With advances in technology within the financial sector, it has allowed many individuals to find new avenues to profit from the financial markets. Olymp Trade is a website that allows you to trade or bet on certain markets such as crypto or currency pairs. The idea with Olymp Trade is it allows you to access markets that otherwise require large capital requirements, through different means and methods. This article will go over Olymp Trade and you can decide for yourself if this company is right for you.
What Is Olymp Trade?
- What Is Olymp Trade?
- Is Olymp Trade Platform Reliable?
- How Does Olymp Trade Work?
- What Assets Can You Trade?
- Type of Accounts
- Olymp Trade Mobile Platform
- Free Education with Olymp Trade Academy
- How To Open An Account
- Deposits and Withdraws
- Olymp Trade Service Agreement
- Overall Conclusion
Olymp Trade has been around since 2014, in offering various trading instruments. With continued growth and evolution, the company provides users with a seamless platform that allows for potential portfolio growth. From there, the company offers its users various educational options to expand their knowledge of trading and the markets in general. Through webinars or one-on-one consultations, there appears to something to fit most traders needs. That being said, the company shows increasing payouts, increasing users, and increasing trades per month.
Is Olymp Trade Platform Reliable?
Given the various different platforms to trade and utilize, it would be uncommon for you the end user not to be skeptical. According to Olymp Trade’s website, they are a member of the International Financial Commission. They joined in February of 2016, and this states that deposits can be refunded up to $20,000 in the event of fraud by the broker, legal assistance, and full access to educational information.
Should you encounter an issue, Olymp Trade states they will respond within 24 hours. If 14 days lapse with no resolution, you can file a claim with the FinaCom and escalate your issue accordingly.
How Does Olymp Trade Work?
With the various trading platforms out there, there are many different products but typically they are all in the same area. Olymp Trade offers three different types of trading mechanisms and we’ll go over them individually, allowing you to find what may fit you best.
The first product is a digital option, which is described as first selecting your asset. We’ll go over the different assets shortly, but for now, you can trade currency pairs, commodities, stocks of major global companies, and exchange indexes. From there, you can decide your trade amount. The size with which you trade will determine the payout amount, should you investment decision be correct. Then, you set the time or expiration time for your digital option. Once you’ve selected a time, you then select the strike price, or the price you believe the underlying market to be above or below, depending on your opinion. Finally, after you’ve made your decision you are ready to execute your trade. Should you want to close your position early, Olymp Trade offers a special tool that can allow you to close your position and get a refund.
Secondly, you can utilize the time options that Olymp Trade provides. First you will need to switch over to the time tab on the trading platform. Then you can start by choosing the asset you wish to begin trading. When you select your asset, you will see time to expiry, which is the time left until that option expires. Simply, if the trade expires in the money, you will make a profit, but if it does not, you will lose the amount invested at the time of the option purchase. The idea here is you have a defined set of limits that allows you to define your trade quicker.
Lastly are the pending trades, which is “a mechanism that enables you to delay trades or trade when an asset reaches a certain price”. In traditional market speak; it works similar to a stop loss or setting a specific purchase price, rather than a market order. According to their website, this can only be utilized for a “classic” type of option. Should you set a pending trade, if your criteria is not met within 24 hours, your request will expire. This option allows you to put forth an order without the constant need to be watching your screen.
What Assets Can You Trade?
Olymp Trade, as already mentioned offers trading on currency pairs, commodities, stocks of major global companies, and exchange indexes in Europe, Asia, and the United States. Having the ability to trade different assets gives you the flexibility to find what fits your portfolio best.
For the currency pairs, you can trade EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/RUB, AUD/USD, and many more. You can view the complete list here, as it covers many different currency pairs. Also on that list are the equities, which include the likes of Apple, Microsoft, McDonalds, and BMW. These are some of the most popular, well-known, and highly traded equities in the world. Lastly, you will find the major indexes around the world, included the S&P 500 and FTSE 100.
