Table of contents:
OlympTrade is an international binary options broker with up to 25,000 active daily traders spread across Asia, Africa, Europe, and Latin America. Headquartered in St Vincent and Grenadines, it is registered with and regulated by the International Financial Commission (FinCom). Are its services also available in India? Here you will find out.
Trading binary options represents one of the most profitable, and thus popular ways to make money on the internet. Binary options are a derivative instrument that allows you to speculate on the probable movements of financial assets’ prices. In essence, binary options allow you to “bet” or “stake” (based on careful analyses) on the direction or movement of assets such as stocks, cryptocurrencies, commodities, and of course, forex. In this case, you are not really interested in the underlying assets. Instead, you are just interested in the directions their prices will most likely move. If price goes in the upward direction, you go for a “Buy,” and if you believe price will go downwards, you will enter a “Sell” trade. All these and more can be done over the internet.
However, to trade binary options, you need to get registered with a binary options broker, who will then give you access to its platform, from which you can trade. There are many brokers out there, and in the mix, we have phonies as well. Hence, traders must go for only brokers that maintain a commendable track record and are recognised in the industry. They must also be registered with notable regulatory authorities. One of such brokers that possesses these features and much more is OlympTrade.
What is OlympTrade for Indians?
OlympTrade is an international binary options broker that boasts up to 25,000 active daily traders spread across Asia, Africa, Europe, and Latin America. Headquartered in St Vincent and Grenadines, it is registered with and regulated by the International Financial Commission (FinCom). OlympTrade is an award-winning broker, having clinched the “Best Broker” by Forex Expo in 2017, amongst several others.
OlympTrade in India
OlympTrade’s services are available worldwide, except in certain countries such as the USA, Japan, Israel, Canada, Russia, and a few others, where binary options as an investment instruments is completely banned. Since the Indian government did not place a ban on binary options, OlympTrade is much available in India. In fact, the broker has dedicated customer service options for Indian traders.
OlympTrade India Regulation
OlympTrade globally is well regulated. As mentioned earlier, it is a member of FinaCom, a well-respected regulator of derivatives brokers. However, OlympTrade is not registered with or regulated by any Indian government financial regulatory agency such as the Securities and Exchange Board of India (SEBI). What this means is that in cases of infractions, no Indian body can take up issues with or sanction OlympTrade. However, we must say that this is really nothing to worry about as OlympTrade has been certified by many other regulatory bodies to be a credible broker.
What Markets Can you Trade On OlympTrade India
OlympTrade India allows you to speculate on the direction of prices of assets listed on the major world’s financial markets, using binary options. On OlympTrade, you can trade:
- Currencies/forex (28 pairs)
- Commodities (metals)
It appears there are no individual stocks to trade on OlympTrade, however.
Status Programme on OlympTrade India
Olymp Trade has a demo account that is freely available when you sign up. If you wish to open a live account with OlympTrade in India, there are 3 available types of accounts from which you can choose. These accounts are termed “statuses.” The status or category you belong to, entirely depends on the amount of capital you deposit into your trading account with OlympTrade India, each coming with its perks. Below is a summary of those available account types:
1) Starter Status
The Starter Status account is the most basic type of account. It becomes activated for you when you deposit the minimum allowable balance of $10. The maximum payout rate for a winning trade on this account is 82%.
2) Advanced Status
You need to deposit a minimum of $500 and a maximum of $1,999 to clinch the advanced status. Perks attached to this status include an increase of the payout rate for successful trades to 84%, the ability to open up to 20 trade positions at the same time, access to consultation with a personal analyst once every month, 7 already built-in trading strategies, and access to webinars and educational resources.
3) Expert Status
To be a part of this, you need a deposit of at least $2,000. The benefits of this status include the increase of payout rate on winning trades to 92%, the ability to open up to 30 positions, regular one-on-one training and access to a dedicated personal analyst, 15 built-in trading strategies, daily exclusive trading ideas, amongst others.
However, you can upgrade from your current status to a higher one if you earn enough experience points (XP). These points will be given when you make trades in a live account.
OlympTrade India Services
OlympTrade India gives you access to an array of services that include 24/7 customer care that you can access via phone, email, or live chat on their website. The good thing is that the customer care representatives speak your language. This is in addition to the educational services and materials the broker also offers.
However, one very notable and scarce benefit that OlympTrade India provides for its traders is trading bonus. A trading bonus is a sum that your broker gives you to trade with. Simply put, the broker gives you extra funds to trade, usually as a percentage of whatever funds you have in the account.
Several bonus types provided by Olymp Trade include:
- Welcome Bonus: Just for signing and depositing into your trading account, OlympTrade gives you a welcome bonus of 100% of whatever amount your deposit is. In essence, you have your account doubled. However, you must use this bonus in just 1 hour, or it vanishes.