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Olymp Trade Forex/options

Herzar

Learner
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I'm interested in a substantive discussion. If anyone ever had a profitable trading, let me know please if the broker lets you withdraw money.
 

abhi.ver

Capable
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Forex is adventurous but you need to learn and research more, as money floats within a seconds.
 

Herzar

Learner
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We need to find trust brokers. Nowaday we can take our reseach on internet. Selection brokers is an important step for traders. To find the trust review website (becareful scam review website). Read on review for deposit and withdrawal process.
 

veejay

Junior
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We need to find trust brokers. Nowaday we can take our reseach on internet. Selection brokers is an important step for traders. To find the trust review website (becareful scam review website). Read on review for deposit and withdrawal process.

IC Markets is reputed and good.
 

Zhako

Learner
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In the Olymp Trade User Agreement, the withdrawal terms are regulated for 5 days, but my average withdrawal takes no more than one working day.
 

Herzar

Learner
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Thanks for the information. I've noticed that there's not that many cryptocurrencies. Significantly fewer than on exchanges. Does this mean that a broker is not suitable for traders who want to work with cryptocurrencies?
 

Zhako

Learner
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There're not that many crypts, true, but the most tradable assets are present. The number of assets doesn't mean that Olymp trade is not suitable for trading with crypt. I'll tell more, speculative trading is possible only with a broker, firstrly, because of the convenient platform. The opening of the order takes a second after the decision is made, just a click of a button is enough, besides, the broker provides leverage and contracts for difference. All this can't be found on exchanges.
 

Nikhil420

Talented
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I couldn't understand whats this is about. Can anyone shed some more light on this.
 

Herzar

Learner
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I'd like to understand something as well. After Christmas, all currencies are in flat. Even bitcoin stopped falling. It's not clear what to make money on.
 

Zhako

Learner
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Interesting events happen every day, if the markets work. Check out the Olymp trade group on Facebook. The administration constantly publishes analytics and advises strategies for each case. But it's better to watch the Olymp trade media website, since materials are published there every day, and in the group they more often publish memes, so it's not very popular. Links to their website are there.
 

Saraboy

Beginner
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Forex trading is the business of the present and future. A lot of people have realized its potential and want to invest their money in it. You will be surprised to know that more than a million people do forex trading. So, you also want to be part of it. Am I right?
 

Herzar

Learner
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The group has more than 500 thousand subscribers. Do you call this an unpopular group? :) I liked the article about the psychology of the trader. It's very useful!
 

Zhako

Learner
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And I prefer to keep track of the news section and trade with actual ideas for different assets. Practice shows that tracking one asset is not always rational, and you won't be able to follow the entire market. Hints from the side are always welcome.
 

Herzar

Learner
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You need to pay attention to so called “non-banking” days which are dates of Holidays. Usually during Christmas time markets are few days before and after quite quiet. You can search Internet for these days, try on Google with “US banking holiday 2019”
 

Zhako

Learner
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Usually traders use the economic calendar, where all the holidays are indicated. Anyway, thank you for the information:))) by the way, the platform Olymptrade also has this information in the asset selection menu.
 

Dianarus

Learner
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Before you start trading forex, just be sure to do your research well. Don't just sign up for an account with any broker without checking the reviews carefully, and remember that some brokers even have fake reviews. If your broker is legit and regulated, you wont have withdrawal problems
 

Herzar

Learner
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The currency just get closed there with a time notification. I prefer to know it in advance. One more question. I have tried a couple of trades on the Forex platform, the profit has always been very small. Is it actually worth using this platform?
 

Zhako

Learner
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Trading on the classical Forex is more conservative than the options. Options are still a risky type of trading. If you do not guess the direction or time of expiration, the bet is lost. Forex has more room for maneuvers. There is no strict time limit for transactions, but there usually less profit. Here are the main advantages.
 

veejay

Junior
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olymp Trade is not good. I have account there. But I have enabled 2 step authendication with SMS. When I login everytime I am not getting any SMS. So difficult to login. But I have good strategy. I am searching any other good broker.
 

