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Online trading can be a lot of things for people willing to try: a learning experience, a way to earn some side money, or, perhaps, a full-on business venture. But to be able to do anything, first, you’ll need to choose a trading platform. Olymp Trade (or OlympTrade) is one such platform, and in this review, we will take a close look at how it works, what you can do through it, and whether it is legit or not. Now, let’s dive in and start looking!
With that out of the way, let’s look at the Olymp Trade itself. How does the trading platform work, and how should users log into their accounts?
Well, first and foremost, you will need to create an account. To do that, you only need to follow a few easy steps:
- Go to the Olymp Trade platform.
- Click “Start Trading”.
- Follow the account setup instructions. Provide your email and phone number. This is required for account verification and security. Create a secure password as well. Pick your trading account currency (U.S. Dollars or Euros).
- Different ways to make a deposit:
– bank cards,
– cryptocurrency (Bitcoin, etc. – don’t mix this with Bitcoin Revolution app)
- Withdrawals will be made to the same account
- Select “Live Account” or “Demo Account”
- Begin trading.
Just like that, you now have your very own account on the Olymp Trade platform. With that, you are almost ready to start trading.
Olymp Trade Demo Account
But before you start your career trading fixed time trades in full, you’ll need some time to get acquainted with the Olymp Trade platform. That’s why Olymp Trade has a renewable free demo account open for all traders.
So, what is a Demo account? It is a training tool for you so that you can learn how to work with the platform and the instruments it provides. There, you can see how the trading fixed time trades works, practice your strategies, and learn how to discern trends and patterns. By doing this, traders will get the necessary trading experience and will be ready to enter the trading world on their live accounts. Olymp Trade demo account is a great tool for any trader to check the benefits of fixed time trades and it can also be helpful in testing Kelly Criterion money management
Demo accounts come with 10,000 free demo funds. You spend it on trades, instead of real money, and it is fully refillable should you suffer losses. Traders can’t deposit or withdraw of money to/from the Demo account.
Olymp Trade Available Assets
Olymp Trade offers a lot of assets to its traders: currency pairs, metals, commodities, stocks, and so on. You can find the most common ones on the list below.
Currency pairs are the most popular type of assets. Each pair represents the price ratio between the first and the second currencies. Among the available pairs are:
EUR/USD, GBP/USD, GBP/AUD, AUD/USD, USD/CLP, EUR/AUD, EUR/GBP, AUD/CAD, AUD/CAD, AUD/JPY, GBP/JPY, GBP/NZD, GBP/CAD, NZD/JPY, USD/RUB, USD/JPY, USD/CAD, USD/TRY, EUR/JPY, CAD/JPY, USD/CHF, USD/SGD, EUR/CAD, EUR/CHF, AUD/CHF, CHF/JPY, GBP/CHF, NZD/CHF, AUD/NZD, NZD/USD, USD/MXN, USD/NOK, EUR/RUB, NZD/CAD, CAD/CHF, EUR/NZD.
Stock indices are the type of assets related to the stock market, representing the price of the investment portfolio:
FTSE 100, NASDAQ, S&P 500, Dow Jones, Hang Seng Index, DAX, CAC 40, Nikkei 225, RUSSELL 2000, EURO STOXX 50.
Commodities are the foundation of the world economy. And with Olymp Trade, you can earn profit on the price of oil, gas, as well as other resources:
Gold, Silver, BRENT, Platinum, Copper, Natural Gas.
Stocks — securities of major corporations, including the following:
BMW, Tesla, Google, Apple, Visa, Nintendo, Facebook, IBM, McDonald’s, Boeing, Microsoft, Starbucks, Coca-Cola.
Cryptocurrency assets are the newest addition to fixed time trades and the financial world as a whole. You can find CFD for the following cryptocurrencies on the Olymp Trade:
Ethereum, Ripple, Litecoin, Ethereum Classic,Bitcoin, Zcash, Dash, ETH/BTC, LTC/BTC.
