- Go to your Olymp Trade platform
- Click “Start Trading”
- Follow your Olymp Trade account setup instructions. Provide your email and phone number. This is required for account verification and security. Create a secure password as well. Pick your fixed time trading account currency (U.S. Dollars or Euros)
- Different ways to make a deposit: bank cards, e-wallets or cryptocurrency (Bitcoin, etc.)
- Withdrawals are made to the same account
- Select “Live Account” or “Demo Account”
- Begin trading
Online trading can be a lot of things for people willing to try: a learning experience, a way to earn some side money, or, perhaps, a full-on business venture. But to be able to do anything, first, you’ll need to choose a platform. OlympTrade or OlympTrade Nigeria is one such platform, and in this review, we will take a close look at how it works, what you can do through it, and whether it is legit or not.
Is OlympTrade Legal in Nigeria?
Since the moment of its founding, back in 2014, OlympTrade has been working under the laws and regulations of various countries, including Nigeria. As such, OlympTrade in Nigeria is operating legally in the states that allow Forex and FTT trading and doesn’t work in the countries that forbid it. It also has all the needed licenses and follows regulatory laws that the online trading sphere has. So yes, as long as your country allows online trading, it is legal for you to use the OlympTrade Nigeria platform.
Is OlympTrade a Scam?
A lot of people think that online trading is just one big scam scheme. Add to that rumours about brokers not paying traders after a successful deal, or misquoting prices, and it is understandable why people are apprehensive about trading fixed trades in Nigeria. However, the fact is that online trading is a regulated sphere, and most brokers, as well as traders, are under the oversight of governing bodies and commissions.
One such body is the International Financial Commission, which licensed the OlympTrade platform. It acts as an intermediary between the trader and the broker, and in the case that the trader is scammed, will pay compensation to him. So, to answer this question: once again, no, Olymp Trade is not a scam in Nigeria, it is officially registered in many countries, and, in the case of fraud, you will be able to receive compensation from the International Financial Commission. Bitcoin Revolution App Nigeria is an example of a scam so make sure to avoid this product.
With that out of the way, let’s look at the OlympTrade itself. How does the platform work, and how should you log into your Olymp Trade account? Well, first and foremost, you will need to create your Olymp Trade account. To do that, you only need to follow a few easy steps:
Just like that, you now have your very own account on your Olymp Trade platform. With that, you are almost ready to start trading.
Olymp Trade Demo Account in Nigeria
But before you start your trading career in full, you’ll need some time to get acquainted with your Olymp Trade platform. That’s why OlympTrade has a renewable demo account open for all traders.
So, what is Olymp Trade Demo account? It is a training tool for you so that you can learn how to work with the platform and the instruments it provides. There, you can see how the trading process works, practice your strategies, and learn how to discern trends and patterns. By doing this, traders will get the necessary experience and will be ready to enter the fixed time trading world on their live accounts.
The OlympTrade Demo account comes with 10,000 of the nominal currency. You spend it on the trades, instead of real money, and it is fully refillable should you suffer losses. Traders can’t deposit or withdraw money to/from the OlympTrade Demo account.
Olymp Trade Nigeria Assets
Olymp Trade in Nigeria offers a lot of assets to its traders: currency pairs, metals, commodities, stocks, and so on. You can find the most common ones on the list below. Olymp Trade Currency pairs are the most popular type of assets. Each pair represents the price ratio between the first and the second currencies. Among the available pairs are:
EUR/USD, GBP/USD, GBP/AUD, AUD/USD, USD/CLP, EUR/AUD, EUR/GBP, AUD/CAD, AUD/CAD, AUD/JPY, GBP/JPY, GBP/NZD, GBP/CAD, NZD/JPY, USD/RUB, USD/JPY, USD/CAD, USD/TRY, EUR/JPY, CAD/JPY, USD/CHF, USD/SGD, EUR/CAD, EUR/CHF, AUD/CHF, CHF/JPY, GBP/CHF, NZD/CHF, AUD/NZD, NZD/USD, USD/MXN, USD/NOK, EUR/RUB, NZD/CAD, CAD/CHF, EUR/NZD.