Herzar

Learner
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Options are more profitable and I see this as a contradiction. Why advanced investment funds with decades of investment and speculation experience do not use options but trade Forex? They basically lose mollions.
 

Saraboy

Beginner
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Forex trading is the most loving form of earning money as there is a huge diversity in this market. I would recommend you people to learn well about trading before coming into this field. It is a technical field which requires knowledge and practice. Thanks
 

Zhako

Learner
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Forex is the simplest way to learn for unprepared traders because of brokers. But it’s not the most popular way. The stock market is far superior to forex. The largest volumes of trading occur in the stock market.
 

Zhako

Learner
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There are not so many assets on Olymp, to be honest. There’re more on any exchange. But the situation is changing. Recently, Olymp added more and more exchange assets. For example, ETF appeared.
 

Herzar

Learner
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You haven’t answered the question why large traders avoid options?
 

Zhako

Learner
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Large investors usually invest in the long term. At the same time, it is important for them to maintain the opportunity to get rid of shares at any time. Options oblige to observe the expiration time. This condition is not suitable for everyone. Here’s the answer. Shares’ options are almost not made on exchanges.
 

Dianarus

Learner
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So, after all, how fast Olymp Trade withdraws the money? Right now, I’m planning to register on the platform. So, in general, I’ve read the overviews and reviews, seems like everybody says good things about the company and platform. I watched the video on YouTube with the platform overview, looks pretty. Before registering and making a deposit, I would like to hear directly regarding the withdrawal from those, who are already trading on Olymp Trade. Is And what’s the best option to deposit, using card or e-wallet?
 

Yokinos

Learner
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I’m trading on Olymp Trade for a long time and made the withdrawals numerous times. Usually, the money is accepted within 24 h. Some kind of longer period is stated in the term, probably just to be on a safe side. I don’t remember exactly what exact time period written in terms, because I receive the money faster. By the way, you have to read the term and conditions, you will find the answers to many questions and will simply understand what kind of conditions you agree on.
About making deposit. Take into account you will have to withdrawal funds the same way you will make a deposit. So it up to you what exact option to choose. I use Visa card.
 

Tygradora

Learner
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Large investors usually invest in the long term. At the same time, it is important for them to maintain the opportunity to get rid of shares at any time. Options oblige to observe the expiration time. This condition is not suitable for everyone. Here’s the answer. Shares’ options are almost not made on exchanges.
This is not exactly the answer to the question why large investors avoid options. In fact, the correct answer is “they don’t avoid them”. Options are an excellent instrument to hedge risks of investments. For example, large share stockholder doesn’t want to sell his stocks ever. But let’s say the market conditions make him suspect, that shares are going to devalue significantly. In order to protect his investments, he might want to buy an option with a certain expiration time and a strike price significantly lower than the current price of his stocks. Incase stock price falls, this loss will be compensated by option profit. This is not the way to earn some extra $$, this is the way to protect your capital.

Within a frame of this discussion a confusion may arise, because the options I’ve described above are different from digital options traded at Olymp. Digital options do not have a certain strike price, which means you only limited with time and direction of price movement, but you don’t have to care about how far it moves from your entry price. Just direction. This is a very simple instrument used mainly for a short term trading. This is not something market whales are really interested in.
 

Petus

Learner
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I’ve read the terms of use at Olymp and I can’t find any information of spreads for currency pairs traded at their forex platform. Looks like they only have a commission per trade. I’m wondering, if anyone trades those at OLymp forex and how do you find their terms? I’d be grateful if you could let me know if there are any hidden fees that I should be aware of. Zero spreads sounds good but I’m not sure it’s true.
 

Yokinos

Learner
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This is true that they don't have spreads, but they do have commissions per trade. So there is no trick here. Broker will be getting about average fee per trade for this market from you. Unfortunately people haven't learnt to trade with no broker yet, so such fees are inevitable. We pay for trading infrastructure here, so yeah, there is not miracle )) On the other hand, you don't have to worry about hidden fees. Withdrawals are free at Olymp, no fees for using the trading platform or any tricks of that kind. We make deals on the market, broker gets his bite of a pie.
 

