Olymp Trade, a global online broker, has updated its already well-known trading interface with several Forex trading enhancements. The innovative broker is prepared to draw more traders by introducing a more straightforward and better way to trade through the Forex trading platform.
The option for selecting the appropriate asset is located on the right side of the screen. You can also trade commodities, cryptocurrency, and exchange-traded funds (ETFs) on this platform.
Tutorial on Forex with Olymp Trade
What you will read in this Post
Olymp Trade provides two options for trading forex. The platform is available in countries such as Malaysia, Brazil, Indonesia, and India. In some countries, e.g. the United States, it’s not legal.
- Trades with a predetermined time limit (trading on falling and rising prices with fixed time and payout)
- Forex trading in the real market (you will benefit from the fluctuation of the price and currencies)
We’ll focus on real-world forex trading, including buying and selling currencies, in this guide. All major currency pairs, such as EUR/USD, AUD/USD, GBP/USD, and many others, are available for trading. Select and study the market you wish to trade. A new chat window will pop up with the price chart.
(Risk warning: Trading involves risks)
Step #1: Select a currency pair
Select FX by pressing the Plus button. Then select a currency pair of your choice. There is a wide range of pairs to choose from.
EUR/USD is the most common one.
Step #2: Select the chart type and indicators you want to use
You can use any chart or indicator as per your situation. For instance, you can pick a candlestick chart with 5-minute candles with no indicators for regular trade.
Step #3: Deposit your first transaction after logging into your sample account
At the upper end of your binary trading interface, select the “Deposit” tab. You have the option of adding money to your sample account. The other alternative is to deposit a minimum of $10 into your main account. You can select the second option.
(Risk warning: Trading involves risks)
#3.1 Use Skrill to make your first deposit
Olymp Trade accepts Visa/MasterCard and eWallets such as Skrill as deposit methods. This guide will walk you through the procedures of using Skrill and Visa/MasterCard to make a deposit.
Continue by selecting the Skrill tab. Then select an amount to deposit ($10 to $100,000). From the drop-down menu, choose your desired currency. Continue by pressing the enter key.
You will be redirected to Skrill by Olymp Trade, where you need to log in to your profile and finish the transaction. Within moments, the system will deposit money to your Olymp Trade account, and you will receive a transaction receipt.
#3.2 Use a Visa/MasterCard to make your first deposit
For deposits, a Visa/MasterCard is another acceptable alternative. To continue further, select Visa/MasterCard from the deposit window and continue.
Then, after depositing the amount in your desired currency, click the proceed button. Don’t miss out on details such as the card number, card holder’s name, validity, and CVC, which are mandatory.
The deposit amount will be credited to your card once you click proceed. It takes a few minutes to finish this task as well.
Step #4: Proceed to account verification
All active traders must have their accounts verified by Olymp Trade. Complying with anti-money laundering regulations is part of their policy. It also assists in preventing illegal access to your data.
Personal details, such as your phone number, a copy of your national ID or passport, and a utility bill, are required to complete the verification procedure. A confirmation email will be sent to you by Olymp Trade after your account has been verified.
(Risk warning: Trading involves risks)
Step #5: Perform a Forex analysis
Olymp Trade provides you with various tools for analyzing the market and forecasting price movement.
There are several chart kinds, periods, and indicators for the study. You may also indicate the prices with sketching tools.
The following are some helpful forex trading tools:
- Different types of graphs
- Charting timeframes
- Technical indicators
- Drawing instruments
Let’s consider a situation:
A new trader is all set with his new Forex Olymp Trade account. He can pick the RSI and Bollinger Bands indicators to understand better to create a trading strategy. One can find a list for adding tools and indicators on the left side.
The tools are adaptable. There is an area with trading strategies and lessons for novices for better feasibility. If you need it, you can begin with a short guide on their platform- how to trade successfully with Olymp Trade.
Beginners should, in our opinion, start with a free trial account to develop a strategy before moving on to real money.
If you want to trade Forex, you’ll need a market prediction. So, what do you think will prices fluctuate next or not? Is there a level of support or resistance? What are the best places to enter and leave a trade?
To answer all this, you need a layout. And that’s why, for forex trading, you’ll need a strategy. That is the only secret to achievement. To get into it, you may give the demo account a chance.
Step #6: Handle and initiate the trade
As a newbie, you might wonder how buying and selling currencies works. We’ll teach you how to initiate and manage the trade in the next section.
After you’ve made a forex trading strategy, you can place your order on the Olymp Trade platform’s right side. It takes only a few seconds to open a transaction.
First and foremost, you must enter the sum of money you wish to put in the deal. You can begin by trading one dollar. However, keep in mind that trading forex is leveraged. 1:500 is the maximum leverage. By selecting it from the menu, you will see it.
The multiplier multiplies the amount of money you put in. For example, a $ 250 investment with leverage of 1:500 will lead to a $ 12500 stake. Since the forex market moves slowly and has a lot of liquidity, you’ll need a lot of leverage.
You can use the “auto-closing” feature to adjust the position. Also, you can use a limit order to close the trade if you profit or lose automatically.
