SeychellesTrading Env.
Company Information
What Is Regulation?
Forex regulation is therefore all about consumer protection. Regulated Forex brokers are less likely to cheat their clients and where such infractions happen, regulators are empowered by the laws of their respective jurisdictions to apply appropriate sanctions.
What is Base Currency?
In the forex market, currency unit prices are quoted as currency pairs. The base currency – also called the transaction currency - is the first currency appearing in a currency pair quotation, followed by the second part of the quotation, called the quote currency or the counter currency. For accounting purposes, a firm may use the base currency as the domestic currency or accounting currency to represent all profits and losses.
Broker Types
There are two types of brokers: regular brokers who deal directly with their clients and broker-resellers who act as intermediaries between the client and a larger broker. Regular brokers generally are held in higher regard than broker-resellers.
What is Trading Platform?
A currency trading platform is a software interface provided by currency brokers to their customers to give them access as traders in the Forex markets. This may be an online, web-based portal, mobile app, a standalone downloadable program, or any combination of the three.
Trading Services
What Is Hedging?
Hedging with forex is a strategy used to protect one's position in a currency pair from an adverse move. It is typically a form of short-term protection when a trader is concerned about news or an event triggering volatility in currency markets. There are two related strategies when talking about hedging forex pairs in this way. One is to place a hedge by taking the opposite position in the same currency pair, and the second approach is to buy forex options.
What Is Scalping?
Scalping in the forex market involves trading currencies based on a set of real-time analysis. The purpose of scalping is to make a profit by buying or selling currencies and holding the position for a very short time and closing it for a small profit.
What Is Indices?
The indices track the underlying prices of the currency pairs within that index. If the individual forex prices in that index increase, then the value of the index will go up. Conversely, if the individual FX prices decrease, then the value of that index will fall.
What Is Commodities?
The commodity pairs, or commodity currencies, are those forex currency pairs from countries with large amounts of commodity reserves. ... Traders and investors looking to gain exposure to commodity price fluctuations often take positions in commodity currency pairs as a proxy investment to buying commodities.
Suitable For
Trading Account Options
Forex Leverage
Leverage is the use of borrowed funds to increase one's trading position beyond what would be available from their cash balance alone. ... Forex traders often use leverage to profit from relatively small price changes in currency pairs. Leverage, however, can amplify both profits as well as losses.
What Is Mini Account?
A forex mini account is a foreign exchange (FX) account which allows beginner traders to enter the currency market using smaller size (mini lot) positions and trading quantities, thus lowering the funds at risk and limiting potential losses.
What Is Segregated Account?
Segregated account is an important term in the context of Forex trading in which a broker holds their client funds in segregated (separate) accounts that are different from the broker's core banking account. Segregated accounts are used to differentiate between the broker's working capital and its client investments.
What Is Managed Accounts?
A managed forex account is where a professional trader/money manager manages the trading on the clients' behalf. The account is made up of a personalized portfolio owned by a single investor. The portfolio and account is handled accordingly to the investors needs.
What Is Islamic Account?
An Islamic Forex account is a halal trading account that is offered to clients who respect the Quran and wish to invest in the Islamic stock market following the principles of Islamic finance. ... As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates.
Payment Methods & Transaction Fees
Deposit Methods
Withdrawal Methods
Gateway Fees
| Gateway | Fees |
|---|---|
| Skrill | 2.99% + $0.30 per transaction |
| Visa Card | 1.9% - 3.5% of the transaction amount |
| Master Card | 1.9% - 3.5% of the transaction amount |
Spreads & Commissions
Customer Support
Advantages & Disadvantages
Advantages
- Very low initial capital requirement (Min deposit: 10 USD).
- Full support for both scalping and hedging execution strategies.
Disadvantages
- Unregulated broker operations - higher potential security risk.
- No Demo account offered for strategy testing.
- Commissions apply on trades, which might increase execution costs.
- Restricted service - does not accept traders from the USA.
Active Bonuses & Promotions
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User Reviews & Feedback
26 Comments
I’m willing to learn trading Forex and my friend suggested me to take a look on Olymp Trade. He said the brokerage is good for beginners, cause there are a lot of educational materials and low minimum deposit. Is learning materials fruitful, or just a blah-blah and can I try education before making a deposit?
Olymp trade offers convenient trading platform and trading instruments that make trading easier. In fact, I estimate that 80% of traders are not professionals, but individuals that want to make additional income. Such traders (and me also) are ready to learn, but want trading to be easier and more native. I don’t remember, but that seems that Olymp offers its own trading platform and it’s really easy-to-use. It’s easy and takes only couple of days to learn. Moreover, Olymp Trade offers a lot of learning materials, so you can learn with your broker and get first-hand educational info. There is economic calendar and demo-account, as well as a lot of webinars. So, you can learn and test everything on demo-account without any risk.
What is a good broker? For me, that is a broker that offers the next things: fast withdrawals, convenient trading platform and reliable+quick support. So I’ll review Olymp by this 3 criteria. First of all, there are really fast withdrawals, that usually take no more than 2 days. There is a lot of ways to withdraw money and no withrawing fees. The only disadvantage is that you can withdraw money with the same method, as you have made a deposit, to add new withrawal method you need to make a deposit using this method. However, taking in account, that min deposit amount is only $10, that’s not a problem. The second point to consider is trading platform. Honestly, Olymp has one of the most convenient trading platform within the industry with native interface and high functionality. You can add indicators, combine them and manualy change stop-loss and take-profit amounts. And the last one is support service. I think that Olymp support team is quite well, however I can’t say a lot, as I asked them only 2 times and these times got fast and accurate answer.
When I first started trading options, everything didn’t go smooth right away. I was helped by the Olymp Trade community of traders. There I described my problem, they gave me some advice and support. Perhaps this is the only thing that helped me gain self-confidence and work harder on discipline and my personals rules to trade with. Now everything is fine, I earn money by trading, but I will never forget the human kindness of other traders