Petus

Learner
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I guess you are right, some fees are inevitable. Oh my, that would have been sooo good if there were less intermediaries on the market! We recently moved to another city with the family. The whole adventure with finding a new house and selling the old one taught me something about the number of intermediate layers in this business. I bet trading is no better. Cryptocurrencies seem to be approaching a better efficiency, but I'm not so sure about those.
 

Yokinos

Learner
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Not when it comes to brokerages. The idea of decentralization too often turned out to work on a white paper only. Look at all the crypto exchanges. They all are fully centralized. They have CEOs and a crew of developers who know each other too well to be called a decentralized net. They are no different from the rest of the internet brokerages if not worse (when it comes to market fees especially). BTW I wonder if Olymp could issue its own altcoin? :)
 

Petus

Learner
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Ahaha, actually I think that this is a good timing for it. Alts grow with BItcoin. There was a strong reversal signal there according to my understanding. I expect it to grow if it manages to stay above $9320 level. But hey, everyone, this is NOT a trade suggestion! It's my personal opinion and even though I plan to go long with BTC, I am only recommending to pay attention to the important level that price is near at the moment.

 

Attachments

Dianarus

Learner
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Guys, need some help here. As you might remember opened account at Olymp. At the time I registered my demo I was outside the country. Being abroad I had also verified my e-mail address and the phone number. But I used a local sim-card to verify the phone and now I'm back home and I'll be using my regular phone number. Do you think I can change the phone number in a profile?
 

veejay

Junior
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Guys, need some help here. As you might remember opened account at Olymp. At the time I registered my demo I was outside the country. Being abroad I had also verified my e-mail address and the phone number. But I used a local sim-card to verify the phone and now I'm back home and I'll be using my regular phone number. Do you think I can change the phone number in a profile?
Send support ticket to olymp. They will help you.
 

Petus

Learner
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Guys, need some help here. As you might remember opened account at Olymp. At the time I registered my demo I was outside the country. Being abroad I had also verified my e-mail address and the phone number. But I used a local sim-card to verify the phone and now I'm back home and I'll be using my regular phone number. Do you think I can change the phone number in a profile?
Don't see why that can be a problem to change the phone number. Especially if you have not funded your account yet.
 

Dianarus

Learner
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I did :sad: Now I'm worried that my money is stuck there. Anyway, I think I'll try to change the phone number and see how it goes. Didn't deposit much yet and neither I gained much profit so far, so don't have a fortune on account to cry over in any case.
 

Yokinos

Learner
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If I were you, I would have contacted support to clarify the situation. Anyway, if your identity and address verification is not yet completed, you should make sure you use your home address and local bank statement for verification.
 

Dianarus

Learner
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Thanks! I forgot they have a nice support there :-) Actually I tried contacting them and had an interesting conversation. It turned out there is no built-in feature to change the phone, but they won't leave me with no help there :-) The lady said that I can change the # in a chat-mode by providing her a new one.
upload_2019-11-28_14-40-10.png
To tell the truth I didn't provide the new # immediately. I thought that probably this is a good chance to start the registration process all over again. I'll try to withdraw the money I got on account currently. Hope they will withdraw the money back to my mastercard without a complete verification of name and address. The sum on Olymp account is not exceeding the sum I deposited, so hopefully I can do that. Then I'll register again and top up the account again within an hour to get 100% bonus.
Do you think it will work? Don't really want to contact Olymp's support to ask this question :-)
 

Yokinos

Learner
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LOL I wouldn't ask the lady about that.I think the only way to find out is to try. Keep us in the loop!
 

Dianarus

Learner
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You know what, I had to cancel my plan. With the help of support I've changed my phone number and I plan to keep it this way and reject the idea to get extra bonus. I've found out this is against the rules of the company to have multiple accounts. Even though I don't really think they have a chance to find out if I did the trick and registered again with a different phone number, but still… I've got some long-term plans to work with the company and be profitable. So I don't want to get blocked one day for violating the rules of the company. Bonus is not worth it.
 

