Which is the better broker in 2023

Quotex

VS

Olymp trade

Which is the better broker in 2023

Quotex

VS

Olymp trade

Trustpilot - 4.8
Promos - 50% bonus on first deposit
Register Trading involves significant risk and can result in the loss of your invested capital.
Quotex is a leading broker offering a quick intuitive platform on more than 400 trading instruments. It offers a wide range of account currencies and deposit and withdrawal options. Trade on any device.

Quotex Vs Olymp Trade Pros and Cons

Here’s the summary breakdown of how Quotex compares to Olymp Trade.

Deposit Bonuses

Quotex is currently offering a 50% deposit bonus. You’ll see this advertised within the demo account.

Olymp Trade doesn’t offer a deposit bonus.

A deposit bonus allows you to trade with more capital, and thus potentially profit on that larger amount. For example, if depositing $100, instead of only being able to trade with the $100, you’ll be able to trade with $150.

Being able to trade with more capital enhances the potential profit you can make. Making 85% on $15 creates more income than making 85% on $10.

Instruments

Both companies offer a wide range of assets—choose between 400 different trading instruments.Both offer stocks, metals, indices, and commodities.

One nice thing about Quotex is that you can choose pretty much any expiration, down to the second. For example, you can take a 1-minute and 4-second expiration trade, or a 5-minute and 22-second expiration trade. You set the trade time frame before the trade. Olymp Trade offers fixed expirations.

Most traders want a broker that allows them to trade various instruments. That way you don’t need a different broker if you want to trade the EURUSD, or gold, or the S&P 500 stock index. Being able to choose your exact expiry with Quotex provides you with the added benefit of being able to customize your trades specifically to your strategy once you are more experienced down the road. While you may not need all these features Quotex offers currently, down the road you probably will. They’ll be there when you need them.

Deposit Bonuses

Quotex is currently offering a 50% deposit bonus. You’ll see this advertised within the demo account.

Olymp Trade doesn’t offer a deposit bonus.

Being able to trade with more capital enhances the potential profit you can make. Making 85% on $15 creates more income than making 85% on $10.

Minimum Deposit

Both Quotex and Olymp Trade have a $10 minimum deposit
for a live trading account.

Being able to start with $10 opens up trading to nearly everyone. You can always deposit more if trading goes well and you want to increase your profits with more capital. Or you can start with $10 and build your account; as it grows so do the potential profits. $10 is the start of an opportunity.

Payment Methods

Being able to deposit funds and withdraw profits quickly is important for traders. Here are the ways you can deposit and withdraw with each broker.

Both brokers offer great deposit and withdrawal options. If you’re depositing crypto, Quotex has a lot more options than just Tether.

Ultimately, as a trader, you need to be able to deposit and withdraw your capital when you want. It shouldn’t be a chore. Quotex offers more choices and will therefore serve most traders better.

Minimum Trade Size

Both brokers have a minimum trade size of $1.

The minimum trade size is the minimum amount you can invest in a trade.

Since the minimum trade size is $1, you can invest this amount or more. Your potential profit is the payout percent multiplied by your investment size.

A minimum trader size such as $1 is important to new traders because it allows you to trade with minimal risk. Start trading in a demo, and when profitable there, you can start taking trades in increments of $1.

As your account grows you can always increase your investment in each trade, but at the start, it’s always nice to have the option to invest only $1

Mobile Apps and Trading Platforms

Both brokers provide a trading platform that can be used on Android or Apple devices. You can also trade from PC or Mac.

Both platforms are easy to use and provide a smooth trading experience.

The Quotex app has a 4.0 rating in the Google Store, and Olymp Trade has a 4.4. Since ratings fluctuate, these are very similar scores.

The trading platform or trading app is how you’ll be placing trades. It needs to be reliable and easily accessible, so you can trade from anywhere with an internet connection and know you will have a quality trading experience. Quotex’s solid rating and compatibility with computers and smartphones makes it a great choice.

Account Currencies

Quotex has far more account currency choices. The account currency is what your account is based in. Having choices for an account currency is important because it is like a trade.

For example, if a trader lives in Japan and uses yen in their everyday life, it is nice to be able to open an account in yen. If they have to use a different currency, such as USD, there’s an exchange rate risk. Because when they go to withdraw USD, they may not get the same amount of yen for that USD that they did when they deposited. It’s just one more thing to consider.

Therefore, having multiple account currency options is a good thing. Even if you don’t use your home currency as the account currency, it’s nice to have the choice. For example, you may choose to hold your account in a currency that you think will rise. That way, if that currency does rise, your account is worth more (when you convert it back) than when you deposited it.

Neither company charges for deposits for withdrawals, but payment processors (the method used) may charge a fee.
No deposit or withdrawal fees is important because you want to keep as much of your profit in your pocket as possible!

Regulation

Both brokers are unregulated, meaning they’re not overseen by a regulatory body.

Quotex makes no claims of being regulated.

Olymp Trade does claim to be regulated on its website, but it isn’t. They are members of the Financial Commission (FinaCom), which is essentially a pay-for-membership organization.

FinaCom is not regulated in any jurisdiction. Ideally, Olymp Trade’s language should be more clear, stating that they “are part of FinaCom”. Stating that they, Olymp Trade, is regulated paints a false picture.

There are bad regulated brokers and there are good unregulated brokers. Ultimately it comes down to how the broker treats you. Quotex is upfront and has great reviews; that holds weight too.

Other Features

Here are some of the other features that you may want to know about before choosing a broker.

While you may not use all the features a broker offers right away, you will probably want access to them down the road. And some of these features that Quotex offers you’ll probably want right now.

Higher payouts mean higher profits. If choosing between making up to 98% or 90%, traders will pick 98% every time. Quotex puts more in your pocket on profitable trades.

No activity fees mean if you don’t trade every month your Quotex account won’t be eroded by fees. Your Olymp Trade account will decrease if you don’t trade.

When starting out, you may want a helping hand. Quotex offers free trading signals that you can follow which are up to 87% accurate in predicting which way the price will go.

Finally, customized expiries are a more advanced feature you’ll likely want as you gain experience. Setting your exact trade expiry with Quotex allows you to customize the trade in your favor. That could mean more winning trades and thus more profits flowing back into your trading account.

Quotex vs Olymp Trade Summary:

Based on the analysis, Quotex is the preferred broker over Olymp Trade.
Here are the main factors in that decision:

Both offer similar instruments to trade, yet Quotex provides added functionality by offering completely customizable expirations, down the second. Any edge you can get means more winning trades.

Both offer great demo accounts, but you don’t even need to sign up to use the Quotex demo. The easy-to-use demo lets you practice your skills and get used to the platform for trading with real capital for real profits.

Quotex offers a 50% deposit bonus. Olymp Trade doesn’t. More capital to trade with means bigger dollar profits. Making 90% on $15 is better than making 90% on $10.

Quotex offers more account currencies (what your account is based in), and more deposit and withdrawal options (especially if using crypto). This means you can avoid unnecessary currency exchanges, or choose the account currency you want.