Also, for those of you interested in cryptocurrency trading, Olymp Trade has various cryptocurrencies that include Bitcoin, Litecoin, and Ethereum. This can be an effective way to begin learning and gaining experience in the cryptocurrency space.
Type of Accounts
Knowing the different types of accounts are important because depending on your trading goals, you need the right account to fit your needs. First, Olymp Trade does offer a demo account to gain a level of familiarity with their platform. It doesn’t make sense to purchase a car without test-driving, and it doesn’t make sense to lose money due to you being unfamiliar with the platform. Opening a demo account will provide you with $10,000 in virtual money, allowing you to test-drive the platform and see if it is a good fit for you.
Secondly, there is the regular account, which is as simple as it sounds. This is the account you open and fund to begin trading on the Olymp Trade platform. The minimum deposit amount is $10 to get started, and the smallest trading size is $1. Certainly you can deposit more as time progresses, but if you wish to withdraw your funds, keep in mind the withdraw minimum is $10 as well.
Lastly is the VIP account, which first must be satisfied by depositing an initial $2,000. According to their website, VIP status will grant you a personal VIP consultant, 92% profit on trades, and risk-free trades. Also, your maximum trade amount will be increased from $2,000 to $5,000, as well as a few other VIP only benefits.
Olymp Trade Mobile Platform
Given that financial technology continues to grow, it is important to have access to your account on the go. Olymp Trade offers mobile trading on both iOS and Android operating systems. This allows you to access the market while you are away from your computer, make deposits and withdraws, and monitor any current positions you may have.
Free Education with Olymp Trade Academy
Olymp Trade provides users with a plethora of information and educational videos on various financial topics, as well as trading strategies. When beginning to trade the financial markets, it can be intimidating with the amount of information that is out there. With the education center at Olymp Trade, you can go through the various topics and find what fits your needs and strategies best.
You can even take your learning a step further with webinars that can go further into detail about certain topics and strategies. Whether you utilize the strategy or not, it is beneficial to know about the options out there should you update your own personal strategy or the markets change.
How To Open An Account
Once you’ve decided you would like to open an account, the steps are simple. You can go to the website and fill out the forms accordingly with the requested information. From there, you can fund your account with the minimum of $10 required.
When you’ve opened your account, you may request to undergo the verification process. This process includes a color copy of your passport page or ID card. Then you will need to take a photo of you holding the passport, as well as confirmation of the payment used in the trading account. Olymp Trade states this process could take up to five business days to complete. Once completed, your verification process is complete.
Deposits and Withdraws
As previously stated, to fund the account you need a minimum of $10 dollars and the same amount is required for minimum withdraws. To begin trading, you position size must be at least $1.
Olymp Trade Service Agreement
Before registering with Olymp Trade or any other financial company, it is important to read the Service Agreement to fully understand what is expected of both parties. Many times, and individual overlooks these details and it costs them should an issue arise. Typically the Service Agreement is fairly straight forward, but it is up to you to determine if you agree with the content. For example, section 5.3 states Olymp Trade can refuse communication if you use profanity, an emotional valuation, or speak ill of the company.
Also, ensure that you understand the laws with which the company is governed; in this case it is Saint Vincent and the Grenadines.
The overall conclusion is Olymp Trade can potentially be a useful way to gain exposure to the markets, without opening traditional brokerage accounts. Difficulties in traditional trading accounts include the margin requirements and having the right software in place. With Olymp Trade, they offer educational information, webinars, and a demo account for those that are new to the platform. Certainly this type of trading is not for everyone and involves risk. However, it is up to you to determine if it is the right fit for you. Some other potential drawdowns to consider include the limited selection of equities as well as the limited selection of trading products.
Check out Olymp Trade’s official website and see for yourself. This platform could be the beginning steps into taking your financial future into your hands. If you have any specific questions, email the company directly. Also, if you have any experience with Olymp Trade or have information relating to the trading products, leave a comment below for others to view.