Tygradora

Learner
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This was a wise decision. Bonus is needed only if you lose the whole initial deposit. if you struggle for bonus this much, you program yourself to lose your depo. Secondly, you better not mess with the rules. If you browse through Olymp Trade reviews, you'll find a few messages like "oh no, they blocked my account for no reason". But the fact is that there is always a reason for that. One of the rules was violated 100% in this case. The company takes the risks. Olymp has got negative balance protection, they take the risk of losing their own money to protect your balance in case you trade at the time of extremely harsh news release like "Martians attack the Earth" and everyone sells, sells, sells. And there is no chance for them to close your opened buy position. We have to respect this decision of the company and do the favor on our side: obey the contract rules. This is the essence of partnership.
 

Petus

Learner
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Oh my! You've described that like if anyone cares about the company. We all wanna get our profits, that's it. The other thing is that we don't wanna get caught red-handed. If you think you can be, then don't mess with the contract. Moreover, compaies often close their eyes on small vioplations, because they wanna be nice and retain customers.
 

Dianarus

Learner
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My position is somewhere in the middle. I think that this is not worth risking real money being put on hold for the sake of some potential bonus. On the other hand I regret a bit I didn't push it with support. I bet they really could give me their legal consent to reopen the deposit with the new account and get the bonus. Their website says that:
If you need to register an account in another currency, first block your current account with the help of our support team and then create a new one.
So I guess I could have blocked the first one with the help of support and then preceed to opening a brand new account legaly. I bet the bonus would have been added automatically. But I agree about the mindset. This is no good to program yourself to lose just because if was difficult to get this bonus money.
 

Tygradora

Learner
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Companies like Olymp, aiming for long-term relationships with their clients, do everything possible to maintain this relationship. It's often worth contacting support team to find best deals and solutions. This is called business ethics. I've never regreted being ethical to my partners and they pay me back with the same attitude.
 

Dianarus

Learner
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I agree. Well, in my case this is probably not the matter of some superior ethical approach to doing business, its just a common sense that tells me: dealing with money you have to be very careful and protect your capital from the risk of being lost due to some claims from broker. It’s just easier to avoid situations when your broker can file a complaint about you and lock your deposit for violating some rules. Before opening an account at Olymp I’ve read many Olymp Trade reviews. There were some negative reviews from customers who could not withdraw the money. Sure enough people think scam has taken place there. But in a further discussion this will inevitably turn out they tried violating some rules. I.e they would claim to be from some country that OLymp works with and they try to withdraw to the bank of the country that Olymp does not work with. Lies bring nothing but sorrow in a long-term span.
 

Tygradora

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As you’ve mentioned earlier, people simply don’t consider seriously trying to get what they want without violating any rules. I didn’t think about it myself, but you yourself have a feeling that the company would have let you re-open your account because of this issue with phone number and get the full bonu if you asked. I bet you are right!
Same thing happens in trading a lot. People tend to overcomplicate their trading strategies and approaches. They want to fool someone and turn out to be fools themselves. But in fact everything is much more simple that people imagine it to be.
 

Yokinos

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I think you are right. I just remembered, when I was a child, I was trying to trick my dad to buy me some sweets that I knew the family could not really afford buying. I was making up some insane stories about why I need to take these sweets to school and give them to someone. It all ended up with dad asking me what was the truth behind these stories. I hesitated a bit, but finally took courage to admit every classmate has tried these sweets and I badly want to try them myself. I dad bougimply beht them for me! That simple. I think nowadays lots of large businesses work like that. Customer-oriented approach assumes company does it’s best to give customers what they really want unless it violates some important rules. I think Olymp as a large company follows the same approach. If your desire does not cost company too much, they will do what you ask for. Simply because you’ve asked.
 

Petus

Learner
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Sounds like a utopia in my opinion. Brokers care only about their profits. Whatever maximizes their profits - they do that. Whatever minimizes - they try to avoid.
 
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