In 2022 you will not talk about ways to make money online without mentioning online trading.
And if you go through those searches you will notice that the question about if you can make money with Olymp Trade has sort of become a cliche.
Now the question is rather about if Olymp Trade can make you rich and how.
In today’s post, we will try to answer just that and more.
Before we continue though, let’s demystify this high-tech IT product. At least for those learning about Olymp Trade for the first time.
- What is Olymp Trade?
- Which country is Olymp Trade from?
- Who is the owner of Olymp Trade?
- How does Olymp Trade work?
- Can we really earn from Olymp Trade?
- How Olymp Trade earns Money.
- Why doesn’t the Olymp Trade platform work in my country?
- Can Olymp Trade be hacked?
- Is it safe to trade in Olymp Trade?
- Can Olymp Trade make you rich?
a. What is Olymp Trade?
Olymp Trade is an award-winning international online trading platform with a strong presence in over 150 countries globally.
In order to trade on the Olymp Trade platform, you will need to create a trading account and choose a preferred trading mode.
At Olymp Trade, there are two modes that you can interchange to trade.
The first mode is the fixed-time trading or FTT mode.
And the second option is the Forex trading mode.
Anyone can trade with Olymp Trade FTT and Olymp Trade FOREX accounts on the platform.
These accounts are separated and have different interfaces.
An Olymp Trade FTT account is used to make two types of fixed time deals: based on the trade duration (from 1 minute to several hours) and on the expiration time (from 1 minute).
An Olymp Trade FOREX account on the other hand is used to open long (hoping the price will go up) or short (hoping the price will go down) positions at the current price with unlimited duration of the trade.
At Olymp Trade, there is no spread (the difference between the buy and sell prices), but there is a brokerage fee that one has to pay when executing trades or holding them until the next day.
Which mode do you prefer trading? FTT or Forex?
Register a new account to get $10,000 for practice in either mode.
b. Which country is Olymp Trade from?
Olymp Trade’s headquarters are in St. Vincent and the Grenadines but as I’d hinted earlier, this FTT and Forex trading platform operate globally.
Just like you would be able to access the Olymp Trade platform in Kenya, you would also access it with ease in: –
- South Korea
- Viet Nam
- Saudi Arabia
And in the rest of the world countries.
Did I miss your country? Chances are, you can create an account there and trade without issues.
Need I mention that Olymp Trade also supports over 10 languages. Meaning, if you click your country above, you will be able to create an account in your local language.
Plus, you can switch back to English at any time by following this guide.
c. Who is the owner of Olymp Trade?
Who is the founder or owner of Olymp Trade?
Well, Olymp Trade is owned by Saledo Global LLC and it was founded in 2014.
So far the platform has acquired over 60 million users, performs 30 million-plus transactions monthly, pays out 16 million-plus monthly, and manages to achieve over 200 million monthly turnovers.
It is needless to say that Olymp Trade is a giant in the online trading business.
d. How does Olymp Trade work?
If you are new to this platform and are just trying to learn the ropes of trading, consider reading my post on Olymp Trade for beginners.
Otherwise, you can follow these quick tips to place your first trade on Olymp Trade.
i). Register in Olymp Trade or log in if you already have an account.
ii). You will be redirected to a new account with $10,000 demo units.
Note, you can only use the demo account to practice how to trade.
Money won on the demo account can not be withdrawn.
See the image below of a demo account I grew from $10,000 to $205,282.04 in one month.
I can only continue to practice with this money but I can not withdraw any coin.
If you want to trade, win, and withdraw your earnings, switch to a live account.
The minimum deposit in Olymp Trade is only $10 and the minimum trade amount is $1. And you will be able to withdraw any earnings after you switch to a live account and make a deposit.
iii). Follow these steps to place your first trade in Olymp Trade.
1. Choose a financial instrument to trade.
Olymp Trade has a plethora of financial instruments to choose from.
Depending on your preferred trading mode (FTT or Forex), you can choose to trade cryptocurrencies, currencies, indices, stock, metals… you name it.
The best part, you will see the rate of return as highlighted below in number 4 before choosing to trade that asset.
