We cannot deny that fraudulent trading brokers are rising today, which is why I devoted so much time to build this site.
My sole purpose is to be perfectly honest with you and help you steer away from all the supervillains out there, which in all fairness, seems to be impossible at times.
In today’s post, we will review one of the popular trading platforms and answer whether Olymp Trade is a scam or a legitimate broker.
With all the recent news about the GameStop stock and how it made small-scale investors trading in Robinhood instantly rich, we certainly see a lot of interest in the idea of playing the market.
Just like what financial advisors usually say, the stock market can indeed help you make a profit, but only if you know how to play it right: when to enter and when to cut losses.
However, once you find yourself inside the platform, there is a big possibility that your emotions can get the best of you.
When I started investing a few years back, I remember being so excited to top up funds to add buying power and have made plans of investing only in blue-chip companies.
But when I finally entered the market, I realized that I wanted quick cash, so even without doing any prior research, I started trading penny stocks.
As you may or may not know, penny stocks are great for day traders since they can give you the most significant profits within just a day or two.
At the same time, I had no idea that the price fluctuations were unbearable for a newbie like me back then.
To cut the story short, instead of making money, I had no choice but to cut my losses (30% below my initial investment) and preserve whatever was left of my capital.
And this is where it hit me. 💡
Without enough information about what I am dealing with, I will never get the profit I am aiming for.
With this, I devoted time and energy learning about the market, developing my strategies, understanding the assets I am comfortable trading with and the brokers I should use.
And this is when I learned about Olymp Trade. ☺️
Unlike traditional brokers, the Olymp Trade has become popular because of its small startup fee that has been kept at $1 only.
By using that fee alone, you can access different forms of assets from commodities, stocks, ETFs, Forex, Crypto, and indices.
Add to that the platform’s free video tutorials, demo account, and ready-made strategies that are bound to help total newbies.
It also features fast, fun withdrawal with zero commissions, which means that you can get the best out of your money without worrying about hidden fees or sudden charges upon withdrawing your gains.
With its excellent mobile app available for iOS, Android, and Windows, several interested investors install and sign up with them.
And perhaps, this is the reason why you landed on this page. I’m assuming you want to know the truth about this broker, so you can ultimately decide whether it is worth your time and money or not. ⏱️💸
To spare you from committing bad decisions, I have here a full review on Olymp Trade where I will answer whether it’s a scam or not and how it fairs compared to some of its competitors like Robinhood, WeBull, and Ameritrade.
As a disclaimer, please note that I am not connected with Olymp Trade in any way, shape, or form, nor am I being sponsored to write this post.
You can rest in confidence knowing that what you will read here are just my honest opinions about the platform and nothing more.
By the end of this article, I will also share with you my most recommended way of earning so that you can have an additional source of income for your stock investment needs.
Now that that is out of the way, off we go! 🚀
Olymp Trade Review
Whether you are a real professional or a newbie in stocks, there’s got to be a reason you are choosing a broker.
May it be because of its clean UI, unique sets of tools for analysis, responsiveness, or possibly because the online world widely publicized it.
I’m going to be completely honest with you. Your success in the market is not really that dependent on the broker. It is still your trading strategy that will get you the profits at the end of the day.
Nevertheless, dealing with a broker that is unresponsive and is always lagging can significantly affect your performance.
It happened to me too! Just last month, I was about to execute a position with a 30% gain, but my broker’s site could not handle all the users online, so when I clicked on the “sell” button, nothing happened!
The result? I wasn’t able to sell my positions at that target price. 😕
In this sense, I realize that aside from your strategy, you should also think twice about whether your broker has the capacity or not. And this is precisely what the Olymp Trade tries to do.
With its clean user interface, you can simply navigate through the assets available and see the current price instantly.
As you saw from the video I linked to above, the Olymp Trade integrates an innovative trading platform by which you can easily track your investments using their website and mobile app.
Even if you use the mobile app alone, you can see the real-time screeners and have 24/7 support available in different languages.
Yep, you read correctly, different languages. 👌
Olymp Trade is actually an international broker, which means that if you are not a citizen of any of the countries mentioned at the bottom of this document, then that means you can simply download the application and try out your skills right away!
It has been in the industry since 2014, and it continues to improve its services every year to the point that it has bagged several awards.
It has been named the best financial broker and best options broker in 2017, best options trading platform, and fastest-growing broker in 2016.
This FinaCom regulated broker mainly focuses on short-term trades, holding in as short as 15 seconds to about three hours.
