In today’s post, we’ll look at Olymp Trade, one of the most popular trading platforms, and see if it’s a scam or a legitimate broker.
With all of the recent news about the Olympic trade stock and how it made small-scale investors trading in Robinhood immediately wealthy, we’re seeing a lot of interest in the idea of trading.
The stock market may help you gain money, just like financial gurus always say, but only if you know how to play it correctly: when to enter and when to exit.
However, once you’ve entered the Olymp trade, there’s a good chance your emotions will get the better of you.
What is Olymp Trade?
Olymp Trade is an international broker specializing in fixed-income and currency trading. Saledo Global LLC manages the company, which is situated in Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines.
Since the year 2014, The International Financial Commission has regulated the broker. Traders are covered by a compensation fund of 20,000€, which is a significant benefit of this broker.
Is Olymp Trade a Scam?
Olymp Trade is not a scam, and the Financial Conduct Authority regulates it. Of course, it is not as well-known as other brokers because it only works in a few countries and is not accessible to large players such as the U.S.
What sets it apart from other brokers is that it has a thriving online community, as evidenced by a large number of followers and subscribers on social media.
How to Win in Olymp Trade
Don’t be a jack of all trades.
Traders frequently get caught up in spreading their resources across multiple markets rather than concentrating on one or a few and learning the ups, downs, and complexities that drive them.
Make a name for yourself as a “master of one.” It is important to become an expert on one or a few markets where the investor already has experience or has a strong interest so that they may concentrate their efforts. Concentrate on a few markets.
Develop a trading strategy first.
Nobody sets out to fail, but many investors do.
This could be said about many things in life, but nowhere is it more evident than with ill-prepared traders who rely on their “gut feelings” to earn money.
- Be a good money manager.
Money management in trading is not the same as financial planning for paying bills at home or putting money into your children’s savings account.
Information is king.
All over the world, people now have access to a wealth of useful public information thanks to modern technology.
All that is required is a working internet connection, and a person may search practically anything published on any particular subject while receiving continual updates in their news feeds.
Recipe for success.
There is a common denominator in this situation. Not every investor will succeed, but if you talk to experienced traders, you’ll see that they all follow these four guidelines.
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The Best Time to Play Olymp Trade
European session
This time zone’s financial markets open at 6:00 a.m. and close at 3:00 p.m. UTC.
American Session.
The trading hours are from 1:00 a.m. to 10:00 p.m. UTC.
Asian session.
Because the financial markets are open from 00:00 a.m. to 9:00 p.m., this could be it for you.
Olymp Trade Minimum Deposit
On Olymp Trade, the minimum deposit is a mere $19. You can make a maximum one-time deposit of $5000.
As bonuses, you can obtain more money to trade on the platform. The bonus size is determined by the size of your deposit: the bigger the deposit, the bigger the bonus.
How much Money You can Withdraw from Olymp Trade
On Olymp Trade, withdrawals are completely free. Yes, Olymp Trade will never charge you a fee or commission for withdrawing your funds.
The most amount you can withdraw from your account is unlimited; however, the minimum amount is $10.31.
Can the Olymp Trade be Trusted?
Olymp Trade is a great example of a trustworthy and safe broker. This top-tier platform has a proven track record, having been on the market since 2014.
In terms of credentials, Olymp Trade is a Financial Commission Category A member who has been certified by Verify My Trade, an independent auditor.
Before investing in Olymp trading, it is recommended that you conduct a thorough study.
People Who Became Rich by Olymp Trade
18-Year-old Sai Reddy’s new mobile app earns him over 12300 dollars each week. Sai Reddy is now officially one of the wealthiest 19-year-olds in Pune, if not the entire country.
Last week, the Pune native played on his smartphone when he came across Olymp Trade, a popular new software.
Does Olymp Trade Pay?
Instead of the traditional rewards, Olymp Trade offers minimal initial deposits and trade opportunities.
Although being created as a moderate to medium-risk investing platform, Olymp Trade provides investors with a low rate of loss or profit, which should be beneficial when getting started in the industry.
Overall, the company’s offering is competitive, as is its reputation. Still, options are a high-risk investment due to their nature of trading.
The Olymp Trade company’s unlicensed environment raises some doubts about whether or not to participate in trading.
Given the importance of capital and the protection of investors’ cash, it is strongly advised to choose among well-regulated organizations that hold all essential licenses, conduct approved operations, and provide adequate customer service.
Is Olymp Trade a scam or legit? What the video below to know:
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That’s not a scam. I don’t confirm this as a client of this broker. I confess that before joining the broker I hesitated a lot because I heard something negative about it in the network. Fortunately, it all turned out to be a fake.
People often write negative reviews about Olymp because they fail to understand how to trade FTT. It’s a very specific thing compared to Forex. One needs time to get used to this.