Stock indices are the type of assets related to the stock market, representing the price of the investment portfolio: FTSE 100, NASDAQ, S&P 500, Dow Jones, Hang Seng Index, DAX, CAC 40, Nikkei 225, RUSSELL 2000, EURO STOXX 50.
Commodities are the foundation of the world economy. And with your Olymp Trade account in Nigeria, you can earn profit o the price of oil, gas, as well as other resources: Gold, Silver, BRENT, Platinum, Copper, Natural Gas.
Stocks — securities of major corporations, including the following: BMW, Tesla, Google, Apple, Visa, Nintendo, Facebook, IBM, McDonald’s, Boeing, Microsoft, Starbucks, Coca-Cola.
Cryptocurrency assets are the newest addition to the trading and the financial world as a whole. You can find CFD for the following cryptocurrencies on the OlympTrade in Nigeria: Ethereum, Ripple, Litecoin, Ethereum Classic,Bitcoin, Zcash, Dash, ETH/BTC, LTC/BTC.
You can see the accurate specifications for the assets by clicking on this link.
Similarly, you can find trading specifications for Forex here.
Olymp Trade Nigeria Trading Tools
Nigerian Olymp Trade offers many tools to its users: indicators, charts, education, and many more. Let’s take a closer look at what exactly it has to offer to its users.
One of the main features of the Olymp Trade platform in Nigeria is its intuitive (and clean) interface: it’s easy to navigate, organized, and there are links to anything you’ll need for your trading career.
What does OlympTrade Platform Have to Offer to its Nigerian Traders?
The platform itself can be accessed from multiple platforms: web, desktop, for both Mac and Windows, as well as Android and iOS apps.
The website and desktop version are straightforward, with a concise chart that features amounts and timings. It can always be customized, with different types (Japanese candle, area chart, bars, and Heikin Ashi), indicators, and colours.
Does Olymp Trade provide Mobile Trading as well?
Mobile apps are also highly optimized, with specialized design and a high rating on their respective App Stores. They have the same features available for their traders as the desktop and web versions, so people who prefer to trade on the fly are not missing out on anything essential (or even just useful). The only limiting thing there is the fact that the mobile screen is not as big as one on the laptop or the PC, so it might be more difficult to parse a high amount of information at the same time. Still, it is an excellent platform for any trader. However, there is no need to trade on your own if you are not comfortable with, you can take advantage of Binary Options Robot Nigeria.
OlympTrade Nigeria Leverages
OlympTrade in Nigeria offers different possibilities to earn more from deals, and leverages are among them. Leverages provide traders with more funds to complete their trades by lending them the money needed. With them, for example, you can buy long for $10,000, while only having $100. Of course, as with all trading-related tools, it also holds a risk to lose more than you otherwise would.
The OlympTrade Nigeria platforms offer varying leverages, ranging from 1:1 to 1:500 (or x1 and x500, respectively), with most of the popular assets being set at 1:30. Less popular assets usually have a smaller modifier, averaging at 1:20 (or x20).
Olymp Trade Minimum Deposit in Nigeria
OlympTrade Minimum deposit for different countries might vary, so you will need to check it for yourself; however, for most countries, it stands at $10/€10.
To see if this holds true for your country as well, you will need to click on the «Deposit» button in the trade room, and then on the «Deposit amount» field. There, you will be given several different options to choose from, as well as the option to fill in your own sum.
Usually, the smallest number is the minimum amount that you can deposit. Still, you can always check by typing in a small sum to deposit, and if it is under the minimum requirement, you will see a message that will tell you the necessary amount.
OlympTrade Withdrawal Nigeria
Once you’ve got enough money via trading, you can withdraw it from your Nigerian Olymp Trade trading account to your wallet. There are different methods to do so, and they are listed on your Olymp Trade platform. You can withdraw your money anytime you want. To do so, you need to send a request that will be processed in 5 days at the latest. Take note, OlympTrade platform doesn’t take any withdrawal commission.
We hope that this review helped you to choose whether you want to use Nigerian Olymp Trade or not. Or, at least, it managed to quell your fears about online trading.
Become a trader on the great terms with OlympTrade Nigeria!