Discussion about Olymp Trade

[Nightworm]

I think cryptocurrencies haven’t used even 5% of their potential yet. I’ve heard, when marketologists were asked to find out whether people would love to have a personal computer at home in late 80s, they did the research and made a conclusion a company that will decide to sell personal computers will go broke for sure, as nobody wanted to own a PC. And here, look where IBM and Apple are traded at. People simply don’t know the value of a product if they’ve never used it. I think at the moment not that many people tried using crypto wallets for their transactions, so this is why to-the-moon is yet to come imho.
Tried using MT4 once again BTW. Yup, it took a while to understand the platform, but it’s not that bad as I used to think.

 

[Dolak]

I don’t see a single reason why would anyone get stuck learning how to use MT4. I didn’t use it with Olymp, but the other broker I work with is also about MT4. The pro of this platform is that if you don’t know how to use it, you can use as much as you can. If you know what you are doing, you can use more advanced tools and there are also no limitations here.

 

[Ociethiel]

I don’t see a single reason why would anyone get stuck learning how to use MT4. I didn’t use it with Olymp, but the other broker I work with is also about MT4. The pro of this platform is that if you don’t know how to use it, you can use as much as you can. If you know what you are doing, you can use more advanced tools and there are also no limitations here.

Oh no, I don’t believe that. I’ve tried using MT4 but it was a disaster. I couldn’t find out how to do the simplest things like finding out what are the risks of the trade, how many lots to use, etc.

 

[Dolak]

Oh, don’t worry about that. There are specially developed calculators that can do this job for you. Just use google to find one of those. I know how easy that is to use Olymp’s custom platform. They really did a great job finding the unique approach to risk control. You simply enter the amount you wanna risk and here it goes. No problems at all. But learning the risk control for MT4 is not that difficult. Anyway, I think that Olymp’s existing customers will never transfer to MT4 for no specific reason. The original platform is very nice and many of us will keep using it anyway. But algorithmic traders may get interested in Olymp, because now they will be able to use Expert Advisor and prewritten algos.

 

[Ociethiel]

As far as I understand options trading can be done with the original Olymp’s platform only, so this is why I’ll stick to it anyway.

 

[micah_l]

If you are unable to deposit your account from the card, try opening sckrill wallet and use it for depositing on Olymp. Why I recommend you to do this, because if you later manage to deposit from a Visa card, you make money and want to withdraw it, you may still be asked to enter your e-wallet. Banks don’t accept more than the amount transferred from the card. The second argument is that the deposit and withdrawal with the e-wallet is always made without problems.

This is true. Withdrawal and deposits with Skrill makes me feel more confident as it is faster, but depositing with bank cards (visa/mastercard) basically works the same thing. Some just encounter it as a slower mode.

 

[micah_l]

Bonuses depend on the amount of the deposit. You transfer 30 dollars to the deposit, you receive 10% bonuses. Deposit 100, get 20%. Although for different countries Olymp can define different bonuses. I don’t need them, because bonuses are activated only when the deposit is reduced to zero. That is, bonuses are interesting for beginners, and I was a novice long time ago. I trade with profit. But in the beginning I also used Olymp’s bonuses. At that time Olymp gave a dollar to everyone who passed the voluntary knowledge test after studying 5 webinars for each webinar. Trifle, but it was nice))

There are still a lot of bonuses that can be awarded to traders. Usually if you join Olymp Trade communities on facebook they have promo codes. Also, when you watch their webinars because usually a promo code is given towards the end or the middle of these webinars.

 

[Tygogrel]

As far as I understand options trading can be done with the original Olymp’s platform only, so this is why I’ll stick to it anyway.

I've read in one forum that bonuses are kind of scam and traders suggest don't use them. What do you think?

 

[Nightworm]

I've read in one forum that bonuses are kind of scam and traders suggest don't use them. What do you think?

What do you actually mean when say 'scam'? Bonuses are real thing, micah described how they work.

 

[micah_l]

I've read in one forum that bonuses are kind of scam and traders suggest don't use them. What do you think?

Alright, now I am interested to know where you saw that bonuses are scams. Its real and it helps beginner traders to not easily exhaust their money in trading. especially those who does not have a good money management system yet in place

 

[Tygogrel]

What do you actually mean when say 'scam'? Bonuses are real thing, micah described how they work.

I've seen this at some trader forum. People say bonuses aren't withdrawable, as well as profits earned with them. It's like quicksand. The bonuses drag you out and keep you from trading normally...

