Olymp Trade is an international binary options trading platform that offers traders an opportunity to invest in currencies, commodities, stocks, indices and cryptocurrencies.
The Olymp Trade platform is owned by by Saledo Global LLC, a company registered in the St Vincent and Grenadines, and that is fully licensed and regulated by the International Financial Commission (FinaCom).
We like the fact that Olymp Trade is licensed and regulated by FinaCom, In case of a dispute between the broker and a client, FinaCom offers compensation up to $20,000 if the dispute is settled in favor of the client.
How to Make Money With Olymp Trade in Kenya
Olymp Trade is a binary options trading platform, which means that you make money when trading. There are a more than 150 assets that you can trade including currencies, stocks of leading Fortune 500 Companies, Cryptocurrencies, and Commodities such as copper and sugar.
Before you start panicking, here’s the good part about trading on Olymp Trade. You do not have to own any of these assets in order to trade. Instead, what you do is speculate on whether the price of an asset will go up or down within a specified period, starting with a minute all the way to 30 days.
If your speculation on the direction of price is correct, Olymp Trade will pay you a profit up to 92% depending on the asset you were trading.
To predict the direction an asset’s price is likely to go in the near future, traders use a variety of tools including global economic news.
For instance, every first Friday of the month, the United States announces what’s known as the Non-Farm Payroll (NFP). The announcement usually has a very big impact on the price of financial instruments, and is usually a good time to trade.
Trading news is especially a good strategy for beginners who might not be very skillful at technical and/or price action. You should consider using an economic news calendar such as the one available at Forex Factory to spot major events around the world and how they are likely to affect assets.
There are also economic news calendar apps available on the Play Store and iOS store. Simply go to the apps store and search for “economic calendar.” Checking whether there’s any impactful news before you place a trade is a good way to trade on Olymp Trade.
Does Olymp Trade Work in Kenya?
Yes. Olymp Trade works in Kenya. There are many remarkable success stories of Kenyans who use Olymp Trade to make money to an extent of replacing their day jobs with trading on Olymp Trade.
However, like every other career, success does not come easy. You’ll have to invest hours and energy to learn how binary options trading on Olymp Trade work. Once you’ve mastered the art and science of trading you can start investing and make money on Olymp Trade.
We highly recommend Olymp Trade to traders of all levels as the trading platform is incredibly easy to use and comes with $10,000 virtual currency that you can use to test your trading skills and strategies. Click Here to Open an Account.
5 Reasons Why Traders in Kenya Should Choose Olymp Trade
- Demo Trading: Upon registration, you’ll gain access to a free $10,000 demo account that you can use to learn how the platform works or test out your new binary options trading strategies. That’s a plus for us.
- Licensed and Regulated by FinaCom: The International Financial Commission (FinaCom) is a third party and neutral regulatory authority that oversees forex brokers and settles any disputes between traders and brokers. Olymp Trade became a member of FinaCom in 2016, which shows their dedication to operating above board. While FinaCom is not in the same league with other regulatory authorities such as ASIC or CySec, we hope that we’ll be seeing Olymp get more trade licenses in the future.
- Robust Trading Platform & MT4 Available: Olymp Trade comes with a comprehensive proprietary trading platform that let’s you place and manage your trades with ease. The platform is loaded with a number of technical analysis tools. And as if that’s not enough, Olymp trade also supports MT4 for traders who prefer it.
- Low Minimum Deposit $ Trade Size: If you’re a beginner trader, you might not have a lot of money to invest or you might want to start by only investing a small amount of your money to ‘test the waters.’ Olymp Trade has a $10 minimum deposit (approximately 1,000 Kenya Shillings). Additionally, Olymp Trade lets you place trades with as low as $1.
- Handy Android & iOS Mobile Apps: Olymp Trade is probably the only forex broker with a fully developed and intuitive mobile app for both Android and iOS. For beginners who might not have trading stations, the mobile app is the only thing you’ll need to start making money with Olymp Trade. For professional traders, the app allows you to keep track of your open positions when you’re on the go.
Can Olymp Trade Make you Rich?
Yes. You can make a lot of money on Olymp Trade. The platform rewards traders with up to 92% profit on every trade. For example, placing a trade with $100 will give you $192 profit if your trade goes right.
However, the amount of money you can make on Olymp Trade depends on your trading skills and invested capital.
Without taking time to come up with a solid trading strategy, you’ll probably lose all your invested capital. Before you start trading with your hard earned money, make sure you’ve taken time to not only learn, but also test out your trading strategy on the demo account.
How do I Deposit Money from Mpesa to Olymp Trade?
Unfortunately, Olymp Trade does not support Mpesa deposits, but that should not be a reasons for a serious trader to not trade with them.
Olymp Trade supports other alternative deposit and withdrawal methods including bank cards, Skrill, Neteller and Cryptocurrencies (Bitcoin, Ethereum, and Tether.)
In the absence of Mpesa, the easiest way to fund your Olymp Trade account is to use your bank card. We have had success using the NCBA Loop Card and the I&M Prepaid Multicurrency Card. but our absolute favorite is the NCBA Loop Card as you can fund it easily using Mpesa and also withdraw money from it to Mpesa instantly.
Helpful Olymp Trade Tips & Tricks
- Verify Your Account Before You Deposit: Like every other financial services broker, Olymp Trade is required by the industry regulators to verify that their customers (you) are who they say they are. The verification usually entails you uploading your National ID, Proof of ID, and a selfie-photo. To avoid hitches after you’ve deposited money, make sure to verify your account the moment you sign up.