5 Easy Steps to Becoming Trader with Olymp Trade
Published on: Monday, February 03, 2020
Sponsored by: Olymp Trade
In today’s economic climate having one steady source of income is good, but two is better. Forex and Fixed Time trading are great ways to create a second source of personal revenue. Olymp Trade is an award-winning Financial Commission member operating since 2014, which allows you to take advantage of both markets, but also teaches you how to make your money work for you.
The Forex market, trading currencies against one another is the largest market in the world. There are Trillions of dollars moving throughout this market on a daily basis. Fixed Time (FTT) trading is a method of trading based on forecasting the price of a stock, commodity, index, or Forex pair and is one of the simplest forms of trading available today.
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1. Choose a Good Online Broker
Not all online brokers are created equal. You want one that won’t charge you a bunch of fees to set up an account and won’t take most of your profits off your good trades. My suggestion here is Olymp Trade for several reasons.
First, they don’t charge any fees to open your account and they don’t charge a commission on withdrawing your money. You can pull money out of your account usually in less than a day, which is a huge plus.
2. How do I start trading?
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First, you register with Olymp Trade. To open your account, provide your name, a phone number and email address. Once registration is complete, a trading account and demo account with $10,000 Demo dollars are opened automatically.
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After the accounts have been established take time to understand the markets. Olymp Trade has a large educational suite to help new investors become acclimated to the markets, tools, and strategies that make a successful trader.
Fixed Time (FTT) are predictions a trader makes about whether the price of an asset will rise or fall after a period of time. Forex is the practice of trading pairs to either profit from the price increase or decrease. With 72 assets (currency pairs, stocks, indices, commodities, and cryptocurrencies) to trade, understanding the markets and how to best operate within them is essential.
3. Risk-Free Trading: Demo Account
Learning to invest and trade can be daunting. The fear of losing your own money is enough to stop many traders before they begin. The best way to practice is by using your free demo account.
While using your demo account trades can be executed the same way you would with real money. Up to date quotes, accurate calculation of the trade results, and the ability to trade different assets make this trading experience realistic.
Traders can replenish their Demo Dollars, making it possible to practice different trading strategies to find the one that best suits them.
4. How to make a deposit
There are approximately 20 ways to fill up your account: from credit and debit cards to e-wallets and cryptocurrencies. Deposits are made instantly and easily through the method most convenient for you.
Traders can make a minimum deposit and withdrawal of $10 through the same payment methods. Withdrawals are sent to the same account a trader uses to deposits, 90% are instant, though they can take 1-4 days depending upon the type of account.
5. Switching Focus
The Olymp Trade platform was built for traders to flow seamlessly from one type of trading to another. Transitioning from making demo Fixed Time trades to the live Forex market is a two-click process. Made to be intuitive the platform is easy to navigate. The account’s mode can be switched from the drop-down menu where your account balance is displayed at the top of the window on the right next to the “Make a deposit” button.
There will be three choices presented, “Live account, Demo account, Forex or Fixed Time”. It is wonderfully convenient to jump from practicing with Demo dollars to investing real money in live markets or instruments with such ease. Training with a new strategy in your demo account and once you feel confident three clicks later you’re trading with real money.
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