Aside from its trading platform, it also boasts high-quality educational courses where you can take a masterclass from within the application and learn about common strategies.
They consistently encourage everyone to take the chance and break free from the notion that trading is only for professionals. 📈🙃
They produce interactive courses, strategies, alerts, and even video tutorials and webinars that are usually hosted on YouTube.
If you’re not a beginner, you can still take advantage of their advanced courses like live analysis!
And perhaps this is the reason why it has built quite a crowd around it with 220k subscribers on YouTube and 1M followers on Facebook!
Those metrics alone tell a lot about how popular and legitimate the company is.
As a matter of fact, they have constantly been mentioned in different countries and media powerhouses such as the Gulf News, The Philippine Star, Saudi Gazette, Daily Express, and Business Wire India!
While writing this post, I tried their demo account, and I think it is one great tool since they have different oscillators right on the platform!
Add to that is that it has a virtual account like what you can see from popular brands like eToro and Ameritrade. For me, that is extremely useful, especially for total beginners!
I was even able to create a few good calls just by simply using the RSI and the Japanese candlestick!
But of course, allow me just to give you some sense of reality here. 😅
As much as I was excited to use the platform, I realized that losing so much money in just a few minutes is entirely possible!
You see, whenever you predict whether the price will go up or down, you are already risking your capital. So, this means that without proper preparation or a clear strategy, you will lose!
If you are hell-bent on the idea of trying it out, I suggest that you start by trading at the minimum level of around $1.
If your forecast is correct under the one-minute frame, you will instantly earn .83 out of it! It may not seem a lot, but I think that starting with something small is always better than gambling away your entire capital.
Olymp Trade Demo
Joining the platform is pretty straightforward. All you have to do is sign up on their site and key in your email address and desired password.
Once you are in, you will instantly be redirected to the 10-step training regarding the platform discussing the concept of trading, the charts, the FTT assets, how to add investment amount, and ultimately make predictions.
Once that is done, you can simply activate your account by checking the email confirmation and phone verification to earn an additional 50% when you deposit to your account.
As of writing, they have different promo codes by which they double the amount of your deposit. For instance, if I deposit at least $10, which is the minimum, I can earn an additional $5 in my port!
However, please note that whatever you earn cannot be withdrawn right away, meaning that you will only use the $5 bonus as an extra for your account.
If you make the correct forecasts using that $5, you can withdraw all your earnings instantly. Check out this video demo below from the Olymp Trade themselves.
Do note that you can access the platform via the web, their desktop application, and smartphone. Once you are inside, you will see how easy it is to navigate and how concise the main chart is.
You can customize it with different indicators, too, to help you out. You can check it in an instant and even cancel your positions if you are having second thoughts.
Is Olymp Trade Worth It?
Before I answer this question, let’s talk about the fees.
Unlike other brokers, I love this one because it does not charge a subscription fee or any custodial fees. Add to that is that you can simply try it out at such a low rate of $10!
If you suddenly want to back out and withdraw your funds, you can simply do so and expect your funds to be reflected in your bank account within 3-5 business days.
The only fee they charge is the overnight fee which is limited to 15% of your total investment amount.
I think that this makes this a worthwhile platform since it allows almost anyone with a bit of cash to spare to earn big in just an instant.
Of course, you cannot really predict the market despite the use of indicators, but with the right mindset and knowledge, you might just have the ticket to richness!
But then again, you should never gamble away your money in here. As I always suggest to my readers, it is essential that you carefully review and check this opportunity first.
More importantly, I suggest that you use your desktop or laptop while using this platform since a single zero or a mistyped number can completely wipe out your money. It happened to me accidentally.
Is Olymp Trade A Scam?
Olymp Trade is not a scam, and the FinCom body regulates it. Of course, it is not as popular as other brokers since it only operates in some countries and is not available to major players like the United States.
What makes it different from other brokers is that they have a very active community online, as reflected by the good number of followers and subscribers on their social media.
However, if you ask me whether I would recommend it to you, I might have to give two answers.
If you are a pro and already have some idea of how this works, I encourage you to invest some money and take advantage of their promotions.
However, if you are just going to jump into the trade and just hope for the best, then trust me on this, you will lose money.
How I Make A Living Online
There is nothing wrong with trying out the market and checking whether it is possible to earn purely from it. As much as I want to recommend it to some, I fully understand that not everyone has the stomach for it.
Contrary to what other traders are saying, I wouldn’t say I like the adrenaline rush that comes with trading.
