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Trading binary options represents one of the most profitable and popular ways to make money on the internet. With binary options, you can speculate on the potential direction of the prices of financial assets. Essentially, what you do in binary options is “bet” on the direction that assets such as stocks, cryptocurrencies, commodities and of course, forex will move after a period, called the expiry period. If the market moves in your direction after the set expiry period, you are paid a fixed percentage of the amount you bet. Otherwise, you lose that amount you risked.
To, however, be able to trade binary options, you need to get registered with a binary options broker who will then give you access to its platform from where you can then trade. There are a lot of brokers scattered over the internet, but not all are credible. In fact, it is widely believed there are more scams and phonies than trusted brokers, as credible brokers are few. One of such trusted brokers is OlympTrade. This piece gives a description of OlympTrade, and its mobile trading platform.
OlympTrade is an international binary options broker that boasts up to 25,000 active traders on its platform daily. It is present in Asia, Africa, Europe and Latin America. Headquartered in St Vincent and Grenadines, it is one of the few brokers regulated by the International Financial Commission (FinaCom). As a result of its commendable brokerage services, OlympTrade has bagged a number of awards including the “Best Broker” at the Forex Expo 2017, amongst several others
OlympTrade provides quality services across many channels; they are hereby summarised.
OlympTrade gives you access to trade almost financial markets cutting across currency pairs, commodities, equity indices, cryptocurrencies and even ETFs. However, it appears there are no individual stocks to be traded on the OlympTrade platform.
One very notable service that OlympTrade provides its traders is access to a variety of bonuses.
A trading bonus is an amount that your broker gives you to be added to your live account, with which you can trade. There are several such bonuses but the most noteworthy are Welcome Bonus, Deposit Bonus and Periodical Bonuses.
Welcome bonuses are given to new traders who are just signing up on OlympTrade and depositing into their live account. It is worth 100% of whatever amount you deposit.
Deposit bonuses are given anytime you deposit new capital into your trading account. Typically, deposit bonuses range from 20% to 50% depending on how much you deposit.
Periodical bonuses largely operate like promotional offers. They are usually given during holidays and randomly during contests announced on the broker’s social media pages.
It is worth noting that OlympTrade bonuses cannot be withdrawn or turned into cash. Instead, their purpose is to boost your trading capital, enabling you to take more risks.
OlympTrade Account Type
When opening a “live account” with OlympTrade, there are 3 main account types that you can choose from. There is the Starter Status Account which requires you to deposit a minimum of $10 as trading capital; it promises an 82% payout rate for winning trades. Next is the Advanced Status Account that requires a minimum of $500 and a maximum of $1,999. Benefits that come with using this type of account include 84% payout rate for successful trades; you have the ability to open up to 20 trades at a time; you also have access to personal consultation with an analyst, once monthly; your account comes with 7 built-in trading strategies, and you are given access to educational resources.
Finally there is the Expert Status Account which requires a minimum deposit of $2,000. With it your winning trades can attract up to 92% payout rate. You can keep up to 30 open trades at a single time and you can enjoy regular personal training with a dedicated analyst assigned to you. Your account also comes with at least 15 built-in trading strategies.
OlympTrade Deposit & Withdrawal
The minimum amount you can deposit into your OlympTrade live trading account depends on the account status you desire. Deposit channels include bank cards, e-wallets – Neteller, GlobePay, WebMoney, Skrill – Bitcoin and bank transfers. These channels also serve as withdrawal channels.
Other services you enjoy with OlympTrade include access to 24/7 customer service through live chat on the OlympTrade website, emails and phone; as well as educational materials and resources.
OlympTrade Mobile App review
You can access OlympTrade’s trading platforms via mobile applications for smartphones and a WebTrader for PC. The OlympTrade mobile apps are available for both Android (downloadable from Google Play Store) and iOS devices (downloadable from the App Store). OlympTrade’s trading platforms (especially the mobile platform) are said to be one of the very best in the industry; and this has been confirmed through several awards. For instance, OlympTrade won the Best Mobile Trading Platform at the Global Brands Awards in 2019, as well as the Best Trading Platform awarded by LeFonti in 2016, repeating the feat later in 2018.
There are a number of key features that make the OlympTrade app stand out amongst binary options trading apps:
1. It is Multilingual
The app is programmed with at least 30 different major languages, giving access to almost all traders globally irrespective of language. Most other binary options apps only come in English, and very few other languages.
While a number of binary options brokers provide educational resources to their clients, it is rare to see any that includes same in their mobile apps. Most apps are basically for trading. OlympTrade includes its educational bundles in its app, making trader education very accessible. The educational section contains resources on trading basics, basic and advanced technical analysis, and a 30-minutes trading crash course.
- Go to your app store (Google Play Store for Android and App Store for iOS). In the search bar, type “OlympTrade.” Then press the “enter” key. You should be automatically redirected to the OlympTrade’s official app. Please ensure it is the “Olymp Trade – Online Trading App” with millions of downloads that you download as there may be clones developed by non-authorised persons.
- Upon opening the app, you will be tasked to register. You can choose one of 3 methods of registration: an email, Facebook or Google (i.e. Gmail). If you use the “email” option, you might need to verify it. However, if you use either of the Facebook or Google accounts already signed up on your phone, you won’t need this.
- You have to select one of two currencies (US Dollars or the Euro) in which your trading capital will be quoted. As such no matter the amount your capital is in your local currency, the dollar equivalent is what reflects as your balance in your account. Immediately you finish this, you will be confronted with the service agreement. You might want to have a look at the terms listed therein. After that, click on register.
- Demo Account: Upon registering, you will be automatically given a demo account with $10,000 virtual money. You can then start making trades right away.
- Terminal: The first “section” you come across is the Terminal. On the top left corner of the Terminal is your trading account balance. For now, that will be your $10,000 for the demo account. Right beside it you have the button to make deposits into your live account. On the top right corner is a Profile Icon. When you click it you gain access to your trader profile. Here, you can make settings to your profile. Also listed are contests that are available in which you can win trading bonuses.
Just below that in the left corner, is the bar containing the market/pair you are currently trading. Clicking on it shows you other markets that you can trade. Directly beside it is an icon that looks like “A” which links you to advisors, strategies, indicators and oscillators. Next to it is a pencil-like icon, which upon clicking, enables you to customise your chart. Finally, there is a figure which stands for the current timeframe of the chart beside it. Clocking on it leads to options to resetting the timeframe.
Then below the chart (just above the status bar), we have the Expiry Period for each trade. Clicking on it will show you options, and you can then select the expiry time you want. Then beside it is an icon that reads like “D” with a number following, say “D15.” This is the amount you are willing to risk per trade, and clicking on it allows you to reset it.
- Trades: Next to “Terminal” is the “Trades” section, which shows you ongoing and concluded trades.
- Help: The “Help” section links you to client support and educational resources.
- More: The “More” section contains links Deposits and Withdrawal, Transaction History, Special offers and bonuses, strategies, and general app settings.
Conclusion of The Olymp Trade App
The OlympTrade app goes beyond making binary options trading available at your finger tips. It also serves as a one-stop shop for all OlympTrade services.