Referring to Olymp Trade or Olymp Trade Forex, every professional trader knows this is a popular platform that provides reputable and transparent trading for professional investors.
In addition to Fixed Time Trade, Olymp Trade also creates the most favorable conditions for investors to trade Forex on their own interface or on MT4. This is a huge leap forward compared to Binomo. This article will be the most detailed guide for those who want to learn and earn additional income by trading Forex in Olymp Trade.
Contents
- 1 What is Forex?
- 2 What is Forex trading?
- 3 Why should you choose Olymp Trade Forex?
- 3.1 Low investment capital with high potential profits
- 3.2 Minimize risks with demo accounts
- 3.3 Detailed how-to-trade guides
- 3.4 Convenient deposit and withdrawal
- 3.5 Financial safety
- 3.6 Professional support team
- 4 How to open a Forex trading account in Olymp Trade
- 5 Acquaint yourself with Olymp Trade Forex interface
- 5.1 Pending order by asset price
- 6 How to open a Forex trading order at Olymp Trade
- 7 Use Take Profit and Stop Loss in Olymp Trade Forex effectively
- 8 Deposit funds to Olymp Trade Forex
- 9 Verify your account in Olymp Trade
- 10 How to withdraw money from Olymp trade Forex to a bank account
- 11 Summary
What is Forex?
Forex (also known as FX) stands for “Foreign Exchange”. Forex is one of the largest global financial markets for trading in different currencies. It supports international trade and investment through foreign exchange transactions.
What is Forex trading?
Forex trading is to take advantage of the price fluctuations of currencies to make a profit.
For example, you predict GPB/USD = 1.2984 will increase within the next 7 days. Right now you open a Buy order. After 7 days, the exchange rate of GPB/USD increases. You can close your order to gain profits from the difference between the price you buy and sell.
Conversely, if the price goes down, you will suffer a loss and you can stop loss (close order) immediately. You can continue to wait for the price to rise again to pay back or bear a loss until the amount invested in that order is equal to 0.
Why should you choose Olymp Trade Forex?
If you want to have professional Forex trading, Olymp Trade is a trading platform that deserves attention with many outstanding advantages.
Low investment capital with high potential profits
The minimum deposit amount in Olymp Trade is only $10. The minimum investment amount for each transaction is only $1. In addition, when trading Forex at Olymp Trade, you can use the leverage feature to improve the percentage of profits up to 100%. To make it easy to understand, when using leverage x100, you can use $1 to buy assets worth up to $100 (Currency, metals, stocks, cryptocurrencies, or indices).
Minimize risks with demo accounts
Olymp Trade offers each user a demo account to trade. This account has 10,000 virtual currency units. If you, unfortunately, lose all 10,000 units of this money, you can ask Olymp Trade for additional units without any cost.
The way it works between demo and real accounts is exactly the same. Whichever account you use, you can access the online market with a full range of analysis tools. You can use the demo account to test your trading strategies, analyze market fluctuations, and evaluate whether the analysis is correct or not. Until you are truly confident that your strategies can consistently make profits, you will actually invest in real money.
Detailed how-to-trade guides
On the Olymp Trade website, there is a lot of documentation on market analysis for newcomers. When trading on the platform, you can access and refer to these documents directly. In addition, Olymp trade often organizes online seminars where you can take courses and get answers to your questions from experts.
Olymp Trade also informs its customers of the time of important news events. It is also the trading platform that many traders trust and prefer. Participating in trading in Olymp Trade means that you will have a large community of users to exchange information and discuss how to trade, learn from the experience of the previous ones.
Convenient deposit and withdrawal
With Olymp Trade, you can send money directly from your local bank card and withdraw it anytime you want. In addition, you can use other payment methods such as Visa, Mastercard, or e-wallets such as Skrill, Neteller, E-payments, Bitcoin wallets, etc.
Financial safety
Olymp Trade is recognized by Finance Commission (Finacom) as an A-class broker. All Olymp Trade activities are supervised by the Commission. When you have any complaints about Olymp Trade’s activities, you can contact Finacom for legal help.
Olymp Trade has a compensation fund of up to $20,000 in case the company has any fraudulent actions when making transactions for customers.
Professional support team
Olymp Trade is a multinational operating company. Therefore, they have a team of 24/7 customer support. If you have any questions, you can call or chat directly with the customer support team to solve your questions.
In particular, if you are a VIP customer, you will receive support from personal analysts. This analyst will help you improve your trades and give helpful advice.
How to open a Forex trading account in Olymp Trade
First, you need to create an account to trade in Olymp Trade by clicking on the registration box below. Then, click on “Registration” in the top right corner of the screen.
Fill in all the required information:
(1) Full name.
(2) Email.
(3) Nationality.
(4) Password.
(5) Your account currency: USD, Euro.
Check the confirmation box then click Register.
So you’ve completed the account registration easily in less than 10 minutes.
Because Olymp Trade accounts are shared for Fixed Time Trade and Forex trading, you need a few small steps to change to Forex by Clicking on the box below the Olymp Trade icon.
(1) The asset includes Stock, Crypto, Currencies, Metals, Indices.
(2) Change within 24 hours.
(3) Quote (current price).