Actually, I’m not too fond of it to the point that it makes me sick to my stomach. I usually get a terrible headache when I’m executing trades, and I’m pretty sure it has to do something with my heart palpitations and forever-increasing blood pressure.
I’m just not about it, and it’s funny that I’m saying this since I’m kind of a trader myself. I wouldn’t classify myself as a pro, but I occasionally carry out a well-planned trading strategy.
The reason why I’m telling you this is not because I want to brag and anything like that, but because I actually want to introduce you to my business line and show you the exact step-by-step process of how I make a living online. 💰
It has nothing to do with trading, but that shouldn’t concern you. 🙂
I’m saying this because the money-making method I’m about to share with you in a minute is, in my mind, much more reliable, steady, and has much greater scalability than any other business model I’ve worked with.
Towards the end of my post, I will also share why I believe that my way of earning is so much better and somewhat superior to trading.
Whatever you do, please don’t get me wrong. 😊
My intention is not to give trading a bad look. It’s just; some of you do need a reality check, and I’ll be happy to tell you that most of you will likely be poor investors and even worse traders.
So, without further stalling, I suggest you look at my money guide as it clearly explains everything about my approach to making a living online.
The guidebook is reasonably short, well-written, and filled with all the wisdom I’ve picked up over the years.
If it makes you feel any better, it shouldn’t take you more than five minutes to finish it, even if you’re a slow-paced reader like myself.
Inside, I speak about some of the things that got me started in the online world, mention a few setbacks I had along the way, and even share, what I firmly believe, is the best way to get started for less than $1.38 per day.
If you’ve been looking for ways to make money online at some point in your life, then I’m pretty sure that you’ve come across my business line at least once.
What I do is called affiliate marketing. 🔍👈
As an affiliate, my job is to promote other people’s products and earn predetermined, most often than not recurring, commissions.
Simply put, I’m the middleman who doesn’t have to worry about handling stock, the logistics of orders, nor stress about packaging and delivery.
My only focus is to connect the product with the customer. ✅
As mentioned earlier, despite being a mediocre trader, I still believe that affiliate marketing is a more suitable, long-term moneymaker, especially for those of you that are just starting out.
My experience with trading throughout the years has taught me that in order to be successful, you need an absolute love for trading itself.
And when we’re talking about love, you also need to be aware that it sometimes hurts, especially when it comes to trading.
Every mistake you make will likely cost you a lot of money, the bloodline of your business. Make one too many mistakes, and you’ll soon be left without any cash to trade.
And this is where the party starts. 🥳🎉
There’s no other way to put it than to let you know that the emotional pain related to trading is unlike anything I’ve experienced before. Trust me, I’ve lost tons of money in the past, but I think it’s mainly because I was treating it like a side hustle and not a full-time job.
If you’re going down the same path, don’t follow in my footsteps. ❌
I honestly prefer working as an affiliate because I’m merely promoting fine, high-quality products made and handled by qualified people.
I would also say that my business line is not as risky since the outcome solely depends on the number of hours and work I put in, and not too many external factors can influence what I do.
Like any other business, mistakes still happen, but they don’t cost me as much time, money, and, most importantly, stress.
So, having said that, I think we can both agree that affiliate marketing is ranked slightly higher from a pure statistic viewpoint. The hurt is not as significant, and the returns require fewer hassles. 👍💯
To summarize it all, trading may be your gateway to unheard profits, but you sure as hell need to have nerves of steel.
There’s a reason why affiliate marketing is the most commonly picked business model amongst rookies. It’s affordable, easy to follow, and it’s the very same one that helped me reach financial freedom.
You have complete control of what products you promote, and unlike trading, you are in complete control of the end result.
It’s about time I end this review, so if you do happen to have any questions about any of the topics discussed today, feel free to leave a comment down below, and as always, I’ll make sure to get back to you in a heartbeat.
As I wrap up this article, I hope that I was able to shed light on whether Olymp Trade is a scam and whether you should try it out or not.
I think there’s no need to remind you that I do not advise you to go all out and deposit your life savings in here with the hopes of doubling it overnight! Just invest whatever it is that you are willing to lose.
If you enjoyed this post, please feel free to share it on social media so that you and your friends be reminded to check back on this website for the latest products and opportunities online.
It sounds like we’ve covered everything we needed to, so I’ll let you go, but not before I tell you a trading joke.
How do you make $1Million in a month?
Start with five million and become a day trader. 👋 👋 👋