge a fee for depositing or withdrawing funds from an account. The broker compensates these costs with its own funds.
However, it is worth noting that some banks or payment systems may withhold a commission for crediting funds to your account. Therefore, we recommend that you specify this information in advance with your financial service provider.
A fee per trade
A fee on making a trade in the Forex mode depends on several criteria:
- The trade amount
- The multiplier
- The specification conditions
- The market situation
The first two parameters measure the position volume. For example, if you want to make a $100 trade with a x500 multiplier, its total amount will be $50 000, and this sum will be used for calculating the commission.
You will see the relevant fee amount above the trade making buttons. In spite of it, the final sum may slightly differ due to the volatility.
The commission is subject to a ceiling, which is specified in the asset specification—a particular technical document available on the Olymp Trade website.
A fee on closing a position
This type of commission is now hard to find anywhere, but if your broker is still working like it’s the 1980s, go to Olymp Trade. We do not charge our customers for that.
An overnight fee
This is the kind of fee a brokerage charges on trades with a leverage (a multiplier.) It’s called a swap, and its calculation is traditionally based on the difference between the bank interest rates of the countries, which currencies a trader is working with.
Olymp Trade charges a fixed rate, which is calculated without reference to compound interest. The fixed commission is based on specification, and its size is limited to 15% of the investment amount.
An account maintenance fee
It is normal practice for credit card and bank account holders to pay annual maintenance fees. Brokers also charge this commission or other fees: for example, a depositary services fee, a user account maintenance fee, a custodial fee, etc.
You will not be charged these fees on Olymp Trade. The only commission that the platform charges its users is the subscription or inactivity fee.
It means that if a trader has not made a single trade on a real account within 180 days and has not made any deposit/withdrawal, the company has the right to charge such account a $10 monthly fee.
In case there are no real funds in it, all bonuses will be cancelled. However, nothing will be charged if an account’s balance is 0. You can read more about this commission via the link.
As you can see, Olymp Trade does not charge its users much. All fees are clearly and strictly regulated by the technical conditions, so traders never ask questions about them. But if you have any questions, please contact our technical support—they will help you. We wish you success in trading!