Olymp Trade one of the most popular binary options brokers available today. The first step to trading binary options successfully is to get a great a good binary options broker. Binary options brokers enable you to trade binary options on the financial markets. You probably read or heard that Olymp Trade is the best binary options brokers. You have decided that you are going to start trading with them. Do you know enough? Is Olymp trade legit? Can you make money on Olymp trade? Is Olymp trade real or fake? These are fundamental questions that you should have answers to before you decide to get involved with any binary options trader. Worry not! This is a comprehensive, objective, honest and truthful Olymp trade review 2019. The review will take you through Olymp trade step by step to ensure you are armed with sufficient information before you start trading on Olymp trade.
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About Olymp Trade
what is Olymp trade? Olymp Trade is a Cyprus-based binary options broker. The brokerage was launched in 2014 and has enjoyed consistent growth since then. Their estimation indicates that there is an average of 2000, people trading on their platform every day. Olymp trade also claims to be paying out over 8 million dollars a month in trader payouts. These statistics are quite impressive. Should they get you excited? Probably not! There is a lot more you need to know about Olymp trade before you decide to start trading. We shall look at the following aspects of Olymp trade;
- Olymp Trade Trading Accounts
- Trading Strategies you can employ on Olymp trade
- Olymp Trade Legitimacy
These factors are central to your chances of trading successfully on Olymp trade. The review seeks to help you understand the ins and outs of Olymp trade, to ensure you have a seamless trading experience. Spoiler Alert! This review is not by any means a blueprint to making money on Olymp trade. As you might have realized already, many people who get into binary options end up losing money. That’s because they do a lot of things wrong.
We want to ensure that you do not lose a lot of your money, though we cannot guarantee that you will make money. Ultimately, your trading experience and knowledge about financial markets make the difference. A lot of reviews available will try to sell the notion that anyone can just stumble upon a binary options broker and start making money. That’s laughable. It is not that easy either on Olymp trade or anywhere else. It does not have to be difficult either if you are willing to learn the ropes. So, does Olymp trade really work? Let’s find out.
Olymp Trade Account
The most basic step of getting started on any binary options broker is sign-up for an account. Signing up for an account on Olymp trade is as straightforward as it is anywhere else. You just need to fill up the sign-up form and you are in. However, there are various types of accounts on Olymp trade. There are two types of accounts as follows;
The standard account is the basic and most common account on Olymp trade. This account comes with a free Olymp trade demo account that is loaded up with $10000 virtual deposit. The account attracts a minimum deposit of $10. The account offers up to 80% payouts as profits. You are also allowed a maximum trade amount of $2000. You get access to educational materials and a wide range of analysis tool. This is a great place to start if you are a newbie. Olymp trade is one of the best binary options brokers for beginners.
You can also decide to sign up for a VIP account. The account is offered with a demo account too. This account requires a minimum deposit of $2000. The perks of this accounts include; up to 92% payouts as profit, a personal VIP consultant, risk-free trades, private VIP webinars, exclusive strategies, and a maximum trade amount of $5000.
You get a demo account Olymp trade in any account you are on.
You will need to make deposits to the accounts. Olymp trade offers a couple of deposit methods that you can use, depending on which one is convenient for you. The deposit channels available are;
- Credit Cards
- QIWI Wallet
- Yandex Money
You can use the same channels to withdraw your money. Olymp trade withdrawals are processed within 24 hours.
Olymp trade offers you over 60 assets to trade with. You can trade with multiple assets or choose one if you are well versed with it.
So, you now have an account, and you have loaded it with some deposit, and you are ready to start trading. How exactly to do you trade on Olymp Trade.
How to Trade Successfully on Olymp Trade
Once you are set to start trading, you want to make sure your trades are as profitable as possible. Olymp trade offers 80% profit on the staked amount if you are on a standard account, and 90% for those on a VIP account. Note that you need to have over 60% and 55% winning rate on the standard and VIP accounts respectively, to make any profits. Developing a strategy is always the smartest way to go about it. Majority of those trading binary options profitably have a robust winning strategy. On the other hand, many of those treating it as gambling, if not all, end up losing.
Trading on Olymp trade starts with understanding the resources that are at your disposal. You need to understand how you can leverage these resources to work for you. We also like to advocate for traders not to depend on the broker’s resources and prompts only. Understanding binary options trading as a whole and finding external independent resources that can help with analytics is always a smart thing to do. We shall look at the following aspects of how to trade in Olymp trade?