If you want to trade on mobile, you need to download an Olymp Trade application to your smartphone. Then do the registration as above. Download the app here:
You will receive 10,000 virtual currency units to practice your strategies in the Demo account in Olymp trade Forex. Acquaint yourself with the interface and try a variety of methods to draw the most efficient way to trade.
Acquaint yourself with Olymp Trade Forex interface
Unlike Fixed Time Trade, the interface of Forex only has Buy and Sell orders. There is no expiration time so the way to enter a trade is much simpler.
(1) Forex trading asset
(2) The candlestick chart has 4 types:
– Line chart.
– A Japanese candlestick chart (most well-known).
– Heiken Ashi candle chart.
– Bar graph.
(3) Indicators apply to each specific strategy.
(4) The available amount in the account.
(5) The amount invested in one order.
(6) Commissions you pay to Olymp Trade.
(7) Enter Buy or Sell.
(8) There are 2 types of pending orders:
Pending order by asset price
(1) Asset.
(2) Quote.
(3) Investment amount.
(4) The expected level of profit-taking.
(5) The stop loss is activated when the price touches.
If at any given time you expect the price to rise and an order is entered automatically at the desired time, use the pending order by time.
How to open a Forex trading order at Olymp Trade
In Forex, there is no concept of time as Fixed Time Trade so you can keep the order as long as the investment amount is not zero.
For example, you open a Sell order with Bitcoin and the current exchange rate is 9818,527 with an amount of $20.
Once opened, you will see the profit of your order is negative because the commission fee is deducted from the amount of the order.
After you have placed a Sell order, the default $20 stop loss will appear. If the price continues to increase to higher and higher until the amount is deducted to minus 20 (- $20), the order will be closed automatically.
On the other hand, if the price keeps decreasing compared to the initial price you’ve entered, the amount of profit will increase until it meets the desired profit point you set up. Then the order will also be closed automatically. If the take profit is not set up, you can still close the order manually at any profit amount you want.
Use Take Profit and Stop Loss in Olymp Trade Forex effectively
Stop Loss is like an exit button when your market prediction is wrong. You set the amount of money you’re willing to lose in your account. In simple words, If your prediction is wrong, then you have to pay by losing the amount that you have set Stop Loss.
For example, the maximum Stop Loss for a $100 Forex trading order is $100. And the minimum Stop Loss is $15. That is equivalent to 15% of the order amount including commission fee.
Take Profit is like the amount you want to win when entering an order. In general, this is the point where you predict that the price will hit the highest level in an amount of time to gain the profit you want.
Usually, professional Forex traders calculate carefully when opening a trade. Usually, the ratio is 1 to 2, meaning that when entering any trade, the risk amount must be lower than the amount of profit earned.
For example, in an order of $20 risk, the lowest profit must be $40.
Deposit funds to Olymp Trade Forex
After your strategies can bring profits daily in the Demo account, it is time for you to confidently deposit real money into this market. First, you click on the Deposit box in the top right corner of the interface.
The deposit method supported by the exchange will appear.
(1) Internet banking, Visa/Mastercard, Bank amount, E-wallet.
(2) The amount you want to deposit.
Here I will guide you to deposit money from an internet banking account.
The minimum deposit amount is $15. After selecting the bank, enter the amount you want to deposit. Then click on Deposit.
The system automatically switches to the payment process. You need to fill in your account information.
(1) Username
(2) Account password.
=> When entered the correct username and password, click “Continue”. Here I choose the ACB bank.
The bank will then send an OTP code message to the phone number you have registered. You only need to enter the OTP code and click Confirm the payment request you want to make.
The notification of a successful deposit is sent to your email as soon as the funds are in your account.
Verify your account in Olymp Trade
Account verification will be performed upon the system verification request. And when the platform has sent a request, you go to the Profile section. Scroll down there you will see the account verifying instructions.
Information to be verified and verification steps:
1. Proof of identity: You need to upload a photo of the passport information page, identity card, or driver’s license.
2. Selfies along with your proof of identity.
3. Proof of residence such as utility bill, bank statement….
4. Proof of payment: confirm all payment methods that you have used to deposit funds into the trading account. If you use a bank card for payment, take a picture of the bank card so that only the first 6 numbers together with the last 4 numbers and the cardholder name are visible. The expiry date and the remaining number of the card should be covered.
If you use an e-wallet to pay, take a photo of the wallet information so that you can see the wallet account number, wallet holder name, and transaction history.
How to withdraw money from Olymp trade Forex to a bank account
Click on the “Withdraw” next to the “Deposit”.
Then select Withdraw and fill in the blank fields.
(1) Amount to withdraw ($15 minimum).
(2) Full name
(3) Bank account number.
=> Click the Send a Request button.
After completing the process, the money will return to the bank account you requested within 24 hours. It’s no later than 3 working days excluding Saturday and Sunday. If the money still doesn’t return after the above time, contact Olymp Trade support right away.
Usually, the first withdrawal will take a bit long. You should be patient not to cancel the first withdrawal request for any reason within 3 working days.
Note: Using the same account to deposit and withdraw money from Olymp Trade
Summary
Forex is a trillion market. If you can train to have a good mind and effective trading strategies, the profits will definitely come to you. This is a money-making channel for serious investors. Remember not to be greedy because the market will crush you anytime. I wish you success when joining in this market.
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