What is the Olymp Trade app and is it legal and safe in India?

The entities in the alert list are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions. To sign up and start trading with Olymp Trade account, you must provide your name, a phone number and email address. Once all of the required information is entered, you can start practising with your demo trading account.

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• In terms of deals and promotions, users can get a 50% bonus on their initial deposit.
• It also offers you the assistance of forex for testing your knowledge.
• It is a perfect solution for those who enjoy getting predictable financial results.
• Though, in terms of education, the platform assists new traders a lot.
• Before you invest your hard earned money in financial markets, you are given the opportunity to practice and build a solid foundation of skills.
• Nvidia CEO Jensen Huang’s visit to Taiwan for the Computex trade show has sparked immense excitement.
• Here, you can confidently invest your hard-earned money and secure a highly profitable position.
• “Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” it added.

CFD is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled. “Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” it added. Apart from educational tools, Olymp Trade comes with a plethora of features. The platform guides and encourages new users through recommendations. Surprisingly, Olymp Trade offers attractive deals and bonuses for its clients from time to time. In terms of deals and promotions, users can get a 50% bonus on their initial deposit.

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Notably, London-based OctaFX, which the RBI says is not authorised to deal in forex, was also one of the official sponsors of the Delhi Capitals team in the Indian Premier League (IPL) this year, say media reports. Ads of many such platforms can also often be seen on popular social media platforms including YouTube. To stay connected to the market, download an app for your iOS or Android smartphone. Olymp Trade mobile apps have the same atmosphere of active trading and can become an essential part of a trader’s career. It is a perfect solution for those who enjoy getting predictable financial results.

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According to various sources, Olymp Trade is not technically illegal in India but it is in no way monitored or controlled by SEBI or RBI. This means if a trader faces any issues with regards to the app’s transactions or collections then Indian authorities will not be able to help. As Olymp Trade is not regularized by Indian authorities, various Indian banks are not dealing with the platform directly, only some international Devit/Credit are accepted on this platform. Practising on different types of trading and money management strategies will help you become comfortable with them before risking your money. Trading the difference in currency rates, metals or crypto assets value us like traditional commerce.

Regular Quickler trader who is doing 98% of trades

You can go with it even though you are an Android phone user or iOS user. Just visit the mobile app store and download the Olymp Trade app. Today, the brand continues to evolve, and the awards that this online trading broker has achieved witness it. Every year, the company is setting a new record for its success. The brand has built a large repo in the online marketplace, which has become famous among young traders. Therefore, being a small investor, this place can prove to be a reliable option.

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It has proved itself to be a reliable guide in the world of financial markets for hundreds of thousands of people from all over the world. In February this year, RBI had warned people against trading forex on unauthorized platforms following growing reports of people falling prey to such entities. Olymp Trade is one of the cheapest alternatives for new traders to start trading. You can choose between standard to VIP trading account to start trade. The central bank has said people should not undertake forex transactions on unauthorised ETPs or remit or deposit money for such transactions.

Fraud happened with me on Olymp Trade

At the same time, it may very well complement other mechanics offered by Olymp Trade and serve as a diversification element. Stock Price Trades offers traders a choice of more than 60 stocks to trade which includes internationally famous corporate giants as well as public companies that represent very specific market sectors. The company has been a Category A member of the Financial Commission since February 2016, which guarantees traders reliable service and the protection of their rights. According to a 4 February Mint report, RBI had noticed that these platforms offered a derivative product called contracts for differences (CFD) during the lockdown period.

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Each trader has 10,000 Demo Dollars, which can be replenished an unlimited number of times. Though, in terms of education, the platform assists new traders a lot. Still, trading with a VIP trading account is more profitable but requires a relatively high minimum deposit amount. Also, the RBI has clarified that an entity not appearing in the ‘alert list’ can’t be assumed to be authorised by the RBI. The RBI says people can undertake forex transactions only with “authorised persons and for permitted purposes”, in accordance with the FEMA rules.

Investment in Asset Classes or Markets by Olymp Trade

• So make sure you’re choosing the same mode of payment while depositing and withdrawing the money.
• Though, in terms of education, the platform assists new traders a lot.
• Trading strategies, indicators, and analytical tools are essential for a trader.
• In terms of deals and promotions, users can get a 50% bonus on their initial deposit.
• Nvidia CEO Jensen Huang’s visit to Taiwan for the Computex trade show has sparked immense excitement.
• Check the score based on the company’s fundamentals, solvency, growth, risk & ownership to decide the right stocks.
• If you make a trade up to £5,000, you also get the opportunity to interact with a VIP consultant personally.