 

[Miriraven]

That doesn't really work like that.
Some brokers really makes deposit itself not withdrawable (Olymp Trade is one of this), but that's okay, as company can't pay you free money. However, you can get all money that you've earned with them. It's pretty fair as I think. That's not a freebie, but a deal, when brokerage gives you money and you can use them to earn some money for you own. I don't see any shortcomings

 

[micah_l]

That doesn't really work like that.
Some brokers really makes deposit itself not withdrawable (Olymp Trade is one of this), but that's okay, as company can't pay you free money. However, you can get all money that you've earned with them. It's pretty fair as I think. That's not a freebie, but a deal, when brokerage gives you money and you can use them to earn some money for you own. I don't see any shortcomings

What Miriraven sums up my thoughts as well. Bonus is not withdrawable (cause if it is then the broker is just giving you free money). Instead of treating it as free money, treat it as a safety net that can help you earn more.

 

[micah_l]

What’s so good about it? I haven’t checked out MT5 myself, but MT4 totally terrified me when I tried using it. In comparison to OT’s web platform it felt like driving a spacecraft. I’ve heard people connect Olymp to Mt4 for forex trading but to tell the truth never thought of using this feature myself.

A lot of people (and even brokers) are still using MT4 compared to mt5, Olymp Trade, being one of those brokers. Trading with Olymp Trade in terms of the user interface is a lot easier for beginners than diving head on to mt4

 

[Tygogrel]

That doesn't really work like that.
Some brokers really makes deposit itself not withdrawable (Olymp Trade is one of this), but that's okay, as company can't pay you free money. However, you can get all money that you've earned with them. It's pretty fair as I think. That's not a freebie, but a deal, when brokerage gives you money and you can use them to earn some money for you own. I don't see any shortcomings

Mb u'r right, but I still see this like a kind of manipuation - brokerage force you to start trading with that bonus, some people think they can withdraw bonuses as well. Of course, if traders understand that bonuses AREN'T withdrawable, that's okay, but some people really misunderstand.
By the way, does Olymp Trade provides leverage, as I see no info about that, so.. I hope brokerage has leverage, at least 1:100. Except bonuses it seems good enough to start trading with, especially cause of $10 min depo.

 

[Chriss]

A lot of people (and even brokers) are still using MT4 compared to mt5, Olymp Trade, being one of those brokers. Trading with Olymp Trade in terms of the user interface is a lot easier for beginners than diving head on to mt4

From all the trader dungeons, I find that they prefer MT4 to MT5. Why is that the case?

 

[Nightworm]

Mb u'r right, but I still see this like a kind of manipuation - brokerage force you to start trading with that bonus, some people think they can withdraw bonuses as well. Of course, if traders understand that bonuses AREN'T withdrawable, that's okay, but some people really misunderstand.
By the way, does Olymp Trade provides leverage, as I see no info about that, so.. I hope brokerage has leverage, at least 1:100. Except bonuses it seems good enough to start trading with, especially cause of $10 min depo.

Olymp Trade provides multiplier, that's almost the same. Slight technical difference, as I remember, but they're not important to learn them...

 

[Miriraven]

Mb u'r right, but I still see this like a kind of manipuation - brokerage force you to start trading with that bonus, some people think they can withdraw bonuses as well. Of course, if traders understand that bonuses AREN'T withdrawable, that's okay, but some people really misunderstand.
By the way, does Olymp Trade provides leverage, as I see no info about that, so.. I hope brokerage has leverage, at least 1:100. Except bonuses it seems good enough to start trading with, especially cause of $10 min depo.

So low minimum deposit is actually very strong competitive advantage. Now I can name myself 'big deposit' trader, but I've started with low deposit and that was my gateway to trading.
Olymp provides up to 1:500 leverage, but if you're just a beginner, I suggest you not to use more than 1:50

 

[micah_l]

Mb u'r right, but I still see this like a kind of manipuation - brokerage force you to start trading with that bonus, some people think they can withdraw bonuses as well. Of course, if traders understand that bonuses AREN'T withdrawable, that's okay, but some people really misunderstand.
By the way, does Olymp Trade provides leverage, as I see no info about that, so.. I hope brokerage has leverage, at least 1:100. Except bonuses it seems good enough to start trading with, especially cause of $10 min depo.

Let me add my thoughts here as well. Its clearly stated in Olymp that bonuses are not withdrawable also there is an option for traders to not avail of the bonus if they dont want too. So its not a manipulation.
There are multipliers from 1:50 in the forex platform.

 

[Malataxe]

So low minimum deposit is actually very strong competitive advantage. Now I can name myself 'big deposit' trader, but I've started with low deposit and that was my gateway to trading.
Olymp provides up to 1:500 leverage, but if you're just a beginner, I suggest you not to use more than 1:50

Hello everyone, does Olymp trade deserves trust? I'm looking to start trading, but I need brokerage that provides education as well