Is Olymp Trade Legit in Kenya?

Olymp Trade is a fixed time trading platform that offers a variety of investment opportunities. They offer two types of trades, one where the investor predicts whether the price will be higher or lower at the end of an allotted time period and another where they predict whether it will go above or below a predetermined level.

Investors can also invest in cross-rates which allow them to trade currencies against each other. Olymp Trade’s impressive success rate has made it one of the most popular fixed time trading platforms in Kenya with over 1 million users from around the country.

Olymp Trade Main Features

Why Choose Olymp Trade?

Olymp Trade offers traders access to over 500 assets with returns up to 90%. The company is well-regarded for its transparency, reliability, and safety – it is fully licensed and regulated by the International Financial Commission (FinaCome).

Trading on Olymp Trade can be done anytime from anywhere through their mobile app or web browser with instant transfers via Visa or Mastercard between registered accounts.

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 Trase With Olymp Trade in Kenya

Olymp Trade is a fixed time 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.

News Trading

Trading based on news events can be a great way to make profits on the Olymp Trade platform. The key to success is staying informed about the latest developments in the markets and understanding how they may impact the prices of the financial instruments you are 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.

5 Reasons Why Traders in Kenya Should Choose Olymp Trade

1. 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 fixed time trading strategies. That’s a plus for us.
2. 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.
3. 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.
4. 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.
5. 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.

Does Olymp Trade Accept Mpesa?

Olymp Trade fully accepts Mpesa. That means you can easily fund and withdraw profits from your account using Mpesa.

Olymp Trade also supports other alternative deposit and withdrawal methods including bank cards, Skrill, Neteller and Cryptocurrencies (Bitcoin, Ethereum, and Tether.)

The easiest way to fund your Olymp Trade account is to use your Mpesa or 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

1. 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.