It should be noted in the forex market, you can binary options trading India open a short position (when you expect the asset to go down in value) and profit from the decline of the quotes. The price chart can be presented as Japanese candlesticks, bars, HeikinAshi candles or a line chart. No matter whether you’re trading through mobile or desktop, if you’re using Olymp Trade, you can invest at any time, anywhere.

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• Similarly, if you’re also a new trader without any prior trading experience, don’t skip using the demo account.
• The company has been a Category A member of the Financial Commission since February 2016, which guarantees traders reliable service and the protection of their rights.
• Therefore, the financial side of the new mechanic is also designed in favor of traders.
• Olymp Trade created its free educational material and built-in automated assistant, keeping the new traders in mind.
• Olymp Trade mobile apps have the same atmosphere of active trading and can become an essential part of a trader’s career.
• Though, the spreads you get in a standard account are only 1.1 pips.

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Here, you can confidently invest your hard-earned money and secure a highly profitable position. Forex mode on the Olymp Trade platform attracts users with its usability, a simple mechanism of placing the orders to fix the profit (take profit) or limit the loss (stop loss). The platform uses high-end encryption, which provides full protection to the user’s data. Every market follows a varying timeframe and you may find yourself restricted to invest in your favorite asset. Especially if you’re planning to invest in Forex Market that doesn’t remain open for all time. If you make a trade up to £5,000, you also get the opportunity to interact with a VIP consultant personally.

Those indulging in illegal forex transactions can render themselves liable for legal action under the FEMA. It has been in the market of online trading for over 6 years and earned the trust of millions of traders worldwide. Olymp Trade is committed to providing transparent, reliable service, and paying close attention to client requests. Before investing your money, don’t forget to try a couple of strategies to determine what suits your goals and trading style best and thus minimise mistakes. Olymp Trade created its free educational material and built-in automated assistant, keeping the new traders in mind. These markets are helping people around the world in making their lives sustainable.

But the rest of the features that this Trading Platform offers you are truly attractive. The platform runs under IFC regulation, which isn’t a reputable regulator, and that may cause a little hitch in your decision to choose Olymp Trade for trading. Though, the spreads you get in a standard account are only 1.1 pips.

• Each trader has 10,000 Demo Dollars, which can be replenished an unlimited number of times.
• In a nutshell, the forex broker has everything that supports each of its clients in his/her trading journey.
• This online broker allows you to put your strategy into execution that often surprises you when you draw profitable outcomes.
• Olymp Trade holds a reputed position in the industry since its first operation in 2014.
• On evaluating suggestions and feedback from the client, Olymp Trade witnessed a demand for simple, straightforward, and new trading mechanics.
• Once all of the required information is entered, you can start practising with your demo trading account.

For instance- you can get attractive spreads, high leverage value, and much more. With the help of these consultants, you can enjoy profitable results. The additional benefits included in a VIP account are truly unbelievable. Though, the country where you reside is the chief deciding factor in whether you can trade in a particular asset or not. Don’t worry then; the Olymp Trade Mobile app here comes up as the best option for you.

For traders, trading on this platform becomes much easier as this entire platform is easy to navigate. Every option is well-organized that delivers easiness in the trading activities. Overall, Stock Price Trades is a truly user-oriented trade mechanic. It may be a primary trade mechanic for those who want to invest long-term in a relaxed manner.

There are trading strategies, workshops and webinars from the company’s analysts for traders of all levels in the “Education” section of the platform. It should be noted that there is a full economic calendar on the Olymp Trade platform, so no important news can be missed. The trader can also place an order and get a position opened only after the specific conditions have been met, like the time and the asset price. Perhaps it’s a helpful thing for beginners, but it isn’t for expert traders who have significant capital to invest in.

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So make sure you’re choosing the same mode of payment while depositing and withdrawing the money. Though, the platform will never accept your withdrawal request from the different payment options. It’ll be best for new traders to skip this point if you haven’t yet grasped the vital information related to leverage. Every feature of this mind-blowing trading platform is clear and concise.