“I used to think of myself as a pro, until I got scammed like a completely new-bie! Never overestimate yourself in the trading world, especially in the online trading one.”
A user shared with us his experience.
“Using many different platforms, I paid little to no attention in choosing the safest one. All I had in mind was the money I (thought!) was earning.
I won’t be writing the platform name as I’m currently undergoing legal proceedings against it and my lawyer suggested me not to, however I strongly recommend you to choose only the safest and more regulated ones.”
Owned by Smartex International Ltd, since 2014 the Cyprus-based binary options broker Olymp Trade offers its clients excellent and innovative trading experiences, which have allowed it to gain the trust of traders, that has been increasing in recent years. The company is based in Sham Peng Tong Plaza, Victoria, Mahe, Seychelles. The fastest way to contact a representative is by phone number +357 22 007136, if necessary you can request support also at the e-mail address firstname.lastname@example.org.
On the ground
Starting to trade with this platform is really simple: the site automatically redirects new users to the demo trading platform, in order to allow them to immediately experience the new tool, but in a safe way. We can also say a positive note about the usability and the interface that, although they are different from those of other brokers in circulation, are very intuitive, user-friendly and easy to understand.
The broker platform provides not only a wide range of currency pairs for forex trading, but also stocks, commodity trading and market indices updated in real time. Due to its international nature, the website, the platform and the assistance are available in Russian, English, Greek, Portuguese, Spanish and Turkish.
In order to start trading, you need to make a deposit. The minimum amount of it is only $10 for a standard trading account. If you want to get a VIP account and its benefits – including 90% increased payments – the minimum deposit increases to $ 2,000. The cost, higher than the average, can limit the number of traders interested in the platform, but it is a cost-effective investment for more experienced traders who forecast strong upcoming earnings.
There are those who accuse it of being a scam. It’s true?
In order to establish correctly if the binary options broker is a scam or is legitimate, it is necessary to check if it has the right authorizations and certifications. In Europe this is quite easy: just make sure it has the FCA, FSB or ASIC license.
Olymp Trade, in particular, is registered with the Financial Commission, an industry self-regulation organization. There is no reason to worry.
If you are investing with Olymp Trade right now or have experience with it, do not hesitate to share your experience with other new traders in the comments below! We are interested in knowing your opinion.
In 2008 Cyprus became a member of the European union, leading many financial companies to relocate there, looking for less regulated financial backgrounds. However, since 2012 CySEC (the Cypriote Financial Agency) decided to regulate all online trading platforms, in order to assure safety to their investors.
That led the CySEC to be the first national agency to recognize (and regulate) the online market.
Today, CySEC means safety, security, reliability.
Online platforms not regulated by CySEC are mostly scam companies waiting for incautious traders.
As well as an intriguing and innovative market, the online trading world is also an insidious swamp in which inexperienced investors may drown, sometimes driven by their own lack of skills, but mostly because of fraudulent companies. The right choice of a well regulated company should always be the top priority in a Trader’s list.
To do so, we recommend to always check if the broker platform you are using has – at least – the Cysec license.
Traditionally, trading has been about buying and selling or exchange of goods mostly to make a profit. Trading nowadays is an act of participating in the financial markets in other to make profit both in the rising and falling markets either in the long-term or short-term price moves.
Online trading is the use of a brokerage’s internet based trading platforms for the purpose of buying and selling of assets. Assets that can be traded online include stocks, bonds, options, commodities, ETF’s, futures and currencies.
To be a successful trader is more than trading based on what you read in the pages of books. It involves investing your time and taking time to get a reasonable amount of knowledge before trading in a live market. However, this might sound boring and uninteresting but they are sure an essential part of becoming a professional in the business of trading.
Trading appears to be deceptively easy. When someone new to trading takes his chances and wins, he becomes brilliant in his own eyes and throws caution to the wind and takes some wild chances then suffer a major loss.
Although trading offers an opportunity to make more profit in a short period, trading should not be seen as a get rich quick scheme. You should have the right psychology and right reasons as to why you trade.
As a trader, one of the most important things you can do to improve your chances of success is to approach trading as a business. A successful trading business requires a strategic plan that covers your actual business and your actual trading.
Essentials of the business of trading include your business goals both long term and short term, and the strategies or actions you will take to achieve these goals.
You also need a reasonable trading plan which includes your risk management plans, your trade setup; kind of assets you will trade, the amount per trade, and how long you will trade it (exit strategy).
It is also essential that before you trade you have a good knowledge of the asset you want to buy or sell and the risk involved.
Your plan should be so objective and concise that you could hand it over to another trader and they would be able to execute it exactly.
A good trading plan should have been well-researched, backtested with historical data, tested in a demo account and should also be flexible enough to be revised over time.
In addition to having a feasible goal plan for your trading, having a well-researched trading plan, a personal computer, good internet connection, and a start-up capital to fund your account ( there is no fixed minimum or maximum amount ) is a good way to start a trading life.