If you’re exploring binary options trading and seeking a reputable trading platform to conduct your transactions, this article is for you. Today, we want to introduce a binary options trading platform, Olymp Trade, which, despite being established only in 2014, has gained a certain level of trust. Let’s explore more about what Olymp Trade is, its advantages and disadvantages, how to register an account, and how to use the Olymp Trade account in the following article.
What is Olymp Trade?
Olymp Trade is a trading platform founded in 2014, owned and managed by Saledo Global LLC, with its headquarters located in Saint Vincent and the Grenadines. Previously, Olymp Trade was under the management of FMRRC, but now it operates under the Financial Commission.
Similar to Binomo, Olymp Trade is a binary options trading platform, operating by allowing traders to bet on the price movement of various assets. If the trader’s prediction is correct, they will receive profits; if incorrect, they will lose their bet amount.
The trading products offered by Olymp Trade are diverse, including gold, energy, indices, currency pairs, etc. Regardless of the product, the decisive buttons for profit or loss are still UP/DOWN.
The steps to trade include: selecting the asset type, choosing the betting period, deciding the investment amount, and finally predicting whether the price will go up or down.
Is Olymp Trade trustworthy?
In the current development of binary options trading, finding a suitable trading platform can be quite challenging. Olymp Trade, since its inception, has faced many difficulties competing with long-established platforms that already have credibility and a loyal client base. Therefore, Olymp Trade has strived to become a member of the Financial Commission, a reputable financial organization, to demonstrate its transparency to users. The platform’s credibility is also evidenced by the fact that if you detect signs of dishonesty or fraud, you can claim compensation up to $20,000.
However, FinaCom is not operated by any national authority, and so it cannot guarantee a trustworthy trading environment or fully protect customer rights like CySEC does.
Of course, regardless of any certification from an authority, self-protection of your funds is irreplaceable, as binary option trading always involves tricks that could lead to losing your assets.
Advantages and disadvantages of Olymp Trade
Advantages
The minimum deposit is low, starting from only $10, and the minimum trading amount is just $1, which is very convenient for small investors.
It provides educational content on investment, market analysis, and trading signals, all of which are completely free.
Welcome bonuses up to 100% on your first deposit. This bonus cannot be withdrawn, only used for trading to increase profits.
Disadvantages
Olymp Trade currently only supports mobile operating systems like iOS and Android; there is no Windows application yet, though updates might be added in the future.
How to play Olymp Trade
Guide to register an Olymp Trade account
Step 1: Visit the OlympTrade website: https://olymptrade.com
Step 2: Click “Register” and fill in the required information including Email, setting password, currency type, and tick the box “I am of legal age…” then click “Register”.
Step 3: Access your email and open the message sent to you, then click to confirm.
Guide to verify Olymp Trade account
The verification process on Olymp Trade is very simple. First, log into your Olymp Trade account and go to the profile icon, then select “Profile”.
Then follow these three steps:
- Step 1: fill in your full name
- Step 2: enter your phone number to receive a confirmation code via SMS, then enter the code into the corresponding box.
- Step 3: similar to step 2, but you can skip.
Guide to deposit money into Olymp Trade
After registering and logging into your Olymp Trade account, click on the “Deposit” button on the right side of the interface as shown below:
Then the screen will show the following interface:
To deposit real money, click “Deposit from $10”. The deposit methods include Visa cards, domestic banks, cryptocurrencies, and internal transfers between Olymp Trade accounts.
I choose to deposit from my bank as it is the most convenient for me right now.
Once a bank is selected, the remaining steps are:
From the image above, select a deposit amount of $100 and you will receive an additional $100 thanks to the platform’s 100% bonus policy for the first deposit, then click “Deposit”.
The screen then moves to a payment confirmation interface where you need to accurately enter your internet banking login information, including username and password. After that, click “Continue”.
Next, a confirmation code will be sent to your registered phone number for internet banking. Enter this code into the corresponding box, and wait a few minutes for your request to be confirmed and processed.
Smartest Olymp Trade trading strategy
According to professional traders, the most effective investment strategy here is the breakthrough strategy.
The principle of this strategy is to trade based on high price fluctuations. For example, if you are monitoring the price volatility of a currency pair over a few hours, you know that the price rarely exceeds a certain high level or drops below a certain low level.
The range between the highest and lowest prices is called the resistance price range (formerly support price range). Then, the price breaks out of this range (either lower or higher).
This trend continues for some time. The period when the price moves out of the resistance range is called a break. Therefore, the main content of the breakout strategy is to identify such breakouts and capitalize on them for profit.
You can identify breakout points from support and resistance levels. If you follow candlestick charts, you will see that price fluctuations tend to oscillate within resistance over a long period.
The upper price level is called the resistance level, while the lower fake level is called the support level.
However, prices can fluctuate irregularly and may move up or down beyond these levels.
Here, you will see thick and large candlesticks above resistance or below support levels.
This is the point where, according to investors, profits are determined.
Conclusion
This article has provided you with essential information about Olymp Trade, including what Olymp Trade is, whether it scams or not, its advantages and disadvantages, how to register an account, and how to use it. Hopefully, this article has supplied you with the missing information and proves useful for your work.
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