How to Trade On Olymp Trade?

Creating an Olymp Trade Account

Are you new to Olymp Trade? If yes, you can simply head over to the “Register” tab at the top-right corner of the screen, fill in the basic details, and get started. Yes, you must verify your email ID to access all the features.

Sign up on Olymp Trade first!

Account Types to Consider

Types of Olymp Trade accounts

Registering up front gives you access to a starter account. This is the default status, but depending on your trading skills, you can always upgrade to advanced and expert account types.

You need to follow the “Trader’s Way” to upgrade from the Starter status to the Advanced status. It means you need to trade more and earn XP points along the way.You must cross 12 such levels to qualify for the Advanced status. An Advanced trader can earn up to 89% as the payout. They can even get access to faster withdrawals.

Once you create a starter account, there are other account types to consider based on your funding preference.

Account types based on the currency of choice

Account Activation

There are no set rules or verification standards for account activation. After making deposits, I could start trading by verifying my email ID.

Working With the Trading Interface

Staring at the Olymp Trade without a clue how to proceed? I am here to help! The moment you register, you come across a trading dashboard. You can find the money accounts there, namely the India-specific INR, USDT, and demo accounts, which I will discuss later. I delved deeper and located these crucial areas to focus on:

The Trade Execution Area

The entire dashboard is the trade execution area. You can align multiple tabs here — asset selection, set of strategies, the ordering section, and the chart-based analysis segment. Professional traders can view each element within the trade execution area and make calls accordingly.

Trade execution area, charts, and tools in action

Charts

As a trader, charts on Olymp Trade are your best friend. From choosing the most basic line charts to going one step further and getting those additional insights via the candlestick charts, Olymp Trade offers a full monty. You can even access Heikin Aishi, a candlestick variation to filter out market noise.

To use charts correctly, you should analyze an asset within a specific timeframe. For instance, a one — to five-minute timeframe works wonders if you prefer scalping.

Tools

Olymp Trade packs many technical analysis tools, including critical indicators like moving averages, MACD indicators, RSI, and whatnot. But that’s not where the offerings end. You even get access to several drawing tools like trendlines to be able to read the charts better.

Choice of trading tools and indicators

Create an Olymp Trade account and get down to testing each element hands-on.

Types of Trading Options

To trade on Olymp Trade, you must have a clear focus. If you want to work with binary options, FTTs or Fixed-Time Trades with a small expiration window are the best way forward.

You can go as low as 5 seconds. However, you must correctly choose the trading charts and timeframe to time the market perfectly. In addition to FTTs, you can trade the standard forex pairs as binary options or directly purchase stocks by analyzing their market presence.

Setting up a Trade

Now look at an actual trading scenario to understand how each Olymp Trade element works:

1. Start by choosing the asset you want to trade. You can select one of the categories I discussed — FTT, forex, or stocks.
2. You can pick from cryptocurrencies, stocks, commodities, and indices for FTT trades.
3. You then need to choose the trade amount, usually by selecting the unit you want to purchase for a given asset.

Choice of assets

Note: Regardless of the binary options broker you rely on, never invest 1%–2% of your capital in one go.

Factor in the multiplier. This works as the leverage offered on your forex trades. To access, you can select anything between 10X and 50X, depending on your risk appetite. It is advisable to adhere to the risk management standards and keep the multiplier usage to a minimum.

Working with multipliers

You need to deposit funds in your live trading account to initiate actual trades.

Create an Olymp Trade account to make deposits and set up rewarding trades. 

Trading Platforms to Work with

Now that you know the best strategies to execute trades on Olymp Trade, evaluating your trading options is important. You can start trading using the Olymp Trade web interface or install the app. Here are the perks associated with each:

Trading on the Web Interface

• Enhanced accessibility as you can use any browser to initiate trades and book profits.
• The screen real estate paves the way for advanced charting abilities.
• You can even set alerts specific to news feed content and real-time data availability.

App-based Trading

• It can be accessed on both Android and iOS devices
• Also available as a desktop app
• Packed with core trading functions
• Allows for multiple push notifications

App-specific trading flexibility

Using Tools to Trade

No matter which trading platform you use for binary options, there are some important tools you can use to start and win the best trades.

• Customizable alerts
• Automated trading options, courtesy of risk management tools
• Technical indicators and widgets

The Right Trading Strategy

Trading on Olymp Trade is a strategic move. I shall now discuss the right trading strategy that has worked for me:

Smart Scalping with Multipliers

Olymp Trade is mostly about binary options. Therefore, in locating the best short-term trading strategy, scalping, as shown in this example, is necessary to execute winning trades. Smart scalping captures quick and early price movements, focusing on the multipliers to enhance the winning positions. Here are its key components:

Asset Selection

The best way to scalp is to focus on liquid assets like USD/JPY, EUR/USD, and more. Liquidity is crucial if you want to enter and exit trades quickly.

Indicator Selection

You must always use short-term EMA, say the 10-period indicator, to locate the immediate trend direction. As for the RSI, you need to set a 14-period zone to find the key overbought and oversold regions in the short term.

Consider entering the trade when the price moves above the 10-period EMA. If you want to be on the safer side, wait for a rebound. If you see the RSI rising from the 30 level, you can get an additional validation for the entry point.

Setting up trading indicators with candlesticks

Quickly exit when the price breaks the 10-period EMA on the lower side. This strategy can influence the binary options trading direction — Upward or Downward — allowing you to make winning trades. As for the targets, if you place trades using multipliers, never go higher than 10x. Also, with 5x or 10x, keep the profit target to 1% to 2%. The stop loss should always be at most 1%.

Like this trading strategy? Sign up on Olymp Trade to execute this in real-time.

Risk Management and Ways Around It

Like any other reliable binary options broker, Olymp Trade offers a wide range of risk management tools well integrated within the trading ecosystem. Here are the key ones to work with:

Stop-Loss

If set at a specific price, this tool automatically closes and exits a trade when the price level is reached. You can use this to minimize losses.

Take Profit

This profit-capturing tool allows you to exit a position when the asset has moved up to a specific level. Thus, you can easily book the unrealized profits.

Existing risk management tools

Trailing Stop

The Trailing Stop is designed to be used for specific stock trades. This tool helps shift the stop loss whenever the trades keep moving in your favor. This way, you can get a better winning percentage and protect your gains. VIP account holders of Olymp Trade have the opportunity to make risk-free trades.

They get the full payout for winning trades and don’t lose anything if they lose.

Using the Demo Account

Olymp Trade’s most exceptional feature is undeniably its remarkable risk management tool, the demo account. All the trading plans or strategies I have discussed so far have proven to be highly effective on the demo trading platform. This allows you to practice every move before investing your own money in binary options.

Funds in the demo account

Test out the Olymp Trade demo account for yourself!

Final Thoughts: How Easy Is It to Trade on Olymp Trade?

According to my tests, executing trades on Olymp Trade is simple and relatively straightforward. Even though binary options brokers like IQ Option and eToro pack relatively similar tools, Olymp Trade’s minimalist user interface makes it a go-to tool for new trades.

And yes, several dedicated educational tools and sections, including community support, make Olymp Trade credible and usable simultaneously.