- The Trading Platform
- Trading Strategies
Olymp trade operates a proprietary website and Android and iOS Apps. You can download the Olymp trade app on play store of Apple store depending on which device you are using. The platforms are user-friendly and very intuitive. You can log in to your account using any platform of your choice. Many Olymp trade app reviews term it as one of the best binary trading Apps.
The trading platform is quite self-explanatory and easy to understand. The trading platform has technical indicators analysis tools on it too. There is also a history tab at the bottom of the page, where you keep on tabs with the progress of that particular asset. The trading chart is on the left side of the page. The right side has an icon where you select the trade duration, put the stake amount and place a put or call option.
Once you have understood how the trading platform works, what you need next is a trading strategy. We shall look at the most common strategies employed.
The strategies highlighted below are general strategies. You combine them to come up with your own working strategies. Also, none of these strategies can guarantee you profits. These strategies are just ways to reduce the risks your investment is exposed to. Ultimately, if the risks are reduced, you stand a better chance of making profits. Trading Strategies are classified into two broad categories.
- Funds Management
- Prediction strategies
The fund’s management strategy solely concerns itself on how you use the fund you have left in your account. Many traders make the grave mistake of disregarding funds management, and always end up losing. The first step to reducing risk on your investment is managing how you use the funds you have. Funds management involves two practices;
- Risk Management – you need to have a proper understanding of the risk your investment is exposed to. The goal is to ensure there is a balance between the risks over your investment and the possible win. One unspoken rule in binary options trading is that you should never stake more than 10% of your remaining balance in one trade. This gives you a chance to counter a risky trade with other less risky trades.
- Compounding – Compounding is one the most popular strategies involving money management. Compounding works by increasing your stake if you are winning, and reducing it if you are losing. That way you are able to maximize on a winning strategy and control your losses if the strategy is not working. Compounding adds a fraction of the profit to your stake every time you win and reduces it when you lose.
The buck stops with prediction strategies. These strategies work in a similar way on Olymp trade as they work anywhere else. There are two main prediction strategies that can be employed.
- Overall Analysis Strategy – this strategy concerns with the overall wellbeing of the asset you are trading with. The asset you choose is attached to a particular company. The performance of that company reflects in the performance of its stock on the financial market. It, therefore, becomes your business to monitor that asset and see how it is performing on the financial market.
- Technical Analysis Strategy – Technical analysis is based on the argument that assets with behaving similarly under certain conditions. You, therefore, need to be able to read patterns of how the asset is performing. If you spot a similar pattern in the future, then you can predict where the asset will go next. This strategy involves making predictions based on past events.
Olymp Trade Legitimacy
Legitimacy is always a major concern when choosing a binary options broker to work with. So, how legit is Olymp trade? Is Olymp trade safe? Olymp Trade is licensed and regulated by CySec (Cyprus Securities Exchange Commission). CySec is arguably the most respected binary options brokers’ regulator around the world.
CySec ensures that you as the trader is protected from being duped. You can raise a complaint with them at any point if you feel like you have been scammed by the broker. What countries Olymp trade work? CySec subscribes to EU rules and regulations. Olymp Trade can, therefore, engage traders from all over Europe. Olymp Trade is in operation in many countries around the world. Unfortunately, they are not available in the USA. USA rules and regulations on binary options remain very tight. They lock many binary options brokers out of the USA trading space. Does Olymp trade work in India? Does Olymp trade work in Nigeria? Yes, Olymp trade works in these countries.
Advantages and Disadvantages of Using Olymp Trade
The following are some of the pros you get to enjoy from Using Olymp Trade;
- Olymp Trade has a comprehensive educational system
- They offer stellar customer support
- Their trading platform is user-friendly and intuitive
- The offer risk-free trades as incentives
- The minimum deposit Olymp trade is quite low
- They have a low minimum investment
On the other hand, you have to brave the following demerits one Olymp Trade
- Limited trade types
- Limited assets to trade with
- Limited account types
Olymp Trade is still considered a new entrant into the industry. However, it has done pretty well for itself. That does not mean things are all rosy for you as the trader. They do not have to be grim either. We always like to remind you that it is never in a broker’s best interest for you to win the trades. Why would it be, if the broker profits when you lose. That does not mean you have to lose too. If you have your strategy right Olymp trade is certainly a platform on which you can thrive as a binary options trader. You do not have to wonder how does Olymp trade works anymore.
Below is a Quick Summary table on Olymp trade
|Types of Accounts||2 (standard and VIP)|
|Instruments types||4 (stocks, currencies, commodities, indices,)|
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