2. After picking as an asset, you will need to choose your preferred chart in Olymp Trade.
Do you wish to see prices represented in an area chart, bar chart, Heinken Hashi, or candlestick charts?
The decision is all yours.
Keep in mind though that candlestick charts are the most commonly used charts and for a good reason.
They give a clear representation of price action and previous data.
The video below shows how to switch charts in Olymp Trade.
3. Next, pick your preferred chart time frame.
Remember we mentioned that An Olymp Trade FTT account is used to make two types of fixed time deals:
- Based on the trade duration (from 1 minute to several hours)
- And on the expiration time (from 1 minute).
Whether trading on-time duration or expiration, you can not hold a position for more than 23 hours in Olymp Trade. Meaning, in the FTT mode, you can only day trade.
And that’s a good thing because then it also means that in order to get the best results from your trades then your time frame can only be between 1 minute and 23 hours.
4. Now, pick your preferred trade duration.
There is a deep correlation between time frame and trade duration.
The number of minutes you chose for your time frame determines how long your trade should run.
Is your chart time frame set to 5 minutes?
Also, make sure your trade duration is 5 minutes.
You can however decide to do double duration or triple depending on which trading strategy you choose as shown in the image below by 1.
Everything set? choose a trade amount then click either the red or green button.
Choose red if your prediction is that prices will fall lower than the current price. Or green to predict that prices will rise above the current price.
That’s how easy it is to trade in Olymp Trade.
Don’t forget to come up with and use good trading strategies to ensure maximum profitability.
e. Can we really earn from Olymp Trade?
Yes, you can earn from Olymp Trade. Personally, I have traded with the platform since 2017, and not once have I had issues withdrawing my profits from the platform.
Below is proof of my earnings withdrawn successfully from the Olymp Trade platform.
f. How Olymp Trade earns Money.
When trading on the Olymp Trade Forex mode, you will notice that there is no spread (the difference between the buy and sell prices).
However, there is a brokerage fee that one has to pay when executing trades or holding them until the next day.
This brokerage fee is one of the easy ways Olymp Trade earns money in Forex.
On the other hand, if you are trading on the FTT mode and your prediction goes south, the lost amount gets credited to the broker.
g. Why doesn’t the Olymp Trade work in my country?
If the Olymp Trade app does not open in your country then chances are, you have received this message, “You Are Currently in a Country Which Prohibits Trading.”
The main reason why this happens is because of regulatory issues.
Straight up, Countries such as the US and the UK will not allow a broker to operate within their borders if it does not get the required papers for operating within the mentioned geo.
Another reason why Olymp Trade may not be available for you is that Olymp Trade doesn’t want to do business in your country. In which case you can seek Olymp Trade alternatives such as AvaTrade, Binomo, Iq Option, or Expert Option.
h. Can Olymp Trade be hacked?
By hacking I think you mean to cheat or trick the Olymp Trade platform.
Before trying that, remember, Olymp Trade is only a broker.
As such, it serves the same financial data you would find at any given time in FXTM, XM Forex, or any other global brand for Forex.
And, these financial results can not be manipulated even if you managed to get into the Olymp Trade broker system.
If anything, you would need to do something impactful to inflation rates, interest rates, government debts, change terms of trade for countries, or move a country’s economy into recession to change its financial results.
In which case the data will change in all trading platforms for the affected pairs or stocks or even indices.
Can you do all that? I dare you.
But if you meant hacking Olymp Trade in the context of winning consistently despite the fails, then I have good news for you. It is possible.
Find out how I do it on my Youtube Channel.
i. Is it safe to trade in Olymp Trade?
Yes. It is safe to trade in Olymp Trade.
Here’s an in-depth article that I wrote the other day to explain just that.
j. Can Olymp Trade make you rich? Wrapping up.
Last month I made a deposit of $13,000 to my Olymp Trade account and grew my account to $60,000 plus within the month.
If you ask me, this is a lot of money to make in only one month.
It’s more that my president makes in a month.
And so to answer your question again, yes. Olymp Trade can make you rich.
You just need to learn how to trade before you can start earning.