You can reduce your market risk by using this feature. It is critical to make use of this feature.
The portal also shows pending orders (limit orders). If you wish to employ them, it depends on your trading approach. One needs to buy or sell at a specific price if they have a pending order. Let’s look at another, for example, that one you will buy when the EUR/USD crosses 1.20000.
By clicking “up” or “down,” they may now access the trade. The trading commission, which one must pay to the broker, is shown below the buttons. A commission is set. The value of commission is determined by the size of the trades and the item they wish to trade.
- Select an investment amount
- Select a multiplier (leverage)
- Manage risk with the auto-closing feature
- Invest in decreasing or increasing currency values by using pending orders to buy or sell when the price hits the aim.
(Risk warning: Trading involves risks)
Step #7: Proceed to withdraw your surplus
It’s time to withdraw your funds if you’ve made a profit from FX trading. It’s worth noting that Olymp Trade requires you to transfer your dollars to your depositing account. Your name should appear on it. Prior you make your first withdrawal, you must also complete account verification.
#7.1 Sign in to your Olymp Trade account and select withdraw
Then select the account to which you’d like to make a withdrawal. Click proceed after entering the amount you want to withdraw (a minimum of $2). The transaction will be approved, and payments will deliver to your account if the trader has enough money in his account.
The withdrawal process can take anywhere from one to nine business days, based on the mode you use.
Now you know, withdrawing funds from Olymp Trade is a piece of cake.
#7.2 Examine the status of your withdrawal
Once a trader completes the above procedures, their status will be marked as ‘requested.’ Meanwhile, the request is being processed, Olymp Trade takes money out of your account.
When processing begins, the status changes to “In Process.” After your withdrawal account is credited with the money, the label will finally change to “Funds sent.” The status is displayed on your trading account’s “Withdrawal Funds” tab.
You can then proceed with the FX analysis step discussed previously and make a new trade on the platform.
Why should you choose Olymp Trade for Forex trading?
We have discussed how to trade currency pairs on Forex using Olymp Trade. But, why Olymp Trade only? What unique features the platform has for its traders? Let’s find out:
#1 The Olymp Trade multipliers maximize profit and lower the risk
The platform provides multipliers to their clients for forex trading to levy their profits to many folds. For instance, on USD/GBP assets, the platform can give up to 500 multipliers which are massive and can benefit forex traders a ton.
Now here is something interesting. From our other articles, you know how leverage can affect the returns and losses of a particular trade (suggested: internal link to a forex article introduction). But that isn’t the case with multipliers. If someone has a bad day at trading, they won’t go into debt.
So, what will the platform do instead?
It will simply close the trade as soon as the loss surpasses the input value. Hence, you will be risking the minimum amount you put in trade and benefit the returns through multipliers.
(Risk warning: Trading involves risks)
#2 A perfect ground for real trading experience
Olymp Trade is famous for its customer value regardless of the trader’s performance. The platform is built for finesse and doesn’t disappoint to cater to its trader with some elite experience, especially those who want to fire up their trading game.
If you are one of them, we suggest you check out their VIP program which requires a fair deposit of $2000 (USD).
What VIP experience has to offer? If you avail of their VIP membership, you can trade up to $5000 USD. With this, you get your financial analyst to help you build a solid trading strategy to put you through your fellow traders.
Not only that, VIP members can access the webinars with top trading professionals who will guide you through their experience.
#3 Key to the big markets
As mentioned previously, the platform focuses on maximizing the customers’ valuable experience. Those who love to trade Forex should try their hands on this platform. Why? Olymp Trade does some phenomenal work to leap beyond its competitors.
Many options
- Do you want to trade USD/JPY in the North American session? Done!
- Want to trade with many famous currency pairs like- EUR/USD, AUD/NZD, and USD/CAD? Done!
- Cannot decide if to trade in single or multiple markets? The platform gets you covered.
Clients can also trade gold and silver, currency-linked commodities, against the US dollar. Olymp Trade Forex also offers Exchange Traded Funds (ETFs), including the US Real Estate Fund and the Brazilian MSCI Fund. There are also many available bonuses. You can trade via desktop or mobile version.
Conclusion
Many firms claim to provide excellent customer satisfaction. Still, Olymp Trade genuinely works as it says, ‘Elite.‘ Olymp Trade values all its clients. It offers three distinct ways to reach out to its experts in 13 various languages in every different time zone across the world, regardless of the size of their deposit.
Are you having trouble with one of Olymp Trade’s dozens of charts? At 4 a.m. in Jakarta? Start an online conversation, and one of their experts will be there for you in 15 seconds, speaking your preferred language.
Are you searching for a better traditional way to communicate with Olymp Trade representatives? If you are from India, South Africa, and Nigeria, Olymp Trade offers phone help. Also, you can send them an email, and they’ll get back to you promptly.
(Risk warning: Trading involves risks)
Raj Ramroop
says:Olymp trade does have an innovative approach toward finding a straightforward and better way to trade on the Forex trading platform. I have dealt with Olymp for a year now, and there is always something new. Many impressive enhancements have been made to the trading platforms making trading in Fixed time much more enjoyable.