OlympTrade Trading Platform Main Features
Olymp Trade offers many tools to its users: indicators, charts, educational materials, and many more. Let’s take a closer look at what exactly it has to offer to its users.
One of the main features of the Olymp Trade trading platform is its intuitive (and clean) interface: it’s easy to navigate, organized, and there are links to anything you’ll need for your trading career.
The platform itself can be accessed from multiple platforms: web, desktop, for both Mac and Windows, as well as Android and iOS apps.
The website and desktop version are straightforward, with a concise chart that features amounts and timings. It can always be customized, with different types (Japanese candle, area chart, bars, and Heikin Ashi), indicators, and colors.
Mobile apps are also highly optimized, with specialized design and a high rating on their respective App Stores. They have the same features available for their traders as the desktop and web versions, so people who prefer to trade on the fly are not missing out on anything essential (or even just useful). The only limiting thing there is the fact that the mobile app screen is not as big as one on the laptop or the PC, so it might be more difficult to parse a high amount of information at the same time. Still, it is an excellent platform for any trader. If you are more interested in automated trading apps you should check binary option auto trading.
Olymp Trade offers different possibilities to earn more from deals, and leverage is among them. Leverages provide traders with more funds to complete their trades by lending them the money needed. With them, for example, you can buy long for $10,000, while only having $100. Of course, as with all trade-related tools, it is not risk free and there is a threat of losing more than you otherwise would.
The Olymp Trade platform offer varying leverages, ranging from 1:1 to 1:500 (or x1 and x500, respectively), with most of the popular assets being set at 1:30. Less popular assets usually have a smaller modifier, averaging 1:20 (or x20).
Is Olymp Trade Legal?
Since the moment of its founding, back in 2014, Olymp Trade has been working under the laws and regulations of various countries. As such, Olymp Trade is operating legally in the states that allow Forex and FTT trading and doesn’t work in the countries that forbid it. It also has all the needed licenses and follows regulatory laws that the online trading sphere has. So yes, as long as your country allows online trading, it is legal for you to use the Olymp Trade platform. Unfortunately, US trades are not able to trade on Olymp Trade platform, however, as explained in our Nadex review, there are trading solutions for traders from Unites States as well.
Is OlympTrade a Scam?
A lot of people think that online trading is just one big scam scheme. Add to that rumors about brokers not paying traders after a successful deal, or misquoting prices, and it is understandable why people are apprehensive about trading. However, the fact is that online trading is a regulated sphere, and most brokers, as well as traders, are under the oversight of governing bodies and commissions.
One such body is the International Financial Commission, which licensed the Olymp Trade platform. It acts as an intermediary between the trader and the broker, and in the case that the trader is scammed, will pay compensation to him. So, to answer this question: once again, no, Olymp Trade is not a scam, it is officially registered in many countries, and, in the case of a fraud, you will be able to receive compensation from the International Financial Commission.
Olymp Trade Minimum Deposit
Minimum deposits for different countries might vary, so you will need to check it for yourself; however, for most countries, it stands at $10/€10.
To see if this holds true for your country as well, you will need to click on the «Deposit» button in the trade room, and then on the «Deposit amount» field. There, you will be given several different options to choose from, as well as the option to fill in your own sum.
Usually, the smallest amount is the minimum amount that you can deposit. Still, you can always check by typing in a small sum to deposit, and if it is under the minimum requirement, you will see a message that will tell you the necessary amount.
Once you’ve got enough money via trading, you can withdraw it from your Olymp Trade account to your wallet. There are different methods to do so, and they are listed on the Olymp Trade platform.
You can withdraw your money anytime you want. To do so, you need to send a request that will be processed in 5 days at the latest. Take note, the OlympTrade platform doesn’t take any withdrawal commission.
We hope that this review helped you to choose whether you want to use Olymp Trade or not. Or, at least, it managed to quell your fears about online trading.